New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-04
VOICE FROM TIE COUNTRY.
r, d. E1,ts, Of 7As n Y. Tysu.&

Sir: The financial crash has come upon 40 much
scorer than anticipated few months ago, and has
been 30 witheiog in its violence, that what vas tnen
predicted id general terms has its practical effect
upon smcs: every individual throughout the country.
10 the menoiy Of business men now in active life, they
lave rever seeA It's parallel At no one period in the
years 1897 to 1Si2fve years OF fsanciI hardship
ard suf1ering-d anything Ike the late patio and
present disorder in money mstte's occur The coun-
try tben, 10 be sure, Tow, was literally swa1ped 10
spe cuatop, oveItrsoing and exrsys anoe. Pd,es OF
land, both in town and country were based upon most
exaggerated theories far above any actual value That
belorg ed to tbe and til great Western country nov
alive with population, penetrated with railroads ADD
but rt Gently hopeful ard busysnt with anticipation,
was mostly unsettled More than all there was scarcity
in the land. Crops were short Ia 1857 We imported
several million bushels OF wheat from Europe at al
mort famine prioes That but twenty years ago,
when cur chief actors in the recent imitation OF business
were either boys at school too young in the affairs OF
life to profit by their own disastrous experience or
take waning fom the nisbsps OF othere. ,
Now, in q period OF une1amped production 10 al
the arts ard mechanical skill Of which We are the
mastersof an agricultural abundance such Is 10 no
enc previous sesson has ever been counted-with
facilities to bear them TO market from the farthest
polts Of production such we never before Dyed
and domestc and foreign market a.sihnY then a.
fsit piioes-from the hight OF our hhstlon We are
purge into financial bankruptcy 90 sudden and
astouLdig that the siesdiest nerves are shaken,
ard the stouest hearts quail in trembling before ts
fury. The fam crops OF the country lie 10 the soks,
barns snd grsnsrits and the live stock rove 10 the
e Dis yads Of the farmer for the want oi convert
ibe culrelcy TO move them forward to maTketi or,
eurrer CIV be utg ipgy released from its vault, OF
fsue doubtful 10 its tsmsted value as 70 serve olt
little purpose beyond what the sharp necessity OF tue
Gay viii command 10 its immediate di'bursement from
ore hand 10 ar otnsra want of confidence IN lis pres
ent value or its future stability.
To say that "this is al the result Of psnc,' that
/" it 10 but temporary and that "fhitg' will coon DC
right again" is, perhaps true. We hope 30. To-
deed, We think so. But, waiting such event, miloos
Of investments have already been either iretneya' y
sacrificed for lime suuk cat OF eight Long estao-
shed ard valuable brar cues Of business are prostIa-
ted; general settlement Of accounts must be made,
and the whole financial system OF the country must be
oveIhauled, reconstructed and reinvig rated. We
have oyertraded; we hsve been needessy extrava-
CANT we have got deeply into debt abroad for things
worse than ure zee, which we have eaten up, worn
out or now lie ioe hands for no profitable pur
poses; arc here exhibiting Che appalling spec
sce of the most energetic Of people on the earth
brous BIT 10 stand still by the unyens! plethora in
ouced by their own oveI6chon
Such being the fsct,, and they are undeniabls,
what has caused them We will give our Own Yer.
son, part OF which being theoretical may, and prob
ably vii, be disputed by large portion or party OF
people but the Other as clear as the light Of the
esn TO every who will look facs IN the face Tbs
repeal Of the Tsrf law Of 1872, which incidentally
protected cur home industry and manufactures, uader
which the county thrived, ard the development of
internal resources rapidly progressed vm our rst
folly The substitution of the Fee Trade Tariff OF
1886. which took that protection all away, invited
rEinous competition from abroad, AID in Its results
plunged into sntful foreign debt, the second
folly.
Our own City Of Nsw-York being the great noueyed
center Of the country and IL hueocng through its 6nau.
cal policy our Legislature, they in al evil hour in
yadI visest usury law ofaGy State in the noa,
repealed that law 80 far as it affected the debts Of
posors. and gave them the Liberty to make u.u i,us
loans without the penalty applying privs,e contracts
About the same time they passed . general railroad
act permitting any association TO bula road wher-
ever they III, regardless Of its need or the public
benefit allowing them at the same time without the
subscription payment Of a competent capital to
issue any amount Of bonds Il ndebted ness Of usuious
interest, witch their osn e,tIavsgsucs or the cupid
ity Of CAPITALISTS would dict8e. Those scts Of the
General Government followed ccseiy by these of the
State Of New Yori, ard initiated by the scton Of
m Of the other States, az the quence. grow
rg out Of them la the founs stion 10 the mau ef a
our present financial troubles. Following the re peal
Of the TahH Of lSie, al the enactment Of that of
1876, our foreign imports Increased largely to tbs
t.uppsCe of some Of our mot important auuacr.es
with no more means than before to pay the debt
abroad which these excessive imports incurred The
railroad interests Of the whole nston having Ii cir
meneyed four daton in the City OF New-York relieved
OF the wholesom restrictions by which they haa
been previously guarded ran not and thrested the
county rot only with roads that were cessary and
ussfsl but multiplied routes which we're not only not
rt Qurs6 by the travel end trade OF the people but TO-
viewed their projectors aud stockholders in ire,riey
bic debt both a home ana abroad ard many Of their
temporary ere6i.oIs in utter les and ruin. Nor wer,
these de Its and Losses incurred only BY the visionary
ald reckless adventures who conceived and managed
them; but thousands Of prudent, eohsers alive mep
who had By patient industry sad close sppi,s ion TO
bushes. for years susssed wealth and Impotence,
invesed their gains in railway bonds in shape or
another, and shared their losses alike. Nor 10 this
erou Gus sacrifice borne BY the noneyed interest u til.
couuirv Acne. Erglish capidi.y has taken part in
tits artificial structure az credits Cotod tons OF iron
deg from the pits Of Wales ard Engl.sd, msuafac
tuiec by Bri,h hands in Sriti.h toges, have laid the
rsils over these smost iniermnabe roads pil,ng up
their debt TO a fearful amount, while Engish money
has purchased their bonds. English goods,
Frer,t Bonseree ard other continental ginerscksry
have tssist d in pilrg the agony Of an enormous
debt, large shsrs Ct which nO,big eItep. The rail!