The New York herald., 1870-01-18

cipai and ses on In 0iminutiOn or the debA
had Sesa soS Sy sas sa
10 those instruments the bondhoidsrs were
the late President and the late Secretary Of the
Treasury about the evils OF debt was perfectly true.
and II states would but remember these homilies
When they think OF borrowing is might certainly be
for their advantage. IL u too late In tue day, how
ever, TO produce such argnments when the obiiga;
what they were ABOUT when they entered. as b0r-
rowers into the markets OF the world, and it must
surely occur TO such acnte 1pancers that the worst
thing they could have done. Ia their own INTERESTS
was to allow suspicion 10 fall upon ther credit. II
y quite certain that II as one speaker affirmed, the
Americans have n0t only the means OF paying their
debt but the abhity ana disposition to do
so without contention or abatement, they might
annual charge. That their resources are abundant
Is clear from their own financial statements, ana
tn sat IAs T ~ y NJ %oe WAITING 4sr s6sn inc WAY MAY
besides the Old stories OF ropudiatlQn which Mr..
woodward Of Pepnsylyapia. piQntly recalled 70 the
memory Of the House, the tnceSsapt agitation OF
this topic among American politicians has produced
mischicvous eirecs. CONTEMPORARY AZ the Amerf
cans themselves rejected Mr.. Andrew Johnson's
proposals II was impossible that European readers
should receive without emotion recommendations
proeeedlng rom no less parsonage than the Preal-
dent OF the Union. The result Is visible in the quota
rions OF the money market to this very day. Though
American securities nave risen considerably n
public favor they are Sill not valued Of One-half
at s6 while the British tkre6s are ct o. Twice
the amount 0f interest does not suf1cc TO put the
bonds oil tho Union on level with our own stocks.
This enormohs difference expresses simply the dif.
ference OF public confidence IN the TWO governments
ieast a. well as we can is @ tSas they
Will actually pay them "a surely az we snail DO has
hitherto been SO rnr DOUBTED that the interest has
had to ba doubled before the security could be ron
dered acceptable. Gradually, after such resolutions
AZ we have now recorded. We may expect these con-
mnst now % be evident to allow such prsssions to
De publicly received
The American ShipbufIdIug I'rads and Its
Decline.
London journal publishes a lengthy article
under the head OF "a Very Depressed Marine" in
which 1t says
Twenty years ago American built ships were
to be found in every sea aud American ship
engineer giving evidence before the Congressional
committee appointed 10 inquire into the subject
confesses with bitterness that snpbuilding threatens
TO become lost art among his countrymen. unless
something is done speedily to stop ts Decline the
real cause OF tns decline is TO DC looked for in the
ton OF ships. While wood was the material EN-
pioyed In shipbutlding the Americans had an
n ~
cd them. The consequence ID that II COSTS just az
much now to build q wooden snip in an American
port as 1t does 10 build on the Clyde or the Tyne an
iron one, which win last twice as long, and win not
need ha AS many repairs; and 1t coats very nearly
twice as much to buid an iron ship. A New York
snipbui!der whose brother Ii shipbuilder In this
country, stated before the Congressional committee
that an iron steamer which had been constructed in
Glasgow for 10000 could not be turned out In New
York Tor less than twice that sum; Ella ton is the
Clyde price for steamer. the Tyne price ia some
price and for exceptionally fne steamers the price
is about twice that Of the Clyde Under these 9ir;
mas OF the United
Thnmes and Clyde Shipbuiiding.
The Glasgow Herald, contrasting the depressed
state OF the shipbufd!ng on the Thames with It's
prosperity on the Clyde, says:--
Writer'S on this question would lead person
unacquainted with the subject TO infer that the pros
perty Of the clyde Is very materially owing to the
decline or trade ON the TnaMes-the causes artri-
Dneo 1sag our ha t IN ia MN Soa on ana
ting that we have coal ana iron in convenient pr0x
Iuly, the fact should not be overlooked that other
Sunderland are also hiahly favored ~ these re-
spects; while as regards the labor market, the
dyns ana renor wear On 20 the ne % IA" s @
Glover) have the advantage or the Clyde.
We belleve the decay OF trade on the Thames has
had no great influence on that Of the Cyd0the spe-
ca4ty OF the former being war ships government
work. and vessels chiefly for London owners; while
that Of the Clyde has hitherto almost exclusively
been sailing ships, dredging plant, and passenger
steamers for all parts or the globe. 1.-The referabe
cause OF our prosperity Is more likely n our opinion,
to be found In the rapid increase OF shlpowning In
Scotland the extension OF our foreign relations and
the requirements OF owners generally VINO have all
~ to this fact we may mention that the Cunard
Company, Allan Company. Inman Company, Anchor
Lme, dl, Vest India hoyaa Mail ,,,s Company Pacific
Navigation Company, African Mail Company, North
German L0yd's, Hamburg and American Steamship
Company, and the French Transatlantic Company
lS4 Clyde built steamers out OF total OF 212.
The British Revenue and Taxes.
The London Echo Of January, writing on the nnan-
cal prospect and the resources of'the Chancellor Of
the Exchequsr. Observes "Ilven were there no gen.
sra reasons to look hopefully at the condition Of tho
revenue we might observe shat of Mr.. loves esti-
mated remissons Of f2 940, ,000 there would stu be
margin 70 be spent-a sum Of 81, ,063 000-in the
naming three months OF the financial year; but 1t Is
OF further declenson. on the contrary, the whole
years income tax win now come IN the new
licenses @ instead % 0l assessed IN taxes wil os taken
perty tax, excise and stamps we may look for
large addition to the revenue for the quarter end
fore, stands thus with the Chancellor Of tho Ex-
chequer He had calculated upon dimnunon Of
the 9 r. 20 S @ 81, q 70 the
the entire weight OF those renisslons have fallen
upon the third quarter. and caused net decrease
At this moment, then. he has virtual surplus OF
FL 063, 900, and for the reasons we have mentioned
.hsrs Is ground for geo nope tas5 the Of
hand"
Emigration to America-Rush to the
Bankruptcy Court-Starvation--Reli
ssDIow's at the PoeraGe.
During the year 1859 the number ef emigrants who
left Liverpool was 172 731-a larger total than had
been witnessed since 1852. OF the whole number
1888 3s2 left for the United States In the proportion
Of 81 800 English, 1921 Scotch oSo Irish and A. IT'S
Foreigners" The comparative tnslgnihcance OF the
Irish figure is accounted for by the fact that the
great majority or emgrants IN that country now sail
from irish ports.
A London journal OF January reports:-The efrect
Of the rush TO the Bankruptcy Court on Friday Will
be apparent in tOmorrow's Gazette, which, 1t ia
neved. VIII contain the longest list or bankruptS that
ever appeared In It's columns.
Inquests were held upon the bodies OF two men,
one ffytwo years OF age and the other twenty nine
who md Starved :heMaelYea to death