The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-02

pr ~ s.ssss. go GO - ~ g. - 8. - - t.
9 / 1! i! |. II
|| IS I: 4 !;
Inports sunk from nearly Eas ooo, ooo il 1918 70
former year TO ssS GO in the latter 1istrsss was
universal in the latter months Of the 1872 spd that
dsrust and dscouragement was felt IN al branches OF
Of disaster The three per cents which had been al 70
in january gradually fell after ths Bank Resumption
winch had been So in January in May 49, the
total in the year was being an increase Of Ssl over
Hero j marvellous agreement. as to the phenomena
and their causes, between the radical Mr. Duncan and
the conservative Sir Alison. When representatives
or such different political crseds agree the outside world
has that their representations are likely to
b true Let those interested In maintaining the
having surplus 70 devote TO tho payment Of the
national debt lay heart The following extract from
"Fhe revenue for the year 1920 fell considerably
short OF what had been anticipated tho natural con-
sequence OF the general distress which prevailed
! In tho country Mr. Alderman Heygate, who
| mad 50 slreDuousy resisted the resumption OF
| cash payments in the preceding year, did not
main cause OF the deficiency His words June TO- 1S2O
LET the House contrast the quantity or the cir
calatng medium which was floating Ia the country in
month in the present year In the issue Of Bank of
England notes there had been dminuton Of "a 600 900
in the issue OF country bank notes there had been
dminuton OF Is 600 000 The total dminuton in thas
short period had been GO 0oo, Ooo sum amounting to
more than one-sxth Of the whole circulation OF the
country. The state of the exchange during that period
had almost uniformly in favor but not single
which had been Withdrawn Thrce-fourth OF Ino dis
ess Of the country was 70 be ascroed 70 the haste with
which % large proportion As e. 600 had been ,ss
aud 1921 exhibited without change in taxation and
under the strenuous efforts at economy on tho part
| Of goyernmeut decisive evidence Of the laboring
state or the finances OF the country, and fok 0wGy al
Aspes Of making during peace ans serious resSo~ on
A RsSs ss, and III. onsr p.r.
menary chtofs ackno edged thor mistakes but
chung al The moro osdy % them Sscaass snsy mad Ds.n
uess 70 confess 70 Mr. Alderman Heygats that, on
the quss ion Of the fail Of pricss Heygats had
corded They are 10 DO found In william Wards Com
mercial Loglsiatlon Of ls46. from which We Jake
"xyr nsyssssayss and few oshsm Who opposed ~
the cash ymsns proved right said thas tho dif
ference At the would be only I'VE per ceni and
you said thai at the lesst would DO twenty per cent
DISTRESS or 1914 t ~
The Bank Of England completely resumed specie
msnts on MAY l. 1921 and tho Bank OF England direct.
forthwith accommodated them seivos TO the new
however
to the county 1t vas far from being Improbable
change Tor the propristors of bank stock.
Suce the resumption Pcel's acts OF 1919 and 1874
have ever found the warmest supporters Bat,
however kindly the Bauk OF England directors took TO
the buonist and therefore necessarily contracted and
the country In 1921 and 1922 from TIE agrcul-
iusts OF Ireland and England that proceeded the loud
est wall OF distress The prices OF agricultural produce
los The tenantry Of Ireland felt The blow moro kceny
than the corresponding Class in England did The pop
f,tcl, haau ravn NJ
1919 turned round upon its authors ard denounced
them charasaus and the runners Of their country.
Tho country gentlemen began 10 stir on the It'll
March, 1921 Mr. Gooch, q country member, brought
forward motion for the appointments OF committee
OF The debate Mr. Carwcn observed:-"In what situa-
ton the armerS The average OF wheat II properly
taken, not more than 62s. quarter; the conse-
Quence winch that the farmer lost 3s by every
quarter Of wheat which he grew. On The article Of
wheat alone the agricultural interest had lost
In addition to this The value Of farming stock had been
diminished by 100000 900; 50 that IN England alone
there WAS a diminution OF $40 1000 900 year. The
dimnu,ion on the value Of agricultural produce in Scot
land and Ireland cannot be less than 700 000 20
that the total loss TO the OF the two islands
be taken at less than f55 100000 This is proba
biz quarter Of the whole value Of their productions,
and their remains the same IL has, practi
~ ,s scsson 81 Permanent r Barring then
the Of British merchants afterwards tho first Lord
declared thai hs Of the Currency was ne
Of the rrcvsng distress, and that the rcsump-
zion had altered a.! balance 10 iavor o. me public and
from all qaarers demonstrating against the state OF
suffering in which many classes ars unhappiiy in
When SUCH 10 the state OF the country In the sixth year
OF peace and when all the idle stories about our over
production and underconsumption and such like trash
have been swept away Ii natural TO inuuire into
state Of country placed in situation without parallel
ss 2.
~ that Of living under progressive increase IN she
value OF money and decrease In the value OF the pro-
ductons OF the people, appean clear that from the
operations Of the altered currency have loaded
selves MOT only with immense public debt but
the weight OF which continues 10 press upon the country
and 10 continuance OF which pressure end be
tbs re-, produced
total change in the cufAcy TO talk OF the alteration OF
the v.las o. mcs:y ss.: three n,s Of six per cen.
converse Of what occurred during the war from the
enlarged issue Of paper and over the whole world rom
the discovery az the mines Of Mexico and Peru The
misfortune u, in reference 70 agriculture that
what Is remuneratng price at one time
ducts DO nos bring the former price, while his
private debts remain u their original Besides
%. ss r %os q the debt
possible for the farmer TO live prices which formerly
were considered fair remuneration The difficulties or
brought back your currency 70 s former value 90 Tar a
regards your income; but ss former value
50 far - regards your expenditure" tparl Debates
In is7a portion Of the House Of Commons showed
that the ecases we're beginning 70 fah, or had already
fallen, from their eyea Mr. Western, member for the
county Of Essex moved for committee 70 consider the
eject Of the Act OF Resumption the agriculture
mercs and manufactures Of the United Kingdom The
debate losg and heated Mr. Western attacked
the Act Of Resumption a. being lone OF the most
dcseructive measures that had ever been resortsd
thai there had been . fall OF forty DER cess
| In prices comparing 1914 with 1s72 Mr. Matthias A.
wood, the banker OF Birmingham, made really his-
sorcal speech against the Resumption sct sreech
which is model OF currency cioquence and classic %
monetary scencea speech which well deserves 70 be
studied BY American legislators and writers thsscar
rspcy. Mr. n Atwood sgmalised the cot q 1919 /" -
meaeure ensoting more extensive wrong frH,d and
tnQuiy Than any measure that has ever been befexs
Imposed ny ~ government on any peop1ev he also
sah:-!" We have been thrown back upon state 81
sectsy n which Ill industry and enterprise have csen
rendered pernicous or ruinous and where properly
has been safe. unless boarded In the shape Of money ~
lent V oshsrs On double security. TheS u sne -
things which m ~ results leaves he iandeUneg wn0us
rsnL the merchant without profit the aborsr wisAeot
eynuiovmant or yacee-vh,ch {SvoSutionixen vfouevg