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

xThs abls Gents q universal de Zine and may - A.
erbsd ssas = the indispeatioa Of pslticsns whether
state feders the question oftsxston levy
sufficient 10 meet the Of the several governments
This reluctance TO meat the question oftaxation has no
doubt been greatly enhanced the disposition evaced
by the people only scrunise the transactions Tor
which they csled upon to pay taxes, but to reject
those bosds which not negotiated according 10
This disposition borrow instead Of raising the money
by legitimate means is what strikes down the cred Of
only those that have hitherto stood highest
but also Of the Federal Government. The States that
will bs delinquent in the January interest," are Misss
sippi Illinois, Indiana, Michigan, Maryland and Arkan
sak The FIRST Eve fail from absolute inability pay and
have made provision for tn purpose The last men,
toned State fails accident The bonds issued
to the State Bank and the Real Estate Bank Of Arkansas
and are secured by mortgages property Of the bank
The banks to declare no until the
bonds paid The Real Estate Bank has sent to this
city bills which mature in this city, and which the
Phenix Bank was to have discounted to meet the Jan
uary interest. The pressure in the market, however,
prevented them from doing The State Bank has ship
ped specie which is its way. but will arrive until
the latter part Of January, when the interest will be
paid.
In relation to the debt of Mary land the following
passage from the Message Of Governor Grayson will
afford full explanation -
The nature and extent Of oar pecunisry embarrass-
at the present time notice tho aspect which they
have assumed since the lest session Of the
The then passed. for assessing and taxing the whole
property ofthe State, intended TO provide perma
nent of sufficient pay the interest
the public debt punctually as became due But II
was known that some time must elapse before the pro-
ceeds Of the tax could be collected and paid the
treasury the Commissioner Of Loans authorised
borrow FIVE hundred thousand dollars for the purpose of
supply ing the deficiency the for the present
year Loans were obtained, principally from the banks
to the amount Of about four hundred thousand dollars
which enabled him to discharge the interest Of the pub
lie debt the first of July and the first of October
II was impossible to borrow sufficient sum for the next
quarterly pay nent and regret to say that the State
due the first Of January. will be understood,
however, both athome and abroad, that the Legislature
in laying permanent tax for paying the interest of the
public debt and in authorising loan supplying the
temporary deficiency of the revenue did all that was
me not hss
ed em all the countless and the of taxable pro-
Psrty in the State is not yet ascertaned will proba
Sly fall short of the general estimate and in that case
higher Of taxation than provided for in the bill Of
last session, will be required to meet the increasing de-
millions two hundred and thirteen thousand dosrs Of
which abouten millions may be considered bearing
on the State.
In relation to the Banksshe has the following -
The banks this State have persisted long in reu-
sing redeem their notes. that there rcason to
pcc that they will return of their accord to the
path marked out to them by their charters is
question for the Legislature to determine how
ger they to be permitted to disregard the laws
State and the rights Of the community.
The opinion may still be entertained that the State
banks be properly regulated without the aid
ola National Bank and that as thsripresent condition
il attributable the of such institution no re-
nedy be provided by State legislation. reference
to the banking system Of England will show how far
great monied institution connected with the govern
ment, has had the effect Of limiting the number or re-
| gulating the issues oflocal and private banks.
1t would be very difficult for the Governor to show
how National Bank would compel the banks to resume
That feat that the late NATIONAL Bank
yerrs in vain to aoconpln The Message opposes .
protective tariff at length.
The state of Pennsylvania in addition to the above
will undo ubtedly FAIL but her debt is not due until Fe
bruary She has o. hand, according to the statement
the Treasurer bit 100000 and that is not sufficient ts
pay the NECESSARY repairs upon the public works to enn
BILE them commence the spring business In 1882 til.
state mad 81 100000 hand, and failed after ALL