The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-06

The amount of stock upon the market Sl040552l was
authorised to- be sold any price. and with degree Of
Jolly seldom evnced by persons pretending to direct the
public finance, agents were Europe to endeayor
to obtain the money those terms at moment OF almost
unbounded disqualification American creditors were
asperated to the highest degree by the repeated failure of
States not rom OF ability but from avowed want of
will to pay Their agents of course, met with not the
smallest encouragement and.a latest dates from Lon
the Of their departure for the continent
spread the disgrace of the government by hawking its
seLdeprecaed stock in the markets Of the world In the
time by the late law, their powers have been
voked. They longer at liberty to sell the
stock at less than par for cash at per The disPo
sable amount is also cut down ST. 52 by the altho
ry granted to the Secretary the balance So
100000 into Treasury Notes. and pay them par in
discharge ofthe public debt This shape of
forced loan, and it becomes matter Of enquiry what will
be the market price Of these There many
sons IT, suppose that heywl greatly depreciae, and will
then be purchased by capitalists here and the eastward
The depreciation will be effected by the quantity be is
sued the manner of the ISSUE and the operation pre-
sent oppressive tariff The quantity outstanding is
as great as before and they already discount
This amount is to be increased by These
to be issued to contractors and Others in payment of
Claims in many of long standing and the govern
ment creditors mostly who not in situation
hoiu notes. be Obliged TO The amount
due them, according to the of the Secretary
enough to absorb nearly all the notes and consequently
may be expected that the whole supply will upon
the market at time when there will be little de-
mand. except for permanent investment The Treasury
estimate orecepts from all up January next is
short of So 100000. If this whole amount were paid in
Treasury notes, the outstanding amount would be
increased 81 100000. That estimate made, howe
YER before the passage Of the Tariff, when
the duties were much more favorable to than
now Last year the Treasury notes fell to per cent
discount, but improved under the demand for custom
house purposes, caused in degree by raising the
tariff in September last 90 per all articles thereto
lore Free which improved the revenue and has caused
the rec ps from the customs range higher during the
first six months OF the present year. than any
1885, with the exception of 1889. The tariff is pro-
hbitory great many articles that have before yielded
and from the best information may be estimated
to decrease the customs through prohibition imports
about to the same extent those improved
by the tariff of last year. This being the case the
demand for Treasury will depend less upon the
chants and more upon capitalists. The latter have
fused to give par for the six per stock which the
most desirable form for permanent investments They
get New York per stock par, and Kentucky,
equally as safe, at rate yielding per per annum
with a bonus equal to half per cent additional.
The remaining 900 of government stock yield
the of interest the New York State rs is
worth, SIS per cent supposng it equally safe The
Treasury notes must yield better make them at
tractvc and this must be done the expense of the
eminent creditors At low rates. there is doubt but
that all the notes will be taken up by capitalists
hdence in their ultimate redemption and the
amount Of capital lying idle, particularly at the east
where since the establishment of the line of steamers
important change has taken place in the employ of
capital By the ease and rapdity of communication i'm
porters have been enabled to keep their assortment of
goods and still keep hand nearly onehah of the stock
that was formerly necessary capitals employed in the
import trade are therefore, much smaller but oftener
turned In hardware instead Of ordering six casks of
Birmingham goods, importers now order but one, and
their invoices will average less than half the of
those formerly necessary to do the business This
has released large amount Of capital which seeking
other channels of investment, and under the tariff
will in be applied to the manufacture ofhose
goods prohibited by the present high duties. This has
already created alarm among the manufacturers;
instance wood screws and butt hinges important articles
of import have specific duty laid upon them equiva
lent to an nd valorem duty of 60 20 per cent;
quently the import This bounty is high,
that it will tempt and capital in the trade,
and the old manufacturers the danger of being ruined
by excess Of competition while the government de-
prved Of its Already the velies alarm is felt
grew out of the supposon that holders of goods would
be benefited by the temporary rise of prices consequent
upon high duties shall have passed away all parties will
join fol- modification Of the present tariff and the nsta
bility Of the laws will continue be of
insecurity to merchants, and consequent stagnaton Of
trade