The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-07-26
CON N ERCIAL.
Nav YoRK, July rs, 1900. D

NEw YoRK, July rs, 1900, D. M.
Among indications OF prosperity resulting from the
policy adopted in the administration OF President Polk
gratifying than lhe activity Of the book trade
The efficient mode Of dhusins information among The
masses Of the people is by hbeia policy
urng To every worker larger share Of what he produces
enable purchase books for the improvement OF his
mind La this pec the doubeiaced, Russian policy OF
the proectonss is apparent They clamor Tor free land
and denounce markets Tor its produce They advocate
diffusion knowledge, seek by protective laws. 10 de-
prve labor OF the OF attaining it Nevertheless, ,he
trade OF the last -four years has, ny dhusing
profits among those who produce wealth, created de
books, and these safeguard against the
schemes Of the protectonisls The demand Tor BOOKS
caused by the ability Of farmers and workers 10 buy 'he
establishes national literature without aid from pro
Thus under the protective system some years
since, works OF such writers as Washington Irving,
&c would scarcely SELL and he sought the English market
In tho last two years. Mr. Geo. Putnam has published
standard edition Of those works. and they have paid me
author in the last year 900 his share Of the
profits This is something like national literature The
fact shows that when good American books are written,
and the property Of the country is not confined TO lew
pitass by protective laws, there is difficulty Ia the
sale Dr. Mayos work, KalooIah, another instance OF
in this line appears, however, that that author
has press work OF surprising interest |; 10 OF a
higher grade, and If possible attractive in It's general
style plot than Kalooah. II Is Of SO high character
that has been seized upon by Beniy Of London, TO
test rights publishers under the English law Thus
Benty, Murray and other large houses have purchased
American copyrights, from time to time but II has
lately decided in OF the lower that noiwit
standing such right, other London bookseller has
right repubish the American editions OF the works
In of decision there al present perfect
Of republication in London Murrays copyrights OF
sill Irvngs works being pirated by others Under
these The large houses about the
question thoroughly and for the purpose have DR. Mayos
work in press which will also be published shortly by
Putnam here Should the higher decide that the
purchase Of copyright from author protects the pnr-
chaser against republication OF foreign editions, damages
will be very heavy against those who have incurred the
risk. The English msrke, for books will be unm
portan compared with that OF the United States, where
of authors all Others lies in gene
raj diffusion Of the products OF industry possible, in
order that there may be greater number of the buyers OF
books That protective system which seeks make oper
alves the dependents capital and the creatures OF
Legislation, condemning them perpetual poverty,
definitely deprves them of the Of instruction When
inspect system Of instruction pacsed by the
desposms OF Europe, particularly struck with the
fact they the models of that system daily
camored by the potectonsts here having the Tribune
for their In France the imperial decree OF lsO
esabs he'd the French University, and dependent pri
schools secondary schools royal colleges and academ
schools These under the direction OF the minister
Of public instruction, and $4,000 900 francs per
The result Of forty years operation OF this system was that
81 persons, 6655 600 could neither read
write O91 900 could read, but write 7O0O,OOO more
could read and write imperecy leaving but tour out OF
thirty four millions with above common school education
An able writer this subject remarks This system
enables tho mnirter paronize certain authors and
booksellers, who generally bride influential member
council have their unsaeable books adopted by
the University Whoever has observed the Of the
New York Tribune in relation free schools and the
TO OF them, will detect its model in this French
system for instance, Mr. Carey, of Philadelphia lately
published protecons book called Harmony OF Inter
esls-a book without amy other marked feature than the
1domitablc with which the absurd missate-
ments put forth. OF work wou1 sell,
aud the Tribune remarked edorialy follows; This
work ought be studied by thinker in the land
ough, difused by concerted sfofs through every
post Office. every school district the Union"
Some took the trouble point glaring
absurdites of the work. and the Tribune then repudated it,
reuactng its endorsement The report Of Mr.. Ewbank,
of Patents been sought be osted upon
school districts by this French of promoting gno-
rance The voluntary system by the OF
these seekers after They wish the State collect by
taxation the school money, and expend through
lures OF the politician appointed teachers and send
down, through the same channel, such poison may
their purposes and exclude any antote that by the
! voluntary system might creep in.
II is by such insidious that federalism contn-
uaIy seeking destroy individual indie pendence, snd
build up the protective SYSTEM Of which the spirit de
pendence of the many upon the few rulers The expert
ment being made in poxmate free trade is however,
fatal a revival of the restrictive system, which is as
eectualy dead the national bank system The
prosperity, activity of trade, abundance of capital cheap
OF money steadness OF currency and regularity
changes, surely and directly a.crbabe to the
financial policy adopted by the Polk administration to
permit attacks upon il by the unscru pulous
States have been recently published in consolidated
form, and tho leading features follows
pared with those OF former cpochs In 1880 the black
tariff" had just begun its maiign influence upon
the currency, and that speculation sdy commenced
which burst in 1887 In that period bank credits multiplied
immensely and their application altogether the pu
chase of goods and their sale for consumption credit
Money scarcely applied at all to productive industry
1t borrowed upon lands and ohe property applied
TO e1tavagant living. until absolute ruin resulted Aer
the failure OF 1897 aemps rcsascate upon Sta credit
by the issue OF Stock resulted in the failure of 1899 and it
not until 1872 that took place From that
tme bank credits have increased the wealth of
country consisting of the products OF indus
tsy, multiplied The table cmbrs these five periodic
banks. Capital Loans. Specie Circulation Dcposie.
1897 7ss 40 7ao9l a2s,ll5o0 37,oi53+o
1882 1882 +gl27s03 la37Op9s p0940I4s
5sS360a 6 623
1885, sS a73l7,s 8f,2o+os 43,50s45 1871 ,osys
Since 1872 the loans OF the banks have been confined
strictly sixy-day business paper than
the history OF the country. The old long loans upon spcou
ative property renewable have been discarded
and short business paper representing the actual products
I OF industry has alone with favor The quantity
OF this paper, therefore, the actual increase
in ioerchsnses Of properly. and inrerchange
cels the paper growing ont OF prior transaction
Thus the loans OF 1887, amounting to 525 millions,