The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-18

lars e,oh numbered regularly from upwards Since
January last new issue these bonds got up differ
ent looking paper signed in the usual way have connr-
ued monthly to multiply in this market Some OF these
new issues bear date late the LIST OF August he pre-
sent month"; and a few days since Of this date
sold the Board of Brokers but refused to be
ceiyed by the party whose account they purcha-
sed his discovery of the fact The numbers affixed to
these bonds Of the LIST of August higher than
ll42 when, comparing the numbers with those OF the
old bonds issued two years ago by the same Secretary
under the same act, for the purpose, and
part THE SERIES their numbers in
reached as high l76. Showing great rregularty in
numbering the bonds of the same series.
This is very singular circumstance and indicates that
something IS wrong somewhere II only one bond of this
new issue stood discordantly numbered might sup
pose had been issued to supply the place of of the
old bonds mutilaed or lost But learn the interest on
some new bonds, with lower numbers them than the
Old bonds was actually paid the first of July last by the
| agents OF the State in this city.
They did not discover this curious and suspicious ire
guarity and discrepancy between the numbers of the
new and old bonds issued by the man, under the
same law and for the object, till within few days
past When they appealed TO know they would
pay einerest the bonds thus rreguary numbered
and they replied if due, they would not do So 'as
there might possibly be duplicate bonds aAoat with the
same numbers them, issued apparently for the
loan They at all events thought it which would
quire explanation from the Secretary of State Of Ken
lucky before they would agree redeem the interest on
these irregularly numbered bonds the ground
of this decision the purchaser refused receive the
bonds bought his and the broker who nego
ated the purchase received them back refunded the
| money.
An explanation Of this strange affair will be looked for
with interest from the Kentucky Secretary of We
hope his explanation may prove satisfactory. In the
mean time confess there serious of anxiety
| the subject.
In article of August 3D. the failure of the State
OF Pennsylvania We pointed out the alarming indica
tons in the State of New York. that of debt
travagnce and ultimate reputation and ruin about
to commence under the uneasy and everish longing after
fanced improvements, engendered and ostered by kna
wish politicians We did not then anticipate however that
the next message of the Governor would have contained
the identical recommendation VIII. III constitutes the first
step toward reputation in Pennsylvania During the last
winter the State endeavored to borrow money at per
cent and failed in consequence of the discredt arising
of the fact that the projected expenditures of the State
ceeded its in the eyes of all reasonable In
of this state of things the Leg passed
law prohibiting the issue of any stock for internal
improvements and solemny pledgng the surplus
ofhe State to redeem the stock issued for obtained
meet the arrearages due to the domestic creditors This
law far revived the credit of the State that
bed to borrow the wanted and the per cent
stock has been at per cent premium The message
! contains the following recommendation
recommend that the legislature rescind the law direct
ing the discontnuance the public works. render to the
New York and Erie rarord company the aid necessary
enable them to their credit their opera
tons and direct the fiscal officers of the state instead
reserrfng surplus from the canals for the payment
Of debts due at distant periods apply such revenues
with the proceeds from the national domain to the
cuon Of the public work upon the plan before submitted
until works shall be completed and become productive
and provide other and additional temporary means if ne
| cessary, for that important object
Here is recommendation from the Chief Mag srate of
the State of NJ York to repeal the faith of which
the State has borrowed money What kind of Legislation
this which enacs lawto obtain money, and when capital
lists are caught in the trap and the money of
theconditions which they lent sought be
repealed What is this but Reputation What is he that
dares forward and thus sport with honor
State OF New York; He recommends taking the money be-
longing to state creditors and lending bankrupt
pany ospecuators who have already obtained 900
of State stocks and injured the credit the $40
900 by forcing those stocks upon the market Further
more the Governor recommends pushing the public works
| in all directions.
The great which has attended construction
ofhe Erie Canal in the State of New York has been nd
recty the cause of immense evils not only the State
New York. but to many other States People of guine
temperament excited by politicians have been led to sup
that because the Erie Canal connecting the vast trade
OF the lakes swollen by that Ct New York with
the Hudson river, has been emnently profitable that
work projected byny association of idle must
necessity be not only profitable but great public bless
ing This idea developed and encouraged by the smua
ting influence of paper money, has ruined Pennsy vana
and has goaded New York to the point of bankruptcy
Under this MANIA stated in former article Pennsyl
vana spent $50 900 900 for various works Ofthese works
the receipts and expenditures in ten years was as fol-
| lows:-
| The aggregate revenue for ten years, 6lsl624
expenditures 1884, 2O6
Excess OF expenditure, S5l2 $50
Add average interest OH cost, 10000
| Dead loss on the public works, SI5l25s2
In addition this of money expended by the
State the following works got up by private enter
prize; all equally valueless and equally absurd:--
MoNry EXPENDED IN PRTArE ENTERPRISES OF INTERNAL
IMPROVEMENT IN PENNSYLVANIA.
| Tidcwater Canal, 1900, 900 Delaware and Chesa.
Ne wcastie French. peske Canal I non o0o
Rail- Pr Wimin toooo