New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-30
TO THE PRESIDENT or THE UNITED
STATES.
LETTER ".

The first are found YOU have Seen, in degree that
is quite remarkable. in the half century during which
the local authorities controlled banking operations
there having been "a has been shown no instance
Of general suspension, in that long period, except in
1914 and then at the instance of the central govern
men; whereas In the FIVE and twenty years in which
the local authorities have been, TO so great an extent
superseded, the suspensions have been three in num-
ber Need We wonder. then, that "A state OF crisis
NAV now in the opinion of foreg journalists, be re-
garded a. the normal condition Of the great republic
of the Vest Assuredly not II the natural result
of centrazing policy, that at one time urges upon
the people the creation of banks and at another de-
nOunCes such institutions "a wholly unworthy OF cgeun
of policy that ct one moment, squanders the pub
lie property with view to the extension of railroads
and at another. urges the passage of special bank
rupt law with view to ~ the central govern
ment the exclusive control of both banks and roads.
Instability tends TO increase the wealth OF tho few
who are rich-whle impovershing those many who
look to the sale of labor for the means of obtaining
food for their wives their children and themselves.
II mpoverishes the active and useful members oil
society but il enables the idle and the useless to ac-
cumuiae fortunes at the expense of those who make
roads build mills. and open mines, and thus increase
the productive powers of laboring men. Instabilty
has been since the central government UNDERTOOK the
uiaon Of the currency the essential characteric
of our policy, and hence 1t Isl
That Notwithstanding grants ofland by millions and
of millions of for the construction OF rail-
roads and Notwithstanding increasing effort to pro-
mote the carrying interest at the expense OF the pro-
ducing ope-railroads and canals, that have cost
81 600 900 600 have fallen to less than $500 900 OOO,
and their proprietors are ruined.
That the factories fhe country, too, are in state
of ruin. For years, they have struggled against She
tide but now the tide has overwhelmed them--re-
ducng to state of poverty thousands of the men To
whose unceasing efforts We have owed the introduce
ton and perfection of the most useful manufactures
aaI
creation Of magnificent works, whose value might
now be counted by little less than teps of millions.
That the machine shops, too, are slosed-Inachines
not being required when mills have ceased to work
That the mechanic is now, everywhere, turned
adri TO seek in scratching the soil the means of sup
port that his TRADED will not afford him-he and his
country thus losing the use of the capital OF knowl.
edge he had obtained by means OF a long appren-
tctship.
That his daughters too, are deprived of work, and
not unfreauenty forced to make their election be-
tween starvation the one hand and prostitution on
the other.
seek employment a. common demonstrating their
wives and children to suffer for want of food.
That hundreds OF little capitalists who had invest
ed their all the creation of machinery Tor faclita'
ting increase in the supply ot iuei are now III saie
Of ruirthe sheriff selling out their little properties,
which being purchased by the men who are al
ready rich.
That furnaces capable Of Welding hundreds of thou.
sands of tons OF iron closed, and their propctors
ruined.
That mines of ore, endless in quantity, and ca.
pabe Of supplying lead iron and copper To the world
mines too that have required vast amounts OF cap
ital for their deyelOpment-are idle while the men
by whom they had been developed, are reduced to
poverty.
That rolling mills, capable Of supplying half the
ron required for the Union, are closed-to the utter
ruin of those who own them.
That ships wholly unemployed, are rapidly accu-
ourro themselves
rapidly decline in value.
That while the commerce of the world tends, eve
rywhere to seek the aid OF steam, and while steamers
are fast supersediug sailing ships, the people of the
Union find themselves obliged to depend, almost ex-
clusivey, upon the ships Of other nations ana are
likely. before the close of your administration Mr.
President, TO find themselves without single ocean
s,esmer engaged in any trade, in which foreign COM
petition is not, by law, prohibited.
: That the trade with California, upon which we
have heretofore relied for supplies Of gold has so Tar
passed away ss to require from Us little more thnh
supplies of butter shoes, boots and agricultural ma
chines-that being all the commerce now resulting
from an expenditure of labor and capital that, had
they been applied al home, would have yielded al
least a thousand millions year.
That railroads and chips, mills and factories, mines
and furnaces are thus involved in one common ruin
the depreciation in the value OF all tins property
being, at the smallest calculation, 81 OOO,O 900 OOO
That the trading nterrst-so long the almost excu-
ve object Of governmental iavor-particpates IN the
general ruin. ,
That the owners of houses are unable IL collect
their rents and that their property declines ln value
while the taxes are Increased.
That the farmer finds his consumers declining IN
number while his competitors are as rapidly increas-
ng-tbe system Of the country tending az It long has
tended toward forcing into the work of cultivation
all who thus far have found, or should have found,
employment in mills machine shops, mines and FUR
nacs. and that he has now before him, should Prov
dence favor him with liberal crops, the prospect OF
a,.,tr
known. ,
That the planter has before him a reduction in the
home demand for his commodity, TO the extent Of
9jD OCO bales: that almost simultaneously with this
decreased demand his crop likely to be four times
as much neressed and tha' therefore, should he be
favored in the seasons he TOO is likely TO see his sta
pie reduced TO price lower than he has ever seen
Taking, now, the probable reduction IN the value OF
land ard in that of slaves. AT only 81 OWOOOOO, ana
adding il To that in railroads, mills, mines, and fur-
naces we obtain the of 1000 OCO, 900. Adding
now thereto the reduction in the va ue OF real estate
other than farming and planting land We 'hal OBTAIN
a sum ot not less than g. 800, 900, as the total
amount reduced and it may be almost twice az
much. 80 -
SON ebody profits by all this loss. Who il it ? The
uortgagee who enters upon poesession-hrst selling
his poor debtor whether the little tanner OF the
West the great proprietor of mile mines orfurnaces
in the East. The usurer, who obalns one, two three
oreyen five per cent permonth, until the poor borrower
il ruined. The government official, whose sa'nss
and perquisitee have been already doubled trsDieo,
and quadrupled, and will be increased is value,
while the working men around him suffer if'sen tney
do not perish for want Of food. The mepoer " Ion
ress whose salary has been doubled becsuse OF me
i.e in the price If food and will remain now tna'
is price has fallen. The non-projacers are mus en-
iched, while the OF enterpre, ana the 'ao''es'
are desPoled. s,d :. already
Turning now 10 the Treasury, We ma Ic aIeau!
bankrupt even at the conmencenent o. ,hs uo"n.
ward movement. Iredeenable paper oeih9 now 10
b. substituted for gold and silver the lnnuA OF sgn
merchandise, and the eauH Of the precious MEAS,
will be much promoted, and thus will the "ayo
II, n. s, x,,y, bik followed the BANKRUPTCY q ~ rnsn
a,t5r had e.s..d ard when o. required % Sora nc
,,f.fu BY total OF -V' va's - -