The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-03
MONEY MARKET.

The sales at the Stock Board have not been large to
day. but rates have generally improved. Illinois 6s /;
Delaware Hudson 1; Long Island /; Mohawk per
cent New York State SIS Ii sales of bills ON Phadel.
phia par.
A proposition in the Philadelphia Legislature to levy
tax Of MILL in order raise tho 81 900 for
State purposes, was lost 43 to SO.
The loan bill appears has passed the House Of Repre-
sentstves The bill stands authorizes the loan
Of $l2O00,oo0 for twenty years. with the privilege Of
5000 900 il the President requires it, making $1,000.
900 to be put upon the market without the appropriation
of one dollar 10 let either principal interest. OF
such stock could be negotiated at any rea
sonsble and therefore the Secretary authorizedo
sell for whatever he get This runous step has
been taken against the express desire Of the President
to appropriate the Of the public lands to the
denpton Of the debt every motion to effect this was
crushed by the domination Of faction In the national
councils, and the credit of the United States and its
camille character may be considered eectuay damned
The government has prospect Of any revenue what
during the present year. and will go behind hand
TO the full amount Of its expenditures which will not be
less than sac 0O0 The present debt il $4,000 900,
which will be diminished by the absorption of the Trea
sury notes for the customs leaving the debt
at tho expiration Of the year
incurred least $50 900 oo0 bearing 600 annual
interest hen through the operation Of the tarthe
venue for the succeeding year raised the level
of expendures nothing will remain for the pay
the interest," the creation Of sinking fund; resort 10
borrowing will be the only alternative, and fesrfully
rapid accumulation of debt the inevitable resulta debt
too for which equivalent is to be received. This
prospect Of affairs will prevent the stock from being
Sold unless at very low prices In Europe cannot be
sold at ALL without specific pledge There il now
upon the market but little than 900 Of United
States stock, and the highest price offered for 90 or
10 per cent discount The stock put upon the
ket without pledge guarantee, will not bring if in
deed it could be sold at ell; but will suppose it
be sold at So In that case for issue Of 600
the people will receive $ls 900 at IN annual
charge Of 09eo00. This is giving bonus of So 400
600 for the money equal the land for two
years. according to the receipts of the last year. Now
the of the President simply that the
land shouldte pledged Of the pay.
men Of the interest the Loan 10 which the stock
could at be negotiated at par making clear saw
ing Of 400 900 to Treasury. There visible
means for the payment ofthe government interest," how
good the will may be- and amidst the universal dis
credit it is in vain to expect capitalists take such
risks The State Of New York wants money, and she
has taken the proper course to got -that it, to
vince lenders that she has not only the ability but the
will to pay. She has levied and pledged tax to met
her interest-her credit Is above suspicion, and
very far above that Of the federal government and y
the dscredt arising out Of the depreciation Of the United
States stocks may prevent her stock from rising States
Corporations and individuals in the remotest channels
of trade will feel the parsysng effect Of the disgrace
of the federal government 1t 10 impossible for the ira
veer the base to escape the avalanche that is thun.
dering from the summit Of the mountain.
The money wasted and thrown away out Of the Nation
al Treasury cannot be supplied by import duties the
that in the present low state Of the currency
here, any material increase in the tariff will becom
protective, and diminish the II will be with
the utmost skill in the adjustment Of the tariff with
view only to producing the greatest Of
that sufi ent be obtained to the most econo
mca scale of current expenditure and the late refusal
appropriate fund to meet the interest and princ
pal Of the loan created is the part of the Clay fac
ton unequvscal svowal Of the doctrine OF repudia
ton :. They have created debit and peremptorily re-
fuse to appropriate any thing to meet It, What can the
most ultra regulators do more than this His policy
is backed by the high tariff men, whose desire 10 to
squander money in order that the tariff may be raised
but in this they defeat their object because when
the becomes really deficient, it becomes indis
pensable encourage the greatest import of foreign
goods at the highest duty If the duties are So
high to become protective, they be reduced in
order that the may be increased and the line
between the protective and duty Auctuates with
the currency. The people at large suffer both ways
they must pay the revenue tax and the duty is proec
tive they must pay exorbitsnt prices to home manuac
turers In this country the Of manufactures
far outnumber the producers, and is the duty of re-
publican to egislste for the bene. of the
consumers The plea Of retaliation, il unwise inasmuch
as our people suffer more than foreign ers under
it; its operation was long ago thus described by
the i'm mortal DR. Franklin:~-
Suppose country with three manufactures az
cloth silk iron, supplying three other countries, A.
but DESTROYS Of increasing the rent and raising the
price Of CLOTH in favor Of her cothies ORDER to
do this she orbds the importation Of foreign cloths from
A. in return, forbids silks from X Then the silk
complain of decay oftrsde. And to content
them forbds silks from B. in return forbids iron ware
frem Y. Then the iron workers complain Of decay
and lorbds the importation Of iron from c. c. in re-
turn, orbids cloths from X What is got by all these
prohibitions' Answer-All four find their common
stock Of the eDjoymens and conveniences Of life dim
nished."
This deveopes the principle Of retaliation, which may
also b, illustrated by homely maxim. cutting off our
own to spite the face"
sales at the Stock Exchange.
an H.. n 4 IJ.l