The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-05


at $l3 &c. and new mess was held OF $l4 81 s14 So
Freights were rather sitter for Liverpool, with
tolerable free shipments of provisions.
Governor Clark Wall Street.
Mr.. Seward has paid off old scores by the
passages in Governor Clark's message which
| refer to the usury laws and to the Brokers'
Board in Wall street. 1t has long been notori-
GUS that bitterly hostile feeling existed be-
tween the honorable Senator and the CONNER
cial community of New York feeling which
took its rise when Mr.. Seward gave his sane
ton to the socialist doctrines Of certain wing
of his party, and which subsequent events have
largely contributed to strengthen. Fooled in
his endeavor to deceive or win over the intelli-
gent merchants of New York to his vagaries,
Mr.. Seward has frankly taken up the gauntlet,
and set to work to do them all the harm he can.
Hence the puerile TRADES against Wall street
in the message of Mr.. Stewards faithful friend
and humble servant-Myron 81. Clark.
1t does not seem likely that the merchants of
New York will be utterly ruined aud de-
molished by the onslaught. Governor Clark
thinks the Board of Brokers wicked establish
ment, composed of naughty men, who sell and
buy stocks on time and thereby corrupt the
public morals and suggests that they should
be put down with strong hand. There is
something delightfully."- refreshing in this at
tempt of petty hardware dealer of Cauandai-
gua to regulate the business of the commercial
metropolis of America. Like all narrow
minded men, Mr.. Clark's idea of legislation is
that it should be in the first place and above
all things, restrictive; that it should leave
its objects as little freedom as possible. He,
and other Legislators Of his order, act upon the
belief that mankind if left to itself is to go
wrong; and that the only way to save the
world is to tie people, hand and foot, and then
tell them to walk and move about. Thus they
mean to prescribe what may be drunk, lest by
exercising their own judgment, men should do
themselves a mischief; and further recommend
that laws be passed to prescribe what may be
sold, lest the mercantile community should
ruin itself for want of legislative guidance. The
public are much obliged to Mr.. Clark for his pro-
posal to relieve them of the trouble of thinking
for themselves; meanwhile it may be well to
note what the effect Of the rule he suggests
would be. A B, a London merchant writes in
February to G d, his correspondent here, for
thousand barrels of -four, which he desires to
have delivered in England in July. G D,
knowing that at the opening of navigation in
the spring, large quantities of flour will come
forward to New York, closes the bargain by re-
turn post and agrees to deliver the -four at
price fixed at the time appointed: postponiug
the purchase of the -four, if he thinks fit, till
the arrival of the spring shipments per canal.
Now, this does not seem very nefarious trans
action; yet under the operation of Mr.. Clark's
plan it would be illegal and void 1t would be
''time sale" So with stocks. In closing a
transaction, L + has 100 shares OF stock
coming to him at the expiration of 80 days Be-
ieving the stock worth less than its current
value, he sells it, deliverable 80 days after the
sale. Is this fraudulent or in any way an
improper transaction, whatever Myron II.
Clark of Canandaigua may think on the sub
ject Yet it would be stamped with reproba-
| ton by his scheme. There can be no question,
but much harm is done by stock speculations
but can they be checked The law now de-
clares time sale null and void. Yet they are
made at every corner. What prospect is there
that fresh legislation would accomplish more
than the old
Mr.. Clark thinks the usury laws should not
be repealed. To US II has always appeared odd
that people should have been found to clamor
for their legislative repeal; so completely aud
thoroughly have they been nulliied in practice.
Mercantile paper fuctuates like corn or cot
ton. Stock brokers make their twelve per
4 ,-.tI - u q.
dear. The banks, by insisting on balance
| to half the amount of their discounts, clear ten
and often twelve. In short, money is and has
been for many year as free in Wall street as
any other commodity. Under these circum-
cumstances, wisdom might have dictated
the policy Of letting the old usury
laws alone, as they did no real
Der Of Commerce thought differently.
Not content with the substance of reform,
| they must needs idget about its shadow, and
thus afford innocent country folks like Mr.
Clark vent for parcel Of silly nonsense
about the currency. His argument-if 1t can
be dignifed by the titlc-is simply this The
value of the specie and paper currency is fixed
1 W Jaw; why hosi W VIC oa"S PihANiPis' - 'hS
value of its use? Ii may be unknown at Ca
nandaigua that whenever the intrinsic worth
| of coins falls below their current vaiue-as has
frequently been the case when despots have
adulterated The currency to supply themselves
with money--those coins will not pass current
at their former rates, but inevi tably deprectatc
TO the intrinsic value Of the metal. No laws
can stop this depreciation, as Mr.. Clark win
ap5, II he reads the history Of France from
1916 10 1900, or that Of England from l'9S to