New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-12-08

single branch OF Productive Industry, and imports
from distance nearly all il eats and wears, its
people inevitably become impoverished and in.
debted. Such was the general condition of the
South even six months ago.
Then came the great Drouh of 1860, whereby
the Corn crop of the Cotton States was nearly
cut of Indian Corn is the great Food staple OF
tie South, being extensively consumed by the
Whites and almost the only grain eaten by the
great body Of the Blacks. This year the Cotton
States have very little; and Pork as well as
Vegetables fail with it. Still, the people must
eat; and the Northwest, for the first time in
several years, has plenteous harvest. p" There
:" is corn in Egypt" but cash must be sent to
psy for it. The farmers Of the Northwest ore
themselves hard pressed by the fag-end Of their
old embarrassments, and want ready pay for
every bushel of Grain and pound of Meat they
have to sell.
Now, then, the South has some Two Hundred
Millions wOrth-perhaps more-Of Cotton, Sugar
Tobacco and Rice ready, or nearly ready, for
market. But she owes every pound OF it for
Goods that have been eaten up or worn out,
while she wants it oil to pay for Food that she
cannot buy on credit OF course, she must live
first and pay her debts afterward. Doubtless,
many dishonesty refrain from paying as they do
elsewhere in cases of financial trouble, but the
basis of that trouble is general inability. Had
there been no political feud whatever, the South
must hive fallen very short in her mercantile
payments this Winter, simply because of the nov
e necessity imposed on her of buying nearly all
her bread for the year just before us.
Those who fancy, therefore, that any sort of
political medication could restore what are called
good times, fail to grasp the whole case. The
political troubles doubtless aggrayate the COM
mercial; but these latter have an Independent
and preGxisting source which Politics could no
wise affect. Our Southern trade has largely
fallen off, as it ought; because the means that
might have paid for Silks and Jewels, Gold
Watches and Pleasure Carriages. in this City,
must be appropriated to the purchase of Bread
and Bacon. 1t would be injurious to the South
to buy and unWise in our merchants to sell her
goods this Winter hitherto, because her ca
pacity to pay for them has been temporarily de-
stroyed. II there were not q blue cockade in all
the South, her purchases this Winter should be
very light, and mainly confined to the necessa-
ries of life. OF course that would be felt in
our City; but there is no real advantage in
selling goods to those who ought not to buy
them.
For in fact one streng Indictment to Secession
throughout the South this day is the general and
maddening pressure Of debt. Almost everybody
is in debts everybody is dunnng, nobody pay
ing; and the state of things is so ntoerable that
thousands believe civil war could make it no
worse. The blighting system here prevalent of
selling goods to Southern merchants on nine to
fifteen months credit (or six and twelve months
notes dated two or three months ahead), is the
real cause of much Of the Southern excitement
which appears to be purely political. 1t is hard
to be q slave; it is not much easier to be a mas
ter who is born to O load of debt, and stag.
gers under it TO his grave. Whether the Cotton
States remain with us or secede, We trust their
present sore experience will steel them against
this fatal facility of running in debt.