Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-14
M o N e Y MAR X 4 It.
Sunday EVENING.

The elements again in commoeR. The rise in socks
and good feeling, which prevailed early part the
week. closed in decline depression general despond
ency This gloomy Of things arises altogether from
new policy indicated by the in relation the
rency We must prepare for terrible conict-Sut this
conflict no matter who victor, theconsequences
to trade will be equally disastrous Yet in this condition of a
fairs specie continues arrive and depart This morning
$SSoOo francs arrived from Havre and $50
The foreign trade rapidly settling down on mixed basis
and even goods ordered from England RENTED for in
vance In the specie During the week probably
specie mas gone outonly Of to pay debsthe
purchase merchandise Thus do specie taking the place
OF bills OF exchange in foreign exports imports
The great question of the day however, the new position
o. he government in relation the currency This policy
acates further reduction of the the end Of
which no one knows. Let us analyze.
during the last ten years. the gold and silver world
has gradually diminished In quantity while the paper either
bank notes or bills of exchange, gradually increased
ous bothn England and this country similar process
almest resulted in similar catastrophe The revuon of those
ysar did not end in general specie payments
THIS country because the paper currency had expanded
tar proportion to the specie has done in
era both IN Europe and America, marked by the
sympomspanic failure decline Of prices and destruction of
one-thrd of commercial confidence.
In 1895 and 1927 this country rapidly
catastrophe because the and the Bank
United states acted in unon and nerposed their combined
forces 10 prevent final could show hi by nm.
doubted figures our limits permitted enlarge upon
interesting topic.
beginning
highly probable that failures to the Of hundred
and fifty millions have taken place. These failures consisted Of
houses that like the banks had undoubtedly expanded
business beyond all reasonable bounds Yet policy
Of the government be persisted in sudden metal
NC stansard without infusion of convertible these
failures viii be increased yet anticipated The
greatest destruction exhangeabe values may
by such process viii take place consequence of fail.
ures In comparison to the aggregate property United
States the commercial failures that have been produced
last March, trife We explain this idea more
clearly by reasoning from mathematical data which lie
The value Of real and personal property the New
York for 1885, as returned by the comptroller thus
Value Of real estate in all the counties, s53s78s7f
value OF personal estate lT,639,486
sso7ys $50
Now taking these ndspuabe data elements of estiua.
for the whole country approximate TO the real fact
Considering that New York is the leading in population
and trade safely estimate the TWENTY-FIVE other
states ratio Of about one This would rive N. ,
aggregate property Of the whole Union thus:-
Value OF real estate In the states S5oooooo ooo
personal property, 1000 100000
ss,sco 100000
The whole OF failures as compared with ~. grr.o.,
property ofthe whole country will therefore dind !,
mere poin-as nem-as iota II may be stated thus -
nggregs.e property Of the Union, se,oooooe,ooo
Deouc' ahuresby The Revision, 25ooo0,o0o
Remaining untouched, s57sosoo.ooo
ny th VIII appear that the whole destruction bv tho
sonec'ai hurricane Of 1887 comparatively small item
when placed side by side with aggregate property Even
ne toai destruction Of the 800 banks, with capital OF 500.
would not affect the great prosperity country on
retars Tor any length Of time its onward march.
The next curious effect produced by the convuso. in opy
monetary system, arises from the elimination values caused
by curaiment in the currency. This will be seen in the fol-
lowing tables
Circulating medium I2oO0oGoo AZ ono ooo
Gold and silver, so.ecoooo 7sSooooo
3o,eooyooo, leo,0oooOo
ny TINS appears that since July, 1886, the whole mixed
rensy OF the Union has been reduced per cent New
well known axiom In commercial science that the currency
nation the measure Of value for the property peo
nal and real which such nation may possess
ratio In which currency curtaed expanded is the
aggregate property-or prce-curaied expanded This
every one easily understand casting the minds upon
the rise Of prices in 1885, during the expansion OF paper money,
and the import OF gold and silver and comparing that pheno
menon with the reduction prices since the cursmen pa
per money, and the export specie begun May, ls5
The reduction Of value In aggregate property may
calculated thus
Aggregate property OF the Union, @oo0,oo0eo0
Deduct 70 per cent, 12oo,ooooo0
Remaining value, s4,soo,0oooeo