The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-08-13

the pockets OF those who monopolse the supplies
The CRY has bean raised this year, hoss
interested In limited supplies And impossible to get up
such story with the slightest prospect OF making
rent The harvess nearly and most of the grain
crops secured The Of the yield 10 yet not
known, but an abundance 10 ensured beyond q doubt
The DOWNFALL Of the old banking system. in the Western
States has done improve the arkes for the prn
cpa productions Of that section the country than any
thing else that could have happened. The farmer finds
demand for all he produce at fair prices He does not
receive much money for his crops but what he does
ceve will 60 fart towards obtaining the OF
life than during the existence Of very inflated currency
If he gets only six shilling bushel for his wheat instead
Of eight ten he H. in fact better OF than when he
ceived old prices, under the old STEM The producer
consequently receives benefit under restricted
currency, when low prices prevail than during the exs.
tence Of expansion in any department of trade and the
fluctuations that prevail under the influence Of that sys
tenn The state Of prices ID governed by three great
causes supply demand and the condition of the curren.
cy of the country Those who the tariff question as
their basis for every assertion they may make in regard
10 trade and very apt attribute every be-
left to the influence Of the present act and every evil to
the existence Of an opposite policy the part Of
the government The tarf according the statements
OF the friends OF that act has been the prime
abundant Of cotton and grain that have been pro-
duced this year The tariff been the cause of the i'm
mense importaons Of foreign manufactures and on the
principle advocated by those who attribute every good to
this act the higher the average duty enforced larger
Interpretations The tariff has raised the price Of WOOL
but has nothing to do with the reduced price Of wheat
hour, pork beef ETC., etc The tariff has, according
to the oraces Of the party favorable 10 this act been
the only cause Of the present prosperity Of the coun
try All other causes dwinde into insgnincancs com
pared with this mighty engine of good, unnxed with
evil is fortunate for the party protesting these princ
PIES that the real elements producing the present pros
peryof the country happeno be in favorable condition
otherwise the tariff act would be inert and powerless
also very fortunate for that party the Of presden
campaign that their assertions appear very plausible
and doubt believed by those who all that ema
nate from that source for granted An examination into the
subject will lead to different result No can deny but
that the tariff has certain influence the Of
trade and also on prices II is also true that prices are in
many instances advanced and in others diminished by
the influence of this act But would like to know
how far this act would extend the prosperity the coun
try unless the currency were in condition to help it
along. This is the prime of commerce. without
which every other element would be poweress II s the
restrictions placed upon the paper issues Of the
banks spread over the country that exerts such won
derfu control over prices The banking operations Of
former times would ruin tine country any other period
Could we have paid for the immense Of
SO and 49, when the balance Of trade against us ranged
from twenty to sixty millions Of dollars annually had II
not been for the immense debts contracted by our State
Governmental The imporatons ofthose years were paid
for principally in certificates of State stock the holders of
which, at this moment consider Of little value. The
heavy importaons in those years produced by an
inflated currency The contraction Of the immense State
debts was brought about by the influence great srecu
iatons The abundance of paper money afoat engender
ed the idea that there could not possibly be contraction
Inc OF the currency advanced prices in this
country not only for all productions but for all
foreign manufactures brought to shores Prices be-
ing SO much higher here than abroad in
Europe carried on "a livery profitable business sending
to this country all the goods they could out notw
standing our high tariff at that ime which ranged nearly
as high that in existence The OF that
time can be attributed to the tariff just as well as those OF
the present time can be attributed the present one
One had Just about as much to do with the operations Of
the time as the other The first and only of the
great specuations that ragged SO high in 1884 s. and
was the inflated stste of the currency This led to he
contraction Of the State debt ind to the
immense mportations which resulted in the expectation
OF large amounts the suspension OF specie nav
ments, general bankruptcy Of States and individuals
The present prosperity arises principally from the state
Of affairs being completely the Of what was in
former years. We have q very restricted banking
system, our currency is now brought up to = specie
Standard andiprces range very low The present favor
able times can only last long sustain the
order things Any expansion banks as the preya
lence OF any great speculative excitement must destroy
the power under which thriving and bring into
existence causes that will produce effect precisely
similar to that experienced few years SINCE The non
sense promulgated by party papers about the tariff is in
tended solely for the manufacture capital Let
the banks expand their discount lines and throw into the
market their paper issues, without regard the amount
and it would require forty tariff acts just like the present
to prevent Revision hat would spread desolation and
ruin throughout the land The annexed small table con-
tans the to those who doubt the correctness of
these statements:
BANK MOVEMENTS IN 1896 1874.
1896. 1874 Tncrense Dsc..n..
Loans.. 4l5,309l9l 207,277 1876 208 032 ocs
Circulation 28'ioi3s8 55sss7S2 '"''.ve 72nss2e
Deposits. 10i,529156 68,9377gO 355oI aS
general prosperity that exists in every section Of the
country