New-York daily tribune., 1858-08-17

lot bu. cMnc. leri on Western lad securities
Thtse securities are rot readily conTerttie-tney
are sow-srd or few rich anc cautious capitalists
WHO have morey to lend fcr 5 term oi years na'u-
rally prefer mortgages On property With WHEN teey
are scqusirtsd-on vtch rer., Ge payable s-d
paid in cash quarterly - Ttich will readily arc
.urely brig hard ca.h 20 tie extent Of st est
seyen esh.hs If .ts.r estins:ed value, rather :saa
10 lend Oh the security Of distant tracts or ARMS OF
whose value they know little, which seem sueJec.
to violent fluctuations in tie amount Of cash for
which they can be sold. wLich are 70. certain TO
pay promptly even tie interest on the mortgages,
snd which il is notorious'y s lard a1d slow work
to convert into norty. Is tt;s preference u,T7el-
Gus Even If i be, It does lot The eis exist.
II. Our correspondent says "ths crash came
without any wsrips." We DO not Ike to contra
Dict him, but the fact certainly 10 that the columns
Of this journal hsve teered WITH warnings Of it for
ten earn ps.t. This crs.h" vas morally certain
from tie hour ths. the Tariff Of lS46 became
law, establishing tie manufacturing districts Of
| Great Britain as tie Ultimate markets for or
Grain, ard thereby looming the farmers OF the
Mississippi Valley to grow Grain FOX tie price i
would command in Ergsad, l,u the cost Of trans
porting il from their fields to the great British
markets. TIE opening Of the god mines OF Cali
| fornis ard TIE negotiation Of Railroad loans II
Euro;e pos.pcued the day Of reekorrg for season.
but only to reIder it the more trying when i id
cone. II Mr. Clau,en vii turu back to tie flea
| of THE TRIBUNE for the Autumn Of 1852, &c VII
6pd there the "crssh" foreshsdswed in series Of
essays which some future Strauss may very naturally
irsist must have been written sfter 1851 they de-
pct the events of that year 90 accurately. Again,
throughout the Winter aud Spring Of 1851 our
"wsrnipgsr of "the crash were frequent and
emphatic. MI Clausen should have said that "a
.it was in the days Of Noe" the "warrings
were unheeded until "the crash" rendered further
heedlsssness impossible.
III. Mr.. Clausen says nothing can now be cold
10 bis section for money at ahigher rate than "one-
"third to ore. fourth Of the value Of the article
That word "value," Mr. c., how deeply
have you pondered its meanirgi Ii thou
| sand bushels of corn can only be sold IN
your section for $3.50, how do you estab-
Esh lis " value" at $3.50 or $1,000 If you only
mean that, urdera very different state of things,
with % heavy balance due from this country to
Europe and our Metals, Wares and Fabrics bei1g
produced on Lske Superior, on tie Mississippi and
in New England, instead of being largely imported
" on tick from Old England, the " value Of your
Iowa property rOuH be thrice what It now is, We
understand and agree with you; but that the
value" of an article to-day should be $3.50,
while all that can be obtained for it is $3.50, we do
rot go readily assent to.
". Mr.. Clauaen AYERS that the farmers Of Iowa
only need small loans to carry them through to
"better times" We hope this is true; but we
cannot kep observing that better times do not groc
they have to be made. Better times " were
formerly experienced in Iowa, because the East was
prosperous hopeful, and constantly sending off colo
nists With full pockets to the West These colonists
bought not only lands and Improvements, but Grain
Meat, &c, at prices thrice as high az they could
have been sold for in the absence of such immigrs
ton; but now this migration is messursby arrested
by the hard times and those who do migrate cannot
take with them 800 where 5 900 went in former
years, Instead Of buying land, teams, food, tools,
&c, TO a liberal extent and at good prices, our
emierarts Of '58 are lucky if able to buy an Ak,
COW, plow, AID few other primary necesssIies Of
existence, by means of which to keep soul and body
together TIL " better times" shall really come. Tbs
money that this class formerly took with them paid
for goods as well az lands and kept trade thriying
now there is little to be sent away but Grain, and
that has to be sold at prices which will Justify its
expoItstion to the East-in effect, to England.
So lopg as this necessity shall exist We hold thst
tie "yalue" Of Grain &c, in Iowa is indicated
by present prices rather than by those which pre-
vailed there txo or three years ago.
V. Mr. Clsusen's demonstration that Western
real estate affords good mortgage security for loans
would have been more conclusive if he had omitted
bis statement that property now soldthere at public
sale will frequently lot bring more than one
''hnh Of its real value That statement tends
to frghten timid persons from lending one third or
one fourth of its estimated value upon il.
vi. Mr. c. seems to admit that Western peo-
pie have been too sapguine too enterprisiny and
have thus involved themselves too heavily in debt
and his remedy il, in substance, the hair of the
same dcg"-that is, 8 little more debt. Well
We don't object to this Homeopathic remedy, but
We would not have too much reliance placed upon
If. change in the policy Of our Government
which would tend to open coal and iron mines and
start forses and factories the Illinois, the Rock
and the Des Moines, or even revive those of Penn
sylvania and England to q state of pristine
activity, 80 as to create Home Market for our
GIsin and Meat, and thus insure better prices to
Western growers, would do infinitely more for
them than any amount Of borrowing. We believe
in Credit-giye Credit-live by Credit-but il il
Produce net Credit, that pays of debts and term-