Litchfield enquirer., 1859-08-25
Whole No. 17S6.

..,. @ 'A'ne.iiSe was Wllingly pald to realize.
 Millions of that debt have since leen paid u,,- der every possible disadvantage to the payer. and the big healt of the honest West will doubtless continue its efforts to discharge the millions that remain due. This condition of indebtedness. however, must not be accounted as crime in the Vest The misfortune has been brought on Ter by the bad Government she has unfortunately helped to fasten on the country.,- She has been entrapped by dema- gogues into believing that Europe was her le- gtimate food market, and that it would be a constant one. But while thus exporting ton of food, she was at the same time importing five tons of foreign food in the shape of cloth and iron, that ought to have been manufactL- red at home The balance has been paid for In gold, the drain of which is at this moment driving home her local currency, and stripping her of the hope of even shinp'aster saliva. ticn. At this port alone, $s 0Oo, ,OO0O of this foreign food was received last week. Had it been wheat, or corn, or pork, her presses would have proclaimed the folly, and even her demagogues might have condescended to no- tice it. But being concentrated into cloth, and silk and hardware, it is hailed by Treas ury chuckle-heads as sign of national pros- perity While it keeps the Treasury measu- rably full. it keeps the pockets of the farm rs lopelessly empty. They have raised twice as much food as the whole country can eat, de- stroyed the manufacturers who would have eaten it, and the dependence on Europe is now realized 10 the utternost Let us see to what it must lead.
 The destruction of the manufacturers hay. ing driven them to open new farms the glut ot food they have now created is apparent. But these farms have been established by go-
 ing into debt for land, improvements, and Q
 living while the crops were growing. All these were entered on when prices were high, and therefore cost much. The debt created was in proportion but while the crop to pay this debt was expected to keep up in price, it has fallen more than half. Yet the debt remains at the old figure. Meantime, judging from what reaches us from the West, we gather tat the farmers refuse to thresh out and sell their grain because of the low price, intend. ing to hoard it for a higher one The receipts of new wheat at the great centers are less this year than for the corresponding period of the last. Merchants who have kept the farms goinr relying on payment nnu, eiabar. rasscd by their refusal to sell. They in turn owe in the East, but cannot pay for this req son. Money consequently becomes dearer, exchange rises, and is now higher at some points than at any time during the year. and the cloud which full crop Was constantly re- lied on to dissipate, still hangs over the coun. try. The movement of this new crop from West to East has been for months past the sole dependence for the railroads, but their re. celpts instead of increasing have been dimin- ishing.
 It is clear that this condition of things can. not last. The East is indebted to Europe for lmportations of unexampled magnitude, and is increasing that debt every week. It must be paid. Immense as have been our exports of specie, this balance owing is even more so. We have no more gold to spare, and the banks have shut down because they are satisfied of the fact. We have therefore no resource but to liqu;date by exporting food. But food in Europe is cheap. We must therefore sell ours little cheaper, and so compel Europe to buy, If Europe will not give our price, she must take it at her own, ard this she will unoues. tionably do in the end, as we have insisted on having her for our only customer. The soon. CT we begin the process of thus paying our debt the better will it be for us. It is the de- lay which occasions much of the general em. barrassment, and which, if continued, will end in another revulsion. The boarded surplus at the West must come forward in payment of debts, no matter at what sacrifice. This will draw mouey from the East, set all the wheels of Western business in motion, give large re- ceipts to railroads, improve stock values, and infuse new life into the community. The far mer who sells now will be likely to get much higher price than by holding on. A Il the ex- perience of the past, all the facts of the pres ent moment, point to a season of extremely low prices for food, and we believe that he who realizes the soonest will receive the great. est return Isibune