The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-11-26
New York Letter.



Another week OF high pressure ia almost
over. Commercial matters are Frightening
up little; since the banks have received
State money, there has gone TO the West a
considerable amount Of that currency. and
produce Is beginning 10 come forward. Who
is the real debtor now? Who Is the man
that stops the machinery Of commerce by
failing to pay up? The consumer Of goods
is tbs actual defaul,er Yet, strange 70 say,
though be has property to pay ais debts
with, il ia not wholly his fault thai they have
not been paid. The western iaruar has not.
until lately, been able 10 exchange his pro
duce for any kind Of currency which would
bear keeping. Now the flow OF gold and
good bills is setting out west ; The trouble
cannot bc charged upon the banks any
longer, and II the farmers do not pay, the
bankruptcy Of the country must Ito a. their
door providing always that navigation does
not cltee before the bulk Of shipments can be-
made This revulsion il must always be
horne IN minl, is Hot commercial but a
financial one. We have failed, not because
Of oyer.trading, not because oar consnmp
ton has exceeded our production. This ia
the favorite cry of rantcrs facts contradict
the assumption But an entire d'tangc.
meat OF the system pi exchange throughout
the country, through the suicidal action Of
banks. has rendered It impossible ior oue
section 10 pay its debts 10 the other. And
there IA no doubt, Notwithstanding, ihat this
aerangement and confusion is taken adyant
ago II 10y INSCRIPTIONS parties, many oil
whom. though actually able 10 pay their
debts have sought to defer payment, and
even 10 obtain extensions on notes falling
duc next spring. when there !, no season la
suppose that solvent banks viii fad any DIFF
ilruity in meeting their obligations. The
,,bb,rs have got through their heaviest pay
inents, the banks are discmntug more free
Is, and things look little brighter The
importers have very generally failed To meet
their engagements on the other side, and IN
two or three weeks. We shall hear reports
Of grand crash among French aud Eng
lish manufacturers.
unemployed labor Is beginning TO maui
f,.st a rather nnmauagcable disposition. and
things look rather squally for the winter. ca
peeially among the great masses Of aTilans
Tor whom there il now scarcely any employ
mrnt to be found. There was u large anil
iullaninatory meeting OF this class yesterday,
at which the mos, seitious sentiments werc
uttered The only tangible plan OF relief
we can propose, Is, that the railroads should
Offer Ia carry families West sud South al
half price. The remainder 10 he made up
from the contributions Of the bcncs oleu'.
We crrtaisly have an ovcrstock Of tho hu-
nun race at this particular innc'urc, IN the
city Of New York. A mmptnary law should
be passed 10y the new Legislature lorbdling
marriages until such time rs cor domestic
exchanges shalt have been regulated. and the
country at large become Tranquil
OF course. We have very little trade in
general merchandise. Produce sells -, fair
rates cotton cant he " moved = dry goods
nrc not dead but sleeping iheic IS some dis
position To sell On credit siucv the last week,
though ,hc terms given are shorter than here
,Fore.
There is "a learth of amusemen,s nothing
seems 10 take. The election was mo go
at all not even the regular fraternity OF
shouldcr-hittcrs would coudcscctd To show
any degree OF excitement or interest about
it. There was no ae,sl OF dghiing al tie
polls" ns nobody cared enough about voting
to near n poll il hair Of his hcad might he
endangered thereby, AMI consequently there
was not the slightest excuse tor q scrn'-
mage
We preiic, better times IN ,hc couue o
few weeks. Not from mere conjecture
either. lat US look AT the cas-. The dis
,rcss is chiefly among tho artisans those Who
have been cusagcd in the preparation OF
useful and ornamental articles for the sc.'-
sons trade Aud there isa prospect that
oil stocks of this description. dry goris
fancy goods, hats, etc, will become cxircnc-
~ scarce AMI valuable in lew months, ow'
ing to the clusiag Of manufactures here, but
especially 10 the almost in,irc cutting oil OF
importaiious. We will never trust this
country again. SAY the French and German
agents On this side so much the better for
this country, Our manufacturers must
soon sec that they will have clean field for
another season, no riyas and small stocks
on hand they will therefore engage IN pro