The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-07-22

From 1874 20 1910 over I60H0pO 600 was created, ana
the paper money increased 400 per cent
By thus constantly increasing the amount OF money
saoa the government abed to borrow any sums
wished Prices of all commodities proportions con-
sequenty all parties apparently getting rich The
paper money borrowed by government stock was
partly paid out again for munitions of and partly re
mitted in gold to the continent The actual operation
therefore, to give government stock for munitions
Of war. When the ceased aud commercial inter.
course with foreign nations vas Ieumcd, the demand
for warke ceased and government ceased to Dor
became necessary, there to restore the cur.
rency To do would occasion a fall in prices which
TALL in prices really and truly part Of the war
penses. In order to carry the prices were art
fcially raised which asggie that could not last and
the inevitable reduction part of the expense in
a new form. In 1919 the restoration Of the currency
became inevitable and was effected by Peels act
gradually. The bank commenced paying part Of ito
notes in February 1890 and completed the
May ,ls2l. il this simple act of return ng to honesty
lad fulfilling the promises borne upon the face Of the
paper money, that has since bsen so much rsvcd, be-
cause the fall in prices occasioned by powerfully
vulsed the srisocracy and the landed interests Lord
John Russell in a late speech spoke as follows -
"An important change occurred in 1910, which really
effected the price Of corn The attempt to keep up the
price CT entirely failed for Right Hen pa.
rop.t in 1872 introduced change in the currency, and
the standard ofvalue 1t il remarkable opss
the ct during the five before and Ave years after
1870.
Ii 1915 the price was. ...............1s s
ion ........'..'....' .....' Dos.
1918 ............ .S0s.
lei9. ......... ..IAs
Thus 1870. great differences in the price had
been produced but the Of the I've yeats was Sos
Oh per quarter. What was the in the five years io
lowing ls2o1
III ls2l the price was 80. DOS
leS........ ........... .44S
20 $3.50 '.'''.'.'' 1880 ''oss'
Iox9.. ........ ....... 49,. DOS
ls95.... -. ACKNOWLEDGEMENT s,
Giving average OF SIS Sd instead OF the former ave-
rage OF sos % That average 1870 to 1913 does not
much differ from average from 1880 to lsiU 1t
not therefore any alteration in the corn that had
produced the alteration Of price, bu the alteration In the
monetary ., stem"
This very significant, comiss from leading member
Of Parliament The INK notes in fact part of the
debt and he ascribes to the pay men Of that
debt all the subsequent difficulties of Government. Ali
son. in the History Of Europe VOL g. pago 1885, speaking
Of Mr.. Huskisson remarks
HE ,,renu'uily advocated the return to ms.llc
had been made in the reduction Of the pubic debt con
acted during The pdp, ones and the result been that
the nation has been anen'iy disabled from paying
OBJ and the fell 10 the money OF all property to the
extent Of third, produced Of dscontent
overthrow the old constitution ofthe Empire"
This extract from Alison worthy Of no other notice
than expressive Of the IDEAS Of the arts ocratc clique
OF which he is the mouthpece. The malevolence is.
hor'lce, anu oSnoncsty usp ayeu IN MS romance mas
called history have already earned for the con empt
it merits scott's publication Of the" Life Of Napoleon,
in similar vein nearly ruined gigantic reputation.
To show the practice working OF these erepuo
sh the following letter Of the member from Birmng'
ham, which we find in circular to bankers;-
"B,RMrNaHAM, llth June, 1872
"My DS.n sra-I recois CT well the speech OF OCon.
nell AT the Tbached House Tavern in 1883; but there
two other points which you have not alluded to in your
.t Circuar and which at this juncure might be full
far Won TO publish. He not only said what you report,
In, he sso made Of exactly the following words
which hav. publicly quoted both in Paramen and
ou He said Upon my honor. gent lemas. do
sc;sntosly believe, that three oihs OF the miseries OF
NV unhappy country are oec.sionsd solely by that
cursed Bill namely Peers Bill ~ 1912 He then added,
can well briieve that IL the AM rican oods had
b,en allow ed to be cut down. without every being
compelled to use golden the American woods would
nave remained in their primmvai state to this day.
After these declarations, fully expected to have had
his support the House of Commons but never obtain
ed To the best Of my recollection, he opened
lis mouth upon the Subject eroep 10 dprecae m Discus
sion The Catholics Of Ireland and the Radicals Of Eng
IAN have always deprecated Its discussions nn the late
William Cobbet in explaining his conduct to me in this
respect made Of the following words tell you Att.
wood, that out Of this nete misery, we shall pluck the
Hover Liberty You would support the Bank the
Church. the Arsocracy, the d. the Government and
the whole OF this Now let me nv
way, and wiH pull them all dopn 10 the rsry ground to
mOfroDl'
;whs singular and fatal combination Of parties hes