The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-19
MONEY MARKET.

/ TuesOay, jan. $50 r. M.
The Stock market to-day very 6rm end prices
generally Delaware and Hudson per cent; In
diana dollar bonds Il Illinois n; Mohawk Railroad Ii
Merchants Bank fell L.
The rise in Delaware caused the failure of broker
who has been very conspicuous in the street. both from
the extent and skill Of his operations well from his
unbounded beraliy and high Of honor The Della
stock has been fatal to him, we'll to nearly all
that dealt in IT, 1t is Familiarity called "the saw
by the brokers' because cuts both ways. The
trio Of the stock arise from Of hose whs
preside the company The stock has recently fall
len from l3to S. and risen again to 81. The fall
grew out Of the fact that heavy sales of influential ho
des produced Panic and the recent rise owing to
the speculative purchases Of certain parties, who
fearful Of attracting the attention Of the legislature by
toe great fall in the stock, particularly the
State has had to assume during the past upwards Of
$500 900 Of its credit loaned to companies
joint resolution has been into the Senate
of Michigan which directs the Attorney General give
notice the holders of her bonds thst the State re
the right to contest the payment those por
tons for which she has received consideration.
The House of Representatives in Tennessee have
adopted resolution in favor Of the repeal Of the Bank
rupt Law by vote OF So to Is It's certain Pass the
Senate. The Nashville Banner expresses the firm be-
four hs Of the people in the State adverse
to the operations OF the Bankrupt Law.
The bankrupt bill will, in all probability be repeal
ed in both Houses Of Congress Its fate under the hand
of the President is uncertain The broad principle on
which he bill IL based, that Of legalisng violation
contract tween and voluntarily entered into
in good faith is undoubtedly unjust and immoral When
person into business speculation on the pro-
pery belonging to another person. II is for the hope OF
earning money for hmselff successful we'll knowing
that unsuccessful either the loss must fall upon the
creditor that trusted him, his future earnings
rnust he dsvoted In rpiuhurse hin, TIL.
steps in and declares that the loss must not fall
upon the operator, for whose benefit the syeculatons
were entered into but upon the unsuspecng creditor
who to have aeriv ed benefit ia case Of profit
Thss the operation Of the law broad cast To
the liabilities Of debtors the claims Of creditors beyond
what property remains of desperate specus,ions is TO
the only check upon exrsvagan operations
enlargement to the prudently industrious. The plea
tina, of the present debtors rendered unortu
nate by the gambling operations of the banks which
were beyond their CONTROL is rendered nugsory by the
fact that those very institutions which the blame is
| thrown are exempted from the action of the law
We have received the report Of the Comptroller Of the
State for the year Isil is in every respect unfortu
nate document at this juncture. inasmuch as is of
stock jobbng character II shows weak desire 20 make
the affairs OF the State appear TO better sdvsn
tsge than the plain facts will warrant in order to pro
ptste capitalists in favor of future loans-insead Of
dgni6ed representing the state Of a6arsn en-
impartial light II is calculated to njure the credit Of
the State because before the capitalist a. an in
,eres,ed party desiring to make the best bargain can
consequently IL awakens suspicious which Its peuril,
arguments are calculated to confirm large portion
the document is taken up with criticsing the able rspsr
OF Mr.. Hoffman mnde last year. We do not see how In
legislative reports Of Mr. Hoffman connected with IN
accounts the Comptroller. That officer has 10 stten
only to the correctness Of his own statements withov
wandering intosh the affairs of the Legislature There
aquetu'ous disposition running through the report,
prove that the liabilities Of the State are not LIABILITIES