The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-06-04

old PuritanicA blue lights against the war OF
1872; and yet the country lived through It, and
came ont of 1t with drums beating and colors
flying" Our valiant contemporaries Of the Pox
and Courier, II they bad their way. would probs-
bly, thank Queen Victoria for the dolags Of her
cruisers in the Gulf, and tell her to 90 ahead.
But while such views are perAetly natural with
the sing song poets Of the Poa, they indicate q
great revolution In the original thunder and
lightning. blood and carnage, war and glory
prcclivities Of the Chevalier Webb. In fact,
steamship lobby jobs, patent lobby jobs, land
lobby Jobs and ''free wool" lobby jobs appear to
have taken all the military starch out Of tho
Chevalier Webb.
The Britain Ousrsgss and Tia Financial Gem
dsslon ~ the Osuotry.
The menaoing coalition Of our relations with
England, and the present commercial and finan
cial condition of the country, which may be grsr
phicaliJ described in the popular expressioa
slow water marx, I" afford one of the most ouri-
GUS and complicated questions Of tho day for
statesmen to solve.
Every branch of Industrial labor IL at its mini
mum reproduction; consumption Of everything
Is at its lowest point our internal trade Is
largely reduced; and the current enterprises OF
our merchants in foreign trade have not been for
years 30 limited as they are to-day. In oonse-
quence of this condition of affairs, two results
are pressing themselves upon the attention Of
our political economists. First, the national
revenue has become seriously diminished, aud
calls either for new imposts to meet the wants
of administration, or for general revision of
the national budget, and extensive curtailment.
Second, the accumulation Of specie to hither
to unknown extent in the vaults of the banks at
the great centres of trade, which indicates both
a deficient demand for the purposes of commerce,
and q great increase in the aggregate wealth of
the country. There can be no doubt that in the
aggregate the country was never richer than il
is at the present moment. Yet adventure ia
checked on every side, individual credit is
largely impaired and confidence in the result of
new undertakings is diminished, to the degree
of seriously affecting the general enterprise Of
the country.
Recovery from this state of things the ma
tural result of wild spirit of extravaganza fer
the last few years and Its consequent revulsion,
is necessarily gradual and slow The produc-
tive and commercial classes of the country may
be lkened to an immense army marshalled in
its separate divisions Of the heavy infantry Of
cotton, grain, sugar and tobacco growers; the
artillery of manufacturers of all kinds the
cavalry OF domestic and foreign traders the
skirmishers and guerillas of spectators /; the
sappers and miners of public works builders,
and the camp followers and hangers on that
cluster around every brigade Each of these
divisions hurries on the great march of pro-
gresa, keeping time with the busy hum Of in
dustry; every one striving for and believing
that It is entitled to the position of honor In the
front rank in the estimation Of the country, and
each il anxious to Guido its fellows In achieve
ment. Yet enc general policy guides all these
divisions of the great army Of industry and
trade, and all of them advance with common
direction and common aim.
One of the greatest results of the revulsion
of last year IL that II has bewildered the gene
raj policy of our industrial army. We were
guided In our march by the free trade theory,
which looks to the constant extension of foreign
commerce Is the means of taking off our sur
plus production, and thus stimulating industry
The counsels of those who wished that all our
efforts should be turned In contrary dlrec-
ton, and that instead Of fostering foreign
trade we should repress 1t BY protective sys-
tens, and stimulate home industry and home
consumption, were set aside. The recent de-
velopements Of bitter, antagonistic feeling to
our political and material progress on the part
Of the British Cabinet have brought into sud
den existence, In the minds Of the people, the
momentous question whether it Is not our policy
and our interest in marshalling again our in
dustrial army, 10 change our plan Of campaign,
and try the assault for prepondcranoe In the
other direction
As we have said, In our commercial aud 6nan-
cial interests we are now at low water mark"
The ebb has ceased, and the slack water of to-
day indicates that the food will soon begin to
SET Il Is In our own hands 10 determine In
what direction the current shall be turned, and
where II shall expend its force. Shall we or
ganize our national march under the old aud
well known plans of free trade with foreign
nationss or shall we make q complete change
In the plan Of campaign, and look to the dimi-
mutton Of our contributions to European com
munities and direct our attention to greater
home developement, the accession to our pro-
tective union Of Cuba, Mexico and Central
America, and the establishment of great Ame-
riean world, based entirely upon American in
terests and guided by an exclusively American
policyi
This Is one Of the really great questions Of
theday, though the politicians at Washington do
not seem to comprehend it. They have got hold
OF some parts Of II, and each Is nibbllng away
At his little piece of string, believing that II he
can cut that, he will free the American lion