New-York daily tribune., 1857-10-19
FROM WARRINGTON.
Csu.~ouaonse Of The N. Y. 7siSas'
WASHINGTON. Oct, II. l85.

4
| WASHINGTON, Oct. II, 1867.
| upderstana that the Presdent freely expresses
hi. o,;oioa that the financial revulsion aud public
d.t,... have been caused by our needless tariff
norcv. In no State have the ruin and suffering
been more extensive than in Pennsylvania Her
iron works have been closed by the enormous im-
portsticns from abroad, and her bandicrafts, par
Of busine.s. The bank of Pennsy lvania 6rst .us.
pended, showing that che fret received the blow
and felt it most acutely. Mr. Buchanan would no
doubt like to recOnmt nd rcundly good stiff tariff
iron, but it is not probable that be will have the
courage to do it, The country has not forgotten
that he was chief agent in the overthrow Of the
tariff Of lo42. AT the time when Pennsylvania
was trembling in the bslance between Clay and
Polk, he wrote that the latter was good tariff
man as the former; declaration which, together
with the Kane letter. turned the scale and over
threw the protective system.
am one of those who believe that the effects of
the present crisis will be felt for very long time,
and will work important political and social changes
both North and South. / can discern no hope OF
recovery for those vast railroad corporations which
have suspended This blow will fall chiefly upon
the North. But the South will experience more
striking and perma alent change. The price OF cotton
has already gone down from sixteen to ten cents per
pound, that of negroes from twelve hundred to eight
hundred delars per head. The business of rearing
coOred human me rchandise for sale has been sus-
pended by the panic. will not be speedily resumed
The prices Of all staple Southern products have
equally declined. Tobacco and sugar are in the
rent with cotton. If, as distinguished Southern
politician told me few days since, the loss on this
years cotton crop is sixty million collars, as
"A d,rith Las tharp no M saa fnr a
large portion Of the crop, and of course No demand
for negroes. Then the struggle for the extension of
Slavery into non planting regions VIII he without an
incentive Then the fierce fanatcism of sefinterest,
which set all the patriots of Virginia to bowling for
disuniOn last year. from the fear that FremOnts
election would cut off the sale Of their chief crop
will be converted into very mild Indifference, and
possibly give way to sentiment of Christian
spect for the rights of their defendants. The like
causes would produce instant change of public
feeling in Maryland, Kentucky and Missouri.
Nothing could prevent them from turning traitors to
the South Such change Of front would make
revolution in our politics
That a very great diminuton in the demand, and
of consequence in the price, for cotton is impending
may be easily proved. England has long war be-
fore her. both in China and India to which her
exports of cheap and fine cotton goods have been
yery heavy That market is temporarily closed
against her, and may be permanently. Certainly
several years under the most favorable clrcum-
stances, will be required to restore the activity
and prosperity of her trade in those regions:
The commercial crash in the United States will
be deeply felt in Great Britain. Her exports 70 this
conntry have fallen off largely and must continue to
be small until we have paid off or extinguished by
bankruptcy our railroad and strictly mercantile
debts. If she cannot sell cotton manufactures, she
cannot buy cotton. My conclusion is that for some
years to come the production of cotton will be IN
excess of the demand, and that the price will not
rule over eight cents Now cotton can be cultivated
at profit at six cents but not when the prlce OF
negroes is from SS to $l2 per pound. Few people
fully appreciate the influence of high prices OF these
two articles of trade in politics. Let cotton go
down to the prices of 1888, after the late enormous
Initiation, and the questions which now agitate us
would be settled without contention
It's not by any means clear that in the crusade,
which the Democracy are about to open upon the
banks, they will have any opponent. The banks are
weak and have few friends The banks have
brought on all our present distesses, and would no,
lend to suffering merchin and politicians money
which they did not pOssess Therefore, down with
the banks. do not believe the anti-bank issue
revived will prove hobby strong enough for so
reckless and strappiDg q rider as our Democracy.
This city has felt the depression very senslby
though We have no commerce, nor anything else bu
what we cen get out of Uncle Sans strong boxes
Spring, but prices did not actually yield until last
MONTH when they collapsed with the Philadelphia
banks. Two distinguished Democrats of the North,
renowned in politics and society are brought to the
mill to be ground. They bought real estate last
wear fronting the Presidents House on joint specu
lation. The price was 81 25per foot. aS2 % have
been since offered for it, week ago it was sold
at auction for 81 IL per foot. In consequence OF
reyer.es like these, the beautiful mansion erecting
for one of the partners it is said, may be bought
very low for cash,
We have nothing here definite from the Kansas
elections but nobody doubts that the Republicans
have been cheated out of the Legislature, and will
be cheated out of the Delegate to Congress if there
is any sufficient motive for 1t.
The hired organs of the Government at this point
are raising a loud wall over the riotDg and blood
shed in Baltimore, which they seem to think have
suppressed the right of election there. So far as
appears to outside observers the Democrats are
receiving in Baltimore exactly the same treatment
which, under the immediate patronage aud encour'
agement of the Administration, they meted out to
their opponents in Kansas. The Administration IN
augurated this system of outrage, low upholds It,
is enjoying the fruits of it's success and is clearly
responsible for it. fEMAoo'p'