The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-06

he selection Of the granted by Congress that State
nder the Distribution law. There remains to be located
make up the quantity of 500 900 acres only 100000 in
racts Of $40 each.
The State Bank of Illinois forfets its charter by nor
sumption in June. will then have five wears 10 vino
l p according to law.
The banks Tennessee are to resume specie paymen,
the 5th ofJuy next, according the following resou
| on ofthe legislature OF that State -
Resolved That the Attorneys General aforesaid are
creby directed TO stay said proceedings against said cor
oraons respectively Provided The President Director
nd Company of the said corporations shall bona fde re
nme the payment OF specie for their respective liabilities
iccorung TO their said charters before the first aa,
fJanuay in the year 1913 but ifthe Banks OF Kentucky
ma Louisiana shall specie pay ments before the
r Oh January sa3 then the several Banks in this State
hall resume within twenty days from the time of resumu
on by the Banks of Kentucky and Louisiana But if said
corporate authorities either ofthem shall fail or refuse
% resume specie payments before the first day OF
January lS3 then the said proceedings shall be prose
cued against the corporation refusing without delay
unless otherwise directed by the Legis-
lature of this State
This order includes the State Bank ana branches the
Union Bank the Planters Bank and the Farmers and
Merchants Bank of Memphis. The penalty peremp-
tory and as the New Orleans Banks have resumed and
those OF Kentucky to do the 18th June inst the
first week in July will effect specie Tennessee
How long is fraudulent suspension tolerated in the
" Old Dominion ~ The North Western Bank ofvirgina
has had the audacty to authorize the publication of no
tce that she will redeem her notes either in drafts
specie at per cent dscount. This is equivalent to
notice of bankruptcy with declaration of o. cents on
the dollar and yet such allowed 10 20 on and
do business.
We have received the message of Henry Hubbard Co
vernon of the State OF New Hampshire to the Legislature
of that State. II is admirable document and adheres
strictly to those great republican principles which the
foundation of our institutions After logically and clearly
exposing the unconstituonality Of the distribution of
the public lands, he remarks as iollows;-
Believing as most conscenously do that no such
exists in either case that the avas of the public
lands are but portions of the public revenue no
more he applied for the OF the separate States than
that part OF the derived from mposts
the performance Of the high and responsible duty which
devoives upon fail 10 recommend to the legislature
give no authority for receiving into treasury the
ey assigned to New Hampshire according the terms of
the act distributing the proceeds of the sales of the public
lands among the States. Should the effect of such pro.
ceedng be to leave in the public treasury this portion of
the public revenue, shall have the satisfaction of
having done our duty, in preventing much OF public
money from being Withdrawn from the public
Here we recognise principle There is of that
chuckling glee. which excaims coming into power,
after OF extravaganza and debauch Rob me the
exchequer Qia the first thing thou does and do it with
unwashed hands too = the contrary, the credit and
honor Of the federal looked up to as some
thing worth preserving The Governor then touches upon
the effect ofthe distribution in causing tariff to
be necessary, and also audes the arocrac princi'
pie Of protection in the following terms =
tariff OF duties which gives protection to class Of
our may IN Its operation be unequal and oppres.
sve to others; and So can have of the qualities OF
an uniform system which alone Congress has the power
TO establish.
would be difficult to find reason in favor If the ger
eral policy Of this distribution measure At time like
ths when the revenues oil our national government
exhaustedwhen has been compelled to resort to every
cxpedent for supply Of the necessary for its sup
port-when one issue Of Treasury notes has followed
close upon anoher-when in of peace we are
forced into the money market and reduc ed the huma
ting necessity Of making loans suffering disonor-at
time like this, when in little than year we have
entire revolution in the financial condition of the
counrywhen at the close Of the last administration our
means were abundantly sufficient TO liabilities
with temporary debt which the accruing would
readily have entinguished-wh our expenditures so re-
and so reducing that charge would have
been balanced by our annual incomewith a character
untarnishe1with credit at home and abroad rnsuspec.
tedand when in single year under new administra.
hon adebt OF more than twenty millions has been fas
tened the country and annual expenditures have
been greatly increased it must alarm the patriotism of
the country that the Congress Of these United States in
the midst o. these endorsements should that one
fifth OF the ordinary of the government should
be Withdrawn from the National Treasury and distributed
among the States.
ture of the bankrupt act. of its vols.
obligation OF contracts. He then concludes by
mendng measures to be taken for the immediate repeal
both those In this view the election of new
Senator to fill the place of the Hon. +. PIERCE will be
made. In relation to banks the governor recommends
modc atisn Of the present system, make stock
holders individually liable for their joint debts This
most judicous and highly necessary check The evils
of the present system.
The Committee Of Ways and Means of the House of
Representatives have made another report on the tariff
of purely protective nature The gentlemen composing
the committee Messrs. Fillmore of New York Bolts
of Virginia. Mason, Of Ohio, Wallace of Indiana Mar.
shall of Kentucky Joseph ngersol of Pennsy ana
Jones, of Virginia, Aherton, of New Hampshire and
Lewis, of Alabama
These gentlemen have come forward with q bill on
which hangs the commercial prosperity of of
people seemingly without any correct of the vast
importance ofthe matter committed to their charge. How
much reflection they have all bestowed upon the matter
we of course, cannot determine but nan who ia ira.
yelling the country lccturing upon temperance at the
same moment that the bill is in preparation cannot have
done much towards inspiring public confidence in the
bill The leading features of the bill compared with the
proposition OF the Secretary follows The latter
proposed to retain the public lands i'll the and
the former to persist in giving it away.
Ohcommit. Secre- Ner commit