The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-29
MONEY MARKET.
Sunday, May ass p. M.

Weshave received the following, on subject which is
oil vast importance to the national credit
Ep,roR OF New YoRK HrRALD:-
Can you inform me of the manner in which the State
OF Illinois intends to raise money to pay the interest on
her which is now becoming increased, should the
pro loan be taken, and what measures has she taken
to ale her to the confidence of bond holders Asthe
e of the State have refused to be taxed according TO
Dir own statement. presume the money wherewith
resources PhUDENTIA.
May ~, 1913.
The accumulated interest on the bonds subscribed to
the new oan will be paid out of the first receipts oil Inc
canahen its completion The interest the non sub
scribng canal bonds will be paid after which the prin
cpal Of the subscribed canal bonds Then the canal re-
verts to the State The the canal bona
holders enjoy u.s. that, under the new law, according
the opinion of Chancellor Kent those that subscribe
the loan will have full aud perfect possession Oh INC
canal and its property until their claims are
The other creditors of the State will have no o'ner
benefit than the enhanc Of the Stateo pay
All the indebted States OF the Union winch nave Dc
delinquent are agricultural their interests and
the cause of their failure has been grounded the want
Of some market of sufficient extent to absorb the pro-
ducts of their industry remuneratng prices The
mova of the cause is the surest way curing the evil of
debt Happily, after thousand paper projects Of as
SUMPTION of banks and what not the true remedy in the
proposed project of national reciprocity in commercial
intercourse to point the way not only to ndepen
dence from debt but to national prosperity the basis of
agricultural wealth. Since the close of the European
in 1885, the tendency of national intercourse has
been constantly to increasing libersy. At that PERIOD
the first deviation from the navigation act of Great Bril-
tan which commenced under the protectorate, and
perfected under the 18th Charles H. chap 49, took place
The navigation act provided that merchandise Of
Asia, Africa America, should be imported into Eng
land except English ships and goods coming from Eu
rope in foregnshps, wereEsubect to high discrimna.
tingdues. TheUnited satesso after the Revolution,
passed awmilar in its provisions to the navigation
net. As the Unitedstates grew in importance it wac
found that the existence of these restrictions produc
tive Of harm to!both nations, instead of good.
In 1918. therefore, treaty formed by which the
ships Of England and the u States admitted in the
por of both countries upon the footing paying the
s'ameduties This in effect abandoning the resric
tive policy The remainder is all progressive from the
fame point In 1922, Mr. Wallace, of the Board of Trade
introduced five bills which effected important changes
the maratime policy of Great Britain, and immensely ex
tended the field of colonial allowing the colonies
to deal with any country in Europe, Africa America
These vements on the part Of England followed
upby notifications from Prussia that the notifications
made favor of the United States would be required to
be extended to them Other countries followed and
crroctvltreaties w ere concluded az follows -