The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-03-28
Other leans,
$4,47l.s65
I 40 AIT
Total Is banks,
I" population Of Ohio

One person out of SOC got loan from the banks yet
every individual in the State required to loan his Ia
Dor and property to the Bank its promssory note used
instead of money and for this the people taxed
1884 900 per What unspealKable blessing are
bank facilities!
The Illinois papers affect to rejoice greatly the
late decision of the United States Court in relation the
stay laws of that State that decision admits the
prospective operations of the law legal They seem
to forget that erewarned iorearmed and that people
will not voluntarily trust in State where the law gives
them no protection in enforcing their claim. The posi-
tion of the Illinois case is as follows -
On the 10th of February, ls4l the Legislature of ILL
nois passed law which forbid the sale of any real estate
in that State, except under certain specified conditions
one of which was that the property to be sold should first
be subectedto apprasement unless twothrds of
such appraisement should be bid for the property could
not be sod This feature in the law of lsl has render
ed nearly ell sales of real in Illinois impossible
Owing to the scarcity ofmoney and the consequent small
number of bidders hundreds of creditors thus
dsterred from receiving their just and equitable dues
since the passage Of that law The above alluded
to, of Arthur Bronson Esq j. H. Kensie was taken
up to the Supreme Court of the United States upon
certificate sof division in opinion between the District
and Circuit Judge The question presented to the SUI
preme Court was this:-
Whether notfhe laD of 1884, as applied to the mort.
gage Of 1885, is Is not rspugnant to that provision
the Constitution of the United States hich declares that
no State can pass laws .imparng the obligation Of
tracts.
After full and patient examination of the matter,
Chief Justice fancy delivered the following the OPT
MON of all the Judges except Judge Mclean
st That the decree in the should direct the pre-
misses TO be sold public auction to the highest bidder
without any rcrard whatever to the law of Illinois, pass
ed February 10th. ls4l which gives the right of redemp
ton to the mertgager for twelve months and to the udg
ment creditor for fifteen months.
10 dacr dsrorf cola of kbo
gagged premises without being first valued by three dsn
erested househoders and without requiring twohirds
OF the amount of the said valuation to be bid
to the law Of February >, 1s4l.
The only operation of the stay laws they cont
nue. in force will he to destroy real estate security for
loans. The law now known and understood is always
taken into view In making loans II is Of such nature
that no money can he loaned with security The const
tuition Of the United states wisely provides that creditors
should net be trspped into loans and then have their
claims cut off By State Legislation.
In article OF January 10TH we entered at length into
the nature and position OF the public debts Of this
try showing from the experience of all nations that no
country ever contracted large foreign debt and MAN.
tanned its solveacy Neither can large domestic debt
be sustained for any length Of time, without producing
the most runous effects This has become manifest in
the present position of England. The enormous tax
levied upon and paid to stockholders and
placemen, has produced the inevitable Notwithstanding
enhancing
The money Of hecountry has accumulated in the hands
Of the few whose powers of consumption are not thereby
increased, while the powers of the mass to consume 10
diminished by the heavy taxes they pay undholders
The result have statedthat production out runs
consumption, and the money prices Of goods fall ruin
ously.
The difference between the official value of British
exports, which il xed and the declared value which h
real gives the comparative money value Of goods the
product Of labor in 1916 and 1885,
1910. ........ E342 07,253 As Ao42lS
1889. e2,lo7,sas ,soe
Increase. .......... 579eo,645 4,l4667s
The real value in $780, to give the money value
labor shoud have been fla2 aoe ooO-showing depre-
citation of e725s5 sixty per cent The wealth of the
moned class has increased in the proportion the
labor of the working classes has decreased in money
value All tho surplus of the latter have been given
TO the former. The ability of tho few rich to consume
goods has not increased with their growing wealth.
the ability of the laborers to consume has decreased
Hence although the supply of goods has increased the
quantity consumed has not kept pace with it, and lie.
cline in money value is the result which still further
enhances the wealth of the stockholders Take one art
Gle bar iren in illustration n 1916 the price ELL
per ton The who then received ELI, o0s dividend
from the government could buy e00 TONS The price
now f6 and the same individual may get $50 tons.
In relation to this view of affairs, the London Bankers'
Circular has the following
In the table of British imports there an increasein
some cases smalof the quantity taken for consumption
in the year ls42 in all these commodities viz living ami
mails, bacon, bark. coffee, wheat oats cochineal
indigo, gloves, hams hides molasses oils seeds silk
spices tea. tobacco. turpentine. and cotton wool Some
of these would seem to indicate diminished power
Of consumption among the people, snch for example
coffee tea and tobaccohe decline in the consumption
Of is not onetwentieth part We shsud glad TO
receive this Of evidence Of continued strength
n n ha Cd
sgantt the staggering facts of the aarmngy great fall
ing of in the consumption Of butchers meat bread &C
recently submitted to Parliament.
The events and circumstances Of the present year will
develope curious and interesting disclosures usra
tive Of the condition Of the people n is estimated by
who give great attention to such subjects thathe
amount OF money annually paid for labor in the United
Kingdom is less by forty millions sterling than in
the year 1916 The property tax Of that the previous
year was levied upon income of f75 600 000 IL said
that the income upon which the newproperty tax is
leviablein the narrower range Of its operation, which
includes no income under ESQ ycar-exceeds f2lo,
100000 This would prove that property has been
mulang for thirty by encroachng the rights Of
labor If this be So is fact which goes far towards
accounting the distress of the workmen and the stag
OF retail business all parts Of the country
is II true, state of things which demands the imme-
diate interpretation of the Government.
From the nature othe pressure here indicated the mid
land iron district getting into very deporabe state
Many hands will be thrown out of employ ment, not
ron IN in the iron masters to continue to
an inability to pay for labor Our decided opinion is that
is case Of such danger to claim from the Govern
mentresf by an issue of Exchequer Bills They have
been applied to do though not from the ron-nssters
themselves and they will incur great responsibility if
they do not comply
1000 100 So 2a:S amere. $50 81
1900 do 6siS 20 Mutual Ins IocI
I ssS g. "~ ss Miss'! s;1. sn. g.,
5000 One bond6s e. 20 Canton 2OH