The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-05-10

The pieces oil IS I'd ana OIL Oh are uHCurreni Inc
former Ia worth 2s. OIL and the latter os. Sd.
The late procce ings of the English government, in
lation the tariff the Of the treasury have
s.ruced great deal OF attention. The movement. is
douby of vast importance inasnuch it involves
entire change in the financial policy Of the English gov
The reduction Of duties has generally been
derej favorable to the interests of this country and
slch doubt will be the ultimate result. The imme-
date effects of the policy do not however promise to
be encouraging The broad principle Of Sir Robert
Peels policy is that of change from system Of high
prices Of low prices Now. wherever such change
place whether the high prices have been the effect
imitation Of paper currency or of high duties, or
other the effect of general reduction in values
is the same and must involve distress and disaster in
degree proporoned to the extent of reduction which
takes place In this country the experience Of the last
Eve years has made painfully evident the disastrous effects
acoapse in values andens nearly reduced to the
specie standard with low duties prices have more nearly
reached their natural level depending only upon supply
ana demand In Great Britain two elements have
spired raise and maintain prices level higher than
Of the continent and of the United States their
present standard The deficiency Of the crops for
the last few years by draining the basis OF the English
paper system has powerfully depleted the currency Of
that country aud removed one of high prices The
reduction Of duties carried by the government
first step ard removal of the other Sir Robert Peel
dution in the value of landed property that which
place after the in 1912 when the currency othe
Kingdom reduced to the specie standard The fol-
lowing the passage from tho speech relating to the SUBJ
| cct -
As said before the assessment upon the rent of land
was 80 OOOi Now cannot doubt that at the return of
peace and the cessation OF war; prices must have had
considerable effect in reducing the rent of land
be said YOU take into account whatever effect
upon the rental OF land by the restoration OF
peacc and have doubt that for considerable period
1915 but STILL when look at the progress which agr
cultural has made and when consider thu
effect of the application OF science to the cnure OF the
land cannot but entertain an opinion that the present
rental Of land must be equal to the rental in the 1914
And upon the whole no being difficult TO frame an es
innate resting upon broad and satisfactory basis, VIII
the rental of land present to be equal to what it
was in l5l4namely, 3aloooooL The rent of houses in
| 1914 was l6 ,260, 0c0,.
In this passage the minister estimates the fall which
place value Of land that period is equal to
all the which has taken place from
which he assigns during the ~ years that have since
elapsed and his ordshp contemplaes similar effects from
his proposed bill. The London Standard that Sir
Robert Peel in contemplation of the operation Of his
BILL had given orders for the reduction Of rents all his
own per cent. The Bankers Circular. taking
this criterion for the general reduction in oil proper
ty, makes the following estimate of the reduction which
| will ensue from the bill -:
1914, annual rent Of land. fi0,oco eco
1870 to 1890, loss of 90 per cent by rise In the
| value OF money, S0U,0U
This 20 per cent represents capital invested
| in land at per cent. OF S860oo0OO
new bill. $4,000 900
1870 to Isao, similar operation in Ireland es.ooooo
ls2. do 90 oo'oooo"
Total Coos 900 900
This will be remembered, is the reduction in the va
ue of landed property only proporionae fall must take
place in all other property Breadstu6s butchers meet
cattle &c. being all to be admitted OF lower duties must
effect general decline in prices Now, while this pro-
cess Of reduction is going forward, 1t may be IN vain to
look for any great increase in the activity Of trede The
whole movement threaten continued sagnation
OF trade. and that ndsposion embark in enterprises
which always tends falling markets general roiuc
ton in the money prices of commodities is in England
an increase in the national debt to the
extent For instance, the average price of wheat for
years from 1891 to is4o SOS. I'D per quarter or in
round numbers SIS. The interest f3ooco OCo on the
national debt; at ihis rate would buy 16sl3
OF wheat, Under the bill Of Sir Robert Peel is &C.
aicd tina. the average price Of wheat per quarter will
be 50s AT this rate the annual interest will be
900 quarters being actual gain to the rec evers
Of the nteres, Of 736s5 quarters I7se 400 bushels
IT, then consider, is annually the case that ons
busle Of wheat Is the result OF the labor OF man for
DIV the capitalists under the bill would receive from
each individual in the United Kingdom, half Of one
davis labor As ohse. to this they required pay
per cent tax the income they receive This amounts