The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-02
How Can the Country DC Relieved


This week, the bulls say, is to be the last Of
the panic = and they add that the additional
relief to be afforded by the banks will enable the
merchants to weather the week without accident.
We sincerely trust that these expectations may
be realized. The amount TO be raised to carry
the merchants safely TO next Monday is large,
very large but the amount Of idle capital is
large also and If eeritaistS vliy uv
sroaed mat the worst is over, they could soon
lid the market of the odd reams Of paper which
cannot now find purchaser. Even the atom Of
relief which the banks promise will be boon.
II may be well however, to look a little be-
yond the shining" operations Of Wall and
Front streets, and TO inquire what prospect there
Is Of general relief for the country at large, and
where that relief is to come from.
The trouble in which we are plunged grew out
of our undue expenditures In the construction of
actually unproductive railways and out Of the
extravaganza of our habits Of life, which caused
excessive importations Of foreign goods We
believe that everybody admits these to have
been the causes Of our present embarrassment
To discover, therefore the approach OF relief, we
must first inquire whether and to what extent the
operation Of these causes has been checked.
1t is apparent that moderate retrenchment in
our habits OF living has begun. We hear aud
see Of slight cessation Of euavagance. The
foreign importers, the dealers In lace, silks
dry goods, &C., have resolved, we understand
TO effect no purchases or next to none, in
Europe this year this will relieve us, as far
as II goes, and after q certain period Of
time. As to the railways, the stock-repre-
tenting about one half Of their total COSTS
beiDg gradually wiped out; thus relieving them,
and relieving the market Of class Of borrowers
who paid the highest prices for money. This lie
beneficial, ss far as II goce. No more money In
being spent in building railways; and several u
these institutions are approaching a solid basis
through the channel Of bankruptcy.
II Is obvious, however, that even If these
changes were effected more rapidly than they are,
the effect OF them could not be felt for months 10
come. Let US retrench as We please, and curtsil
our demands for European Injuries, II win be
spring before the sacrifice tells In our favor. So
with the railways. Though we may find imme.
date relief by investing no more money In them,
they cannot become solvent concerns nor can
the market be cleansed Of them as borrowers I'M
I'll after long struggle.
The thing to be done, then, after doing our
best 10 neutralze any future mischiefs from these
causes, and waiting for time to work out its per.
feet work lie TO GEEK immediate relief elsewhere.
We can only find II In the bountiful harvest
With which God has blessed us In the fields and
tAe bans Of the West we have means which can.
not fail us, under any emergency. There are
millions upon millions Of bushels Of good grain
there; ths, Is our safety. There never can come
time when that grain will not command money
IN any market: 1t is the only real resource on
which we can at this moment rely. True, IL will
not command as high prices as we have lately
bad; but 1t will pay, nevertheless; and the guam.
tity available IL 20 enormous, the harvest has
been 30 bountiful that the diminution in price
viii almost be compensated 10 the farmer.
But bow Is this grain TO be got 70 the sea.
board' In few weeks the canals will be closed.
there is but very short time to forward Il IN
and the work ought 10 be done energetcally. that
is TO say, expeditiously. The Western men, II
may be said positively, have not the means to
send their produce to New York. They can
Lot Psy the debts they owe already, much less