Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-16

II
snsr. GS,srnsent bssa ccsssbstsr. : ven foreign
and citizens BY the invonent Of several millions
Of dollar @ trust fnss held g. y ssas:' ~ sssls
Of the STAIN The psasy sf these sne engasensn9 s.d
undertaking., il not prsvkee = question Dc
the burhens which they ny impose upon the
states One thing however, cersn that mainly through
their fundamentally the country has exchanged nation debt
home. requiring mons Of d.lsrs annually pay
the interest it, 10 state debts requiring twelve
q dollars annually to the interest accrung on
Ner this all The temptation held by the high wages
allowed on the numerous public works at he same
for profitable employment A. what has been The con-
sequence! The production home OF nearly all the secessa
and Instead Of being exporters Of provisions formerly
we have been importers Of them large extent The Gus
om House books viii furnish the evidence o. our having been
the importers for our consumprn Of wheat rye corn
oats potatoes aud many other articles the produce OF
foreign laborer and their fields during nearly the whole othe
.wa last years The connection which tins mas Win the sub
ec considering will manifest when the fact stated
that all those articles purchased from foreign farmers have
been paid for II the specie OF the country only
The present year evenu and the signs Of
the time, their orebsdngs Of additional evils
to swell The catalogue Of those which have ady occurred
England the centre Of the commercial world has expert
enced and aborng under great revusion her
etary affairs Tie specie the vaults Of her National Bank
0O0 hereatous the reduction in being
has been stated by the or Of the Excheauer the
value breadstus which that country has been
from the continent to supply the deficiency in the
English crop Of the last The value Of money has
per and prophecies have been fro thence
by vessel for the last three months and promulgated
throughout this country that the Bank Of England
Of saspending cash payments
This state Of thng in England has reacted upon this
completely paraized they can longer negotiate loan
there public works have consequently been
ed IN an unfinished state and must remain unproduetve while
the interest on the debt already contracted abroad be
paid.
Some Of moned institutions which in hours or difficulty
had Furnished the state with the dchagng
atons TO the laberer the public works, the Of
embursing themselves from abroad have found this
sudden usraton their active
Anxious fulfil their legitimate iuncions, they had some
hypothetical the certificates Of the with the
foreign capitalist applied money received on them to
facilitate the operations OF merchants and
when the present commenced But il has
creang in both hemispheres and instead of sales being
ed OF the stock to refund the borrowed to witness
degradation OF credit which would be
the institutions have been called upon misfortune than ANY i'm
agAab sacrifice of property Thus sitnated alternative
remained but payment from their debtors home
who were already state Of exhaustion, and whose
would but aggravate the existing evils.
But here close the detail Of ills against
which tbs country . now struggling and VIII be found
the vast quantity Of foreign merchandise which has pour
ed upon 70: market Ia swell the IF our imports
during the FAR the OF
The amount OF these imports has doubtless been
ed by the gradual reduction Of tariff operating
check upon the products Of home manufacereS The
estimated of exports will be also greatly dan
hed by the decline In the price Of chief staple cotton
fDreign markets.
Finding these efforts he H. and satisfied that The m r
prevnves had been exhausted the banks to the on
alternative temporary suspension Of specie This
will give time to the people and institutions Of various parts
Of the country to qudate their claims each ether
for the tms being the foreigner from furnishing
with larger supply Of his Fabrics than be paid for BY
As nations deriving their eristente from
the owing eaty it, the Banks feel that they
credit and promote welfare by hing means when ali
other failed for the persecution OF internal i'm
and we ,hna they nay rely with GO, d.nee upon
wealth aud their constituted authorities
With adherence the part Of the banks to deter
10 avail themselves OF the redemption Of
their SPECIE 10 engage undue expansion their
business. AID issue Of their believe that the currency
sound condition, and the business OF the
country NAV without Of those serious d
cultie apprehend until the day OF shall
sgan arrive, when all interests shall be fully prepared
IN. varioss disturbing aversA TO- have been
% s S.l 81
precious metals have already been exported within that
witnessed The departure probably ten million.
dollars the fruits chiefly Of her collections for the sales Of
has carried large quantities Of our silver 10 the cum
Of useless millions piled in the bank France
the packet. Of England departing Every Ave days Ill TAX. their
other in acceeratng their speed to replenh
means BE late the exhausted vaults Bank Of
England institution which, notwithstanding
BY the credit OF the has had 10
seek temporary support postpone her failure from
her great rival across the channel.
This EXPORT il BEEN regard AZ but the
bgnning Already has the demand become great either
from tasm For export that the specie leaving the
parts oth- Unon by the waters Of the Mississippi and
rus % uies in vast sums. which each
por. than placed ship board and transferred
foreign Land.
The position &c hiadelpha this crss 10 Of peculiar i'm
and must be specially considered IN reference
great question 81 Of specie payments the present
time Her banhs resumed August 1885, hes already been
shown obedience 10 public sentiment but against
Judgment II obvou. then Lat from her
local po,onbeing The great the sonth
the products Of eastern MANUFACTURES and Of from
abroad imported chiefly al New Yohe banks Of city
could pay specie for all tho Incurred by ou
here unless they could receive from their dbtors
Accordingly gea eferts made enable the
nearly stimuli aneousy Cash advanced and credit. bbe
rally furnished, by Of banks accomplish this
jeeL
In the reduced Of business period these credits
readily sde asaabls and The thus went
into the Golfers OF the merchants here and had
debts in The south and west for their lqudaoa. But
country had not had a recupcratc from the pvostraon Of
1887 The obligations given Cor the supplied ~
be After short struggle institutions of
several Of the states ssnk again The Of
resumpo In the belief citizens that the diGcuties
had been surmounted requires the had ad
the above patriotic object while debt Of the
SOUTH which postponed In 1885, requires farther post
vensment
season presa,ion il will be easily seen
requirement operates upon hi. city and
Tire grave question ws co.ld they usdcr all the general
vzntagss whch have bea considered In national point of
vew aud under those special arising from their local
son 10 pay the accommodating demands Of the merit
months in coin pursuing Of policy which
could pointed QUIT We reply they could they might
true yrstraeted the struggle fer time longer,
" reeses towards their debtors have ruined