The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-04-08

alter reimbursing the cost of production and all the
amounts paid here for State interest bank dividends &C.
will be dimnution of western capital to the same eS
tent.
This is of the greatest evils OF the credit system
1t entails upon the people an annual and certain
charge which must be paid at all times, whether they
earn or lose money farmer mortgages his land, bear
ing an interest say $780, and has good crop yielding
him profit of $500 for the year. he will not sensely feel
the mortgage if in the succeeding year. his crop fails
sells prices low to afford profit his capital
be diminished 500 to pay his interest and the bur
den becomes intoerabe. Precisely in this predcament
all the agricultural States this year. Prices through
s42 constantly falling. The capital they consumed
and the labor they paid the production opresen crops
far valuable than the crops now. Hence
there is profit and to pay taxes go of the State
foreign stockholders, is to drain the lblood of the
muny 1t deprves them to that extent Of the Of
prosecuting their industry the future and
not only mpovershes them now, but entails poverty
hem.
Wehave heretofore remark ed upon the great difference
which exists between debt owned within country hav
ing the interest payable its citizens and owned
abroad causing yearly expectation OF the produce of in
dustry for which received In England
we illustrated former 1son the debt being owned
at home hiss, lapse of % years the divided
England into two classes viz the rich tax receivers and
the poor tax payers The fact developes itself in the high
prices of stocks and funded property and the ow prices
of all products of industry The industrious tax payers
have in the period above alluded earned and paid to
the stockholders 81 1900 600 OOO equato all the
mated value Of property in England. The consequence
is that all the property in the hands Of 297 900 stock
holders and the nobility, whose ability to the
products of their industry has not increased at ALL
the other hand the of the people, although they
work much, get less pay and their ability to
the products of their industry has decreased until they
at the point of starvation This is the of the
stagnaon of trade and low prices.
Ireland presents another phase Of the effects Of the
same cause II is 80 years since the union.
During all that time, the wealthy landholders have
residue in England, and f4OOOOO0 per annum of
taxes has been levied in Ireland and carried England
The absentee rents mortgages, and insurance paid by
Ireland to England stated in parliamentary paper
at 900 900 per annum The average derived
from Ireland has been f3 sos 0O0 This is 1908 OOO
in round numbers $50 OO0 earned by the hard indus
try Of the poor Irish and wrung from them by blood
thirsty ogarchy in England pay the soldiers that
force Il robberies and the debt contracted to pay the
penses Ct hanging those glorious Of Ireland who for
feted their lives rather than the oppression
In this way Ireland has earned 900 oOO which has
been robbed from them and spent in England. Is it any
wonder that Ireland is poor7 that her people starving
Of the finest soils of the wUrld' The constant
drain has prevented any accumulation of capital. The
labs of her people those of Sysphus and the credit
system the seve with which they dipping the
from their we'll