The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-11

Grand total outstanding 877l,99o 10 039, 056 s,97979i
These notes have lately become plenty the ex.
IRENE south-Mobile and New Orleans-where they are
at discount of ial per cent and consequently will form
the medium ofpayment to the government in that quarter
These notes ear interest Of per until paid and
being marketable in all the commercial cities good
of remittance. They receivable for all public
dues and the amount standing is scarcely $40 600
and yet with money SO abundant to be offered per
annum to known houses at CALL they will scarcely
command par At this time last year. when as the law
then stood the notes drew interest after maturity not
paid. they fell to per cent discount and so continued
until the law altered allowing them draw interest
until paid Yet in the face these facts the executive
commends as currency issue of SIS OOO of which
100000 to be represented by SPECIE by 60
vernment six per cent stock while the department has
hawked all this country Europe for sale at any
price without finding abuyer-and 900 more based
nothing whatever. These precious emissions are to
take the place of Treasury notes. which, although per-
forming all the functions of currency and bearing per
interest," scarcely worth their face In order to
show the inscriptions assertions which uttered by the
advocates Of the expansion policy which
by which the designing wish to possess themselves of the
property Of the Industrious by giving promises we
take the following from the Express Of this morning =:
The people, what is commonly called the masses
want bill of as small denomination So such as thew
can carry in their wallet and such will be current
III,
absolute certainty of success for in the first place these
bills to be received at all government offices In paw
specie to be provided for the redemption of the fifteen
millions to be issued. There is but objection 10 this
plan, and that is, the sum is too small
This is intended to mislead But 100000 are TO be
provided and 100000 of the paper promises of the 60
vernment in another shape and in which they have
for more than one year been utterly unsaleable
The cashier Of the Ocmulgee Bank of Georgia, in ma
king his report, closes as follows:-
Before closing this communication it is perhaps proper
to advert to the account of Messrs VIM johnson Co.
10 SNOW IN what manner the Institution has become so
largely indebted to them Prior to the month April ls4l
they made several advances of money the Bank-in ali
amounting to $4,000, for which the Bank gave Bond
payable IN one andt years at the American Exchange
Bank New York. (The interest and exchange allowe5
them up to the LIST of September last augmented the sum
TO which amount transferred on the ard of
October last to their credit on general acronnt and
thereby became subject to their check and as Collateral
the notes ofthis Bank delivered to tbemoSoua
their receipt in Bank for $50 las for the notes Of this
ton bears date OF the 81 Oct 1912 II was unSars, s SUI
have been inormed that these notes were not N go S
ofhsr possession Rumor rife this moment thai ,hey
have already put great portion thus delivered
to them collateral security in circulation this be the
case it is certainly be depored but with no propriev
justice can censure be visited the Board Of D
rectors and its officers
WIN. C. BREEZE, Cashier.
appears from the proceedings at Washington that W.
c. Johnston has already reiterated wild proposition for
the assumption Of the debts That is for the &C.
vernment to issue stock Of $500 100000 be d. ided
among the States and to retain the proceeds Of the public
lands ito carry" the debt. The United States Govern
ment cannot sell per cent stock that it has but
small debt II it were possible that the 5000 900
cd per cent only would absorb the debts the States
and allow those States Of debt their just proportion
the annual interest the stock would be s. o0O and
il but three per cent allowed for sinking fund and
expenses, IL would swell the yearly charge 900
per The from the public lands this year
amounts 100000 and takrg into consideration the
of lands offered for sale by the different States the
yield of the United States lands be estimated at
than s20OO,0 coo per annum This would leave sI2
600 900 be raised from other The regular ex
penses Of the Government exceed its already S4
100000 per annum. consequently the only method by
which the annual charge upon the stock could be
would be by direct taxation To yield 100000 per
nun tar equal to sl5,0ooOoo would be levied. What
would be the RESULT Pennsylvania would get, according