The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-07
MONEY MARKET.



Wall street to-day. The former gentleman commenced
his business it'll the North American Trust and Banking
Company, but spprehend he will find il tangled
skein. Mr.. Ricardo, and all those who hope to reach
State credit through federal interference will lose their
time and labor They will find that sovereign and indie
pendent States this continent although allied for
ual welfare and defence, will suffer neither dctation
coercion from ~ quarter whatever The only way for
those gentlemen to procure payment for them to show
by ndubitable evidence that their claims bona fde
and legally contracted according the laws of the
States where they originated. When those facts
tabshcd to the satisfaction of the people who called
upon pay they will pay of heirown accord but until
their judgments convinced this head all tins and
trouble will be lost The people have been shaved oil
sorts ways Among the traditions of Wall street is
that Western Commissioner placed certain quantity O.
bonds in the hands Of Wall house sell
mission These sent abroad and disposed Of at
price, and the commissioner settled with another,
the difference $32 000 remaining with the broker. Now
this may DO said to be first transaction--nay
prime operation, and very lucrative; but whether the
people should consent to pay for II not, "he wise
may make some dram Of scrupe, indeed scrupe it.
self"
The New York American excellent authority on such
matters that defacaon to the extent of 100000
has been discovered in the accounts Of Jas s. schermer
horn Secretary OF the Ocean Insurance Company of this
city The capital OF the company S350o00. 1t is far
Their stated that Mr. s. has been Secretary ofthc Company
for many years. and possessed its unbounded confidence
OF course credit operations take place without
Gdence.
AT the stock board this morning the sales were very
small. but prices generally better. Indiana bonds
Il Delaware and Hudson d Illinois 6's !. New York
State 5is J; Harlem /; Cantoni
The runner Of the Long Island Bank had his pocket
picked this morning in Wall street. of book
So, 900 in cash.
The Bank of Baltimore has declared half yearly divi
dend Of three per cent.
The Reading and Philadelphia railroad is proving emf
nenty successful The receipts during the last month for
passengers and freight merchandise is stated to have
been but little less than $4,000.
The banks of Lancaster county Pennsyv ania consist
ing Of the Lancaster Bank the Farmers Bank the Coun
ty Bank and the Columbia Bank and Bridge Company
the representatives of which, in convention, at Lam
caster Wednesday last June LIST. resolv ed unanimously
to resume specie payment, all their liabilities, the
LIST of September next.
When in article Of Wednesday last, pointed out
the extent to which smuggling would probably counter
act the object sought to be obtained by the imposition of
protective duties did not expect to receive
guments from the other side of the conrmatory of
those views. The great speech Of Sir Robert Peel in
support Of his BILL delivered in the House of Com
May TO- contains most mastery exposition of the
practical bearing OF high duties. The candor and fair
with which he has endeavored objections and
his obvious desire sink all party feeling and party
uation in the consideration of vitality important social
question: with universal appreciation and completely
dsarmed the carping cavilers who live move and
have their being fault finding On this side the wa
ter his Agca deductions and luminous exposons have
been assa!ed by vena press the employ of interested
parties with wholesale vituperaton and abuse
The high tariff advocates based their claims for that
which they think protection upon the high duties Of
England and to find the ministry coming voluntari-
ly forward and largely reducing those duties upon the
plea Of necessity, to have filed them with vexa-
ton. II their only cloak and republican Anne
RIGA stands alone before the world the ate for op
pressvc taxation. while the old monarches Of Europe
find impossible any longer to perss. in them We will
here quote from the speech Of Sir Robert Peel para
graph showing the practical operation othe high duties in
certain articles ::
allude to the reduction of duties articles Of foreign
manufacture say those high duties mere delusion
They don't constitute protection for the home manuac
ture he entirely hourshng support indepen.
IDENTIFY of those duties. The check ~ the smugger and
it amere deuson to tell the home manufacturer that
foreign article if he Is robbed of protection by in
PRODUCTION of the article in illicit manner Just
let read to the houseor this is important in order 10
uneasy feeling from the mind Of the home
ufacurera bona fde letter from smuggler 10 laugh-
large and very extensive smuggler. want 10 give you
conclusive proof Of the poweressness protective
duties to keep foreign goods out Of the market This
letter of course addressed TO laugher but guar
antee TO be bona ide letter. addressed by Of large
and capital regular intercourse with this greet
city az O smuggler. II is dated December 1911 After
Offering his services the goods from certain port he
adds -
~ am also able to forward to YOU every week blondes
and aces mean articles manufactured at Lille Arras
Caen Chanty, &c.) at very low premium, by the ind
rect channel Qaugher) The goods would be delivered
IN London the same week of the reception here BY
and dscrecf individual my always free los
ses ana damages, or would not them Here follow
the prices At which might at present undertake the pas
sage 80
Per cent
blondes by pieces, according 10 value o
. Blonde wells according to value 9 or 81
Laces lille dto), 2 or al
silk gloves, II ~ ~
Kid gloves, 10 40 "a
And generally. all silk goods gros de Naples sa,in.
gros des hides gros de Paris jewery &c. for which
ces prices would be TO be determined but errto;niv
great deal under your custom House dutics-
Now, certainly could there be a lucid exposto,,
that you not comforting benefit the domestic man
ufacturer OF this country by imposing duties on the
foreign manufactures which be avoided7 IL IL moi
clear that 1t would be beneficial the domestic
manufacturer that he should know the OF the com
petition which he ssubectedthat he should be aware
OF H. and not be subjected to an Illicit competition
against which he can take precautions1
These are facts which Il is dcu, dodge" Let the
American manufacturer having obtained his protective