The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-01-05

sslsame cause.-The cupdity Of capitalists, coupedwith
the recklessness of competitive banking establishments
the government lending its countenance rather than i'm
posing check to their Like the banks Of
theUnited States those OF her Msestys
sessions have become the victims Of their own improv
dence Greedy Spectators have In many instances, no
doubt, escaped the general wreck. They have retired
upon their acquired gains some to the parent country
some to the agreeable cities continent there to
the remainder Of their lives in luxury and ostentaon
but the honest coonist is made beggar. In England
doings attempted similar to those which have had
fatal an operation in the United States and New South
Wales and great is the partial ruin with which they
attended Witness the games that have been play and
still playing by the banks and speculative capitalists
of Lancashire and their consequences but here in Eng
land fortunately for the country effects have succeeded
causes with 80 much rapidy, that the system has
poded almost at its outset and hence, in great measure
the reason that commercial agitation already going off
| for a time into another direction"
1.-The banks afforded such facility of discount that
many traded above their of meeting their liabilities
The consequences are dreadful. All involved in
common ruin. The farmers are compelled TO sell wheat
at 2is the quarter and maize lbs My farms produce
at such prices, will not pay the rental My practice Of
which can command as much as please is OF no SER
vice to me- have, for the last twelve months received
about 60 No one can or will pay In this whole dis
trict OF there are not ten solvent landhold.
ers and ofthose sold of by the sheriff not has paid
one shilling in the pound You say the tariff has ruined
the English farmer having reduced the value of beast
the seller really rich man, thought satisfactory prices
Of splendid fat oxen at f3 head Three previous
y he had purchased them, year DID, at fa los each :
saw farmer sold off a few days ago, when his
were knocked down at CAS- and his at As 3D. head
What can stand at such prices And what says Go
vernon Things must take their course the must
be masters and the masters This apathy is heart
less and unjustiabe because the settlers have not been
Spectators but handwriting men, and ruined by the
and grain pecuations Of the merchants and the 60
ternment combined Many all but desperate The
of injury is deeply felt by all And now to turn to
selves what are we about Your father once told me
that grandfather advised him to give proms-
sorry notes or bills Had not followed the pan
have been like many others but Notwithstanding where
the depression is universal here ALL innocent and
guilty, suffer and though have long withstood the
shock and always kept Of debt still am living my
vitals. My farm is awful drag my purse my pro-
fesson equally so my time. When and now these mat
ters will terminate none say"
The Message of Governor Porter of Pennsy lvania to
the Legislature of that State principally devoted the
important subject of public Indebtedness.
DEBT OF PENNSYLVANIA.
Permanent loan, at cent, 81, 9i6 944 80
loans al cent 81, 683 l89 80
" loan at ~ per cent, 200 600 90
Relief notes at per cent, 628 &c
at per cent l7l636 90
Arrears Of interest due loan hold
ers in August, 1912, and February and
August, 1919, at yer cent, 2,6l.6Ol So
10 O8t 00O an