New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-02-23

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S lCO, together with the interest teAt had sccumu-
49, e the gold and silver shipped by steamer sitter
49, 49, g not enough ia keep this item down. It
n W. - hat 10000 600 s rather within taal
wiz u ,ho ,roA be amount Of or indePtedoess on
every account, to kN Pm M,
,,lcb had fserved as .rasb,Y capital abroad is sud.
der " susperded; panC sHsSeS ana there IS a gen.
Cs },nIe ON this SIDE to meet the Obligations due
the other Al confidence 10 thS speets OF capital IS
AZ orce destroyed and it no longer snsfte t"e pnr
noses Of trade or exchange. IL il dicoit 10 Under
ttard how 1t would affect the monetary concerns OF tie
whole world
What portion Of this enormous debt has been ex.in
euithed by fair iona fde psymerts-hoT much hiss
been lquida ed by bankruptcy how much has been
compounded at twenty thirty or fifty cetts IN the dol
lsr-I have 10 means Of forming conjecture. Bat
we will suppose it all 10 have been paid o-Thich Is
yeJy far from the act-and that nave now ~ take
fresh start what then, is 70 be our tutuTe, un1er
the preseut system, If il shall be continued!
In little while, Yankee ingenuity and enterprise
use the term Yankee 10 IL national sense aided by
The uIexamped resources Of the country, will begin to
push matters ahead again. There will be a partia
recovery from tte present depresslon confidence 10
American ,ecurtes will gradually be restored; heavy
importatoDs viii be made; the European mannfac
tufers will get the entire control OF our markets Inc
bsance Of trade will 90 on steadily increasing IRON
year 10 gear against Us; another enormous debt Wl
Be reated the Sub Treasury will be repleuished the
gold ano silver not required for and for l)3k
iDg up will Re sent ont Of the country as heretofore 10
keep down as much as possible the piclyaccunus,
irg interest; then some bubble will burst, or another
Ohio Life and TIutt Insurance Company viii i4ili n
panic will set in confidence will sgain be destroyed
payments will be cemeIdc; there vii be nothing st IN
The country to meet them; the banks viii be com
PEELED in order to save themselves, to protest tneT
debtCTs; suspension comes again; auOher uniYereal
smash up" VIII eIsue; and we shall have The same
scenes to 20 over again tJat we have just passed
thfoUi and every but the night one WI Dc as
signed foI it by those who lave produced oil the mis-
chief. .
WHY do | cay thisl Because "like begets ike, y
and similar cnuses produce similar results Because
THE has been tie operation Of the syste whenever T.
las been tired ana will be the operation sgan II con-
tinued, iust surely that well constructed Loco
motive viii 90 ahead when fall head Of steam is ap
piled. 1t ia the natural woIhing Of the machinery and
II cannot be avoided.
Tie natural instincts Of ga burnt child" teach him
q" TO dread the fire." Why will not the common sense
Of grown men, who have been scorcbed almost 70 a
cnder by Democracy, teach them alsO to dread fur
Their repetition Of those fatal experiments which the
political Dr. SangradOs at Washington have already
resolved to try
Yet this visionary speculative. experims ntal and
destructive closet theory of Adam Smith, taken up by
Mr. Calhoun, iwhO, although bright, bat errdtlc
genius always wanting 10 that hfst greet element
Of true greatness, to wit: practical utility but this
theory, taken up by him. and pressed by t1e peculiar
school Of politicians who followed wherever be rose
TO lead holding, as they did, the balance of power
between the two great parties of the cOuntrytorced
it upon the Democracy as party measure, aud 1t was
substituted fOr the matnrd wisdom add teachings II
Washington, the elder Adams, Jefferson, Nj sdison
Monroe, Calhoun bmself in lS6-17D, Adams Jack.
son, Clay, Webster, ard all the most prominent Of
their cotemporsries; and, by that nexorable ana I'M
yielding RUE Of the party, of which have already
spcten IL has been adht red to with all the teuacity Of
death notwithstanding its bitter poisonous and life
destroying fruits have been and felt and tasted
In surveying the presspt condition Of the country
the task would be but imperfeCty performed If We
were 10 overlook the prosent condition OF the Pablo
TTeosury, the expenditures OF government ana tne
means by which it is now carried on. But | shall not
dwell long upon it, shal Only say so much as Will be
sufficient 10 attract public attention 20 Il, and shall
simply present il is exhibited by the Presidents
ss6ge TO Congress- but in more simple and hope,
II appears then that on the LET day Of June 1857,
the cJmmencemeut OF the fiscal year, there was
$l7, 7l0,ll4 "a surplus in the Treasury.
When the troubles OF 1851 broke out, the Admins
traton confident that their favOrte party scheme OF
the SubTreasury beyond the reach of these PERI
odcal commissions as Mr. buchanan calls them land
by the bye if he had investigated the matter little
more clcsely he would have found that these pc
RODS had aEays followed close the heels Of
low duties and freetTade, and never under pro-
tective duty, were engaged IN the lucrative DUST
mess Of buying up tho bones OF the United o.s'eS IS
IG or Sper cent as they bad several times done be-
fore for the puTT Ose Of unlocking the SuD'lrsssuiy
DOOR and restoring to the channels OF trade Wha as
have said before, should never nave neen W,ndIsSl
rom If; md having disposed OF 1854 81 ~ in this
way and while they were boosting OF the perfection
of the system which they said would always protect
the Government from want we he.rd the gurghng
cry, az OF drowning man, issuing from the wants
Of that same Sub-Treasury, Of "ep me, Casaius, or
7 sipkp And an application was made TO Congress ~
less than thirty days for authority to Issue SOOO0OO
of Treasury notes and within very short peroi after
III A. another application was made ana grabtSi Ioi
the loan Of $!OOOO,oOO more az OF wnCo, 'o5e.n.i
with the regular annual revenues of the Governmeut,
is now expended, and, by authority, they are now re
issuing these Treasury notes as -st as tAey can be
aud thus the Government, without any
checks or balances has been converted into great,
irresponsible, banking institution with cTcnl1tlnS
medium ct 500 900 000 which they are not able 10 re-
DEEM ard nave, on some occasions refused ~ redeem
wi en- presented for payment.
So that this Administration has, in two years, not
only DISPOSED Of all the scoruing revenues but spent
the balance of the surplus remaining In tho Ireasury
run no the public debt from So 600 20 69OOOUOO
and although the estrated receipts for the present
VI ar will fall eco 900 below the estimated expendi-
lures which viii increase the debt to $lO5 OOOOOO yet
tie Precedent asks, as have shown, for sCOUuUUOJ
more for treaty and making purposes-ths former
of which, if it could be accomplished, would add Two
or three hundred millions more to the debt, and the
latter might lead to a sum that DO man can begin to
calculate. go.
said in my African church speech, in 1856, that If
il was for the boldes sudacty that ever controlled
reckless party they would come forward, IN sprit
OF humility and shsue acknowledge their incapaeity
TO regulate end control the affairs Of this great raon
and esk 10 be relieved OF It's responsibilities W nat
said then take occasion to repea. here. The Presi-
dent tells lis that the estimated expenditures OF the
present and next succeeding fiscal year, will fall con-
sderably short Of the estimated receipts and, OF
course the deficiency is 70 De supplied by another and
another, and another lOen as circumstances may re-
0uire; and al this when We at peace with al the
world and exclusive of the SO OOO,WO vita which u
ia proposed he shall be invested 10 involve us IN war
if he thinks III and to establish Prottctorate N