Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-10-31

Monday, Oct. 80,

MONEY MARKET.
Monday, Oct. 30, 9, p. Ms
In the month Of January last, NJ Fsyot intelligent
Frenshman pubhed Paris excellent expose Of the
sey system aow prevailing in civilized countries hsprang
from the OF the Jews who to avoid conhscaton
oil their property invented bills Of exchange to represent the
precious metals M Fayot show the gradual pro-
gress OF this dea I'LL maured in England by the esta
lshment Of bank issuing its credits for currency
Nor did the idea OF representing by of evden
of debt here From 1854 1875 Europe engaged
continually in and necessarily arrested the
national industry of its various countries Taxation the great
whence the snews Of obtained lost its
power the hands of the western mosarchs, by Of
the resistance people In the states of eastern Europe
was never given up and fad the public of
countries region comparatively light VIXEN contrasted
with the engagements Of their western neighbors Public
4san therefore, the wells from which France England
Spain drew largely for the past hundred years. They
pledged the faith OF the people for the ultimate payment Of
their loans.
Athe termination of 1885, whole public debt of Europe
thryseven Rards of money represented by
bits Of paper promising holder payment certain time.
bearing interest till paid The idea of converbty accom-
pane these evidences OF debt and hence the traffic IN them
Their good bad lii Individual paper, depend
Ing upon Of the borrower to pay the principal and
interest.
this ALL industry have representa-
of wealth well governments The Of the
former, in December 1885, estimated, by NJ Fayo, at
twenty miiards of money Here, them we have Of
hty-seven oil paper
the and the industry of Europe, individuals
cieties corporations and governments.
The real money of naton according to the received
tons OF day. should bears proportion to its whole property
OF to 3o In $780, the of gold and silver in Europe
was siMatedfrom official sources to be equal FIVE mards
This has been reduced transportation of capital to
the continent To four milards
Now tits fair presumption, four mliards of gold
and silver did actually the whole property
rope. II that did not it would have been Increased till
In HE laV oft Go tb.t;f
lard Of money thirty miards property the grand
value Of all the property in Europe must according this
rse, be $50 miiards.
To what result does this bring Is plain that the
fifty seven mards of evidences of debt defended by the
one hundred and fifty millions of property this continent
that is the people OF Europe, property to the vaue
OF one hundred and fifty mlliards, of one third
OF that amount Is there any thing wonderful in that
But how is this debt to be kept convertible stand
ard BY the four mliads of gold and silver the chan
nels of circulation As yet all the operations Of i.dps,rv
commerce, and government performed satisfactorily
through the medium of this precious metals
In the United States, have 80 millions of specie The
property Of the nation therefore thirty times that
amount Now what evidences OF debit
All the paper banks companies commerce and industry ia
estimated at That is debt Of one third
the value Of our property Here then coincidence
between the money condition of Europe, and the United
States.
NJ Fayot asserted that debt of no nation coud exceed
third Of the value of its property without producing revo
luton Why cannot this principle applied to our money h.
gsaons wise system adopted the United sta es
by which the 80 millions Of specie possession could be
brought to bear upon the debt we con-
verbe standard should perence none s hrouo
which we have just gone.
Fayot predicted Revision either in Europe or Amer.
ca Wherever said he, the evidences Of debt exceed the
amount properly in community than third mart
there be evulon He thought that Spain would he
the rstto snher and the United States next This extra
ORDINARY prophecy, ouaded upon principle little kaown
deserves our earnest consideration We shall TO
In the years 1885 and So predicted same revolution in
the monetary system of this country principles very nearly
identical with those assigned by Fayot variation between
the credit system and real property We pointed out the
increasing paper credishe rise prces-he ma.
MIA Of pecuaton-and the hostile attitude of the Govers
men United States, and State Banks rds each other
No needed prediction till the whole country xas
overwhelmed in one general ruin And the catastro
phe took place. large masses OF society," returning
to proper principles only chung with the greater intensity IN
their miserable But this revolution is going on in sn.
OF all opposition Beginning in commercial revulson il Is
spreading into every Of society morals po,cs
social and political life.
The elements Of our money system gradually settling
down. disposition prevails every where get the specie Of
the country in such position that may resder the evidences
Of our debts convertible We speak not only of bank n,n
but of all sorts OF paper.
The United States Bank moving slowly in the matter IT,
moral energy Of the communiy will compel her to return 4,
specie payments she is q condien II NO, O.
say what that condition shall be- II hears ,ao
relation to the whole operations trade to be H.
forehand.
From avalued private correspondent New Orleans 10.
have the following interesting intelligence ,"The hanks
here are giving facilities to the merchants They are In e,ce
lent condition. but casno specie payments I'm suc a.
event general until In this the debt he
gins to be qudated. This debt arranged for o 70 * =.
2 ana 24monhs When once in, money will be abundant and
the banks will have specie basis Of so per cent?
sales NJ the stock Exchange
"a 10