New-York daily tribune., 1861-06-22

cause no class Of holders are compelled to SELL Facto'
res and orges have, in many cases. quit work and dis
charged hands, But the Sheriff hns not held sale Of
either factory or machinery. The owner panfes in bis
labor, not from insolvency, but simply because his
goods have ceased to be salable. This manufacturing
pause is noticeable everywhere. II is not insolvency,
but mere cessation Of labor The world in fact, has
for the moment ceased to bny and consume. Caution
and economy are the order of theday The South has
cheated us out of millions, and the North and West
having no outlet for goods, refuse to bny. Market
street and Third street share in this depression Sus.
pension has overaken many OF them, for the Sonh to
refuses payment and with these liquidation is the
end because they had saked all on the South Ohers,
staggering under the disastrous legacy OF 1857, Fare
brought 10 the same goal. No heroism could save
these. The swindcr has victimized the frst-honest
misfortune has prostrated the last. Ard description
20 ON by forbearance and extension, many Of whom
will weather the Storm But among all these classes
there is not the wholesale insolvency which desolacd
city in the crash of lS40 In that day, the failure
Of single bank wiped out $35, OOC0O Of capital
What parallel extinction of capital do witnessnow
Who then stood ready TO take three million loan at
par, as was done within week.
The corollary from these facts is manifest. Phila
dephia may suffer with her neigbors but at heart che
is sound. Our people have real cause for de-
spondency. This is but the shadow Of the passing
cloud. We have gone through worse commissions than
this only to thrive and grow richer. This cloud
will yet lift and show its silver lining. We cannot be
made poor. The sterling virtue Of economy dligety
prac;ced viii do good to all Of who indulge in the
novelty Our vast manufacturing interest will assuredy
revive and driven forward nnder the mighty influence
Of wholesome tariff whose capacity for good Is yet
canno, fail 10 assume the most colossal
proportions. Such revival will vibrate with electric
touch through the wide network # commerce aud
agriculture. That tariff, even If raised into prohb-
itory one, may be counted on permanent. Remeu-
Der that this war piles up national debt and that all
our previous debts have been paid by a tsrii. We
have other national resource; we never had; nor
can we hope for any othesa This debt will donbtless
run up to 5000, 900 900. j. is half that figure now.
Our navy must be enlarged our army must be perma-
nen,y increased, adding new millions of annual ex-
penditure. The safety and permanency Of the Union
demand all these outays. II will require thirty
years of high protection to American industry to Dis
charge this debt. Where shall we he at the end Of
thirty years Of uninterrupted protection We know
that four years of protection have wrought mira
cles of wealth among us-thirty will make us nde-
pendent of the world. Courage, brethrenl The afro
eous rebellion which underes ail this temporary evil
III be crushed ard the merchants and manufacturers
of Philadelphia will survive to look back upon it, in
the days Of their coming prosperity, as the rock on
which the South voluntarily wrecked itself, while to
the North il proved the rock of it's salvation.