The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-21
MARKET.

o'clock, will be sent out for delivery at 9, l and o'clock.
ALEX. NJ. GRElG, Agent.
MONEY MARKET.
Wednesday,, April 2O-6 p. M.
Sales at the Stock Board to-day were to a fair extent,
and prices improved generally, although the market
closed heavily. Illinois 6 per cents rose l I Indiana
SIS Delaware and Hudson Mohawk ! Harlem /;
New York State SIS, 1862, 81 per cent Long Island de.
clined /.
The Ontario Bank will pay on Monday, the ID day of
May next, a semi-annual dividend Of s per cent. East
ern stockholders will receive payment at theMechanics'
Bank in this city.
Under the law requiring the OhioCanal Fund Commits
sioners to borrow 81 800, COCOON State stocks at par, books
were opened at Cincinnati, Columbus, Canton and
Cleveland, but not a. single bid was received at either
place. The Commissioner in attendance at Canton Of
fered to take Chillicothe and Franklin Bank of Colum.
bus paper, but no offers were made even for that.
Thesale of the Ithaca and Oswegoand the Catskill and
Canajoharie rail roads, which was to have taken place
yesterday at Albany, has boen postponed by the comp.
troller to the Goth of May.
The Secretary Of the United States has advertised for
proposals of So, 100000 Of the new loan, in sums not less
than $500, reimbursable after 20 years from Jan. ls4s, to
be paid in three instalnents, viz. 18th May, LIST June,
LIST July.
sale Of teas took place to day-the prices obtained
were good and the bids display I'd some animati N.
There seems to be in the general state of CO, mercial
affairs a feverishness and sxeitability m subjects that are
ofthemselves of no moment, that indicate an un healthy
state Of the public mind. 1t is true that eV ents I re now
in train calculated to restore gradually and v. ~ so WY
q sound state of business, but the difficulties ar. by no
means passed over, and the utmost caution 10 requ site to
prevent falling into the disastrous errors that mark d the
year 1889. 1t is true that our foreign commercial debts
are pale, that apart of the. suspended district has return
ed to honesty, that the crops are abundant, and that the
country is full Of goods at exceedingly low prices. All
these are elements Of better. times, but on the other hand
a large proportion Of the suspended district are yet to
encounter the ordeal of specie payments. Six States,
have become bankrupt and have taken no steps towards
redeeming their honor. The federal government is
obliged to becomea borrower, and iii gets the money
it is no sign Of permanent prosperity. Our great staple,
Cotton, continues to fall in prices, and there is no imme-
diate prospect Of a reaction. These are difficulties which
require great skill and caution 10 meet, more especially
Is New York alone has shown any disposition to pay its
debts. As we have first stated, the elements exist,
which, With the exercise of honesty and economy, will
reconstruct our commercial prosperity. The fears of a
war are happily at rest for the present. There 10 a dis.
position abroad, however, to refer everything of good or
evil which threatens us TO the disposition Of England to.
wards this country. The Journal of Commerce, for in.
stance, has got into one Of its Z" land no !" fevers, and
seemingly for no other reason than that Lord Ashburton
was seen to smile. 1t states that but $4,000 900 will be
wanted by the Treasury, when official documents show
tuht o u e suH VI eONcIu uch iduiAItAc .
ready dishonored. It would fain have the public believe
that It is surcharged with important information, calcu-
lated to make " bonds rise,n and with the sagacity Of an
elderly matron to her assembled grand children it re.
marks -
"Bu. events which have lately occurred, some of them
known to all the world, and others not yet public, make
it certain in our humble judgment, that the worst Is now
passed, and that the time OF steady prosperity has Gomez
This ia certainly very conclusive why farmers should
get higher prices for their produce :;lbut the most anu.
sing are the following reasons why our difficulties are
over -
"His Lord,hip's frank and manly bearing, his simpli.
city Of manners, and his familiarity with all the ques-
tons of the day, convince all who meet him, that he has
come here to carry out no little policy"
Now we a~pprehend that neither the prosperity nor the
adversely, the hostility or the friendship of II, OOO, 900 OF
people, depends upon the smiles Or the frowns Of any
single man, although he may se that wonderful thing a
Lord. That gentleman is sent here to dol his masters
bidding, from whom he received a coronst fer his SER
vices; and the idea held out that the condition ofthe
American people depends upon his kindly eondesend.
ing to enquire about the business he was sent here to
transact, is idle in the extreme. What if the London
Times and other papers should trumpet through England
that better times were at hand that business is to increase
and wages improve, because Mr.. Everett, the American
Minister, was "gooi natursdl" The evil which these
statements do is that they attract public attention from
the real points ofdifhculty, and prevent the application
OF the energies Of the people to the proper object. The
discredt and financial embarrassment which overhaug
the country, arises solely from the misconduct OF Con-
gress and the State Legislatures. They contracted debts
and refused 70 pay them; instead Of levying taxes they
aredevising means 10 borrow a little more money
When overwhelmed with discredit, arising from this
cause the people are told that Lord Ashburton is afable.
As contract to this folly, let Us look at the State Of
New York. Last fall her credit sank rapidly in com.
mon with all others, becauselher financial policy was.
the same, viz. to borrow and squanaer as much as DOS.
sible, Her 9 per cent stock fell to rs. The democratic
party then levied ajax ofone tenth of one per ct the stock
Immediately began to improve, and to day ssld at ssl. a
rise of 1871 per cent. This single fact is sufficient to show
that our credit aud prosperity depends entirely upon our
own conduct and not upon the good will of any foreign
stockjobber. This fact is beginning to be discovered bv
those houses abroad fromwhom the pro POSITION 10 assume
the state debts first emanated. Their views are now
changed as may be seen IN the following circular of
Barring Brothers to their correspondents in this country.
In American Stocks we can report, within the last
month, considerable speculative purchases Of Pennsyl.
vania 5 per cent stock at from ~ to 40 per cent: the price
is now so. Some trihing amounts OF New York State
SIS have been sold at ~ per cent. Ohio 6s have been
down IS low as 81 per cent-the last price was 6s. In.
diana SIS. % per cent. But in all, except Pennsylvania,
the transactions have been very limited, and we cannot
advise any restoration OF general confidence in United
States securities. Future opinion will now be infuen'
ced by what may have been done in Congress before
the close Of its session, towards the re-establishment of
the credit ofthe fedora government, and Of order in its
finances, and by the course adopted by the various State
Legislatures before the close Of their sittings. II their
acts be consistent with justice and good policy, in pro.
vi1ing the means for the regular payment of the inter.
est on their debts, and restricting the creation Of further
loans, confidence in their stocks will be gradually re.
stored, ard the States will themselves, ere long. resp the
benefit which must arise from the re establishment OF