Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-24

iation that withsut lorbearance part cres
for the year will be unprecedented and ruinoss
feel my duty, therefore, to call your attention TO this
subject before your adjournmen that may adopt sssh
eoastio~sI msasurss t. e relief Of The peoSis your
wisdom suggest as expedient and proper The Cen
trial Bonk burthensd is and necessarily must be- by sPprs
priasOns for the support Of Government erteni @
ther accommodations aad concur With IN the epnios
sf e Urgency requires and demands al your hsnds IT.
forts for me aid people through Me acuiss Of TIE
ssns year disappointed they in the usual means Of meet
ing heir By almost failure Of the
crop places and its great d@uon epe'rh.re yes
cannot term attention too 10 the subject beisg AZ
and heing willing the expenses incident to an
extraordinary session of the Legislature when g az
the necessities the people will certainly require RELIEF
which aone but the authority can atsrd place
by that be- the consequences Of Gala
nifty that could have oIeseen, and that prudence
CHARLES J. MCDONALD. 4
iDn me reception Of the a9ve LssaEe . me kasS.,
was agreed to-
Ills Excellency the having in specia, comma
ncaon to-day called the attention this House the
present ana embarassments othe good Peo
Be it therefore resolved That his Exeeency the Co
gest to the consideration Of this his earlss
venence definite for the relief OF the pee
PIE
We would particularly call tn attention of our readers
the principle involved in the passage that have al
ieised in the above message is that the people
the plsnteby Of failure Of the cotton crops,
pay old debts contracted to the banks the Govern
mont called upon furnish the Of pro-
badly in the shape paper credits that Is the only
stitutonal available This pernicous prnsip
is the ground work of the culties that aict the
try Paper credits enable the planters always to be in ad
OF their income and far in advance oft that
the crop full average. failure and distress the
results The must then supply the deaicen
caused by the short growth Of cotton with paper This
has been done in the of Alabama and ruin is the
suit The principle pervadss all classes; in New
Orleans resumption opposed by large class, who hav
ing real capital wish to supply the deficiency with
irredeenabls paper in order to compete with northern
Of real capital in the western business All business
sondusted is illegtnets mercantile are
always "wd and Legitimate" the moment the possible
loss the transaction exceeds the real capital
aor. The business of the planter is ilegmate whsn-
he the cee1t Of his crop than he
pay for if that crop should slightly deficient Yst
this done the south and bank extensions and
aid from the gov is demanded right when the
crop not full In fact the whole business Of
the UAion has been for years based the principle II
"hsads win, tails you lose" The nsjory of opera
tors snbarking in transactions which promise large
gain but the possible and probable losses whck
far beyond their If an individual, with cash
capital of $4,000 embarks in undertaking by which he
may possibly lose than the WHOLE the sPecaa-
ten is wild but perfectly Legitimate; but he recklessy
extends his movements that he may lose double the
amount the specula.ion is both wild and iegitimae'
The principle has bsea carried ont in mapy ofosr
state governments. They have embarked In public
works Immense extent, depending upon mo- other
pay for them than their capacity for wing,
without setting apart any for the pay oshsr
principal interest This has been followed by the ruin
of their credit in the States of Indiana and Illinois The
latter state has guilty of which would rain
any priv ndy dual and the interest debts falls due
few days and provision has been made to meet il.
The yislatarc still debating Che only
which will ,hem from destruction, tax hill Many
capitalists arc Of opinion that neither principal interest
will ever be paid by that state, ii s dshonored
The state Of Indiana similarly situated in regard to is
gal contracts for her bonds and is deficient s52s 81
means provided pay the yearly interest her Debt
The state debts as follows -
EISAScrs ~ INDIANA.
state Bonds sole for accom-, Of Wabash and
Erie Canal, si7s,Noo
> CHER internal improv ment bonds, sold pr.
or to the 3ist October $780, and heretofore
reported to the Legislature, 5,S,ot0o
3 BONDS entrusted to the Morris Canal and
Banking Company in 1855, TO be exchar.-
ed for other bonds, said to DO informal,
hat which have been wrongfully with
held and disposed Of by said company. and
which it now alleges its inability 10 re-
turn account Cor 3oc coe
4 Other bonds sold TO Morris Canal and Bank
ing Company in 1899. not before reported Iaocro
Bonds sold in the fall Of 1889 to banks
Ia Buffalo, New York 7ss ees
Bonds sold and delivered to Company at
Madison for account OF Madison aud In.
disnapolis Railroad pal oce
apolis Raiirosi Company, 900
Bonds issued 10 bank for advance OF 9TH In
stalnent surplus revenue ecs 600
Guiding Mr. Merrilrs 81, coo 600 Loan s,seoccs
10 Uniunded deb, due the branches Of state
bank, for advances On public works IN
n Treasury notes issued prior TO this date i,2sitoo
IL Unpaid claims for operations the presen.
.lask Lrta cana IN