New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-01-20
FINANCIAL cRTsES-THEER CAUSES
AND Expects.
Mr.. CAREY TO Mr.. BRYANT.
LETTER THIRD.
nrIn SIR: In one Of bic "Moant Vernon FHPeES'

800 I'd eonnupiies trsdrs chooses eoTpersnIn' town.
tS ,S ,SpsIy bwiness relations Of the country were a.
s S. s Sns 1DS the D,tumsn, usually
saTsyipT them en- CREDIT, broken down.
This Il all very tTues criss consisting 10 the ey 1T
su.e of heavy debts requrDg TO be pad 10y ndV daSs
banks and governments, at time when al deslre 20
Ia naiS and leso or none able TO make the paw
ens That admitted, no Seyer, We are .ot 80 far az
4 can see muoh nearer Than we were before to such
exclamation Of the causes Of crises az ia required
enabling us TO determine upon ode of preventing
he recurrence of evils ffigbtI those you
have 80 well described Ways It that oar people are
Al mach more burdeDed With debt than their COM
pstsorp in EuIopel Why - it that it go frequently o.
ear, uuopg ourselves tbst all need to be ptd aad SO
tey are able TO pay WY lie it that CRIES aGys oe-
vur in free sde pmes Why is it that they "ever oe-
ssr III protective tiuesf Why is that l. 80 iTeqaehVy
e~urs that those wi rich are enabled 10 demand
su the poor settlers OF the West as much per m0"H
m abe form of interest," as is pai1 per gear oy tue
SArme,s of England, France, and Germany lnese
are great questions to which Mr. Everett mas urnsne
ne rtply. Let us baye them answered, and we shsu
have made least step toward the renoS Vi 'ne
evils under which people 80 much -ulieF'
Let Us Try, my dear Sir, if yOu and cannot 90 ina
which MIR. Everett has failed 10 do-Iscer'AihOs 'oe
eau,es Of the exience Of sO much debt the c'nssdn.
preliminary that absence OF confidence "Weu lnPeis
All 10 ,e.k pay uens while deprivng 30 neatly all Of
the power 10 pay.
The comuoory that you and l. aud all of us, have to
seu is labor-buman effort, physical or mental 1t Is
The only one that p.rshes the moment OF prodd'on
.ud that if no, then put USE sost forever The man
ho does mt il 10 use need debt ior the 1000
and clo,lug required by his fsnyi bui be VINO @0es
MT must either contract debt Bis family must suffer
from want of nourshment. Such being the case, the
necessity for the creation Of debt should dimsa WIN
every Increase in that competition for tue P@cae Oh
labor which to produce an tnstdTt demand lof
the forces ply steal mental OF each ana every man
IN the eOmmunlty-such competition resulting from tue
exnt.nce Of a power en- the part OF each and every
el or man 70 offer son ethDg valuable in exchange Tor
IT, On the Contrary il should increase with every ln-
crease in tie com, eton for the sale OF labor resulting
from the absence Of demand for the human forces that
are produced In the ease, men are ten ing TO-
wand Freedom whereas iii the other, they are tending
m The direction Of Ssvery-the existence OF almost uni
yersal debt being be regarded evidence OF gro
g pow er on the part OF those who are already rch
4. control the meus of those who need to live by
tbe sae Of labor.
Wbe1e now is 6ebt most universal and most oppres-
yef For an this question: let beg thatyou
will look TO linda where, since the snnhilauon OF her
manufactures the hue proprietor has almost disap-
reared 10 be replaced by The wretched tenant VINO
benows at ffy, sixty, or hnnored per cent per az
snHs the little seed he afford 10 ate and hnds hI@-
ssf at lost driven rebellion by the continued eXae
items Of The money lenders and the Government TGrn,
pext 10 those paris OF ROsa wuere there are no man
ufaeures and find in the free-IIade book OF NJ lego
borI bis statement of the fact oat where there Is no
liberalization of pursuits the condition Of the slave
preferable 70 that of the free laborer Pass thence TO
Turkey finding there universaliy OF debt that Is
nowhere el.e exceeded Look, next, to Mexico, aud
sind The poor laborer overwhelue6 with cett, pacing
into servilude Pass on to Ireland and study the cir
esnsts1 ces which preceded the expulsion or sarvs-
tsp in ten short years of million and half Of frse
white peope-that xpulsion having been followed by
the pg.sage of an Act OF Parliament for eXpellDg, IN
sAeir turn the owners Of the land from which those
IaboItrs bad gone. Look where you may, you will
fbd that il lie in those communities OF the world which
are most limited TO the Lahore of the elj that debt is
most universal and that the condition OF the people is
ost akin to Savery-and for the that there 1t
H. that thee is least competition for the Hrch OF la
Aor There consequently, there is the greatest waste
of the great commodity VIII h all Of must sell, II we
would have The means Of purchase.
Look, now, if You please, to Central and Northern
Europe, ana there you will find wholly different pic
suTt-eompeton the purchase Of labor being there
steadily increase, Vi
tie rapidity Of oommeTce-constant Increase IN the
power to economic The great COMMODITY of which
have spoken-snd as a necessary consequence, con-
slant dminuton in the necessity for the contraction Of
debt Why should such remarkable differences exist!
Because in all Of tcese latter countries, the whole
policy of the country tends toward emancipation from
the British free-rade system whereas India, Ireland,
Turkey, and Mexico, are becoming from day 10 day
more subject to IT,
Looking boneward we may now, my dear Sir In
CURE when it has been that the complaint of debt has
been mcst severe. Has il not been in those awful
years which followed the fIee-trade speculatons OF
1Sl6l7i Has not beer in that terrific period which
folio wed the feetrsde spsculatOns Of 81 40that
period IN which bankrupt law was forced from Con-
Rrsss "a the only means Of enabling tens of thousands
of industrious men TO elter upon the business OF
hIe He's it lot been 10 the years Of The present free
trade crss which present to view private failures Of
almost FIVE hundred millions in amount When, on |
the other hand has there been least complain Has
Il DOT been in those tranquil years which followed the
passage Of the protective tariffs Of o and AZ That
bas been So is certain Why should 80 have been
Because in protective times every nan has found |
purchaser for hs labor aud has been thereby relieved
from all necessity for contracting debt whereas 10 !
Free-Trade times, large portion OF the labor power
produced has remained unemployed, and It's owners,
saGGe to sell their one commodity, have been forced
10 choose between the contraction Of debt on the one
hand or fsmine and death on the other.
Look Ee1t my dean Sir, TO our public debt, and marx
n extinction under the Tariff Of '2Sits revival under
tle CouproniYe Tarh-its reduction under that Of ~