New-York daily tribune., 1857-09-30


Hard times must ever be succeeded sooner or later
| by good .mes. Six months, four months, two
month. ago, when our importers were flooding the
| market with European fabrics, our Railroad men
surveying new parallel lines sufficient to gridiron
the entire West our fDaDciers troOpiDg to London
TO eel the Bonds and buy the Iron requisite to the
construction of said Roads, and our Western
pioneers, instead Of breaking up prairie ard getting
in or thing some sort of grain, laying out pa
per cities in the wilderness aud buying or selling
the cOrne r-ots ut $500 or 40 each, we expatiated
remon.t .trsted, forewarned. Now there is 40 need
OF anything like this The embryo Railroads have
c, ne to b Cesd said The most adrOit fnancer
could not ,eii Bonds enough in LONDON, DO matter
now heavy the shave, to pay bis passage home
ogsin. Our Imports have fallen of, and the out
soiug orders for Foreign fabrics have dTindled to
"the shortest span" The corner-lots have fallen
out Of market, and will probably be planted by their
Oh ners to potatoes or cabbage next Spring.
deposition of them which We heartily approve.
good many banking houses and ang quantity of
laid Offices will be to rent for groceries or school.
houses by the time they may be wal tee FOR next
the right direction and are travelling quite as fast
comfort OF safety would dictate, propose to look
our condition fully in the face, and see what ele
ments OF strength and recuperation remain TO us.
A candid statement of cur whole case must afford
some grounds of uDeasiness and apprehension, but
more of hope aud encouragement. Let US glance,
then, at the items:
/. We owe Five Hundred Millions Of Dollars to
Europe on which there is accruing an annual in
terest Of at least Thirty.fve Millions. To meet
this interest and pay off One-twenteth part of the
principal annually, would require an excess of Ex-
ports over Imports for the next ten years Of at
least Fifty Millions per annum.
H. Our low Revenue Tariff and cur expanded
Paper Currency conspre to swell Cur Imports and
diminish our Exports so th,t during the last year,
our Imports exceeded our Exports other than
Specie, hy more than Fifty Millions. The Gus
tom House returns indicate payment in full of the
balance by the ex port of more than Fifty Millions
in Specie; but We do positively know that we con-
tipued to sell to Europe Railroad Bonds and State
Ste ok. throughout tie year, thereby increasing our
ITO, bl ledu.ss to the amount Of many Millions.
For, our Experts beng nearly all sent to countries
which charge Spenhc Duties, while our Imports
are assessed Ad Vaorem, or according to their ap-
praised or inyOiced value, there is constant and
powerful temptation to invoice our Imports at the
lowett possible prices, while our Exports are in
voiced at their full value. We have no doubt,
therefore, that the Three Hundred and Fifty Mill
lone worth of Foreign Merchandise that we i'm
ported during the last fiscal year actually cost US
at least Four Hundred Millions (more than One
Million per day for the entire year. and that We
were in debt to Europe at the close of the year,
after exporting the Fifty Millions of Gold we dug
ip California and some Millions more, at least
Fifty Millions more than when the year opened.
AID the reduced rates of duty just established by
Congress tend still further to stimulate Importa-
ton and increase our Foreign Indebtedness.
Ill. Our Manufactures, owing to these enormous
IL ports and their financial consequences, are to
fearful exteut parslyzed. All the factories, forges
and fOundeles in the Country are worth to-day In
the aggregate less than half their cost. Many Of
tb. Ill are working short time or closed altogether;
others must soon follow their example just when
it is becoming impossible to buy abroad, We are
iucapacitated tor producing at home.
". There If maDfestly hard Winter in pros
pect for our Labor ag Class-for thOse who are
usually workers for wages. Tens Of thousands of
them will not be able to Snd employment, while
olheIs will be forced to work at some vocation in
which they can earn very little, and will probably
receive even less We estimate the National loss
from inability to find employment during the next
half year at not less than One Hundred Mill ,ns Of
dollars. OF course, this involves very large ag-
greeate of individual privation and suffering.
" Our Currency Of course sympathizes with our
| Business; hence delay, inconvenience and sacrifice
in the forwarding and marketing of this years
| Produce sre Inevitable. The general COLLECTION of
dtbts VIII necessarily be SLOW difficult and uncer.
| tan.
| So much for the darker side Of the picture:
Now for the lighter shades:
| VI. We have va.t and fertile country, an Intel.
heent and energetic population, with better ms
chnery and implements this day in their hands than
those OF any other couhtry, Great Britain possibly
| excepted. Ii We eshn ate our entire population at
| Twen.y-siy Millions, there must be Ten Millions
Of the number who are able bodied workers (male
aid fenale), whose average weekly earnings, their
board inclusive, can hardly fall short Of s. per
week. The aggregate earning. of our People,
then may be swelled to the gross sum Of Twenty
FIVE Hundred Millions per snnum-an aggreea ate
which d~aris that Of our Foreign Debt, formidable
as the latter trulyis.
| VII. We have recently made and are still making
rapid strides in Industrial Progress. The Steam.
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