The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1859-08-09
Iron the N. Y. Tribune.l
Co mEM erciMI EYmnlom


drawn to our excessive importation Of luxn-
ries and trinkets that we do not need, and OF
fabrics that ought to be manufactured here.
This influx exceeds that of any previous year.
The organs Of the power which makes the laws
that invite this excess have discovered the
evil, and have uttered warnings OF the con-
sequences, just as we have done for years
past. But, while they warn us, they offer no
other remedy than q threatening of loss to
those European merchants who are 30 impru-
dent % thus to crowd our markets. We ell
know what such warnings are worth. Du-
ring the war of 1912, the best of us were
content to be clothed with the coarse fabrics
produced by the hastily built factories which
sprung up all over our country. II is true
they made but few handles, while the number
Of fine ladies was sensibly lessened. Yet,
under. the general consumption of home fab
rios which then prevailed, the country was
beginning to prosper in spite Of the war
Though foreign commerce was suspended, vet
agriculture and manufactures constituted
themselves maintaining power, which kept
the nation alive and sound. The dandies
and fine ladies of that day were clothed in
such foreign goods as happened to escape the
general blockade Of our ports, or be brought
| in BY our privateers. OF the latter, the Lon
| don Times complained that, in the first
three months Of the war, they had captured
six hundred British vessels. But when peace
came, and abolished the tariff which the war
had practically enforced, the glut of foreign
4 n. -.
strous that every manufacturing establish
| ment was ruined. Specie, while the war last
cd, was at q premium of from 20 to 40 per
cent overSbank notes, but the influx of for
eign goods cleaned out the little that was left,
and reduced the nation to a condition of
helpless bankruptcy. We lost the control of
our own movements, and as we were ut the
mercy OF foreign workshops, so we became
their dependent victims. But the loss was
not all on our side. The interruption Of
commerce occasioned BY the war had caused
great stocks of goods to be piled up in Eu-
rope which usually found market here.--
These, being suddenly liberated by the peace,
gorged the country beyond its ability to pay
for them. They were sold on credit to q
multitude OF buyers in every country town,
who again sold them on credit to people who
laid aside good domestic clothing for the i'm
ported fnery, and wound up by never paying
for it. The dealers, az consequence, failed
to pay the importers, and they in turn failed
J to pay the foreign owner. The case was sim
liar to the California trade ten years ago,
when twenty adrenturers each loaded ship
for that market with the same description OF
goods, producing glut which ruined not
only them, but those who had trusted them.
This career Of blind credulity in foreigners
and Of folly among ourselves has been peri
odically repeated since. Ii is, moreover GU
7 rious TO note, in passing, how contemptuous
, ly the British speak and write OF the Ameri
; can market, while actually depending on i
: for existence; and how impudently they clam
or against us whenever by their own greedi
a ness they have gorged it beyondits ability Il
/. pay. 1t WINS so in 1910, when all Englan,
was boisterous with denunciation Mt Ameri
: can insolvency. 1t WAS so in 1867, when th
8 crash Of values, beginning here, vibratel
: with desolating fury over the wide field 0
that very British industry which delighted t
speak of us as insignificant customers.
G will again be SO before another year has gon
by, for the nations of Europe are now re
peating the very process OF gorging us will
Q fabrics and fnery and axuries which we d.
1 not need, and for which they can find mar
n ket no place else. The growing wealth D
this country, 30 far from enabling US to re
sist the consequences OF this excessive i'm
portation, only adds to their intensity. w
Q consume with prodigal avidity, as the India,
J Grams his stomach with meat to-day, though
9 knowing that his immediate indulgence viii
y compel him to 20 hungry for week. Tn
y coin of the country ia steadily leaving us t
r pay for these mportations, just as it has al
Q ways done; labor already stands idle in til
: market place, with no man to hire it; none
q in the Atlantic cities 10 daily becoming scar
: Ger while ia tho great business center Of th
= North West, Chicago, a leading journal say
J it never knew the times 90 hard. "Men VIII
q have money are afraid to invest it; and per
q sons out Of debt are determined TO keep sc
!, 1t ls very seldom now that you can find mel
Of good credit who win undertake any specu
lation which requires the borrowing Of mo
: ney. On the other hand, men in straitene
circumstances never found it 30 hard to II
\ money. Men who have plenty Of propers
: and owe q little money, are skinned harde
. than We ever knew them to be before"
a The future is as ominous Of evil as til
,r present 10 wild with improyidence. Yet ur
Of der this enormous importation the Treasur
ne barely maintains working balance, viii
A. mail contractors 60 unpaid, and popnlor
he districts, which pay more postage than it cos
j. to carry their mails, are cut OF from post
A. facilities by the poverty Of the Government
IL Let another revulsion produce another chez
g. 10 importation, and the Government will
10 one Of shin plasters. How to acquire rev,
u nue. sesms the sole study of those in powe
no matter by what means. To accomplis
il, every stimulant is held out to the extra,
ne agance OF the community, while to its indu
tie try repression only is applied. With Il
e, Government thus leading the people to the
nd ruin, it 10 vain to preach economy. Nothir
OF short OF new stringency, a new reyulsio
zee and another season OF bitter suffering, WI
he teach us wisdom, even for time. Shou
OF such be our experience when we come to 70
tai o year hence, and should this generation thu
y, be wise enough to Insist upon an exodus fro