The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-03

The other European c0untries-France and Ger
many-must become seriously affected by the crisis.
They are both. especially France, financially rotten.
Various manufactures there have been organized for
the American market. Almost all the woollen cloths
made in Europe are made Of special texture for
the American, and a special for the European
will find few VI any buyers in Europe. The
merchandise sent back TO European manufacturers
from here will thus he almost entirely lost
10 them and they will he forced 10 stop production
and dismiss hands. The surplus grain the CONT
nent too will he undersold by the competition Of
sellers who will be forced 70 dispose OF their corn at
any price. Thus, the nonpayment Of debts owed
10 continental bankers and manufacturers, and the
cheapness Of grain resulting from American compe.
tition. will derange the husbandry of Central
Europe, and create large commercial failures and
disasters. The safest European countries, at this
moment, unquestionably, are such as have certain
deyeopement In cotton manufacture and export little
or nothing, as Russia and Sweden. They pay FOR the
cotton in cash, and consuming within themselves the
necessary quantity, have no necessity TO reduce
hands. But those who fabricate for the American
market must reduce, az they will be unable TO come
into competition with countries like Russia defended
by a strong protective tariff.
II may he confidently anticipated that the United
States will exhibit, under the oppression OF this crisis
and its consequences vital power, and measure her
real wealth 40 papably that the American people
will gain by their energetic recovery OF credit, the
position they held before this crisis Our country IL
more staby and squarely founded than any other
country in the world. II is based on labor and labor
only; The whole scheme Of American government is
to provide for the comfort the order and progress Of
the producing classes. Enterprise, and all pursuits
based on capital, are secondary considerations. We
have no classes like the aristocpcy and the church,
left like mortgages on the population TO be main
tanned in dleness. We have no great standing ar
mics and navies 10 create burthensome taxes. We
are free from national debt. We produce the three
great universal necessities Of the world:-Cotton
for paimcnt, grain and meat for food, and gold
to exchange for what goods we please.
All the minerals and metals Of com.
mercal value coal, iron and coppcr-lie in virgin
masses under our feet. We possess twenty Thousand
miles Of river navigabe for steam and crowded with
vessels. The face Of the country il network OF
railroads, all facilitating the transmission and ex'
portation of this unparalleled wealth, which needs
but the work TO fVhder marketable. Add to this
that our population, men and women, are working
people, all, without exceptions; 40 that we have
twenty-five millions Of shoulders 10 the wheel.
But the country must look to itself IN this emer-
gency. Let no help be hoped for, dreamed OF,
from abroad il IL worse than loss OF time, for u
abstracts the mind Of the nation from one object.
We have the means to pay, which, energetically
employed in developing our resources, VIII soon
bring round recovery
let us not place any dependence in bank expan.
sion, or monetary manguyring to bolster up dis