The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-08-07
MONEY MARKET.
Sunday, August Go p. NJ
The following is the dest OF Norfolk Va to the oath

amusing to observe the manner in which the alb.
surd charlatanry of Mr. Bddle in relation to the State
debts is laid open in various quarters The letter ITSELF
was illustration of the tact of Mr. Bidde in bringing
forward common place fact in artificial and dis.
cosred light to strike the superficial something
new. The Mcleod question: which q" controversy"
between New York ,and Great Britain, has hardly been
closed, in which the jurisdiction provided in the
Constitution OF the United States the State Of New
York, was never questioned doubted. The Maine
troversy involving the principle has occupied the
public mind for years. After all, this Nicholas Biddle
writes letter, in which he states that debt due by
State to foreign power is controversy, and can be
a3udicated in United States Court Immediately all
the wiseacres Of Wall street open their eyes and cape
the wonderful fact that the United States arbiraes
between State and foreign power. Now the simple
state Of the U.s. that foreign State holds any claim
orr debt against any of the United States can
do The second clause of the 10th section Of the LIST
article ef the Constitution, states 3
"No State SHALL without the consent of Congress, lay
any duty tonnage keep troops ships OF in time
Of enter into agreement compact with ano
Their State, or with foreign power, &c."
But Mr. Bdde claims that the foreign State may become
the purchaser Of individual claims and then State
By what principle of law the purchaser possess
greater rights than those which the seller possessed If
that should be admitted what authority would the United
States have over compact contract with foreign
power, not sanctioned by Congress under the above
clause
The late accounts from London show great album.
dance Of money Aletter from very eminent authority
remarks "money here is plenty that it may be had
Consos at thirty days Without interest This will give
you better idea the of the than thing
can say" The letter in relation to American
rifles states that although there disposition to sell
American stocks yet there yet to buy; but
the prevailing feeling seemed to be that the crisis here
passed, that commercial and financial affairs the
rise and that disposition to invest in the sound
stocks will return This feeling checked by the
in London Of who active in negotiating
paper for such rotten the North American
Trust Company If we turn to the state of affairs in the
interior OF the country and observe those indications
which point the state othe real wealth of the country
and the progress Of its development shall find that
the above conviction that the crisis here passed. well
founded. There is powerful opposition to the promul
CATION of this truth, however, and strangely enough
from those who have heretofore been the most anxious
sustain the values Of paper securities This arises from
political partizanshp. Since the utter dissolution OF the
late National Bank the whole policy of the country has
undergone change From high paper system, it has
returned to specie level in spite OF political parties
TIE party favorable TO pepper system has been in power
than two years. and in their despite, the revolution
has been onward. The currency has become purified,
the exchanges equalzed and the country is filing
with money, prices rising the -eneral welfare imprcv
jug and with the increased anl will OF the people
TO pay taxes the credit of the Sa,es will inevitably be
restored firm specie basis. This will deprive the
political hacks and their vile organs OF their last
card hence they are firm in opposing all further reform,
in order that present difficulties ray BIO the handle for
punderng the Treasury of the land End other
unprincpled party That the welfare Of the
whole Union advancing with steady strides evident
from facts ss indicated in the tolls OF the public works
The following are returns from different works in ali
sections ofthe country 1t must be borne In mind in
sdering these tolls that the rates have been generally
reduced sbout ~ per cents consequently the volume Of
produce to create actually of tolls must have
swollen immensely.