The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-28

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These was part of these issued to stebbins Nc.
Alister.
The low price Of the Reading Railroad stock arises in
great from the Indebtedness Of the Company
The cost Of the road So O0 nearly half OF
which the Company owes The capacity OF the road
transport coal to the extent of million per
nun undoubed The small quantity hitherto brought
owing to the fact that roads leading the mines with
which the Reading road is TO connect do not this
winter hence there is no coal to bring
sale Of teas took place today the details Of which
will be found under the head of State of Trsde-aso
some sales Of real estate.
The feeling in the money market exhibits very little
improvement The banks disposed to do but little.
At the Bank OF New York and Others at which this
discount day. after unusually long sessions Of the boards
but very little paper done. great deal Of dstrus
prevails in relation to the late forgeieshe
Of which may be 0O0 II is mostly Of obbers and
toneers paper description Of which the banks have of
late been very cautious aud the losses fall mostly on
those brokers and capitalists have taken the paper
usurious rates.
The feeling in relation to reputation in Michigan
10 strongly indicated in the vote in the State Senate
eetng resolutions favor Of ackno lodging the State
debt. The resolutions offered by Mr.. Fuller, were as
follows
Resolved, That II is the solemn determn alton Of the
people Of this State asking nothing which clearly
| u nR.t
her just debts and preserve nvolate the faith OF the
State whenever and 10 whaerer erfent IL oy hsvs been
Diseiy or unwissiy pledged.
Resolved That the doctrine that might makes right,
and that therefore state nation may by virtue Of ts
sovereignty repudiae an honest debt IL unworthy Of
the age and of free people, and wherever else IL may
have found response belongs not 10 the moral poll
teal code Of the people Of Michigan.
These resolutions were nsgsived by a vote Of nine
to ve the political parties being equally divided on
the subject The bondhoders therefore not be very
ssngune of payment The suspension act OF last year
being repealed, the Bank Of Michigan has made
sgnment Of oil its effects c. c. Trowbriige, Robsx,
Stuart, and John Owen nominated as trustees.
We yesterday stated that theB ank Of Towanda, Pa
little ricketty concern that has failed once week dur.
ing the past year, again in operation. II appears,
however, that II has already utterly exploded
Nsvery gratifying, to be at last able to record tho
fact that the Maryland House of Delegates has passed
bill by of 05 to 49, requiring the banks resume
specie payments forthwith. The fifth section, which
was stricken before the Bill passed. that which
proposed give debtors oibroken banks the privilege
Of paying their debts in four years. Some hints
throw out that the bill will be killed in the Senate
We apprehen however that in the present state Of pub
lie opinion, that body will not dare to give longer
| lease to dishonesty.
Our letters from PhilsdephIslto advise of the
| final explosion of the Grard Bank. V
The condition Of the bank IL represented follows -
Liabilities circulation, ts00,o00
| Deposites. 2S0 coo
Bank balances, 500 600
$4,000