The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-22
S2,C07,9Oi
81 sO9,sl4

We have recently had occasion to remark on the great
reduction which has taken place in the price of provisions
in England during the past year, consequent upon the
melioraton of the tariff under the movement of Sir Ro'
bert Peel The effect Of the reduced tariff has been not to
cause very large imports of foreign produce but has
been to fix point beyond which prices cannot advance
without inducing imports about 30 per cent lower than
the same effect produced under the old law. If the
produce OF all nations admitted into Great Britain
the same footing, that Of the United States would
doubtedly sustain competition from the increased
stimulus which steady market would give to the indus
try oil the continent The regulations in relation Ca
NADIA undoubtedly give decided advantage now to the
United States The future polly of England under her
present rulers is however, decided to be to make conce
sionsn the duties, by special commercial treaties the
produce of such nations only as reciprecate by re-
auctions British goods The present policy Of Europe
as cvinced by all the tariffs of last year. restrictive
That policy has been gradually formed by the long con
tinued beral policy of Great Britain. In the United
States the high tariff of last year did not grow cut of any
reierenceto the policy OF any foreign government but
was the result of the ascendancy of political party
which always avowed protective policy. Great Britain
has new been forced by overwroug protection towards
fcee trade She finds herself trammelcd on all sides by
opposing tariffs and means to make her sary
auctions an instrument in reducing those tariffs by nego
powers to negotiate commercial treaties ON this basis
and have failed because the course Of those
was taken, and could not be suddenly altered.
IN the United States he other hand, the high tariff
party are already on the The greatest and ables
statesmen that suppore6t have avowed the importance
to this country of treaty which will allow Great Britain
to take the surplus products and az
rcultural districts and pay for them in the Of
their industry at reciprocal rates of duty treaty of
v1h onok,,r Grc<~ IL
give to this country ascendansy over Europe in all
future time in supplying the British Islands with provs
IONS During the wars Of Napoleon, the New Englsnd
States grew rich by monopelzng the carrying trade of
Europe During the commercial of the present day
the United States by rst concluding peace and entering
into amcable treaties, will to herself
advantages, while they will form the bulwsrk Of the
English paper system. reciprocal trade created be-
tween the two countries by which England will
mand the ilmitabe productions Of the fertile West
feed her citizens who will them byher manufactur.
ing industry will forever prevent those disastrous sud-
den demands for gold to buy corn which, during last
ten years. three times brought England to the verge
ofbankruptcy The reduction in the prices of food in
England consequ upon steady and large supply from
this country will ensure the supremacy of British man.
uactures 10 those mark where they disadvanta
geously encounter European fabrics
The landed and banking interests of England are Sc
riousy alarmed at the progress of Sir Robert Peels
measures The grounds fer these fears embodied in
the following extract from the London Bankers crcu.
lar:
have respecting the effects Of pushing out money
well as for its own interest," that at the foreign wool
has gone of at from to I'd per pound advance which
is rise Of something more then 10 per cent in price
port the stoPpage Of two Country Banks viz Measrs
Clarke Mitchell, Philips Co OF Leicester and Messrs
Inaersole Goddard Co. Of Market Marlborough both in
There be little doubt any quar-.
ter of the debts Of the first being paid in full We should
hope there Would be considerable surplus. We have
statement respecting the sars prospects Of
the other. Messrs, Clarke, Mitchell Co. issued
Saturday last the following notice % In consequence Of
sudden pressure caused by the malicious which
have been indusrously circulated, has become
cessary tina. temporary suspension of the business of
Il is bank should take place The public may salts
fed that no individual can sustain any loss and that
nence resulting from the step Of az short duration
possible. Saturday April 22d, ls42" The reports Of
the stoppage Of other Banks not true
We have said that these soppsges in part to be
ascrbed to the and that is the pressure
on the farmers and graziers and the apprehension
best understood il describe portion Of the
of business of such Banks. Ia the autumn when the
spare money portion of which they habit, deposit
in the Banks interest. Then the Banks full Of
don in ascounting guaranteed bills others leave it with
their agents here for what interest they get Messrs
InkersOle Goddard
the hands of Messrs Esdae Co. when they stopped in
January 1887 The spring and then the grazers
draw out their from the Bank: to buy lean
stock and many Of them require loans addition to
BILE them employ their land most advantageousy then
weak bankers also want assistance to furnish them with
the means OF working their trade vigorously and pros
perously. The London Banker the agent, is applied
to for this assistance and long matters 60 well and
no cloud is in the horizon, il 10 freely rendered.
OF course the London Bankers know that Sir Peels
Tariff and Cornlaw and the fall oil prices have rendered
the grszers and agricultural Of banks more
an Thev from
letting their money go into the ordinary channel and
when the spring arrives and the graziers want accom-
mediation, they cannot get the weaker liberal
and extended banks stop These incidents very pain.
full on account of the suffering they bring to those mme-
bors but symptom of coming times and events in
the pursuits Of agriculture they ought to be regarded as
among the numerous manifestations Of evil which we
know must be produced by Sir r. Pees policy
When an old and vicious government policy is from
necessity abandoned, it cannot be otherwise than tina.
those who have been benefited by the system at the
pense of the masses, must suffer affairs return
That banks and their dependents fail under
a fall Of prices, by which the OF the people
benefited is matter of regret II is evidence that
those institutions have lived in corruption, and Aourished
upon oppression. It is for that very that com
mercial reform is the loudly called for. How very
depraved must be the public mind when leading jour
nal with the full knowledge that largo portion of th'
cz of England in a starving condition, oppose
the measures Of minister calculated to relieve their sui
ferngs, the ground that it bankers to fail!
the United States $6OOOOOOo Of bank capital has aile'
during the year prices have been reduced and real
wealth increased prodgiousy at money prices 30 low
that Boston sends cotton goods Liverpool The price
OF England must be reduced in corresponding Hcgres
and will be reduced by the effect OF the increasing
supply from the United States That failures to grsa
extent will take place under the operation, must nev
tably be the case with every explosion. part of
pressure upon the masses will be removed 1t
that with every fall in the money prices Of industry, tn
burden o the English debt will be increased but it
also true that will be counteracted to the extern
by the improved condition of the people. For instance