The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-15
MONEY MARKET,

The stock market has been dull to-day, with little
change in rates. New York State rs, lsi9 SIS of
1885, Kentucky 6's, Ohio 6's, of 1860 fell Il Mo.
hawk I.
tits a little surprising that the document for which the
public look with the greatest interest," and which, in the
greatest degree affects commercial and financial interests
should so long be withheld We report of the
comparatively but little interest promptly given to
the public while that is kept back.
In the Missouri Legislature Mr.. McHenry offered re-
solution instructng the Committee Ways ami Means
to inquire into the expedency of authorizing the State
Treasurer to issue 600 treasury 900
OF which should be appropriated to internal improve
ments and 5000 900 loaned to the citizens the several
counties in proportion to the said
ties; and of making said notes receivable in payment of
and of the public lands Said resolution was re-.
jected.
The Legislature OF Illinois assembled the 5h instant
Some measures will undoubtedly be taken towards i'm.
proving the State credit The credit ofhe State has been
going down since. At the of 1910 the party
then predominant passed resolutions of regulating
the contracts for the sale large State Bonds
by Messrs Rawlings and Oakley, to J. Wright & Co.,
London Thompson &Forman, London and J. Delafel6,
New York. on the ground that the Commissioners in said
sales had exceeded their authority and that the contracts
were not illegally morally binding" upon the people of
eved that the contracts made by Messrs Rawlings and
Oakley in the referred not in strict conor
nifty with law, but there still large majority in that
body determined under almost any circumstances to pro-
cure money and means to go with the public works.
There some, unquestonably who were opposed to
the improvement system, who yet believe that the
exravagan waste ofthe the State in the sale
of State Bonds, authorized by law Hence majority
in the legislature found sustain the contracts The
tbe
covered FROM The resolutions in favor of reputation
indeed rescnded but nothing further done dur
ing that session towards redeeming the State reputation
There has been session of the legislature since until
nowwhen meets with opposite political majority from
what prepondersted at the former session. and it highly
probable tina. efficient steps will be taken to change
the face of affairs
The following is from the Journal of Commerce.
Ham CAsr.-Joshua Lippincott, Esq. who in the
spring of 1Si gave his private securities large
amount, in order to protect the property of the United
States Bank from being sold under the hammer and there
by obtained stay Of execution for twelve months has
ceived no indemnity from the bank and cannot receive
any, unless the Court Of Common Pleas interfere al
low him to be Unidentified out of the assets which in
the hands OF the asgnees petition to this effect be-
fore the Court At the time of making said securities
Mr. L. repeatedly assured that he should under any
and all circumstances be saved harmless and untortu
nately trusted to those assurances
This man. Lippncott, for years OF the famous
Exchange committee under Nicholas Bdde. He was
of those under whose agency ell the mseeds of the
late National Bank took place. When the explosion OF
the bank these who for years had been the colabo
not TO say coplunderers with Nicholas Bidde quar-
relied and endeavored to sten upon him all the odum Of
the disasters and by shaking him off to revive the
mains sthe bank in their hands Mr.. Lppincot
forward at meeting of the stockholders with PROPOSE
ton that would promote the interests ofhe stockholders
to continue the institution to reduce the capital $4,000
o0o that the salary of the president should be 5000 per
annum Sc While he endeavoring carry out this
project he became security for the bank in order keep
its creditors of their property. now his speculation
the poor stockholders whose all disapated while he
was aoint manager ofthe The least tina. these
men can DO TO make amends to give up what they
quired by the facilities of tie institution
The present aspects AFFAIRS financial and commercial
Is indicative that at last the tendency Of things is to i'm
prove The paper system under which great debts
contracted and extravaganza promoted while the resour
Of the country went to decay during the credit specu
Iatons ofhosewho should have been by productive in
dusry adding to the wealth OF the country is finally ex
poded The decrease of industry, and conseq in
real wealth. during the paper wealth and specu
laion may be estimated IN the fact that in 1900 when
there no banks, internal Improvement and but
100000 inhabitants in the whole United States the ex
port OF flour S and the total agricultural ex
ports $3ooooooo Independent of cotton. In 1861 with
$500 100000 Of bank capital the country covered with
works Of internal improvements to develope its resources