New-York tribune., 1870-01-12

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prodnced such wide spread ruin Everywhere. we be.
hpid the and similar effects What darkens tbs
gloom that hangs heavily the counryf "ehaN'
had famine. earthquakes pestenoe' klnd am
bountnl Providence has deserted us; punished Us
lie perhaps haa for our neglect OF s blessings aud foI
msccds but have proyidontal causes Tor the
troubles that surround The crops and health oil
tho country been good FOR the Just closed upon
| us.
On tho ist OF September 1862 cotton was worth IN the
City of EcwYurk per ponnd a. present Csc per
pound. showing decline oOc. per pound and worth
less the country estimating the crop At 25OOo baics
by 10000 0cO than 1t was at that time
wheat. corn pork ce sugar, tobacco. and all oher
products at that time bringing satisfactory ana re
muneratve price, based upon the then high prices OF
cotton being sustained all OF which have since dcched
in like proportion showing another loss OF EoOoDOOo
Goods foreign and domestic were sold on credit
corresponding prices throughout tho country without
regard to the fictitious values Of products at that tme
producing another loss OF 300. .OO0,OOO.
Gold has advanced from ljo to GO and ~ now down
10 120 causing many failures unsettling all values pro-
ducing incalculable at homo aud abroad demOra
izng the best commercial minds in the country leaving
them a perfect state Of apathy The cause must DO
removed before we can hope for a change.
What is he oauseP Ore1'rddtrg. speculation. mia
tom ertauagauoc gold-ooa,d combinations. iocljoJ50
operations doing all kinds Of business margins. which
always did and always will result IN bankruptcy and
ruin; selling all kinds Of produce for ttnc delivery.
which is doing more 10 break dowl me industry Of No
country Than all other causes combtned
:" Tho whole nation is sick rotten 10 me core-and noH
ing but specie payments WH The disease Is ne only
remedy and he IS applied me better. The want
of it causes fictitious values overtrading. extraysgance,
individual State and National; fluctuations In a the
various products aud commodities Of the country IN
Guiding gold.
"Spocie payments will break up the god b0nrdS-thc
Pandora boxes of AmcriCa-ron which alone every evil
known to man or woman has flown. restore confidence
once more between and man. between the Govern
ment aud its creditors will purify society: will curta
mpOrtaons do away with the demand for gold to send
abroadi bring about economy and reform III all the
branches OF government aud trade. aId thereby rece
ne fares.
"Itis true that many will break Thousands will croak
but not half many break and Croak at those quar-
tcrly fluctuations brought dJ0h bg me go'dboad The
greatest good to the greatest number should W con
suited.
"While a few spectators and merchants who have
overtraded will DO broken NJ the nation Will at once
move forward and assume destiny among the
nations OF the earth. p"Jfed rcg-nerated redeemed
"Jhc qbAtg Of Ae Government 10 resume no sane man
rbo ,riI reflect for moment ne subject doubt 1t
il 10 longer question Of ability. but one Of policy
Principle demands II: interest demands II. humanity
demands it; national honor. dignity. and pride demand
IT, Shall We yield all these for policy And for whose
policy Ia few spectators, merchants and brokers, who
have orerradcf. they will pass away quietly IA tho
old year has and will take their places just as
the ney year takes the place OF the old Aud the credit
business and general prosperity OF the country VIII DO
established upon a foundation firm as the eternal
mountains Of the land free from conclusions and margins
purged Of all false pretonses and purified by mutual
confidence
Should Congress decide that t ireEpclent 20 re-
sumo specie payments and refuse 20 make provisions for
that event re may look for another Of oferarogance
and speculation mequaied By any mat me hare passed
Hro,gh which will leave IN much worse condition
at the close Of another year than at present they
should bear I'm mind that generalization IA the thief OF
time and too much this allimportant subject might
lead TO universal bankruptcy and final roudiatiOn. re-
sulting in anarchy and confusion sacrifice Of national
pride get up sectional hates aud ieaOuses which would
lead another civil and finally leave US subject 70
some foreign dominion"
This picture is somewhat over charged, but
it is essentially true. IYc are producing TOO
little ard consuming t0o mrcb-that IL the
core of our disease We made more miles of
Railroad in 1860 than IN any former year but
we imported a large sharc of the rails, and
have paid for them in bonds-that Is, did
not really pay for them at all. We built
more houses and other structures than
III any previous year, but wo ran
in debt to Europe for good many laces ahd
shawlS that we might far better
have done. withOut-at least, Till We were able
to psy for them. We ought 70 import fewer
Wares and Fabrics and export far fewer Bonds
in 1870; and Specie Payment with no reduction
of the Tariff will insure this. How those who
admis and depore that we are sinking deeper
and deeper into debt TO Europe for fabrics
that we should eithor pay for or do without
can favor lowering Of the bars that have
kept us from importing still more and running
into debt still further. we cannot clearly cone
nrelnnd