The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-12
MONEY MARKET.


At the Stock Board this morning sales were moderate
in extent and prices in instances gave way Harlem
declined per cent stonington ! Mohawk Railroad I
Patterson improved |; Long Island Railroad /.
The Bank Of Illinois Shawnee town is to spe
Gle payments the 18th instant and unless the State
Bank able to the day. her charter be-
comes forfeited according to law The policy of those
who control that institution Wall elsewhere
has been of late to speculate in their paper that
depreciatng the paper much possible buy in low
prices themselves and thus pay their debts with small
per centage This is of the tricks of banking that
is supposed to be for the benefit of the people.
The State of Michigan will be remembered issued in
violation Of the Constitution State paper called "scrp,
ocIrcuate money. The issuers Of this fraudulent pa
per well aware that would deprecate in the
market They also passed law at the time regula
ting the business of brokers' under heavy penalties is
charged the brokers have caused the depreciation
OF the illegal State paper money because they buy for
what is worth and they endeavor throw upon those
who suffer the of the transaction. If the State had
honestly paid lbts in the first instance there would
have been no lleg& lpaper to depreciate.
large sale of RI oad Bonds is take place at Phila
depha the 22nd instnt consisting of the following
Redeemable.
1 as r sn % saa sna s g. So sSH 1887
aaO3,soo
These Bonds of the Reading Railroad convertible
nto company shares the option OF the holder at any
time before 1850 The interest of both descriptions paya
BILE semi-annually in London.
extract the following from the New York Daily Ex-
press OF this morning -
The Committee of ways and Means propose repeal
Land Dis.ri5 ution Ldc hich is the great peculiarly Of
their project On this will arise the great contest in Con-
gress. be dgnifed with much more importance a
for lands not Of sufficient Importance to az
any great income to the Treasury, to materially
effect what should be the proposed rate ofues upon any
articles
The two lines have talicsed contain instance of
the nippant folly whwhich commercial matters
ed in the Wall street papers, The editor who conducts
that of the paper with the most self sufficient grav
ty proceeds to discuss question Of which his statement
proves his entire and surprising ignorance. The 2sth
section of the bill of the Committee of Ways and Means
follows =
Sec 25 And be further enacted, That the provso to
the sixth section ofthe entitled An appropriate
the proceeds Of the sales of the public lands and grant
presumption rights" approved September fourth eigh-
teen hundred and foryone, be- and the is hereby
repealed.
The following the prorsO to the 9th section of the
land bill -
Provided That IT, al any time during the existence of
this act there shall be imposition Of duties imports
inconsistent with the provisions of the of March
cond thousand eight hundred and thrtyhree enti.
tied An act to modify the Of the fourteenth of July
one thousand eight hundred and thiytwo and all other
acts imnosng duties imports and beyond the of
Of ,mporfs any Of them then The distribution pro-
rded IN this act shall be suspended and shall continue
unt this cause Of its suspension shall be removed; and
when ed IL not prevented by other provisions of
this act, such distribution shall be resumed.
The tariff bill of the Committee of Ways and Means
raises the duties imports to average of IS per cent
instead consequently the land bill would be inopera-
tive by tsown provso but with the trckery vacation
and deception always marks the legislation ema.
mating from Harry del occdente, that proviso having
been serel in the original bill passage is now
to be repealed by clause in the law the prospective
creation of which the of the insertion.
such dsgraceful mountebank legislation that destroys
the credit of the country home and ito dignity and the
respect due abroad SO course of our
public that their parans know the of
their To be the editor above quoted was ne.
remarkable for any degree of shrewdness me-
cesary that he should be oft The press
for quid pro quo agree support certain politician
right wrong and Is therefore not necessary for
to scrunise his principles The New York Courier and
Enquirer has the head Of its column the following mot
to: Principles not men What the Specification of these
words be- probably the worthy editor has not
tained He possibly thinks it missile used in the
regular army Accordingywe find his editorial columns
uniformly supporting the broade principles Of free trade
rs those best likely promote the welfare Of the country
and at the time that who is the rankest advo-
cate for high and oppressive duties foreign commerce.
supported for the chief magistracy OF the nation Now
whether the principle the man. that the redoubt
able editor contends for may puzzle the simple minded
is such eaky vessels these that keep the mercantile
community in constant suspense in regard the action of
Congress upon commercial matters and which stagnaes
trade and paray the whole business othe country
Sales Mt the Stock Exchange.
$1,000 1851 ''' &c hs % RR cash cash s1.