The American. [volume] (Washington [D.C.]) 1857-1857, 1857-10-17
From the Boston journal.
What is the Cause Of il Z

We were riding n a railroad car the other day,
and hearing the question put, We listened for an
answer. "What do you want the immediate or
remote causes" was the, reply. Suppose you
give me both" -.,t. 4. .-.',.....,. - 20 f.s
The first cause of all our monetary troubles is
to be found in the extravagance of the whole
American people. They all with an exception
here and there, live beyond their income, and are
constantly debt. Ispeak now OF the mass If this
overrunning their income was for the purpose of
procuring the necessaries Of fe ie would be just-
fable perhaps, but IL is NOT so !; there is no diff
Guilty on this point--eyery man can earn enough
and more than enough for this purpose--but not
enough for all the superfuities and Injuries which
he Is constantly tempted to buy on credit. 1t is
for these superhuites that the debts are incurred,
and IL is because the mass of our people indulge in
these things to an extent unknown in any other
country, that we are importing them, constantly,
from all parts Of the world, far beyond our means
Of payment in our own surplus productions and
thus the nation, like the individuals composing 1t,
]. living beyond its income, and is constantly in
debt abroad. But credit has an end in time.
When the balance has accumulated largely against
US, our gold must go to hquidate it, To obtain IL
the banks are pressed, they press the merchants,
these press the distributors or traders and these
in turn press their customers the people, who can
not pay because they have not the means Then
come failures, commencing low down with the
consumers, running through the traders and up to
the merchants The gold goes out, the currency
is curtailed, confidence is shaken, trade slsckens,
merchandise is pressed upon the market and falls,
importers collntermand their ORDERS manufacturers
pile up their goods for want of safe buyers, or
hoping for better prices, and the times get out
of Joint and everybody wonders aWbat Is the cause
itT Free traders say, let it belt will regulate
itsef and so i does in manner; debts are wiped
out, and we all begin anew, TO run over the same
course, and come TO the same ending in the future
The disease has been checked for a time, but not
eradicated-not thing has been done towards
that, nothing can be done except by a voluntary
action Of the people themselves, Of which there is
no hope, and therefore we may consider the disease
incurable. H 81 .dastr ai b3sasn sa. !,
For the rest there are other causes which he
nearer the surface. One Of these is our system of
free trade--for to that 1t has come. II we had a
tariff Of duties which would insure the making at
nome Of the iron, cloth, sugar, and various things
which We can make, our exports would outrun our
imports, besides affording additional employment
TO our own people Thus we should have a pop.
ulation earning more wages and better able to in
dulge In Injuries, while as nation we should not
live beyond our income. Then, Of course, there
would be no demand for our gold to settle foreign
debts, and no disturbance Of currency for that
cause. The protective system was partial remedy
for the disease, but "free trade Is the order Of
the day. and at present there is no more chance Of
relief from this incubus which the powers that be
have settled upon u.s. Another dificulty--a Sc.
cendary cause, but a powerful one--is the almost
insane desire which possesses and governs a large
portion of our people TO obtain living or rather
TO seek wealth. in some other way than by tilling
the SOIL It's this desire which keeps every other
pursuit full and overlooking all the time. People
seem TO be convinced that the road to wealth lies
in every avenue but agriculture; every one de-
sirss to be understanding in something is the
mania Of the day, from peddng apples up to being
the head of enormous, overgrown, manageable
mercantile and misunderstanding establishments which
sink by their own excessive weight and crush the
builders The excessive competition produced by
this rush into the paths of business, so called,
leads TO the long credits which are the banc Of
trade everywhere. Men, OF small means in the
trading circle are compelled to adopt this system
or do nothing, for the overgrown establishments,
in their desire 10 do all the business, will 60 from
three months to six, and from that to twelve, for