The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-04-27

'ehcy, will assuredly suffer from the connection II Ia
r the interest of the people Of this country that our
rency should at all times be below in value and extent
that OF the nations with whom deal To obtain a
p"aheh' prosperity 1t is necessary that every restrc
'on Shoud be placed paper Issues The foregoing
oe does no. show very great difference in the Bank
movements Of Great Britain the United States al either
the periods The great difference lay in the extent
paper credits The extent of paper credits in this coun
trythrough 1885 and 90 enormous This with the
paper issues OF the banks that period inflated prices for
every species Of property and opened our markets the
whole world Had the tariff Of those years averaged fifty
per cent more than actually the manufactures Of
"rea' Britain the manufacturers of that country could
nave sent them out and realised fair profit An expan'
SION Oh paper issues this moment would annu the affect
oil the present tariff What the first of the
combination among the manufacturers OF Great Britain
to putdown the price of cotton in Liverpool II Just
what they stated. Their inability pay tie current prices
~ cotton at the time, consequence Of the lou price of their
manufactures The low price OF cotton manufactures in
Great Britain is undoubtedly by the low prces
here which, In return is caused by the improved state of
our currency. The immense imporations of 1885, were
produced principally by the manufacturers of Creat Br
% se"''hs OUT OH their own account, every piece OF
goods they could manufacture suitable for our
ihey were HOT ordered from this SIDE They flooded our
markets with all their surplus stocks and realised hand
10
s by the state of prices here Suppose the duty on
certain article manufactured in Manchester was one
hundred per cent and ar ce could be produced for
TWO cents yard there under specie currency, and
would sell Tor six here, under paper currency what
erect would the tariff have the export this country?
tariff reduced to the lowest point demanded nv
the most ultra free traders would more 10 keen ont TO-
reign manufactures from markets. provided the cur
rancy OF this country was par with other nations
h1nf hak ts,a-k
the circulating medium.
The movement going in the financial affairs of Great
Britain in relation to the reduction of the interest paid on
the National debt although similar to several that have
taken place before is creating considerable excitement
Inc amount on which the interest is to be reduced is
much larger than at any previous reduction The great
abundance OF money and the difficulty experienced in
procuring good investments for all the idle capital aaoa
compels many to submit quietly to the reduction who
osherwlse would withdraw their investments and find
other employment ori it, Was it not for this the dssen
'ients would be enormous They would reach an amount
much larger than the would be able to meet.
The Money Market has undoubtedly been prepared for
tins event or the has taken of The
times' TO make the reduction The total reduction will
DE oneha per cent equal to seventh of the interest
pad This act actually reduces the public debt
Of the principal which reduction of Interest is made
The amount on which 81 per interest is now paid is
O0oO one-seventh OF this of leaves ESQ 600 600
on which the government would have pay an ineres
OF three andahaf per cent 1t would be as just to the
holders OF the stock to reduce the principal and to reduce
the interest It is less than practical repudia
ton II true comes in homeopathic Doses but these
doses often repeated will rapidly reduce the National debt
or what is better for the people, reduce the interest We
annex table showing the previous reductions By
operations Of this description, the annual charge on
the public debt has previous occasions been essened
by the sum Of f2a55si6 per These transactions
look place in the years 1922 1885, $780, 1884, as ap
pears by the subjoned statements
RESULTS OF CONVERSIONS THE NATIONAL Drpr
Capital Ineye%