New-York daily tribune., 1858-08-17
PECUNIARY DISTRESS At THE WEST.

| To the Editor of The ~ T. T,bys@
SIR: Having for long time been a subscriber sui
reader of The TRIBUNE, l hsvs como +, cOsdlsrs
az true friend whose arrival slwsys expect With
certain anxiety, and whose countes usua y sxsps
aud follow. This being the case, you will no. hht
strange that l should wish TO ak yo1r krss,
and perhaps assistance, in matter OF c)nsdnAs
Importance to myself and others; and / rely upa
your Kind Indulgence to forglvs the troHb.s hekl
msy cause you.
l came here TO New York few days ago, priaos
pally for tue purpose to ascertain whether not
would be possible to find some capitalists who w,ud
loan money on long time--ssy three 10 five ysars-Nd
reasonable interest, and tske in security good i'm.
proved real estate 10 Northern Iowa aud Southern
Min bnesots. reside in Iowa, near the Minnesota line,
in st. Ansgar, Mitchell County, one Of tb. many
young, fourlsbing towns in the besutiul Csd1 Val.
ley and can soy with truth that this portion Of Iows
ard Minnesota Is not surpassed in hes atd nss ier-
ity and beauty. In few years the whole country hM
turned from wilderness into rapidly ygroslpg ssas'
uents. villages and cities and the times % thst
none were afraid 70 expend ali their in imptov'
ing their property sure that they would soon have
iallroad communications with the North, East 91
South, and good markets for their surplus Drodrca
Farmers thought 1t 10 speculation, but simply goc9
thrifty policy, 10 extend their improvements ss mEa
ss possible 20 az to be prepared for the stu psfa
tm.s go confidently expected. Blu, the crash esne,
without any waning whistlel The mefcoaau wn
called upon for moDey-tley again csued upon ns
farmers, and go IN. What ht,ls money there was At
after the public land sales had gone East and suI as
merchants and farmers were not out Of DEBT. lac
black cloud Of mmercisl distress AID dls1rx en-
veoped cur portion of the country with tho ren,aas'
aud, at least temporarily 6arkened our splenda pre-
poets for the future.
70 things have gone on. There s scsrcey @y
money i.it IN our portion of the coubtry, snd il
very little bsreit to man 70 have ever 50 much 70
cell II be must have money for money he cannot ge.,
unless perhaps he will sell tor ore third or one-fcufa
the value OF the article There are fs~ Who bsa
money on ~ or 10 days. and for 40 up TO 100 pei
cent, on hrstrafe security but if people shrink IRON
borrowing money on such terms-sud veil msy they
shrink from It then there is only one alternative, 70
let their property be sold at public sale for what
may brnR and that will, in money, frequently be ~
over one-tenth of it's real value.
Now, We saw in TIE TRIBUNE, and other Est
ern papers, every week that there vs. mose1
enough here in Nsw-Yok, aud that the rsts
Of interest here were generally very loy. lis
tEue that we aso cad about the general drus. bore
IN regard TO Western securities but We though. hss
It might after all be possible, fitted 10 get cap
tas,s 70 come out or 10 send out agents " eIsmrS
the property We would give in security for the losn5
we night obtain; and We could not for q moment
uouos out thot tnoJ "ouu De perfectly esI.no" vs." "a
the security as soon they really examined IL Tor u
Is only small loans the farmers need and wan. 20 cary
them through TIL better times and it ia bat in very
rev iLsfances, II ever, that farmer would wilnSy
ell bis arcvo home for ten fnes the amount DO msy
wish 10 borrow il. And /, was concluded .hs.
houd come down here and try what could be dose
bad some letters OF Introduction 10 gsLtlemsI Wsl
treet. TDey each and all received me very knay,
assured me tf their waymest wsnes Of success 70 ny
erdesvors and ssid that they would gs1ly .ssis. 40
al they could &C., but they generally ended by ssJ'
ing that they must tell ne ss their candid opinSos,
hat nothing could Je doJU principally on sec)aas
Of the ipstaDiliy of our Western laws and securities
ard also account Of the many grcss frauds cym
mitted by s.me OF the Western Railroad Companies
and others, Whereby Eastern creditors have sfssty
suffered.
am very far from do1btrg the correctness Of thesd
sstt meme, ana can well uDcer tsnd aud symps-
rhze with the feeling of dstrust peculiar 10 the tms
ard shou probably have gwen up all hope OF slS-
cess al gene Doms witholt further troubling ny
sell OF others IN this matter IL hsd 10, grscaay
come 70 tbe CONVICTION that tie aforesaid dis.ru.t
carried too far even 10 the verge Of njue,cs. I'VE
carried 100 far, when whole ella who a'e peieeD
innocsnt OF any frsud-e. e, the farmers gsserslJ,
ore involved IN the general suspiclon aod nis's
stler Tor the irauos ard rsscaltiss committed oy CIV
psrauvey very few scoundrels; and let y Dc ~
MAJ ked that while those few can scarcely ever
reached, and care but little about the dIstIust -
Dsve occssoped il is on the lsboriDg clssses It,
farmers uecb snics and country merchants, tas "a
u1st, With all ire bitter consequences, falls Ti.
est crushing severity. Neither is the ssefss a.
easrse against Wes,eln securities quite 1st insSs
errify farmers Oaer BY moitgss ng Their nOheoys bs
e.. c0npsTsi yey snlal, euOuu's Oi money, N'-t.sls
ccrfcereG uLt1c.Ptonsble, II vie sed s..h 80"