New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-11-06

INC ~ - '"'eS eccAs W explain the ong-cou-
tinuej stagnstcn of business under which this cit,
and the country generally are suffering bv thu
want of confidence "A want Of co,sjsnn.
which originated in the crash aud breakdown of :.
year sgo; but which The Times seem, 10 th;ol !.
unnecessarily and unreasonahly protracted. Tia.
journal even expresses strong hopes that By IN,
Spring this want Of confidence" may be eu,irr,,
repaired, and things may 60 on again as swiumins,,
as ever. But TO give as the cause Of the prs.a,t
stasnation of business the s. want of confidence.
is scarcely to advance step the way of exuL.
nation. IL is like saying Of q sick man that IA !,
indlsposed, which does not much help the matter
Whence does this want of confidence arise, III.
necessary to answer that question before We "a,
form any Trustworthy diagnosis of the patient scs.e.
or any rational conjecture as to the time during
which the prostrstion of said patient will continue
or as to the means most likely to help him.
by this time the dust and smoke of the late
crash and crisis have cleared away and the rationale
of that terrible disaster has become sufficiently Oh.
vious. For three years previous, short crops
almost approaching to famine had succeeded
each other in Europe. This, in conjunction with
the Grin can war, created sudden and great de.
mand for our grains and provisions. We were
blessed with prosperous seasons, and were able 10
supply this need of our European neighbors. We
exported vast quantities of provisions, and were
pad for them at generous price. We were rap
IDLY growing rich; and all sorts of speculationa
railroads, Western towns and cities, and the par.
chase and sale of Western lands, were entered
upon and prosecuted upon the basis of the per.
petuity and even growth of this provision trade
with Europe. Two successive good crops IN
Europe, followed now by a third have brought
this provision trade to very low ebb. We export
not half so much as year and half ago, and for
what we export We do not get half the money.
Tbs is quite sufficient, without any regard to other
MINOR causes which have contributed to the same
result to explain the present stagnation OF our
trade and Industry. Since there is no prospect
whatever that the European demand for our
provisions will revive in the Spring, upon what
basis can We expect at that period any general
revival of business beyond its extent for the SIX
months past 1t is undoubtedly true, as Tie
Times remarks, that the interior is bare Of goods;
but It is still more bare Of money. and, until
some means can be found to put money into tho
pocket of the interior, We apprehend that the IN
terror, instead of sending to New-York for
new clothes, will be obliged to patch and darn
its old ones, and even to 90 a little out at tho
elbows. The impotence of our New. York mer.
chants may produce a deIusive appearance Of
renewal Of business, by undertaking to clothe the
interior on tick; but, in the present state Of
thiDgs, that is most dangerous operation which
would only result, like the attempts to patch up
credit after tho crash of 1897, 10 a new break
down, and still more protracted prostration.
The only safety now, whether tor city seller or
country buyer is to do a cash business, or one US
near it as possible, and to curta the Importations
from abroad to the strict limit Of the ability Of tho
consumers to pay for them. 1t would appear that,
before any great revival Of business bs expect
ed, some market must b. found ia which our far
mers and especially our Western farmers, that is
to cay, the main body Of the Western population,
Can sell their products at a remunerative price.
which is not the case at present; 10 it easy to
see how this can be done, except BY raising ups
body of manufacturing laborers, who will consume
the provisions on the spot, and thus supply thst
foreign market which, having no other basis than
the yicssitudes of the seasons, suddenly sunk and
vanished away just as we had got our whole ex'
upon it.