The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-20

ook the form of pledge" of the public lands Tor the
paymen Of the interest This bill has been found 10 DC
,ntrely inefficient Some eeks aimee Lord AshburoD,
he former head ofthe house. which has been SO active IN
he matter was sent here osensiby as Minister. Du'
ring his residence at Washington the New YORK Ameri-
contained several propositions Tor the Vi
he State debts in its Washington correspondence. MIR.
acaro one of the sgners the letters above referred
20 arrived here short time since and is now in Washing
ON The working wire pulling, and Vaccinations Of
more than two years have under this patronage ri
pened proposition to create national per cent
stock of 900 to be divided among the States in
der as is stated to enable the delinquent States to pay
their debts. The who had the assurance to get up
in his place, in the Congress of the United States and
make this proposition had not courage enough advo-
cate bare faced and unconditional assumption, but dis
yuised it in the following terms =
EThis would enable those in debt to pay the interest of
their debt and in part of the prncpa This
was not proposal TO assume State debts Far from it.
was only to change the modus operand making the dis
trbuton OF the proceeds of the lands by giving them in
the most efficient and most beneficial form.
This shallow evasion doubtless adopted, because
the author was not equal to the task he had undertaken
avery few figures will suffice to lay bare the deception.
debt of $780, 900 bearing per cent per annum with
per for sinking fund, will require annually
S0OO0O The proceeds of the public lands for the two
years is4l and 1872 amount to 50 900 only The Sc
cretay oil the Treasury estimates the income LOT three
years to come at 81 900 per To meet the in,e
rest of the proposed debt then there would be deficiency
Of 900 per and al the proceeds OF the
lands 1t is well known that the customs will not yield
sufficient for the current expenditures OF the
government This SO 900 900 to pay the interest the
national stock must then be raised by direct taxation To
collect which, expensive machinery must be organized
and TO support it additional taxes must be laid. What
then will be the operation The State Of New York
whose fully equal to her expenditures must
receive from the federal government 900 of
per cent stock bearing interest Of 100000. The
nua charge this stock with the sinking fund.- will be
SsO0.OOO per annum. or this amount the public lands
will discharge sa2OOOO and the remainder $780, 900
be met by additional taxation of the expensive kind
the inhabitants of this State. And of what will the
stock be to the State will be squandered among specu
lators aud politicians, leaving perpetual charge of
100000 per annum upon the people Of the State All
those States that have now debts New Hampshire,
Vermont, Connecticut, Rhode Island, New Jersey and
North Carolina, will thus have useless and expensive
debt forced upon them in the proportion FOR which
they will be taxed forever What the object of all this
plumber and oppression Why, that the stocks held by
the individuals whose names have given above, may
be improved in value. The houses Of Ro,hschild Denn
son Co. and Quincy & Co., held the following stock in
trust for their customers who loaned their money the
United States Bank N the fall of 1870