New-York tribune., 1841-05-01


IT, hazards cf war and civil corinoon nt@ the cal
citations OF The lender. and affect the rate OF interest
country has stable government or srer sroD "
pect permanent, peace than Newlork None n PToPoF''o
to KS extent mas greater resources or more active
1ayelcn;np rber7 None has sinking uad 20 sure and uh
failing as the constantly augzcntlng revenues OF QUIZ oaa
Other Governments borrow H1oHe$ 10 pay previous o''s "
feay ordar~ expenses afGovernaezt or e coFTy on wal"
des.r1ctve o: he ability reimburse the loans
TAis State borrows only increase and improve e
of revenue EUROPEAN S:a;cs borrow wneut expecting 10
req the principal except By renewed loans Inns >'e
limits her debts By rule which coaierplaes the
nent 81 the principal at The end OF tweHt eal
of Governments however Ike that OF individuals mas a.
savs gradual and sometimes anequa! growth re
nev-Dess Of oar existence the supposed instability OF oF ~
st,ioas the ignorance capitalists concerning u anu m
prejudice OF Europeans against Us, nave caused Tue rae
interest on our stocks be higher than that aPon me ae'
f F,ropc,r Governments Nevertheless. experience ~
wentv-sre wears has shown tha; sv per cent; l. as nsa
rate as it has vet been necessary TO pay IN tIaiui ana
ordinary condition OF coranierciaI a'iai>
An ausioa 20 the Of the depression OF oF s'es
will serve 10 convince Us that tina: depression must b. tempo
The interest upon al stock has always oeen pune
,rav paid Eve:y dollar Of the principal OF our d"o's a
has fallen due been promptly reimbursed ana we are 10"
r,deur * par stocks that nave rs: get reached
Wibo ny resort 10 auv dircc; haze annual
Drnl. revenue OF half million of dollars Il cannot be
possie ,herec mat the depreciation O. OF: STOCKS re-
sn from anv unsoundncs fiscal condition As t'e
committee endcayored show the former part OF TINS re-
r..
pursued.
The supply OF eapita seeking in American Sc
c-ircs j. Ike every other supply in trade limited ne
stacks of our sister States haze been pressed mt raTNe
, bigbc r,cs o Interest than NcyYor has Thought wise
10 offer These States having pcrpotuty and sovereignty as
well as our own their stocks have be'n supposed as safe Tor
investments as ours while the higher interest seemed to H.
sure great pr.f Missouri issues stocks bearing an interest
Of zen per cent An investment bcr stocks Yields without
compromising interest return equal 20 one hundred per
cent on the whole loaned years An Investment
in our stocks yi9d the perioE 'ha sam: PF1nc
PIES Of calculation, only fifty per cent
The stocks of all the States have been nrced INTO market
II unusual quantities. and great sacrifice. during long
season Of commercial embarrassment APpchens'onS are
rdnred in regard to several OF the States tina; :h3 interest
on their debts be pail whos; resort 70 aNatLoF
md oc have areaGy partially reorted this mode The
per.ctly popular structure Of State Governments mas
been referred TO furnishing grounds for suqposing a
t?cs will not borne and hence that the American States
NAV not have the be just and preserve tc
public fi,h In consequences Of these and other causes the
stocks a several the have been sinking Tor The last
vear We have recently wtncssc. some oil the eiies
Il kis Depreciation the losses suffered on tue stocks here
tocr received securities under the authorizing tree
banking The evil has been aitigated by the tone anil
culpr manifested toward State credit by the former ENccu-
i've department the Unie ard the Senaie OF the United
States while the Federal Government has Increased the c
arasslcrt OF the times hy bec,sng ;,ScH borrower 10
LARGO amounts in the domestic marker: Tie approximations
af collision with Great Britain growing out OF the unsettled
state relations with her have not been harmless 10 tie
credit cf the State Under these circumstances the stocks
Of all the States have deprecated Illinois per cents are
sold n AZ Indiana per cents at 80 Arkansas per
a, 20 Ohio per 90 and Pennsylvania per cents
al So H. a be doubted Illinois per cents shall
ultimately be redeemed investment IN them Is Us safe As
in our One hundred Thousand dollars thus invested
viii bring return of hundred thousand with interest
until redemption, per 1t Is not surprising there
fore that stocks greatly deprecated fad a moro ready
| sal- than
yery n,erfec knowledge is had in European Cities Of
the comparative wealth and fiscal condition ei
the several States and consequently no careful discrimination
is made anoag ;her Our credit and ;Rat c the other II.
and long established States has heretofore aided the credit
of those which and less prosperous, an now ours
Is slightly affected by their cnbaras: ments Under these
circumstances moderation and economy urged upon US
equally by public by JUST regard to the p'!c IN
erc- and by desire render eur system OF improvements
complete AID comprehensive " nile We should steadily per-
severe in the prosecution Of the system undoubtedly
called upon m; Ike issue Of our stocks as much rs pos
,le during the present ycai Our sister States will II *
confidently hoped by efforts aided by wise and
patcrnal the part of the Federal Government soon
retrieve their credit Their energies only Temporarily
suspended and by paralyzed The indications OF
a change policy cheering and satisfactory But tins
expectation. which lover OF our common country must
indulge should fail Discrimination must then take place
between onr stocks and those of sister Sates and the
effects as far credit concerned, Will be the
Probably another year will disclose with certainty tie
other Of these results and , then apparent either that
rate of State stocks wIl return to former
the standard or that purpose there permanent
advance the upon all public securities, warranng
increase the rate u1on owr
The committee apprchend little dissent from these news,
far as the undertaking works and the
Of new portions of the canal concerned Blu; the question
remains what course shall be adopted regard the
So lOa 65 required fulfil existing contracts! There are
those who would advise suspension OF the pablo works
Before such decision shall be made, all The probable
qucnces ought be considered TIE public faith pledged
10 our citizens they have Invested capital and pledged their
credit to very large in materials, machinery and
implements and labor perform their they have
their arrangements with subordinate contractors and these
aear have Others asd tu vcrg large number OF persons
arc relying upon the faith of the State.
The abrupt suspension OF tie public works woaa bring new
and uuaprrehendcd evils u,on community deeply suierg
from pcniary e.barassent.. Provision be made
indemnify the damages those who have contracted directly
The required for this purpose would far
exceed the additional avceghhs hree-carth OF per
cent which State would expend in obtaining the requisite
fund. at the prese; But the damages thus paid
If they were promptly discharged would fail reach thou