New-York daily tribune., 1858-10-04

| We.print elsewhere to-day the letter of leading
Importer and Free Trader Of this City in opposition
| To Protective Tariff and in favor of unde-
| fined limitation of the Credit System as prevent
| I'VE of "panics. "pressures,' and the various
| phases Of commercial arrangement and revulsion.
! As the subject ia OF the widest interest and
our correspondent one of the ablest of his school,
ask for his letter careful and general considera-
| tion.
| We have one standing complaint against the
Free Tradcrs-they seem to take pains never to
understand IA single position of their adversaries.
Intrenched in their own conceit, they speak and
net if they read nor heard of anything that
is or may be- said ON our side. Let us begiu, then,
by correcting our correspondents grayer mlsap-
prehensions. which will in effect be replying to
hs argument.
l. NJ seems 10 imagine that he is cOntending with
MS when he wars against the excesses and abuses
of the Credit System. So far is this from the
fact that We favor far more radical measures Of
credit retrenchment than he does. We are utter
" opposed IL any importation of Foreign Goods
that have not been paid for before they shipped
paid for not by drafts nor bonds. nor by any
hocus.pocus whatever, but by Produce. So We
are opposed to any sale of Goods inland from our
CITY or by retail merchants To consumers. except
for pay down. Put all trade ON the basis of so
much for so much-the Grain. or Meat or Wool,
deposited at the storehouse and duly made over,
before ~ value is taken out by the drawer-and We
should rarely or never again have panic or
pressure. simply because should never import
excessively, nor be- in debt for goods already con-
suned. Pay as You 90, if the universal rule,
would be- noble breakwster against panlcs; and If
the importers will 50 manage their business
more to be- in debt abroad, the Banks may discount
ever so freely aud ever 80 much, without bringing
on disastrous reyul-ion. Sublime are the virtues,
far-resching the ,alutary influence, of that simple
maxim. PAY as you 90. Though we sometimes
give and receive credit We mean to do our regular
business a. nearly may be- on the cash basis. We
fear NJ. does not-we know that most importers,
whether into New-lork or into the Great West, do
not. Hence many of our greatest troubles.
ii. We do not doubt that our Banks lent too
much during the earlier half of 1857 said so
al the time. and have always believed il. 1t was
the Importers error however. that made this mis-
calculation fatal. Had we not imported far too
many goods. the error OF the Banks might easily
have been corrected. II was the pressure of our
Foreign Dcbt-the fierce demand for Specie 70 go
abroad and fulfill the obligations and sustain the
credit of our Importers-that aggravated embar-
rassmcnt into calamity.
III. No doubt an expanded inflated currency
e1erts some influence in checking Exports aud
stimulating Imports. But easy discounts are often
an element of positive activity and facility in Home
Production. BY enabling the inventor, the artisan,
m, machini,t the manufacturer, Ia start or ex-
tend business that must otherwise have waited
wear. for adequate capital. The assumption that
Currency governs absolutely the relation OF I'M
port. to Exports i, contradicted by thousand no
toriou. facts Great Britain has to-day nearly
every Hurd-Money country IN the world In
her debt, and exports 10 those countries yearly
far more than she imports therefrom. Our
country never had II heavier balance of trade
against her than accrued in the seven years sue
ceeding the Revolutionary War. when there was
very little specie in circulation California when
never had Il Bank of Issue nor Paper Currency
is debtor state: while Massachusetts aud Rhode
Island which fairly bristle with Banks, are cred
itor States. Germany has far more Paper IN err
cuaton now, when she makes her OWN Cio'h' ana
underscll. England in this market Oh certain I'M
portant fabrics than she had when she was c!othed
In good part in British fabrics.
". W do not "chsrge all the evil 20 the lm-