New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-02-24
FINANCIAL CRISES-THEIR CAUSES
AND EXPECTS.
MR., CAREY TO Mr.. BRYANT.
LITTER EIGHTH.

coouists 10 make their exchanges 10 foreign market
from Which they allowed 10 carry away but one
fourtb OF the real vaue Of their products It was, as
Won have already H. led that they should be led to
ci.p.ne themselves throughout the West-thsreby al
mort annihI!a ing that power Of association which, as
then wss iea ed, might lead TO such increase OF wealth
ard strer 9Th as would forward the cause OF ndepen-
Cence For the accomplishment Of that great Object,
he aid of Cover ment then invoked-its help be-
ing needed for presiding lands end means for transport
alton Since then the British ffee-,rade system has
been employ ed to DO the work. It's mode OF action be-
p0 that one 60 well described in Parliamentary doc
umtnt row but few years old the following extract
from which is here submitted for your perusal;
"Ihe loborng eases generally In the manufacturing district.
f,hI eouuir and especially the iron md oal SIC
b.is smnloyed 1t al to the immense os'ss which
tkeir voluntary incur In bad times In oae % Se's
,1ss nth'Uc i".sness are wei. of employers
having sUeh times carried on mel bpssSd ponds in the
four yeas u ,bs sa0r Of Sor and to
gee ..s TO be successful 9Th Of the
is siaD. Of capital could no 70 oserwh I'm all
Jo,.,sn eompten in hm.' q Sreat ep,eo" s.u tsvvs
ees, 10, n T,. fS. bor. ,y. s.
sccnnul,te 10 such extent to be able to @
SI N are tss Of Sayars agaa, ne
compiling capital conas, onn sS suprem.
n o hs mSaned The oher eenentcheap labor ANN;
sI%Se G raw rapidly in process being .qua1od"
The svs,em here so admirably described, ID very
n,one,lv characterized as being warfare" and 1t
NAV now be proper inquire for what purposes and
AGAINST whom II is waged. II is war, as you see,
nv dear Sir for chespeniDg all the commodiues we
have 10 seDl labor and raw maerials-being precisely
the object sought TO be accomplished by that " Mer'
cant;le sy,tem," whose error 20 we'll exposed IN
tho UsoLh of Nations II ia war for compelling the
p. oe Of ali other a1 de 10 coDDe Themselves to agr'
cul,nrefor prevtn,ins the dversifcatioD Of employ
men,s in Other copntries-or retsrdiDg the Develop
ment of jnelIect-for palayipg every movement else
where looking TO the utilization of the metallic
treasures Of the earthfor increasing the dfcuty OF
obtaining iron-for diminishing the demand for labor
for doing all these things home and abroad-and for
IN thin manner subecting all the farmers and planters
of the world TO the domination of the manufacturers OF
BRIAN.
How onr Government eo0perstes ia this warfare up
on ,s people and in the promotion Of the grea work
of Reformation, will readily my dear Sir, De under
sood BY all who shall study the British prescription
given in former letter and shall then compare 1t with
the cou,e of action here Under your advice 30 ssady
purfuee-ezpt noipg, as we have done, and now are
seekir o TO do enormous sums, and even carrying on
distant ars for the acquisition of further territory
making large grants of land for facilitating the con-
strucop of roads and the dispersion OF our people
forcing miors Of upon the marset and then re-
oicng the receipts, as If they furnished evidence
Of sfrepgto, end Mt OF growing weakness
wasting the proceeds in political jobs OF the most dis
graceful hind and in this manner producing financial
crises that close our mines, furnaces, and mills and
drive cur people 10 seek q refnge in the wilderness
there to pay the Spectator treble price for and-and
thus enabling him to demand three, four or hive pr
ceIt 1er month for the Of some small amount OF
caItal to aid in clearing the land thus purchased and
in erecting the little dwelling The house built, and
The fa,m commenced next mes the she ill., and by bis
aid The poor coloLht Is driven to seek Lew re-
fuge in ME yet distant e1tory-n full accord
snce with the desires Of hose Of our freetrade friends
abroad, who tee in every attempt at combination
,tep toward manufscturs-"th that step which Britain
bss 30 much cause TO dread"
TT such the facts presented by our records can
rot be denied having studied them with the atten-
ton they demand, on will my dear Sir, be in posi-
ton to snsv er 10 youIse If not to me, the ques
tion-Does the history of the worl', in any Of its
pages exhibit evidence OF the existence elsewhere Of
70 powerful combustion for the promotion of tina;
pauperism and crime, whose extraordinary growth you
history extends it warrants me in saying, that no such
evidence can be presented
TIE poor colonist thus driven ont, suffers under q
tex for transportation that il continued, must Tor ever
keep him poor His need for better roads ia great but
Of power to assist himself be has whatever His
distant masters may, perhaps be induced TO grant him
belp-L showing, they do, that each new road Will
act as feeder Of their Golfers while aiding IN the de-
strucion of the powers of the SOIL in the further scat
TERN Of their subjects, and in more firmly establish ng
th,ir own security agsnst the adoption OF any meas
ures pding TO the promotion of industrial ndepend-
ence. Lsnds are now mortesged, and at enormous
rates OF interest ss the only mode of obtaining the
means with which TO commence the road. The work
half made it becomes next needful to raise tbs means
with which to finish it, and bonds are now created,
b.alpg six eight, ten per cent interest to be given
at enormous discounts in exchange for iron 50 poor in
quality that il would find market nowhere elects
wear ond tear being such as must prove destructive to
its unhappy purchaser. Under such circumstances the
read fails to pay and passes into TIE bands OF mort
faeeea, leaving those by whom the work was started
poorer than before-ther lands being heavily mort
paced and they themselves being at last driven ont OF
house eDd home. Such ia the history Of mott Of the
peIso1 who have contributed toward the commence
meIts of the road and canal improvements of which
we so much boast and such the history of the ROADS
nepselves-esch and every financial erlsis causing
further absorption of American railroad property by
Engsh bondbodeIs, as has been already done IN ref
epce 10 the Reading, Erie srd 30 many other roads.
Must this continue TO be so IL must, and for the
reast H. ba' our whole policy tends toward the annln
lation Of local action and domestic c)mmerce-thh
commerce in tie absence Of which railroads