The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-17
becoming again sober is painful and should teach the

becoming again sober painful and should teach the
lesson of temperance
The Expensive houses" empty, because the
old inmates can longer live paper credits. They
go to work. and labor will not afford the style OF
living The increased industry and frugality Of the
country have increased its material wealth extent
never before equalled fact which made evident in the
very how prices complained Of This abundance and low
prices open the markets of tho world to enterprise
the srs effects of which viii be an improvement in ship
building Since the treaty with England has been signed
number of orders for vessels connected with the trade
of different countries of the world have been given and
they will be of the stocks in few weeks. These
sells can be built at least twenty-five per cent less than
few years ago. Moses Grnnell ESQ., has ship building of
1900 tons which will $4,000 than would
have done in 1896 Here is andoub,ed element of fu
ture profits The for this reduced price in
ship building viz abundance of labor cheap produce
are operating in every branch of manufacture and pro-
ducinS goods lower than formerly. Those who make
cheap goods now, can underse those made few years
since The holders of the latter may complain of the fall
but is atemporary loss 1t utterly in vain expect
to maintain future prices order to protect present hold
ers from loss With ship at $40 600 less outlay Mr. Grin
nell can carry for less reghts This should be- how
ever, cause of Complaint his competitor who built his
ship in dear season. and therefore carry SO cheap
The abundant produce at low prices and cheap freghs
come back not in goods because prices of most foreign
manufactures will rule too low permit of their import
but in specie, until the country is well supplied with
sound circulation. Awaiting themselves Of cheap labor
cheap produce and cheap material the manufactu
ersw be able to sell at the low prices of goods at
profit and the farmer although he gets low money prices
for his farm produce win receive actually than when
money prices were high The manufacturer will be entire
ly protected" in the legitimate way viz because he
sell prices lower than goods be imported for This
fa,ts sufficiently evident in the custom house receipts
given above. Notwithstanding that high tariff bill
pending in Congress, the present low duties, with a
chance of having goods entirely free, avaed Of
aud less amount of goods admitted entry almost
than ever before in the same space of time.
1t very true that Notwithstanding the abundance OF
produce the western part of the State of New York
scarcely paid badly before This is partly be-
cause of the harvest season checking the forwarding OF
produce and because produce has yet found its full
oreign vent The new movement based upon low prices
has however commenced, and will steadily grow. A
few years SINCE of the greatest evils that afflicted the
government surplus revenue and the ingenuity of
politicians was taxed to " the country" by spending
its money in udicious way. The greatest evil now
complained Of is too abundant and too cheap produce
Our republic is certainly exposed to novel vexaons and
has been afflicted more grievousy than be imagined
1t commended in proof that paper currency
sary, that Bank of England bills circulating in New
Orleans They have been current in Wall street for
years. and for the continent of Europe have
ever formed convenient mode of transporting small
sums. Their circulation is, however confined to nte
gent merchants in all countries. In the same way the
bills of the late United States Bank current in China
at the moment that the institution persisted in insolvency
Its stock was always avorite security in the portfolios
Of the joint stock banks OF England until disasters re.
rses and dear bought experience taught them better
any paper Of undoubted credit will circulate among
mercial men, No paper is good however that dcre.
dit may not overake it. No paper money for years
again take extensive in the u States. Its currency
must be essentially specie If continues to hold inter
with foreign nations its currency and prices
maintain level with those Of other nations. The pre-.
sent nacon the necessary consequence OF the transition
from high to low prices and will gradually be succeeded
by state Of enduring prosperity.
1t is well known fact in England, although appa.
rent anomaly that when the price Of bread is low the
home markets for the manufacturers the os active
The savery simple. There 5000 bbs of
-four worth in 1897 $4,000 OOo consumed in the coun
try. The of that bread may got the
quantity for Ss 900 leaving difference 500 600 600
TO be applied to other sources purchase Of manuac
lures, &c.