The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-21

gently failed The following is the official announce
ment ofits condition. e. ''n
Circulating received from tn. Comptroller, ssossa
Illinois per cent stock IS ,Ooo-value 1000
Deficit. OBSERVATION-DISCLOSURES l56e
Large sans of specie daily arriving in the city
from South America the West Indies, and different
tons ofthe south About $4,000 has been received
during the week Of which $37 900 has gone to Europe
Griswold Co. of Philadelphia, have alone forwarded
$4,000 to this city, during tho week. These move
ments specie however, do not indicate healthy state
Of affairs The return to a sound currency in the
pended districts wsuld naturally be accompanied by
flow of specie from New York and New England to the
points where return to specie payments to take
place the soonest. short time since when it sup
posed that immediate resumption would be, enforced in
Pennsy lvania Specie began to from this city to
that Now that the fears Of that event abated the
precious metals returning to New York rsPidy.-
The people Of the south must consent to shinplas
instead Of specie for sometime to yet In
Their column will be found letter from New Orleans,
descriptive of the State Of affairs to which We have
heretofore alluded viz the and heavy failures
of mercantile houses dependant bank facilities The
immediate failures the low price Olives
tern produce, which leaves the Advancing houses un
covered and tbs increasing dscredt of fhe Suspended
banks renders them poweress to sustain the toering
houses affect prices tappears also that the bill COM
polling resumption in September next, forfeiture
of the charters has become and will 60 into opera
ton before the Legislature again meets. Consequently
the execution ofthe law will devolve upon Governor
Roman and is to be hoped that he will not shrink from
his duty. Aresumpton and bank reform in New Or
leans Of to the mercantile and plant
interests than at any other point for the that
that the point whence the great bulk cotton which
forms two thirds of the whole exports Of the United
States, shipped, and it, hrou 81 the artificial action Of
novent banks cotton is raised in price higher than it
will realise in the markets Of pton the whsle
of trade based upon it becomes diseased The
bills drawn against for fictitious amounts, and the
consequent failures and recsmatisns disturb the
kess of New York well as those OF the south This
was peculiarly the last year. when the whole crop
realised Europe SIS 900 less than its home
valuation, involving heavy failures in Liverpool and
throug hou the SOUTH adthe article received i value
from the actual price in the market Of consuu Pton,
created by the effective demanl, that train of evils
could net have happened. t.-.
In the Legislature of Michigan the following "a.
solution in the State debts recently adopt
cd - sus.la.f ft- t
Resolved Taat com mites Iconsisting othree mem
bers be appointed by the Senate. with to send
for AMI papers whose duty 1t shall be to examine
into and ascert' with reasonable accuracy the real
value the State Of the assets Of the Michigan State
Bank owned by the ae the real alue Of the de-
Banking Company and what amount the State can rea
sonaby rely upon receiving or making available
during the current hscal year from the sources
mentioned also to ascertain, practicable, the actual
ofthe State al accounts excepting
account of the Of bonds Safe stocks heretofore
made and from what other sources, any, other than
those above msntonea av sabls means may be pect
ed to come treasury during the said period and
report such information to the Senate ss soon as pract
cable.
According to the statement Of the committee oil hnance
made to the virginia House Of the State debt
Is So 1885, besides temporary loan from the banks oil
| $3l5 Oo0-
The report Of M Flag the Comptroller oil tina state
of New York repressa,sin srsnsslght the condition
ofhe state Guauees and points out the true remedy Tor
the present dscredi viz taxation, to meet present ne
eessi,ie The resources of thexSate are as oliows-
Assessed value Of real personal estate, S6soOooo0o
Value ofthe productions Of the State per
late census, 1ss,vv n. w. ~
Annual revenues OF the State, Nooovoo
Population, .s6.l ~ lo .sr.. r.t 241sSzi
wthths vast amount ospropery, annual production,
and from the puslic works, the SIX
per cent stocks OF State at % lper cent discount
while those OF the states OF Maine and Massachusetts
commahi nearly par Are these facts to be accounted
for on the ground OF scarcity Of money, actual dis
credit Of the State In comparison with the other States
mentioned 10 pretty evident that IL arises from dis
credit The question is than, how has that dscredit
been brought about "a recurrencsto the hsttry Of
the past few years shows conclusveiy that has arisen
entirely from tbs .absurdt,ss, and vi
sionsry ollies hahsve marked the eonducofhe State
enced tn State councils In that period have
no s,he the people 10 swallow.
aud loan after losn has te,n forced the public to