New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-08-18

On 81 Us. BOW TIC HbuuCLh toeSAS ~ W.
laid at her unlucky door the onus of the great strc
ture which preceded the great crash; how the
mails groaned with dun-coiored sppeals - d4stant
debtors; how sharper creditors sent OFT their
clerks, or went themselves. TO make COLLECTIONS;
and how, after tn crash came, ten per cent e1-
change was willingly paid to realize. Mliions OF
that de- bt have snce been pad under every possible
disadvantage TO the psyer and the big heart OF th'
houest West will doubtless continue its Efforts 70
discharge the millions that remain due Tbs con-
diion Of Indebtedness. however, must not be sc
counted as a crime in the West. The msiortans has
been brought on her by the bad Government she has
unfortunately helped to fasten the country. She
has been entrspped by demaecgues into believing
that Europe was her Legitimate food market, and
that il wouId be constant one. But while thus
exporting tun Of food, she WAS at the same time
importing FIVE tuns Of foreign food in the shape of
cloth and nor, that ought to have been manufac-
tured at home The balance has been paid for in
cold. the drain Of which is at this moment driving
home her local currency, and stripping her Of the
hope of even .hinplaster salvation. Al this port
alone, $1,000 900 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 demsgogues might lave condescended 70
notice il. But being concentrated into cloth, aud
silk and hardware, it is hailed by Treasury chucke-
heads as s;gn Of national prosperity! While /:
keeps the Treasury messurably full, it keeps the
pockets of the farmers hopelessy empty. They
have rassd twice a. much food as the whole coun-
try can eat destroy ed the manufacturers who would
have eaten il, ard the dependence on Europe Is
now realized to the uttermost. Let US see 70 "na'
it must lead
Tn. ds.,ruction Of the manufacturers having
driven them to open new farms, TIE glut of food
they have now created is apparent. But these
farms have been established by going into debt for
land. improvements, and living while the crops
were growing All these we're entered on when
nr;ces were high, and therefore cost much. The
debt created vas in proportion but while the
crop to pay this debt was expected to keep up IN
price. it bias fallen more than half Yet the debt
remains at the old figure. Meantime Judging from
what reaches us from the West, we gather that the
farmers refuse to thresh out and sell their gram
because of the low price, intending TO hoard 1t Tor
a higher one. The receipts of new wheat at the
great cepers are less this year than for the cores
pording period Of the last. Merchants who have
kept the farmers going, relying on payment now,
are embarrassed by their refusal to sell. They in
turn owe in the East, but cannot pay for this
reason. Money consequently becomes dearer, ex-
change rises, aud is now higher at some points than
at any time during the year, and the cloud which
a full crop was confidently relied on to dissipate,
still hangs over the country. The movement OF
this Few crop from West to East has been for
months past the sole dependence for the railroads,
but their receipts instead of increasing, have been
diminishing
II is clear that this condition of things cannot
last. The East is indebted to Europe for impor-
taticns of une xampled magnitude, and is increasing
that debt every week. 1t must be paid. I'm.
mense as have been our exports OF specie, the
balance owing is even more so. We have no more
gold to spare, snd the banks have shut down De-
cause they are satisfied Of the fact. We have
therefore no resource but to liquidate by export
ing 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, and this
she will PROFESSIONALLY do in the end, as we have
insisted on having her for our only customer
The sooner We begin the process of thus paying
our debt the better will it be for us. 1t is the de-
lay which occasions much of the general EN-.
| 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 money
| from the East, set all the wheels of Western bust
ness in motion give large receipts to railroads. i'm
prove stock values, and infuse new life into the
community. The farmer who sells now viii be
likely to get much hi CHER price than by holding
on. All tie experience of the past, all the facts OF
the present moment, point to season OF extreme
y low prices for food, and We believe that he who
realizes the soonest will receive the greatest re-