The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-06
The yearly comparison is as follows =


This gives increase fnearly Is per cent in the vol
Bank currency this period that Of last
year. This has produced the very low rates of inter 1
being "a to 81 per cent for the best commercial paper
further ofthe ulang medium may be brought
about by the payment of the approaching dividends A.
the same time there an in the demand
for money for accommodation but the money market pre-
sents the anomaly that the gut of money and low rate of
interest has for the first time failed in giving rise specu
aons having any visible effect the value of commo
dtes scarcely be doubted that the existing state
ofthe circulation, and the position of the Bank, furnish
rreragable evidence that the profits production have
declined that there is sufficient inducemen for the
investment of capital at the low rate to which the
value of money has declined.
The abundance Of money is not confined to London only
perceive that in Paris the Of discount Bonds de
Tresor has fallen to cent which has seldom
been low before At Hamburg and Amsterdam the rate
of interest is very low Many failures continue occur
growing mostly out of the great fall in bread stu We
notice the soppage of Roberts of Manchester He
indebted to the Bank of Manchester $4,000 Also Luz
biensk Co. of snzic Of the largest dealers
ofthe Baltic. Their liabilities amount to 100000
The papers are mostly taken up with the late United
States tariff law, and unanimous in its condemnation.
London paper announces as follows -
"There is thus every temptation offered TO culaon
not to induce revival of trades but the nature of the
American tariff which is almost prohibtory oour
turning confidence in producers and makes the ap
pearance of the autumn trade very cheerless."
Another takes the following view
But things stand present it will only have the e
feet ofpreventng any revival ofhc direct trade with New
York; as the Western States will undoubtedly find il
profitable to take their future supplies Of goods from
gin pay against risk OF capture by the from
tier Custom officers Instead of doubling the revenue
they calculate, doubt whether they will obtain any
increase the last years returns in consequence Of
this iIjudged augmentation Of duties"
Notwithstanding the abundance of money, there was
actually no improvement in the state of American credit
The London Globe, however, states as follows
1--WE may expect that the commercial prosperity
of America will revive and exercise favorable influence
in this country. Although very important improve.
has yet shown ITSELF YET there is better feeling in
some OF the American stocks which is feature Of
siderable Importance to large portion of country
NEIL"
It's very probable, that after Lord Ashburton shall
have arrived and from personal knowledge have put
the matter of State and Government credit in proper
point of view before the large capitalists seeking in
vestment that much Of the discredt will be removed
great deal ofthe opposition heretofore manifested against
the stock ofthe Federal Government has arisen from de-
SIRE by making it participant in dscred attending State
defacaons to compel it to do something to assist them.
Lord Ashburton can however explain the utter mposs
blty of such event. No matter into what form the
present debt may be converted is after all debt due by
the people, and must be paid by taxation in some
FORM The shortest and cheapest way to do for each
Staieto tax its citizens for its debts. If the fede
raj government was in high credit with revenue equal
to its expenditures and could borrow money in the mar
kets of the world might with effect extend help
ing hand to some Of the delinquent States Hence
the foreign capitalists in their blind clamor against all
American credits the very object they endeavor to
gain Money is undoubtedly very abundant in the Lon
don market; much so, that large sums are lying idle
which cannot find employment even at the low rate of
per cent is therefore reasonable to suppose that the
present small sums wanted by the United States will be
privately and speedily taken up by the wealthy
tons of the special minister An undoubed security at
@ per cent when money is worth but two is tcmpta-
ton that might pretty strong preudces The
taking Of the loan would extend temporary relief to
government and have great influence in starting
camille affairs from the sluggish condition into which
they have fallen but do not look upon renewal Of
this country thing by any desirable
II might assist in bringing Congress to
view of the commercial intercourse between the
countries and induce ameloraton Of the present
destructive tariff
The from abroad was looked upon in a favorable
light but produced immediate effects upon the stock
change The sales were possible smaller than usual
without any definite change in prices
The State of Michigan, when it became State, created
loan for 100000 OF this $4,000 was held by the Uni
ted States and s340 900 by ndivIduahe interest on
this has been paid by the State recently in State scrip
worth cents the dollar that an individual claim
ing 500 interest would get but $50 This tho bona
de debt ofthe State for which il got full equivalent
The board brokers have acted upon the case
of Beorman Johnston Co. and the report Of that board
we hereto annex. First, however would remark on
the statement put forth by Boo Co. and by some
considered as valid for their conduct, viz that
the Board OF had no jurisdiction in the matter 1t
is Unknown that the stock purchased for Boorman
Of Little Co.. and the transaction recorded the books
o,he board In such 1t is not customary with the
brokers to any written conIac-the record on the
books is considered sufficient Messrs Boorman u Co.
however wrote contracts themselves in their own Of
fee, of which the followinw is copy
Nrw YoRx, Oct. o2d 1880.
We have purchased Of Messrs. Jacob Little 4 Co. two
hundred of Kentucky Bank stock seventy per
cent deliverable and payable in 90 days from this date
with interest the rate Of six cent per annum, the
dividend the purchaser One hundred shares Of which