The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-27
MONEY MARkET.
Wednesday. Oct. 26--G u. N

The Board of Brokers presents the same nanimate ap
pearance Sales exceedingly small without much change
Ohio 6s, fell per cent BaXk Of Commerce. Illinois,
6s per cent.
We have repeatedly adverted the peculiar state of the
exchanges between this country and Europe more par
dculary with England. In 1885, after the currency of
Great Britain had recovered from the
by the revolution of 1880 in France the Bank of England
had near floO0Ooo, s5OooOO0O of specie in its
vaults AT that time the paper system in this country be-
gan to initiate and raise prices causing immense import
OF foreign goods into the United States an operation that
tended greatly assist the progress of manufactures in
England These goods than paid for by domes-
tic exports and the proceeds foans negotiated in Enga
causing of import of specie into this country
which was assisted by the gold bill 1884, and combna
ton OF circumstances. This operation reduced the bullion
Of the Bank seriously that she obliged restrict
the intercourse with this country notwithstanding
cession Of good harves in Great Britain. Subsequently
the harvest failed and then demand for for the
tinent completed the difficulties commenced by stock
contracts with this country The revulson thus brought
about has entirely changed the face affairs by destroying
the paper system in this country. The great evil which
attends failure of the harvest in England is the fact that
nothing but specie will purchase from abroad. The
value of cotton annually exported from this country TO
Great Britain greater than the largest paid for
corn in any and that cotton quite necessary
bread to sustain the manufacturing power of England
The largest proportion of is spun for the consumption of
English people the home market and without sufi-
cient and cheap supply the misery viii be produced
as brought about by the deficiency of the harvest As
long that supply could be obtained by sending goods to
this market in direct payment, or to the continent in ind
rect payment but little difficulty existed OF late years.
however, competition the continent has become so
strong that is with the utmost cuty the exchanges
can be equalized without paying anything there
American accounts particularly that the largo debts
due England from the pcnissuar powers, have, like
own not been paid. Recent in this country the
most prominent of which the reduction of the
currency to specie standard, and the enactment of
prohibition tariff, have gone great ways towards the
exclusion of English goods from this market on the
other hand the reduction Of duties gland and the
opening ofhe English ports to all produce coming from
Canada at low dutesas well the exceedingly low prices
Of all articles has to increase immensely the balance which
has always been in favor Of the United States in her inter
with Great Britain The Of this trade is
in the following table Of four leading articles inn
port into this country from Great Britain and the whole
imports of goods exclusive oil specie Also four leading
articles of domestic export and the whole of do
nestle exports, exclusive of specie =
Ir.r