The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-20


che ppoporton also the shares of nearly all the
joint stock in the country To unravel the
mysteries of these decensions the talent Of host of
political nomists and scribbers has been engaged.
Some of them ascrbe IL to the failure of the potato
10 1915 which sent such mass OF treasure abroad to
twenty mllione, whilst others rate ut sixty STILL
there Is vast dhIere between the large sum
and the joint Losses already enumerated And again,
the then high price of wheat has been succeeded BY
low prices and still change for the better has taken
place in stocks. The revolutions the continent,
Ireland, can have nothing to do with 4, for these
events occurred since the fall II has also been urged
that undertakings OF various kinds have too
rapidly and acting this opinion, with the view Of
working favorable change, they have been stayed,
Deepen notwithstanding the constant cry Of sanguine
and interested parties that they at the werst and
nI. % Try the cast
slippery visage his eyes viii find no repese they will
ship downward, like those Of the jolly sailor, who
sayed to look the Jew sopseer in the face at Ports
mouth This is the gentleman who knows when
money is scsrce. and very properly knows how
run taer me ms and want lis help Ther. no law
compel such parties to sock his aid he only sells
them his gold, with the same liberty Of action that
corn merchant disHoses Of his grain and yet some Of
these fpscplstiDg dolts cry aosd for re enactment
Of the usury laws limit the rate of interest to five
cent to Of y. ,os
lS4b 1t is notorious that railway directors borrowed
aysy at thEse per cent to carry OFT projects in the
lay They never dreamed that the rate Of intesest
would rice, or that the capital they had borrowed
would be called to place where togrester advan
tage. SO long they coulS-borrow 1t this low rate,
all went swinmiDgly on, as they made the railways
principally with borrowed money calculating the difs-
renee OF interest a sure game. And no 1t long
as continued but the teginning of 1S46 the end
Of 1t, and then came the time for handing back tue
money they had borrowed, which they could only
place BY going into Lombard street. to the before
TONED unctuous gentleman and paying him 4, 8, or
per cent, according to his humor. The quection
Of questions now 10, what does q summary Of these
suggest Clearly, scarcity OF money ar1sipg
from large exports Of the precious METALS
on the successive failure OF the potato crops ThU
scarcity enhancing the value of money and conss-
ntIy it's interest These in their on
railway borrowers. the difference between past and
present claims of the money lender upon them dmi-
nsh and In some cases prevent any dividend being
paid But may be asked how does 1t arise that other
securities similarly affected? The sympathy ex-
lists from railway shareholders being compelled TO pay
up their calls and to meet them they sacrifice their
coDsols bank stock. IL IL thus, by the d.
rect snd indirect ramihcation Of these joint causes
that the preeent state Of things have been brought
about, and there 10 shadow Of doubt but they will
have TO adjust themselves to their position they
best may The railway system in England, has, 30 far,