The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-10

Ready ed, s sbaa $4,000 The e.pitai stock of
Bills in cireun about 10000
Balances about 10000
$4,000 100000
The safety fund banks have the right to pay in their
instruments to the Comptroller ON account of fund in the
bills of the broken banks until after the 10Th instant
after which time that privilege The only demand
which has existed for the broken bills has been for this
purpose, and the rates are now as follows:-
comm.,o;,, Rns.,o D 1,e,sn, Won. Discount
When this demand shall have ceased the probability is
that discount will greatly increase
The greatest evil which hangs the people of
the United States, is undoubtedly mercantile dscred
and financial dishonor. The origin of these evils is un
doubleday the paper credit system by which States
corporations and individuals contracted greater debts
than by any possibility they could pay. The bankrupt
law to the relief Of individuals and released them
from the trap into which they allured by temp
tations of paper money The States being sovereign and
independent, could have relief but in repudiation
which has been resored to by States under the
cement and tone given to popular opinion by the efforts
10 past the bankrupt law This has nearly ruined the
American character for honesty evident in the fact
that the credit of the federal government is destroyed
ABROAD That government dishonored its liabli-
ties but foreign capitalists understand why,
est that they should be collectively trustworthy. They
may be collectively able pay debt which separately
they cannot meet but if the piU il wanting in one case
it may be Inferred in the other. Moreover the federal
government has itself not acted consistently The revou
ton OF 1910, effected partly by charging against the
former administration that it's expenses had exceeded its
revenues and yet that administration after twelve wears
power, lef debt of 900 only. The new admins
ration has, in the face of their avowed principles in
~. IaLk .uc sr~It
movement is not calculated to restore confidence
Further, with q deficient revenue they passed law
giving away part of that revenue and diminished the
remainder by passing protective tariff thereby violating
the implied pledge contained in the compromise act
The Treasury Is in deploraN lie condition with de
cent revenue with existing debt of SOL 600 with
out the ability 10 borrow dollar, and carry
on the government in future but by borrowing. 1t il
very plain, that with this accumulation of the
country cannot long hang together. Its credit must
retrieved and its debts paid 1t proposed the federal
government to assume the debts OF the States Why the
government cannot take of debt and has not
the ability to make that debt any larger
the government cannot borrow 900 when it
owes but $3l 900, how much it command when it
the payment Of 5000 for which never
gotsny equivalent What then is to be done7 The an
plain The insolvent States debts which they
say they cannot pay Very WELL how much they pay7
Illinois owes bearing interest of 100000
or per cent If she cannot pay per cent she pay
per cent per cent, or per cent? Whatever she can
pay pay once show disposition pay; the next
Legislature, which meets in December, resolve that the
debts shall be paid time other and let present
payment il is small be made earnest of
good intention. The whole difficulty will then be settled
The damning of indspositioA pay will be re-
moved and credit will be restored in all its branches For
who that looks at thu hardy Industrious and intelligent
population of the great doubt their ability to pay
in tme This pay must also be accompa
MED with firm resolve not to borrow any more. In I'LL
nois some funds say 81 000 necessary finish the
Illinois and Michigan canal This being for useful pur.
pose and to assist in paying the old debt can be got ILL.,
nois of the first States repudate reforma-
ton commenced there and the whole face of things is
changed We doubt not but under its new rulers Illinois
will take some steps the kind may be the
readily DONE that the people relieved from the burden
ofbank paper The two banks ofthat State had capital
of 1885, which in former years yielded their propre
tors in Wall street and elsewhere, average of per
cent making annual tax upon Illinois Of $379 62 paid
for the privilege of taking bank promises instead of gold
for their wheat This appropriated to purposes Of
common honesty, will pay half the interest on their debt
Michigan another State which has been swindled by
the paper system and has intelligence enough to discover
that the remedy is not in the system. The State
debt Of that State is follows -
GAN AND THE YEAsL1 AMOUNT or iNrEnIsT P4raBlr
Total
Date@ To whem Principle .anr Of per- s @mt
issue. issued whenp'6 issue. cent. intet
MAY i, J. DelaheId Ny May LIST, 1856 100000 5000
Dec q, s. SsES5s S Sss l. 10, 100