The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-22

The confirmation of the India news, involving a proba.
BILE heavy expenditure of blood and treasure, is likely to
have a great influence upon the money market. The
following is from the Bankers Circular of the LIST April
on this subject =
" Our motive is to warn those who are much con-
cerned in public securities that great additional expen-
ss, to a much larger amount than has ever yet been
CONTEMPLATED, must be incurred by both the British gov
eminent and the East India Company. The disastrous
news brought by the Indian mail shows clearly that our
charm which held the people in subjection, and made
surrounding kingdoms afraid to stir in hostility against
us, is in danger Of passing away and we need no other
ny receive intelligence Of asssssinations, dangers and
difficulties, six days earlier than their rulers living in
the same place. This indicates secret correspondence
and, we fear, combination throughout India. Therefore
we say that nothing less than a considerable army to be
sent from the sheres OF England can reinstate our Indian
Empire in security, and restore the majesty ofthe British
authority
This confirms the views we have taken heretofore on
the subject. In fact the operations in afghan may be
looked upon as the skirmishing of the outposts of Eng
land and Russia, rather than q mere Indian war. This
state of things, although it ensures peace in this country
holds out but little chance of renewed trade in England,
The stock market here was much more buoy ant to-
day, and prices rose. New York SIS, redeem able in ls45,
sold at 30, a rise of 8 per cent within a week. Illinois
rose Bank of America . Long Island Mohawk
1; Harlem Paterson / Cantons
The new government loan has been put upon the mar.
ket, and probably the nature Of the bids will be known
in a few days The agents of foreign houses, in connec-
ton with bondholders,a are more intent upon getting pay
ment for old stock, than embarking in new. No capital
is coming here from Europe for investment, and the
disastrous losses and stsgnation Of trade have been such
as to prevent much accumulation of capital for the last
few years on this side Of the Atlantic.
The Erie Rail Road has made an assignment of its eE-
fects to James Bowen, President; Miller, Chief Engineer,
Seymour, assistant do. Dir. Peter Cooper and Alderman
Campbell, to avoid judgments maturing against the com.
pany to alargs amount. The road lately obtained an ex-
tension Of its charter for two years, but now the State
will Of course sell it out at once. We apprehend many
of the stockholders might be held for the debts of the
concern.
The new movement of Sir Robert Peel, in regard to
the revenue of Great Britain, is one Of vast Importance
in many points of view, more particularly as it evinces
in a strong and practical light, the declining state ofth
| prosperity Of the British empire. To illustrate this, we
shall adduce such infallible proofs as arc to be furnished
by the actual taxation, receipts and expenditures Of thu
kingdom. The revenue Of England has hitherto been
derived almost altogether from taxes upon articles o.
| general con sumption, while the chief expenditure has
| been on account ofthe public debt, which is three fnhs
of the whole expenditure. Now If, during a given pc
riod of time, the rate of duties levied upon articles of con
sump,ion. remains the same, the proceeds Of those duties
will depend upon two elements, viz the change in the
number ofthe population, and the ability of that popula
| ton to consume the taxed articles. 1.-THE population re.
mains stationary, and the general wealth increases in a
regular distributive proportion, the power to consume
will be increased, and Of course the amount of taxes
Again, If the population increases, and the distributive
proportion of wealth remains the same, the revenue will
also be increased but if, as is the fact, the population in.
cresses, and the same duties yield a less aggregate sum
then one Of two things is sure to have taken place. viz -
the aggregate wealth or income of the population has
become diminished, or il may have increased in the hands
ofafew, while the condition Of the mass has deteriora
ted. That this last is the true state ofthe case, we shall
endeavor to show, and also that 1t Is the inevitable re
! suit Of the peper system.