The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-07

but the worth Of the bills is ntrnsicslly Is great
before the discovery. II is only imaginary value
that has been destroyed. Such loss has arisen
inflicted the nation long ago, and nothing
can recover it, No advance to these parties by the
Bank Of England any other banks could alter the
result. II might enable them to maintain the fictitious
value Of their paper and ultimately to throw the oonse
quences upon other set of holders but the
cia community, meanwhile, would merely enjoy FOOLS
paradise. Let be clearly understood that when sol
firm stops simply be because their property
the moment vaiable, and that far from the
involving loss TO themselves, it must have the
of giving them time TO effect realizaons, instead Of
forcing sales upon any and that the other hand,
If firm be insoivent the proclamation OF its insolvency
cannot cause property disappear which has existence
Cases may where very desirable assistance should
he Afforded but R for the sound part OF the commercial
community and the leading banking institutions to meet
them. II certain mill working at so great profit that
would be grieyous TO let IL stop on account OF the
ttmArary embarrassment OF its owner or house can
show such securities and be willing TO pay such rate
for loans upon the should tempt capitalists to
forward every would be glad To such arrange
ments If they take place II evident the profits
OF the mill or the rates offered for the required loans
commensurate to the fair value of money at the
time The supporters OF the Bank Charter act are called
''usurers " denounced men who would seek their
profits gu: Of the msforunes OF others They have
doubtless therefore keen for bargain the moment
is really to be had When the State is called upon TO
assist men whom neither bankers billbrokers
private capitalists will assist the public may safely
conclude that il Is not any patriot; desire 70
avoid the sin of usuay-tha. Is TO say, the sin OF
taking the best market price for the commodity they
Deal iuthst causes these gentlemen to hold back, ia
order that tie government may The actua
losses sustained by the nation have been going for the
las, 1--WE six years and is only now that we have
found them out Although failures to the amount OF
900 have occurred since October are just as
rich Us a; that period. About six months back
the Times entered into the question Of the perpexng
character Of the Board of Trade returns Month after
month they showed an increase IN our commerce. but al
though there had been foreign loans wd speculation
in distant public works, stock OF bullion presented
steady dmnution. II evident that foreign trade
which had been increasing enormously FOR some years
should have resulted in great gains and that these
gains if there was no apparent way in which they
had been sent of the country should have shown
themselves constant Increase OF our supply OF specie
1t asked it be possible that this extraordinary
trade has yie fed profit and that our pros
perity is merely delusveS But the reoiuder una
voidabe''ls it likely that people would have carried
Oh il they had found il answer: 1t seemed impos
sbe therefore solve the riddle Some Jught
that large investments Of capital had per haps been
made in France owing TO the low prices to which reues
and railroad obligations had receded after the specu
laye mania in that country; but those best inform
cd declared that the movement had been rather
tue other way. The matter, therefore, given up
IN despair Now the whole is plain INDUSTRIOUS as
It appeared to entertain the suppostion that for
long consecutive period the export trace OF the
country had been carried loss, this is the sole
all-suflcent explanation of everything that has
happened. The Western Banl Of Scotland has alone last
e. 900 by Advances IN cndiing shippers, who, for
the sake of commanding thc market and rendering i'm
possible for any honest competitors TO hold their ground
have making cosgnmen's without any prospect OF
receiving adequate returns the resulting deficiency being
made up for the by proporoaate increase ia the
manufacture Of worthless paper which the banks and
other holders continued regard property until the
storm came which showed its real character Before
81 900 could have been lost what must have been the
amount Of trade carried ong Supposing even every
bale Of goods sent hence by these firms to have
cost ElO0 and have realized only $50, the declared
value Of such shipments must haze amounted TO
go 100000 sterling TO result IA such deficiency Lok
the similar Operations lOstered by tue Liverpool Boz
rough Bank, the Northumberland and nurham aud seve
raj other establishments, ohd the mature Of s eToruous
ncreG IN our Board Of 71de totals Which haze all
Jen accustomed 10 iool at wt gie. WU toJthlcth become
transparent OF course the money not entirely got
rid OF in this way. LGrge suns iore made ato1y wi an
peYsOndi d,ssipdtion and occosioGlig doess marriage
settlements also ,qoridd Those who live, hosever,
upon What they do not earu mpoverh the country pre-
cisely the extent so expended. Meanwhile the giant
has been caused by the rise in prices Of all foreign
produce. Not only has the production which has
been stimulated throughout all the manufacturing dis
tricts led 10 unhealthy rise Of and undue
consumption Of imported articles bgi the specuatons Of
the nsoveu. shippers, who have their agents to
buy up silk cotton sugar coffee. and all other commodi
tics any price in order make their returns. has
the English consumer for yts past to pay 10, 20
30 yer cent for the Lccessares Of te beyond what
woud otherwise have becn tae case. The Brazilian cof
fee grower the Ch.r six crtvaor the American cot
ton planter NC. have s been driving grand business
expense, as year by year, moi sitistandng
the toll and ecoBOn., te really honest and industrious
classes among ne have ourselves poorer aud
our specie res URGE gradually diminish The truth
uIo as in CctoJer lo ile NUndeTcJp Ne hal no fed
fdncied prYcrf t9seGd ~ c9SEq Of Eerchdhdise,
qld ~ foreign dbfs. c,s,aef y nphiag t aopramoa
ioa tills figuring tn OaHk CS ~ fer TIER Dgdi amount
oHd IN some INSANE. M ,o1,h me Siap ul.h hey
isr tsced No sgseuor OF tie Bank Charter act is
OF promissory notes. supported by nothing could
bring back arting Of ~uathas thus been snanGefed
All that such effect, besides giving
couragcmcn spectators and bill dscour,ers 10 resume
uossble their old mitigate for the
The tail in imported articles. SO as to give the
orcsu producer stil unnatural advantage, aud pre-
such Of people "a have long been impoverished
by the prevalence OF artificial prices from getting as
promptly possible the iul advantage ofa return to
Daisral state.