The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-14
MONEY MARKET.

tuesday, Dec. 1916 r. Nj.
The business at the board has een moderate this
ing and prices generally Ohio SIS gave way
per cent; Mohawk /; Harlem rose /.
The agency of the celebrated Southern Life and Trust
Company has taken moonlight itting7 and retired to
the swamps Of Florida where all claimants are notified to
make application
The Auburn and Rochester Railroad have declared
dividend Of per cent payable the Sd January the
Bank of the State Of New York in this city, and also
the Office of the company, at Canandaigua on the Sd
January.
We yesterday made extracts from the message of
the Governor Of Indiana in relation to the affairs Of that
state The treasury notes. state SCRIP which form part
of the currency of that atehe states follows in rela
ton to them
n the year the legislature for the purpose of pay.
ing contractors the public works authorized
ofeasury notes to the amount of 81 The notes
lormea very considerable part OF our circulation and
passed at par until abeu7 months SINCE when they
denly deprecated in value between forty and per cent
At that time there were 81 of these notes in
circulation and The immediate effect not only leave
In the hands OF the community circulating medium that
answered but few of the purposes of money but also
equa 10 clear loss to the people, by this sudden depre
citation, of nearly half million OF dollars"
He then recommends that these notes should not be
reissued when received into the state treasury.
Every many of our citizens indebted to the state in
various ways and on account of various funds and after
looking over the whole grounds and viewing the embar
easements to which must be until the
ry notes are all redeemed by the state better
plan than make them for all state dues as far
as it can be DONE the will not receive money of
her own creation for her Dues she ought
not 10 ask the people to give that credit as circulating
medium which she refuses to accord to it."
memorial ofthe citizens Cincinnati has been ad dres.
sed to the Legislature of that state relation to the
rency OF the state After setting forth the evils they suffer
from the vile issues Of the banks they propose enforce
ment OF the laws viz to collect the of the state
in gold and silver instead of taking the promises of
Citations and for the taxes due the state receive nothing
but constitutional money. They remark as follows -
The total of the state annually will be about
one million of dollars. And if this sum- in metallic
MEDIUM could be circulated throughout the state would
not only suffice for the payment Of taxes and tolls but
perform least onehird OF the entire functions of our
currency for you'd be at least that proportion of the
total amount OF the circulation. It would exempt that
proportion Of the industry and commerce of the state from
the fuctuaton and loss which have hitherto wasted the
wealth and blasted the hopes of the people 1t would give
stability to property and confidence labor. would
restrain the expansion of banks without diminishing the
The collection of the revenue of the state in gold and
for inasmuch the promissory note of The farmer
chdc is not receivable for public dues neither should be
that of the banker"
These propositions are ably supported by facts and
guments They then demand that banking should be
allowed to expire with the charter of the banks sus
tanning their demand by strong array of facts and able
arguments This is the true 1t is undoubted
fact that large majority of the people of this country
are opposed to banking, and yet banking imposed upon
them by the activity of few bankers through the pas
sveness of the people 1t is undoubted fact that in
this country, the active party il is small al
ways attain their Objects because they not systemat
cally opposed This lis in the fact that hand
full Of manufacturers succeeded in imposing upon the
country runous tariff, under which commerce. trade,
agriculture and the revenue all perishng, They
had a constant stimulus in their pecuniary benefit
which sustained their exertions So it is with bankers
and Spectators These chgues always prey upon the
of the people, and always will do So until the
people arouse themselves, and firmly determine
allow of any law which coners any exclusive privileges
upon any set of men, pretence whatever If the
Ohio people persevere the movement they have made
that State, at least will be free from aristocratIc op
preston.
In order to show the state of trade between the United
States and the kingdom of Great Britain in relation the
purchases Of American produce by her. and the proper
ton of her manufactures taken by the United States in
payment we have compiled the following table, showing
the quantities and value Of cotton exported from Great
Britain in ten years. the proportion sent to the United
States, and the quantity OF cotton imported from the
United States for the manufacture of those goods