New-York daily tribune., 1859-12-29

of profound peace and Of oyerhowing gr Iuaries-
aud prcmonishing the country Of purpose to carry
on the Government during this Democratic term
by the emission of more shnplasters and the crea
tion Of new debts perfectly characteristic
comment on the capacity aud the integrity OF that
political party which has kicked at Banks, and splt
on Paper Money, and dsrded Credit, and clamor-
ously demanded that the financial relations between
the People and the State should be Of gold aud sill
yer exclusively.
The system which exports raw products three
thousand miles to Europe, and brings back, three
thousand miles finished fabrics in exchange, is
rapidly taking our Federal finances to insolvency.
when Mr.. Cobb shall have paid of the grossly
abused mail contractors and kept the Governments 8
faith with the Indian tribes, he will have left in the
Treasury IN June next only $4,000, l25. Looking
ahead to 1861 he confesses that ne cannot see IN hs
strong box dime more than SO, $50, 1876, aud dis
tnctly tells Congress that if they shall pay any por-
ton of the public debt, or spend more money than
he has told them it would be convenient for
him TO have them spend he viii be broken.
And il is true The humiliating but perhaps profit
able lesson of an Insolvency of the Federal Govern
ment. will surely be exhibited before the close of
Mr.. Buchanans Administration unless the policy
of his party is abandoned and his course reversed
Mr.. Cobb begs of the Representatives and Senators
that he may be permitted to squeeze through and
parades his figures TO prove that he can if theS will
do nothing more for two years to come than debate
the Slavery question. But his estimates are founded
ON the faacy that the sales of the public lands will
continue undimnished-that the flow OF his 6 mis-
cellaneous" income will remain at the fuil-and that
the expense of this growing family of States for
apy one year is the measure OF Its outgo Tor the
year TO come. He has Oyerestimated his receipts,
and las underestimated his expenditures. To say
that the Secretary has done this consciously would
sound harshly. But the anxiety with which he
provides, as far as he can, against an increase of
the public debt, and consequent diminution of his
public reputation and his partys chances would In
dcatc that he well knew that his figures were de-
lusive. He begs of Congress, if it votes away his
money, to enable him to replace it, by raising, at
this session of Congress, the duties on imported
foreign goods; and the President backs up his en-
treaties IN his Message.
$685., ,76s, ,130. We have net as yet the tables ac-
compaDying the Report, to show what portion OF
these imports was of fabrics and materials which
could have been produced within the United States
The excess of our Exports over the imports was
but trife over $4,000 000-about half dollar
head to every man, woman, and child, in the
countrv. Mr. Cobb is evidently ashamed Of this
result Of the years swapping across the Atlantic,
and Immediately commences an apology for the
expectation of country's specie. The value OF
his argument that it is as well for people to send
abroad their gold and silver as it is their cotton,
may be judged from the fact that he classes the
three as agricultural products, and makes dis
tine ion between money and a farm crop. Nor does
he halt at the obvious fact that our enormous
expectations of silver and gold is not to purchasers
in open market, but to creditors-that it is not a
matter of choice with us but matter Of necessity
that il is drained out of the country to pay debts
with, and in whatever is sent abroad to be
sold. He willfully attributes this steady and deadly
flow of the nations life blood to the natural efiux
of the surplus of commodity oFer and above the
wants Of the community which produces it. He
dates its history from the complete developement
of the California gOdfeld, and makes it the conse-
quence of the industry of that State instead of the
effect of his partys policy of buying abroad instead
puTposed errors as they seem to usis to sufficient
ly answer them.