The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-09-09

Slounu tnat gut IN the market, causing
decline OF prices, benefits the people in con-
sequence of the cheapness it creates. We
do not share these lofty aud comprehensive
views, neither from moral nor commercial
point Of view. The advantages of legitimate
interchange, whether national or in,erna,on-
al, are reciprocal. The losses of one of The
trading parties may indeed temporarily ben
eft the other, but except bestowing fortunes
upon a comparatively very limited number
of lucky Spectators, they cannot result in
lasting advantages TO the people al large, be.
cause every perturbation in commerce pro-
duces reaction of the same momentum
Cause and effect are of equal force. This
truth Is applicable not alone to the science
OF Mechanics, but to ali phenomena in nature
and transactions of men. The most regular
and equitable system OF interchange, subject
10 no violent convulsions, tends to distribute
on both sides the greatest possible amount of
prosperity. The general law Of the equilb.
rum OF forces governs the profits and losses
Of trade as il governs the relations Of produc.
lion and consumption. If foreign importers
should lose this year in consequence Of an
extraordinary decline OF prices, the result OF
excessive impora,ions-which. after all,
were encouraged by our own waselulness
and extravagance-lhis decline will surely be
followed by rise adequate to the losses in
cured, so that for these We shall have 10 in
demnify them hereafter, unless, indeed, which
is not probable, we contrive meanwhile 10
render ourselves independent of loreign in
dusry.
We do not agree with the Her aid, because
we consider its comments upon our CONNER
oial and financial position greatly exaggera.
ted; still we hold that there exist powerful
reasons urging the press 10 raise its warning
voice. For series of Yeas, we have rcck-
lessly INDUCED in habits of was,efulness, and
loose specula,ons Of every description we
have stretched our credit, al home and abroad
TO the utmost limits Of our strength, and now,
when the consequences of this thoushless
course ale brought home 10 US; when /: is
felt by almost every body, that The monetary
resources are greatly inadequate 10 the busi-
ness requirements of the country, we sec the
drain OF precious metals continue without
interruption, and even exceed that Of former
years.
Previous 10 1851 we never in any one year
exported above So, 100000 OF specie and
bullion, as an excess OF expectation over i'm
portalion; but since 1851 that sum ranged
between S2i 100000 as a minimum, and
$50 900 900 as a maximum. In 1856 il a..
mounted to Sal ,0OO, 900, and now ii is repor-
ted, that the first seven months of the year,
we have already shipped 1000, 900 more
than Tor the same period OF last year, These
shipments are the main and immedlate cause
OF our troubles, and it is high time that Con-
gress should direct its attention 10 the subject,
since the las, tariff act has evidently failed to
accomplish lis purpose.
Ii is by speedy and prompt application
OF legislative remedies only, that The gloomy
apprehensons entertained in some quarters
can be prevented from becoming sad reaIi-
ty. On the other hand, we would remark in
contradiction TO the exasgera,ion of the Her.
aid, that besides .he California gold, proba-
bly, some sl7, 900, 900 or SIS, 900 900 are ad-
ded annually 10 our monetary resources by
tue immigration, and that though Europe
may not require as large quantity of grain
as in the previous years OF war and partial
failure OF crops, the expectation will remain
considerable. The production of Europe is
never adequate 10 its consumption. The high
price OF cotton denotes comparative scarcity,
and warrants a ready sale of the growing
crop-all of which may suffice, if otherwise
the dictates OF prudence be needed, in time,
10 avert the threatening calamity. AT all
events the people here will have cheaper
bread and provisions, which Offers another
encouraging prospect.