Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-04-08

In this table find that the currency has uctuaed IN very
great degree in each year. In the Huctuaon mas
high per In comparing the state OF the CIR
cua;ion with hemports, find that almost immediately sue
eeng currency the amount OF imports has m
creased The increase of imports Invariably followed by
overtocked market falling of IN the demand or labor
and decline Bank circulation, consequent upon the demand
for coin TO pay h increased exports This curaiiment
the currency finished the work which was commenced by
the supply OF goods aud the distress was intense
This routine nvrab up is3 In 1898, Fan increase OF
per the currency inflated prices and caused an in
crease OF 90 in the Imports This followed W
panic and great distress in the fore part Of 1885, The dsbu
ton Of the deposte which took place about that time gave
new stimulus business and affairs recovered much sooner
than formerly that time the system ofepen credits in Eng
land began 10 cause accumulation debts nsi thus cou
Try which vented the immediate drain of CON- IN pay men
for goods consequently fad steady increase OF the cur
racy ncreased export and also great acV
ity in the demand r labor The distribution OF the surplus
ACCORDING 10 the law Of June 1885, stimulus 10
.peeuons rail roads canals and other state works. which
also augment prices and increase the speculation
estate This Of the opposition sndte distribution
of epsss was an act the party in power; both these
stimulated speculation. During the eight years the
had the u D. Bank their
had only tended to increase the evils they complained Of
until in the Of 1885, the bubble its height Up
TO time demand for con either domestic or foreign
existed disturb the confidence Of the banks the public
July the first blow the part OF the admnistra
ton the PRONUNCIATION Of the famous specie circular This
caused demand for specie and speedily followed
by the dcredt Of the American houses in England which
caused crega demand fer specie. to the accumulated
credits Of four standing In 1887, the business resumed
s former routn.he currency decreased and the imports
decreased aud with aeueney lower than had been since
is3 state Of the aborng and productive classes far
better fore part OF than in 1887 The drain Of coin
~as checked by the sales Of State stocks and the
rency and Imports increased largely The sale Of stocks
suddenly stopped and fghtu distress and bank supen
sions followed
10 ali this period find that the evil has been uctang
currency that initiation Of prices has naturally attracted
49,. ia
Gle export than produce This export Of coin has
followed by aeontracon Of the which has been
severely t because after initiation Of prices
qoeace Of increased currency the depreciation in values
not only by the contraction which takes place but By
the increased supply OF produce and merchandise which that
initiation has brought forward The reaction is first felt by
banks the demand for con the importer then feels in
his diminished bank facilities, in the increased difficulty Of
making sales and when driven for money, he obliged TO sub
reduction Every kind Of business becomes cramped
who employ workmcn, discharge part manufacturers
work short tne the consumption OF produce decreases and
farmer who erered himself TO produce large crop ac
eonce with the prices when he planted finds himself at har
vwh large which tends still further to dcpress
prices and the money he borrowed TO assist him In bis opera
he finds NJ has at the rate Of two bushels Of
wheat where he anticipated that would do, and instead OF
bese richer for large he Who has been to
blame herethe farmer the government not the Hue
tuAtng currency which tempted the farmer from his usual
eours ny IN, dcusion II high prices which held QUIT
currency of Europe much less subject 10 variation
TIA. our own has less OF paper and 10 much less
liable increased diminished than where paper pre-
dominates. The currency Of England although containing
more paper yet contiguous to the Continent that
due increase the circulation whereby prices inflated,
perceived in the increased imports and decreased
ports in the dmasd FOR coin at the Bank and the
Directors govern themselves accordingly SO that in fact the
steady metallic currency Of the Continent the real regulator
efte English currency sudden failure OF the crop Of
Great Britain nought the regulations Of the Bank, and
ssetes panic like that Of last The question then s,
whether the ofhe people the Contne with ST. ady
currency money prices do not actually receive great
rewsrd for their labor people cte United statsswh
noinally high prices and nuctuang currency, which al
lows them accumulate few years, and then disspates the
~hole IN Few months ofrc,ulsion.
Judge dspsicnstey &C the Of Immigrants which
reach shores from the Continent wi find that although
they undoubtedly among those who have met with the least
at home, yet they nearly all have money capitals
where~h TO IN this the country Of their adop
ton Now IL take table Of prices Of labour in the United
States Great Britain, France and Belgium and the pees II
wheat shall r, at the comparative the work
Ing classes
Mechanics, weekly, Si7s ssss $1,000
Farm labofers $50 IT'S t25
Lahorers, 100 500
In this had thai the working classes Of France and Bel
sum receive The lowest money and those Of the
United States nearly doule that Of those IN Ensard
Prices 81 produce have yet reached their point
they have not yet felt The influence the great over produc
The wnterst before farmers had made up their