Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-09-23


a Il : On 40 sss al 81 sss Is g i
The price. lilh Of sales at the morning
board daafter which they fell very much BY
son of lection &c Safety Fund bills. On renewal ofhe
The influence of the hope that the
British would bring better prices gradually recov
ered effect of the however, instant dePres
sion united with the large shipments Of specie which amount
$500 H4vre packet and the Great Western The
corporation have also thrown freely upon the mar
ke and have Undergone rapid decline, until they at
Eve per cent discount.
The condition Of Enga at the present time is very nearly
like ,h country 1897. The rain Of
Gle about casng having been reduced very
low The bank Of England has been obliged to resort to an
srpedn exchanges her favor not unlike
that resored Mr. B,dde the period alluded to- That
gentleman sent his bond able twelve months after date, TO
England Tor SALE thereby established credit for
chants eux Of gold until they could suary
forega Indebtedness Placed in the same POSITION
the England has, with less Skill employed brokers to
draw bills Paris 10 be discounted BY the Bank of France
The rate Euglasd continues high anc now
higher Than before yet prices with the exception Of cot
ton have undergone material change If we look upon the
affairs Of the continent fad the of things exists
via high rate Of interest," accompanied BY continued high
rates vf produce merchandise The following the
rates Of interest at he latest dates:
London, SO per cent Antwerp, 6Per cent
g. Petersburg, 10 I" Paris,
10 every country there sr great desire to concentrate
s,scie maintain prices Of merchandise This state
sf hises grows Of combination Of causes that will
scarcely init OF remedy; GO until the whole
sysem Of paper will fall TO BY its own weight
In order to illustrate position, must take brief view
Of the progress and for the last 30
during ~ch have advanced greater ratio than
for the preceding centuries The basis Of banking Gre
dts peceg ID and silver These have become in all CON-
erca the OF property and are the sole me-
d In by which bAIsces between nations be
settled 10 promptly At command necessary that
sh., should bear proportion Of at least TO Of the
papsr credits In the last h.rty years, however, with
n, progress Of commerce, the proportion has ncreas
cd in much greater degree between the paper credits
In circulation aud the specie basis on which they have bcea
founded disparity has become larger the value Of liked
,ropery well Of merchandise aud labor has
Cd The expansion has reached Poit at which Il abors
v.rv hard and at which very dideuit to maintain the
credits The original basis Of specie To Illus
srae h. we will together in tabular FORM the metal.
Ne Of each country and the paper currency Of the
same countries at different periods.
Esr,nAIE OF MgrALic AND PArEs Cun.sscr roH 1910.
a., s,.;. .. 5000 yssso'ccoo"S
o; Ssaes State. orError., ssCsooco itss 10000
limited states, sooosOoe sos.sOo,ooo
ls,i,osoooc s,os4,7eooso
tn. item. which compose these estimates Of paper circuia
hon may be illustrated by the estimate for England, a.
follow. Tier. we're period in England stocks 10 the
...a.,oe fSss0oooso
E,cheqser billie I ,v o
Bank Of england notes s,.w o
Country notes, wv
Total ao,iooocs
since that period, the iscreas. Of paper securities has EN-
wA the OF the preciou, metals has not
As.n much more and and the consumption
Sr manufactures purposes b % Humboldt states That the
consumption in France for plA &c amounts annually to
I'll IN Mr. IpvvR the rauk
.,,s. /, se $4,000 Ii United $3ooe0oo and
h We have then aggregate yearly
osn Of $50 81 2so From tie correct statements
a.. have been made public appears hat the supply for -
ending ns7p averaged e., 1880 and for the 10 years
80 i; $40 fsoooOoo Thrarn, ,h-se amounts together,
80. ,apply for 30 years,of sel7 oseoeo
~ .a..,rosi,u for The period, 90s,637 800
Deficiency Of supply, $zea,os7b0c
.n,., the increase &c the sir.r currency has been
,mc,,d rat,o The tahi, will uo~ sssad as follows:
y.r,..,, o, Mrr.Lric AID P,rss CusRkscs vos 1855.
-. 40 s scc c.o f's s;s s'ssS.s'ss"
vr.ne, 7soooooco ss7cAeoooo
osI 'ss::sS Sco 400 $4,000
i,S77seooso sn"l, 10000
cOioden, with ri. vas, increase credits. We viii
sAle the price Of per cent eon'o IN Ehsasd which,
T. , $50 '" s.id
value of money thus appreciated the valse 81
..,.. of houses and all income yielding property rises
,o In 1910 could With 100 purchase ncoue Of 90
"a mus, wow pay fisiA2d advance Of 80 per cents
-h,eh correspond. with the increase cf PAPER circulation
WITH ,h. increase I, pes &C protlce and Of labor
"a, u.s,ruons IL susnsu. s'iD y rtlore the increase
&C pape alton, which ooscmay he set down
49, ,,f a.. account e se increased production. Of the
.. ,,rre.eena,r ~ih the increasing pops,ion end the
s,h., h.s =. ,se increased prices Of commodities
The whole commercial wordha' par,ahes In greater
Of tn. ARTIFICIAL increase in price, and Car has