The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-05-30

or both loans exceeded the amount offered BY about
81 900 0Oo The loans are now selling freely at II per
premium for the State u cent Tor the city Az
the that this operation was carried on the
Federal Government failed to procure any part oil the
20 500 600 offered The reason that the State and
city officers after having fortified the credit by sautary
measures avoided stock jobber and directly to the
people The federal government the other hand in
moment of the utmost pressure and dscred and before
adopting any regular system of finance, authorised the
Secretary go into the market and sell their dapdaed
stock obbers the best terms he could He
advertised his loan the specified time and the result was
that some half dozen houses in New York and Boston
foreign agents and Others dubbed makng John
Ward Co the agent for them all and offered 95 for the
United states per cent condition that they should
have the privilege of the balance the whole s 800 OOO
This the Secretary could do They then concluded
that they could by delay him into their terms He
talked Of sending agent England and received sign
dcant hints that none but agent appointed by them
could succeed twas then understood that the Secretary
would return to Washington to devise other
OF raising the money to repaid of the proceeds of
the loan when Congress by adopting udicous
nue. BILL should enable him to dispose of at par When
this was rumored the brokers went to the Secretary with
uiimatum which 9s for the stock with the priv
egc of the balance. This not accepted but they
agreed to advance the Secretary of money, the
fixed to be drawn for he may want it up to
July ls the negotiation Of the loan to depend upon fu
ure contingencies. These transactions have developed
great feature of the market which is that moneycd
exceedingly trust third parties with the
management of their property The disastrous results of
large proportion of banking and company speculatons
dishonest officers fraudulent issues of stock, and the thou
sand and rogueries of the day have taught people
caution and they choose possible invest their money
directly themselves Hence the deposite with houses
Investment very small compared with what they used
to be- If brokers take the stock their account
sell again. they do only for large per cenage which
be saved to the and people by making the
department do its business Suppose the first offer of
the brokers, 49, had been accepted 1t would have been
positive loss Of 5000 900 the government whereas
Congress puts the finances of the country just and
equabe footing that the public will be WINGED that
not only the present loan will be promptly taken Of
but farther loans future deficiencies will be
quired, the Secretary would have difficulty in getting
what he wants in the did the Comptrol
lers Of New York.
To raise and restore the confidence of the peo
pie in the justice and stability ofhe government the first
great requisite TO retain the and then
adjust the tariff the single view ofobainng the greatest
amount of revenue from it, Both of these may not
yield Efficient for the wants of the government If the
protective policy is INDUCED however the smallest
extent the welfare of the country will be eopardzed.
Yet at such critical moment manufacturers do not hest
tate the most preposterous claims protection
The sugar planters of Louisiana held meeting the 18th
ns at Donaldsonve for the purpose of soliciting Con-
gress prevent the importation of foreign sugar. order
that their individual trade might be benefited and they
boldly ask to have the trade with the West Indies
South America destroyed, in order give Louisiana the
monopoly Of the sugar trade in the United States In order
show the of the trade which these people desire
to break up, have compiled table Of the imports and
exports of each article and from the leading points
1899. That year, Of the bank imitation in the
United States, of unusually large imports and
small exports as follows:-
IMPORTS EXPORTS THE WEST INDIES AND
SourH AMERICA, FOR THREE YEARS.