The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-11

give them merericious character for specific purpose
ocourse very great advance has taken place. Since the
middle of April Ohio stocks have been forced up 20 per
cent in order assist the loan OF per cent created
in violation of State faith for which the proposals close
the 18TH The peneousnesso money has assisted the
efforts Of the agents. When the commissioners first s
peared in this market they issued circular stockhold-
ers which freely circulated One Of the sgsnts
deavored to purchase favorable remarks the tissue Of
absurdes and miscellaneous contained In that circular
This connected with the well known character Of the
express" will afford Glue to the psrnaeious and
scrupulous manner In which that print has plasered the
broken faith that State The general OF bus
ness and money affairs undoubtedly upward and conf
dence 80 fast returning that for season. least
will be purchased by those who know that their az
fairs unsound.
The abundance of money in Europe Is producing the
same Effects and thelae letters from Europe evidently
showed great meoration Of the i'll feeling against
American stocks Many purchases of New York stocks
have been made foreign account. The movement of
Illinois towards settlement and the presence of the gen.
temen lately gone and going out financial matters
will 60 far towards doing away with the notion that the
American people but will not pay. Those interest
ed in American stocks will discover that the only posi-
Bile way by which payment will ultimately be brought
about will be BY encouraging and assisting the people
out oftheir difficulties Commercial affairs fair
1y on an upward movement-prces the rise,
sequenty the ability Of people to pay taxes hourly
creasing fth is met by disposition the part Of
dtsrs to favor them the existing i'll feeling will materially
subside and the will to pay keep pace with the growing
ability. 1t is highly desirable, however, that new
loans should be made authorized The whole
Of the people should be directed to diminishing the pre-
sent Indebtedness by all and turning the best
account those works which the borrowed money
been expended. Where State shows reckless DISPOSE
ton to borrow and waste money all hazards and all
risks she should be frowned down. Ohio is the only
State in the Union that during the past year has resord
to the most desperate measures to procure money all
hazards During the of the greatest public pan
ic and depression Of credit she recklessy exposed her
stocks to sell for what they would bring alike re-
CARELESS of the national character tho honor the State,
the welfare Of the Ohio people the interest Of her
stockholders. Nothing at this moment her from de
the unusual Righteousness money Should
the Market is not impossible undergo sudden change
ruin would be unavoidable. In order give somo ndi
cation of the state of feeling in England in relation to
American debts we give the following letter and com.
ment contained in the London Bankers Circuar,-
AMERICAN DEBTS.
To THE EpIroR OF THE CIRCULAR BANxERs:-
sIH.l think you have scarcely answered my question
respecting the proposed assumption Of the State Debts
the United States' Government. perfectly aware Of
the immense real wealth existing in each American
States and was lot my intention 10 represent their diff
Hcutes and endorsements much greater than you
yourself represent them, than Mr. Everett the Ameri.
can Minis represents them merely wished to know
how such difficulties and ENTERTAINMENTS whether great
or SMALL are to be relieved by shifting them upon the &C.
not be Relieved nor be prevented from nerea.ins Unless
the monetary policy Of Jackson and Van Buren, is aban
doned To the best q my information that policy has al
ready than doubled the real value Of public
and private debt existing in the American Union; and If
the system should be perseyered in am led to believe
that all such debts will shortly he than quadrupcd
each State and each person being compelled pay
times much really aud justly due It is not likely
hor
BY time by clubbing together. They only be
eved by restoring paper system by applying gene
raj spunge by passing law directing each silver dol
lar the value in exchange two three or
four paper dollars las done in Austria and Russa either
and just than that swindng policy which now doubles
trebles and quadruples the value Of money, without
ducing debts and burdens correspondently.
No doubt the different States Of America perfectly
solvent hey could be permitted realize their respect
i've assets in honest money Of something near the same
permitted and the consequent depression of prices
to extend and to increase rather than to abste It
all personal property whatever and Judgment may
have been used in the selection of the securities in which
& IL invested The trustees of the Girard Fund lately
made report stating that the securities which they
had selected had fallen in price about half viz from
Democracy" of America certainly rivallng the Eng
lish aristocracy in their Of ruins and think
justified in saying that they are yet but lat the com
abolished than onehalf of their paper money Their
great revolution of l776 brought about the distress
money by the English Government; and it is not unlikely
that the monetary policy Of Jackson and Van Buren, II
persev in may shortly produce similar result.
perceive that General Jackson still urges them to
vere gravely assuring them that when all their paper
money gone they will hnd plenty of gold and dv in
its place In my judgment they will be lucky indeed
they catch than silver dollar for every
paper dollars!
am, Sir,
Your obedient servant.
AN ENQUIRER.
Our friendly correspondent has sent another letter
the subject Of the American Stocks, which willing
ly insert. We perfectly agree with the ExPresident
Jackson that the Americans will have plenty gold and
silver in exchange for their surplus productions however
low those productions may fall in price; and that with
the very low level Of prices which correspondent
contempates they will be ablet retain it, merchant
who would be allowed be Of the highest suthor
ties the subject told that the Of imports
exports of the precious metals into the United States
would this year be millions sterling. II the spirit
Of General Jackson continues to govern the councils Of
the Republic for years. the people will take very
few goods from Engand but will send plenty of their pro-
ducts heres and within yearspossbly within two
we shall witness wrestc on the stage of political
nomy between the young giant and the old giant which
will make the rm frame Of the poor old fellow shake in
every breSir Robert Peel and his principles remain
ing dominant in England
Sales mt the stock nxchanss.
Ts IL