The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-27

Total means $2665 66l Total Disbursements 444
This is from the report of the Canal Fund Commission.
ers and shows deficiency of in the regular
of last year to meet the interest which increased
for the coming year by being the interest the
bonds issued the year, the deficiency
will be s2sOls for the present year. Besides which,
there is due the contractors for work DONE and
according to estimates required finish the
Miami Canal Without this latter item, it is required to
raise for the present year to meet interest and
pay the contractors To effect this bill to borrow the
money has passed, above stated The annual charge
will be increased $4,000 making the deficit 1857 OO0-
This precisely what has been done in Indiana, Illinois,
Kontucky, Michigan and other States. 1t is virtual
reputation of the domestic debt because the liability
only put in another shape paid or likely to be- The
issue ofhe scrip will nure tine State credit-the refusal
would have destruyed The evil has been in dabbling
with banks and borrowing and putting off taxation until
the first no longer practicable and the latter impossible
in consequence of magnitude of the wanted The
fate Of Ohio sealed and Kentucky otters the prec
pice The new bank which she will now create is the
entering wedge to her ruin The desire avoid debts
the cause OF its creation It is in vain to complain of this
inclination 1t pervades alike not only every section o.,
this country but il rapidly spreading in Englsnd Even
in NJ York there memorials in circulation for stay
law" Thebligh is on the paper system which will de.
stroy it.
The vituperation ofthe English press against the
paying American States is clap trap. The writer
OF the Times is an employee of Barring Brothers. The
writer the Chronicle is employed by Morrison Sons
The sobermnded and intelligent portion of the English
people, depore the event feature of the age an nev
table consequence of the progress of the world and
sensible that England will soon follow The London
Spectator leading journal has openly proposed repuda
ton the plea precisely that of Mississippi and
Illinois, viz that they received the amount of the
md antho
what we received. The London writer says:
Twill any say it would be justice pay our debts
IN commodities valued by gold il gold were to become
in aS n
valuable both by force of the causes of which
selves are the authors"
Evidently without knowing understanding the mat.
ter this man has embodied advocated and recommended
the whole spirit Of American reputation. The Spectator,
however not only would repudate the debt
but Guy Fawkes like, applies the match to the whole
fabric not only odebs but of all property Guy Fawkss
might be supposed to know the effects of exploding gun.
powder but this talks of altering the standard EVIL
IDENTIFY with the smallest idea of its effect He saws Il is
the only rei!i from taxation. His argument is based
upon the assumptions that the relative value of the pre
cous metals to other articles is changed-hat gold has
become scarce and that altering the names of coins will
increase their quantities
This matter entirely distinct from the relative values
lsh writer to think them identical The evil in
England not that gold is in relation to other
results labor but that too great quantity of the results
of labor taken in the shape of money from the many
and given to the few creditors Of the Government II il
were, he supposes altering the legal name Of piece of
gold would increase its quantity in the smallest degree
As of permanent relief Is utterly illusory-
The English sovereign weighs l2s} grains of god si6s
housandths fne That say such quantity gold
called sovereign pound, for convenience of tale All
debts payable in pounds rather than So
grains ounces Of gold. The English government owes
its stockholders annually Gao lbs Troy
Of go el6s l0O0ths fine. The proposition reduce the
standard per to deduct 207 lbs of gold from what
is due its creditors IT still pays them but call,
IL grains gold 6, instead OF 1913 isd grains. This is
downright robbery "a sneaking, "thimble rigging" OK
pedient and Of the worst description because enables
all private debtors TO cheat their creditors the same
way Whereas the United States plan simply TO stop
payments and let private people do they desire They
DO not require all citizens become rogues in order 10
Keep the government in countenance The measure is II
usory because the quantity of metals increased one
gram by it, and the receipts the must be in
the same light coin, end the in no wav M
minshed There is probably Goo 100000 due England
from all sources Reduce the standard 10 nor Of and COZ
900 900 OF this debt will have been annihate i;ors
of people ruined, and no benefit whatever deriv od
except repudiating 10 per cent of the national deb h
this sacrifice for small object WHY not a.
We will 60 into this matter at length 10 NOR
row, and illustrate its effects.
Corn Trade.