The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-11
THE LESSONS OF ENGLAND.
Contrasts Between lbe Past and the fres-
cnt-0ld Systems and New.
GREENBACKS TODAY, So CENTS.
Gold Steady, Money Easy, Stocks
Depressed.
WALL STREET,
FRIDAY, April IO-6 p. N.


creased BY the sum OF sac, 100000 or any greater
amount, the question that naturally follows is,
How is 1t TO obtain circulation? The first portion
Of the answer is that banking cannot be profitable
An a community wherein legitimate enterprises do
not exist. The course OF money is invariably in
the direction OF INDUSTRIAL and speculative
localities. Hence there has been con-
centratlon OF capital IN the New EngaEe
aud Middle states. The South and West
have had little 10 ofer In the shape OF
reward The spasmodic PROFITS that might he
exacted IRON system OF factorage The mere
establishment OF bank does not mean the crea-
ton OF wealth or capital. IL Is rather the coroI-
harry result OF this copdition-the necessity en-
tailed by the demands OF commerce already de-
vel0ped. II this were not the fact who believes
that between s5,oo0,oo0 and $4,000 900 would be
to-day waiting Tor DISTRIBUTION among new banks?
There DE successful financial reservoir that
h not fed by the streams Of local business, The
second part OF the answer is that the country
already has
AN EXCESS OF CURRENCY
more than it can use; more. in proportion TO
present use and population, than even England,
she broker OF the world possesses. In 1850 we had
population OF 2376s,00O, circulation of notes Of
$l5o00oooo and OF coin 100000 ooo equal to SO SO
per head In 1860 we had population Of 3l,0OO 600
ana o circulation OF $s5o,0ooo0o com and notes.
ton OF 3s,eoo,oeo and circulation 500, 900 oGo
Of notes, equal to SIS AZ per head
The assessed wealth OF 1850 was $7,l35, COO, 900
and OF 1870 Sl4 IT'S 000, 900, that the increase
Of circulation appears uisproportonate TO both
population and wealth. On the other hand. the
note circulation ol England amounts TO only Sc SO
per capita and is actually by S50O0000 than IL
was in 1879. And the wealth OF England enters
more largely into commercial transactions than
does the wealth OF America. AS we have said |
before, Great Britain is
THE BANKER OF CHR1sTENDoM.
and the more extensive the business done by the
country the greater win be the economy Of circu-
atOn, for It will ind representatives in the shape
Of checks, exchanges and score OF other devices I
which, IN modern banking, have taken the place Of
currency. In 1919 the exports and imports I
not twice the amount OF note circulation. In 1874
they were about tour times greater In 1871 they I
were fourteen times greater In 1914 the circulation
si England 81 los. sd. per head, while In 1872
IL was only f1 6s per head, showing that the CIR
cuation there keeps pace neither with the amount
OF business nor the increase OF population and
wealth In 1881,
THE CIRCULATION
OF the banks OF the United States was $149 000
In 1851 il $2o2 00O 0O0 beng increase 30
Der cent. During the same period the increase OF !
our population was 81 per cent and OF our wealth
sa2 per cent, the one being more than twice asa
great the increase OF circulation and the other
nearly ten times as great These figures are surely
eloquent OF the truth that neither In England
America is IL necessary that circulation shan ac-
cord with the growth OF the country. II one seeksk
further Tor proof OF the iact the plethor;c cond
sion OF banks the certificates Of deposit IN thee
United states Treasury, the cheapness OF moneys
Che inability TO find profitable investments eitherv
in lthe field OF speculation, all tell the follys
of attempting to force upon the people that which.
they cannot use and which IN the end wiz surelyy
'depreciate itself and the national credit.
THOUGHTS STATESMEN.
An rredeemable paper money is an unequal tax.
upon the working classes. To the capitalist, who
pays his taxes iron his surplus income, the bur-
den is light, compared to that OF the man who
pays it of his dinner table. IL Is not exagger-
ated estimate to say that the Tax paid III this man.
by the classes who 1--we their daily earnings
simply by the average enhanced price OF tne,r
living, caused by an irredeemable paper money, is
yearly greater than the interest on the public
debt. tCox's speech, April !, H. RI
or all contrivances for cheating the laboring
classes OF mankind none has been more efIectual
than that which deln6es them with paper money.
Ordinary tyranny, oppression, excessive taxation,
these bear lightly on the happiness OF the masses
Of the community, compared with a fraudulent
cure ncy and the robberes committed by depre-
Cat8u paper. OuT OWL HISTORY mas recorded
our instruction .enough-and more than enough
Of the demoralizing tendency, the injustice and
the iptolerable oppression On the yirtuous and
weIl-aisposed OF q degraded paper currency au-
thorized or In any way countenaDoed by govern.
ment.-{Danel Webster.J
THE MONEY MARKET.
Owing 10 the delay OF borrowers money at one
period during the day was quoted az per cent on
call. hui subsequently abundant offerings were
made at 8, 4 and 8. In fact. more was presented
than could De used at the lowest figure. Prime
business notes quoted at 81 a per cent. For.
-eign exchange was quiet and firm at ass for prime
bankers eixty days sterling and ass for demand.
DRY ispcRTs.
The dry goods importe at this port for the week
ending to-day 5000 9oe and the amount
marketed f3I4.72o. The imports tor the CORE.
spending period OF last year were si,4s3 65s and
Tor 1872, sz,z57s92.
GOVERNMENT BoSDs
Government bonds closed quiet and without
new feature. The following were the latest quo.
tations United States currency sxes III ai171;
do skies. 1851 registered, ilss. a lie7s do do.
do. coupons, ia i2lA; DO. fvetyenties, 1862 I
registered, max a f14t4; 30. do. d., coupons.
1l71I MSS do do. 1864, registered, l16 49,;
do. do. do. coupons, 1875 lls7s; do. do, l6od
registered, ll6 l1sls; do. do do., coupons 1905.
a i21; DO do, 1855, new, registered. fsA a lis;
TO- do. do, coupons, llp Ilel4; do. DO, 1867
registered, 1Ioss q llofs do. do. do coupons 12o
. I2o1s; do. do., 1907 registered, ll91s 100; do
DO do, coupons, 1l92 40; do. ten-Torties, reg
ssered. 1I4a1 lis; do. do, coupons, La. us;
do nves, 1881, registered, ll51z a 1l52s 80. do
do, coupons. I15Js 1854.
THE GOLp MARKET.
Gold opened firm at ll39s. and maintained It's
strength at 1ls4 during the chief part OF the day,
closing at nay a I1SS. The carrying rates were
.. 81. and nnally per cent. CreeIDacks are
worth 20 cents on the dollar.
OPERATIONS OF TIE GOLD EXCHANGE BANK.
oou bd3dn'eS. fop0Ots
s"'I'hcJ balanceS..s...s...- ..ss..+s.... 9Vf
"soo' eicstahces @o,sstooo
CLEARING HOUSE STATEMENT.