Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-16

The of the u g. has undoubtedly been the Inn
ate cause not only Of The suspension oil inc ouhsi
put also Of the contraction oil the specie pay
Of the west and has opened the field for the issues Of
~ notes OF the swncng banks Of this state. Inc issue VI
TT s Is Suspension in another form Inc o''s /" w
~nk purperting be payable on demand are ey INC w
" ae legislature, made able in twelve months anu
Consequently by that deprecated the full value oil The use
~ money for that period. The State government, ai'e'
t:""hg the currency by their acts, borrow !" 20
rates to pay their foreign debts, This makes meV
sper cent.
The The, interest on the state debt is s,7ss,sS zoe
Depreciation o a o. the banks at Ct
Total anaoun, n.;,c sisoioso
io equai to the interest Sss 900 900; consequ
80, me people BY borro wing is now S2O4 900 annuany
S.srGr e interest on Si,Oooooo This Is nef' ..rt
sess; rport on and unless the legislature a. tote
-. o'ts 10 taxation and con pei sa resumP"o"' ~ -
must DC ireevaby ruined The policy suspension mas
ry red' and the of the people have a's' -, car,
' ny experience, that without specie payh'n' ~, al
M DO credit; without credit business cannot exist
I'm winch is required to pay the state expenses anu
cd credit
Inc Legislature of New York adjourned yes
~ after session Of hundred and twenty SEVEN s
pent mostly in strife for plumber The Influence OF all s
oeen apparent in every financial measure when mas 49,
brought forward, and the private operations OF spscuA
oeen attended to opposition to the good OF the cry
~. iork This has been apparent at the close Inc %
~ VI the New York and Albany Railroad and IN anu VI m
I've" fore and Harlem Railroad, of the most mpo1,an
e works. were left to the last y, and we're then xeu ~
M me mouse. The neghboring states of Massaeause'" 49,
are making great efforts to turn the
aac from New York Massa has already comme
noass 70 connect Boston with Albany and r nnsyVa
e'ns the toll on the canals and using the
a. ehS earlier navigation to good purpose at the SAM
INC oresn demand for flour is creating new route io ~
'auee oil the west which diverts al sethcr from inc Wv
market that portion which destined for England l
eieared from the part OF Cleveland in two DAYS thS
''S vi winch tNenty-one to CANADIAN Por'S' '"
5000 bushes of wheat and barrels of hour In,
a. WI, Ia The Ca adian mills, be converted INTO ''ou ~
we w'ie seek the English market in British bottoms mus
s advantage OF the discriminating duties in favor Oh e
i produce. While all these are gong On ~ w
eeht oil the state and city Of New York, the Leg'sA
are squande ing money lateral canas and sectional spc
MODS or party and elscng the only mea W
winch the trade Of New York be retained The AsahS
An" New York Railroad is of importance 10 keep
'he channel OF communication with the west al al "
"ohs oil the year and yet the small pi,tance to ala IN "
sructon has been refused while millions have been squanaer
cd On that immense humbug the Erie Railroad and the
nent Of the Erie Canal.
New fora city has reached its present rise and weA
me enjoyment almost lusvely Of the Western sonih
en and Southern trade The increase oil that se
IN 1885, caused real estate and rents to ertravasany III
is From that time they have with difficulty sustained
aud are rapidly falling
The following the prices obtained FOR property to day oy
james Blocker & Co, at auction:
20 BY Sc Fee, Siooo each,. 5000
Ludlow street, as by 81 feet. ....''. se sOo
store iot sioaad No william street 10, feet
Store ard lot s RS ne ds N1 William street dining
e aooVe' aud safse Dimensions E.,ooo
Total ,a,es ... $4,000
These prices scarcely one half Of the vauatony These
great reductions properly Of the failure
81 the spring business Should the autumn pass over without