The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-23

est no,ve of the of that bank that
our depose Safe and that drafts should be paid
when presented With this Left there on tht
gath ult and the frat ntim'tion had that the drafts
would not paid by letter from afriend dated M
and received this morning advising that on thar
day the bank had refused to pay the drafts.
Every exerton will be made to protect the drafts ano
arrangements foot to procure the services o. an
other bank 10 undertake agency and our drais
by which it is hoped the object may be effected:
THOS. HEND ERSON, Cashier
This caused some improvement in the checks. Inc
teller the institution who absconded and to whom We
alluded yesterday has appears reimbursed his secui
ties, who bound in $50cO0
The treasury notes Of the United States government.
sold at the board today at per cent discount and
offered at the price bearing per cent inte
rest, being equal to per cent per ahnum Inc d'sho
nored notes have been taken by the
and paid for notes, which being at discount Of
Der cent the receiver loses that amount when makes
the interest the old notes equal ape cent only AS
vet there ia no plan proposed to relieve the
consequently the redemption Of the new issues is mat
FOR of risk which causes them to sink rapidly in the
market The demand them Il en- will rest with those
who have bonds falling due at future tme and by
the purchase Of these notes bearing interest great sa-
wing will be effected, although it will entirely under.
mine the revenues of the government This disastrous
state of things grows of the desperate struggles of
the paper agents Of the foreign hold
ers of State stocks and foreign manufacturers. All
measures shall be adopted except those which shall
place the means of gambling within their power The
Bank of Commerce, which, although the government
agent dishonored the treasury notes and drafts for
small balance, is in great degree owned by the house
Of Earring Brothers. the head of which house. Lord Ash
burton now indicted before the Old Bailey for alleged
fraud in money transactions his way here spe
cial minister from the court of st. James the govern
ment at Washington. He comes the representative of
the holders Of American stocks in London
Element In order to force settlement every
used by those in his interest embarrass the govern
ment In Congress the partiz refuse supplies The
banks discred the government notes. and the organ,
the New York American, holds the following Ian.
guage:-
The times need holder measures-more vigorous ap-
plances. The two penny Exchequer, designed chiefly
10 add power to the Executive, is not worth spendiug
breath upon. We must resusctate credit and that
only be done by Immediately proviiing the foundation
riff alone-and unless speedily enacted, not that
furnish the means which can reanimate the corpse
and bid start again nt0 life As immediate exped
emit to keep the wolf from the door, the government
should be authrised to borrow four five mllonsthe
less, sum neeeeS ,Or M que ana due
est be be it 10 per cent tina: will bring the money
and then when the tariff bill shall have been passed. the
larger needed be borrowed because the means
of paying the interest will have been provided at per
cent for term Of years One thing more The credit
OF the States respectively must be helped Fifty or one
hundred mods Of per cent United States stock with
the land pledged for the redemption ana the
teres would emancipate the whole country from the
ntolerable thral of deb-rom the hopeessness of des
pondency.
The able fiscal plan of Mr.. Cushing is denounc ed as
"two-penny affair."" No doubt another gambling Ma
tonal Bank would be respectable sixpenny" estab
lshmeut, especially If located in; Wall street. pro.
tecve tariff is then thrown in to soothc the manufac.
turers herethose Of England well knowing that duty
Of 100 per cent with ucuating paper currency would
be far to their advantage than would free trade
with sound currency. Then opens the grand project
which, originating with the house Of Barring Brothers in
1889, is the great object Of Lord Ash5urtons mis-
son Wis assumption of the State debts by the eder
government For this has the moneyed arstocracy of
England for three years combined their inf uence ar
home and put in operation all their agents. TOOLS editors
brokers' bankers lawyers and Legislators this side Of
the water It is not to be expected that mercenary ed
tor, educated in England at Harrow the Hill" bred
up with English feelings, prfudices and predictions
far deliberately TO defend the murders of his own
countrym in Dartmoor prison. would be overscrupu.
lous in defending the right of search in advoca
ting the taxation and oppression of the American people
in any way, either by oppressive tariff monopo.
sing bank, overwhelming debt thatlwould benefit
the venerasd aristocracy of London. The people will
net however, submit it. The time has gone BY for tho
borrowing SYSTEM the patient masses of England
groaning under the oppression of purse proud OIL
garchy whose seats trembling beneath the throes or
a mighty people struggling to be free.
The effect ascribed to the creation of national debt in
the above paragraph, is not little amusing The con
traction of loan Of 500 three per eent stock
would free the people from debt This is the principle
of finance always acted upon by the Wall street editors
and the advocates of National Bank. The people of
this country 900 of money borrowed in the
capacity of individual State governments. To pay half
that sum by borrowing the money in capacity of fedc.
raj would emancipate the whole country
from debt" The masses of the people may not see
clearly how this to be done, but they remember
that this is the Pse dirt OF James G. King backed by
Lord Ashburton, and of course not to be questioned
although the grand jury of Old Bailey have fit to
question Of the latter gentleman's operations
In opposition to this mad scheme of debt taxation and
op PRESTON the present administration have proposed
curtament of the unnecessary expenses of the
government, to call back the proceeds of the publs
lands and to raise much will meet the re-
duced expenditure, and more. This sound and
republican plan is thwarted by the selfish schemes of
partizans in Congress The ,xchequer plan of Mr..
Cushng proposes receive and pay the funds Of the
in the ssfest and most economical manner
and without allowing designing people to borrow and
use the property Of the indusriouso ford every ac
lily for the prompt and actual settlement Of balance
between section Of the government and another
This all that it proposes and ell that peope
would require. II exercises the right of an individual Ia
manage his money affairs in the manner the best 10 pro
mote his interests and in doing So consus the real
welfare of the whole people
sales mt the stock Exchange
$1,000 n 5i's, 1851 70 10 Manhattan las 80