The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-28
MONEY MARKET


lucky 6's III Canton !; Mohawk, /; Long Island Il Pa
terson, IL per cent; Stonington t.
Atthe.sew Board sales were large and at a decline in
rates to greater extent than at the other Board pacu
larly Ohio which offered at TOT decline Of u per
cent
Mobile Funds are heavy at 25 per cent.
The ship Independence, arrived this day from Liver
roo has on board $500 soyeregns.
At New Orleans real estate amounting to $l23650 the
property of Thomas Banks, bankrupt was sold at
ton.
In the Pennay lvania Legislature, bill to authorize the
issue of certificates of stock with interest in payment OF
the interest which fell due upon the FIRST OF February,
passed final reading 49, nays IS.
In the Ohio Legislature the Senate Bill to complete the
Miami Extension, passed the House 40 to go
In the Kentucky Legislature bill to exempt property
from execution the place of the valuation law which
lost passed by vote % The bill is prospec
tive in It's operation only
We yesterday made some mention OF proposition in the
London Spectator repudae per cent of the National
debt Britain by reducing the standard of gold
IOper cent. The operation of reducing the value of
standard coin only temp in Its effect It simply
annhilaes existing obligations the extent to which the
reduction takes place. does not alter in the smallest de-
gree the relative value of gold silver other results
of labor. The proposer of this swndlng operation
sumes the relative value of the sterling has altered
since debts contracted. That that gold has
become relatively dear. This is not true-On the con-
trary public stocks and will command in England
larger weight of gold than in 1915 The average of
wheat per quarter for years ending in 1892 $685.
for years ending in 1913, Cos. All manufactures have
diminished in value because gold has increased in
value the constant demand of esq per
annum be paid stockholders and placemen,
deprived the people of the ability goods
The demand for this purpose yearly essened particular
" in years scarcity To ascrbe this to changein the
value of gold absurdty. The value Of gold is al
ways changing That is, 1881 grains of gold is always
called sterling but the quantity of which those
1881 grains of gold will purchase alters from day day.
No matter by what the gold is called legally what
it will command in the market is regulated by the laws
of trade That the relative value of gold ncreaseso
dimnishes from century to century, according to the
supply of consequence any except the
holders Of perpetual stocks and of long leases which
incompatible with free institutions. What is called the
standard OF value mere matter OF convenience 1891
grains of gold of certain fnaness called pound. The
government stamp upon it is only guarantee that that
piece of gold is of the specific weight Abolish this
the Courier" proposes, and every weigh his
gold in the smallest transaction without producing
any different result from what is the Coming
fixing the government stamp upon pieces of required
weight led the transaction of all business those
pieces Instead of drawing note for S3s grains of gold
the note drawn for fOO because that the legal
for 1888 grains o! gold After ALL contracts drawn
in this form for the government To soy that the
sovereign pound grains instead of 1913 grains
of god is vilainous robbery of all creditors Yet
this what leading London paper proposes to the great
admiration of the " New York Courier" and "Ameri.
cans
The proposition is 1t of the Oldest
frauds of the oldest tyrants. Under servius Tuus the
Roman As. contained one pound of good copper end
gradually reduced half for the benefit Of deb
tors public and private The coins of ell ages and all
countries have been gradually reduced for the express
purpose of enabling princes and people to cheat their
creditors out of their just In England under Edward
I pound of standard silver coined into COS it is
now coined into shlings. The legal name shilling
which used to express certain weight, appedto
one third the silver which it formerly represented. The
Troy pound was introduced into the English mint
Henry sh In the latter part ofh reign and that Of
Edward 6 the public creditors cheated by reduc
ton of the CON- Since Bloody Mary, material change
has taken place because under William and Mary the dis
covery paper system obviaed the necessity Instead
officiating creditors by reducing the the titled thieves
had only issue paper This paper money increased
from 1876 from 900 to f94 500 Of paper
money aoa and the funded debt increased fs64 $40
The taxes have increased from f to Esq
per annum. The of the people impoverished
2s stockholders have engrossed all the wealth
of the country felt to be impossible that these taxes
can any longer be paid Hence the renewed proposition
| to reduce the standard.
The operation now is, however, very different from
what formerly The vastly extended paper credits
in all of the world are based upon pounds sterling,
at 1891 grains Reducing that standard will not only
date the debt but destroy and trade in all its
branches and ruin all engaged in it. The proposition is
reduction of IOper cent Totrace The operation more
easily however we will call per cent Gt may well
be one as the other 5oper cent Of all outstanding Gre
dts government and private, would be annihilated The
effect would be first instance the bankruptcy of the
Bank of England. Her position was as follows at the Ia
test dates -
Circulation. 1923O,000 Securities, 2o,560 900
Deposits, o,063000 Bullion, l0,33o,oOO
ss2esoeo 3O,89O, 900
As soon as the propretors of this bullion became aware
xalue be increased they would Immediate