Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-28


PHILADELPHIA, Sept. 26, 1887.
AS there was planted in the United States egnt
millions OF acres of land in wheat, intelligent men es-
innate the crop for 1887, as foows:-
each, or brls flour, is 4oooo0O0 DTS
Consumption of the U. states for the year is lSooo,ooo
Surplus for export or in the barns, 22oooooo
1t certain that by lst January flour will be down
to IS per barrel and by April $685. the price,
nj in Philadelphia IN 1872
The crop OF cotton will be 6oo,oOo,cco lbs, ..
The crop 81 per bh viii be worth 6ooooooc
To settle all cash transactions in the United States
on the future market prices of the heaviest articles of
trade there will only be repaired a circulating me-
dunn about eighty millions COINS, or cash bank notes.
Upon such standard of value, intelligent merchants
will be induced TO commence trading they will be
free from the overacuon OF the banks as manutactu-
refs OF paper money currency instead OF being only
lenders of legal money. To illustrate
Deposiies convertible into do. 100000
sa3O,OooOOo
The legal standard Of value Of United States
coins or bullion in possession Of said 800 banks
Difference, sl0oooooeo
This difference was the alloy in the standard Of
value more than congress, or It's agent, the U. 5.
mint, dare issue to the people 1t is estimated that
the banks case now Isl
CASA bank notes in circulation, $S0,0o06 900
Deposites convertible into do. 7oOooO0O
900
have said the curreRcy required is 80,050000
Difference, s7o,ooOooo
This difference is the sum the banks must redeem
by collectingi il of their debtors.
In A. ID. 1886, these banks were collecting reve-
nue. of per CT on the bills receivable they held ofS600
000 000 say $50 100000 liberalization ofthe bank
currency by the fall OF prices will by june 1853,
reduce their revenue 10 per cent upon Their JOINT
stock capitals of 0000,o 00 about 5000, 600.
This dimnulon of so per cent in the revenue of the
owners of bank stocks, will drive the stock Jobbers TO
distraction; but omhpotent as they are hereabous,
they must submit 10 the DEGREES of nature.
The idea IS that when specie falls 10 par the banks
will giving IL for their notes and deposltes,
as they have but $50 900 600 specie and owe de-
mand $780, 900 000 The return upon them of the
surplus bank note circulation OF 0O0, will re-
all their specie and leave them in debt $40 OOe
600 for specie.
The far seeing assert tina, the dynasty of banks is
over The popular voice pronounces Their destiny
when IL declares that cash bank note shall be IS
sued by them TO exceed the sum in u. 5 coins, or le-
gal bullion they hold. If they wish 10 issue credit
let them be forced declare such not as moneys
nor shall they be permitted TO give credit as money
for such notes not the representative dc fdcto
Of coins. Any bank note, not the representative of
COINS, is fraud when il IS issued the representa-
i've of COINS.
The question, then, is put to the civil authorities
whether certain bank directors have purchased the
exclusive privilege of aduerating the legal standard
Of value l. c. counterfeitingl In fact, there is no
doubt that such IS the detestaton Of such individuals
~ this city as have degraded themselves as native
bank charters TO collect taxes from Their fellow cltl
zens, by issuing deprecated standard OF value that
witsn three years they will DC abolished, peaceablyo
forclbly.
Those 100000 working men and women of this
city and county, because the banks cannot lend any
more OF their deprecated bank note money to mono
poliss, begin 10 get their nside5 full OF good ribs Of
roast beef at 10 cents per pound rump steaks at B
cents potatoes at 35 cents per bushe These unchar
tered individuals thank Providence If they earn
by 300 days hard labor, from to q, consideration of
$3.50 or $500 each man. and $50 or 500 each woman
But your chartered privileged man, 10 lend bank note
money, must sit on a velvet cushion, and earn his
900 or $l00 900 year.
is this the true result OF the greatest experiment of
self government
But, sir the wholesome argument against the stand
ard Of value made by the combined joint stock system
of cash bank notes. $3.50 0000 900 paper is 10 $40
600 900 csin that il rebs American laborers Of
the supply of our own markets, by fixing prices for
the importation OF foreign manufactured labor. This
ia proved by the $500 900, coo imported in 1886.
This is the true why Mr.. Calhoun protests
against the federal government giving il patronage;
hes dest he sees the consumption OF American cotton
in Europe IS at It's maMmum; that our Union con-
sumes one-thlrd of our cotton, giving 20 per cent
more for II than in Europe, and that soon con-
sumption will reach rs per cent, particularly if we
can get free trade to Mexcothat is her duty of 20
cents per yard common cotton CLOTH abolished
Mexico has a population oil eight millions, to wear
cotton shirts. Don Carlos will be king Of Spain this
year, and then he Will take from Rothschlld his mo-
Oh III cpdIiy WHICH lucAlCO Will
get her supply again al 30 cents per pound, and be
able to export 40 600 600 silver dollars from hsr mines
instead of 20 or SIS 000,0 900 she does now
What a pity il IS Congressman do not assemble to
advance the interests OF the Industry and enterprise of
the working people, instead of tho selfish ambition of
stock Jobbers office holders toad eaters and small
politicians, five feet two inches in height! Do you
think there IS any difference to the tar payer, whether
il rs collected without his consent, by king George Of
England, or by clique of bank directors in Amercal
The principle is the same. Shall not If persisted
in, have a new nation born of Boston riet1 In the
bank parlors the signs visible, but if you
your eye up and down the lanes and alleys you ar
forced to repeat, coming events cast Their shadows
before" Yours, with repect, j. HANCOCK.
Frasr IN THE FiELo.-The following is the regular
locofoco ticket nominated the other evening, and now
I'm the market.
Ro'rt Townsend, Jr. arden Harvard
Daniel Corbam, John wiier,
Lew ID. slsmm. Hugh Collins
Charles Dingity, James l. Shattor,
IAluI .aLA oil lrkV n.