The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-19
Albany.
Correspondence Of the Herald.l

SATURDAY, January Is, 1872
Mr.. HoFTnAN concluded his speech on the State
finances to-day, He commended that if the predic-
tons and reasonincs of Mr.. FLAoa as evinced in his
last report as Comptroller had been needed, the
State never would have been plunged in the almost
endless debt under which it now labors. He said the
effect of Mr.. RUGcLEs' visionary recommendation
would be to bring us to the block in ~. He char
acterized the policy of that report as being to Dor
row, to pive-but to pay is out of the queson-to
pay is left to the future, future which has reached
us, while we are yet standing in the present Why,
he said, is not the sinking fund that is there parad
ed, brought into restore the sinking credit of
the State, instead of the temporary loans affec
tonatey recommended by the Executive 10 the pa
ternal soliclude of the Legislature. The truth was
there was no sinking fund-it was wholly imagina.
ry or if real, was by the stated officers entaHg
led amid the confusion of worse loans, as to be USE
less He coaended tha, the protraction OF State
credit was not owing to unforeseen, or to re-
vulsions in the commercial world, but to speculation,
individual speculation, and worse than ALL to State
speculation. In the fair and regaarcourse Of trade,
nc distress had existed Those who felt and ex-
claimed against the revusions of the times were the
spectators, led by that gang of thieves the Uni
ted States Bank. The stocks of the State had been
poured out on the shores of Europe, as though Eu-
rope would never tire of making loans to US, and
the reaction consequent upon prodigalty like that,
had caused the credit of individuals corporations,
municipalities and States, to crumble TO the earth
Then il was that the whitening hand OF deficit be-
come visible and felt. Ali this (said Mr.. H. might
have been foreseen by the Executive. Any one
might have known what would follow. The diff
culties of 1912 can scarcely be disguised Have we
fhn & A.
Governor point us TO any, as source of relief The
credit Of the State is left without protection. II is
HANGING on the shambles of Wall street, and what
different spectacle Is presented from the firm and
rock founded basis which 1t was lett by the ad.
mnisiration prior to the present. The present Elk.
ecutive was more distinguished by the spirit of hope
than by the calculations OF TACT, and that appeared
to be the error of those whom his partiatles have
selected TO surround him. He secuted the idea of
any further extension in the issue Of state stocks
He believed large issue, even such was contem-
plated by the Governor, would be not only On the
road to ruin, but ruin ITSELF We might talk of re-
yer to pay, but time could cure all that. All that
would not operate effectually to crush irretrev-
ably bankrupt the credit of the State, would an
increased issue of stock. The Distribution Bill he
dependent States of the Union, and as furnishing the
credit of the General Government. To clamor and
seek after this money, would be to seek stolen goods
knowing them to be stolen. 1t Is crime, and can
never
our Treasury-which never will happen-it would
conode and destroy the recipients. To invite re.
lance such sources Is not the recommendation of
statesmen or of craftsmanship, but of DESPERATION
Thelman must be deafto all that is heard in the West
must be blind to all that exists there, if he cannot
see what the last issue will be if this law is persisted
in. There are strong arms and bold hearts in that
portion of our land, nor will they tamely see their
rights and their property wresed from them. Mr..
HorrMAs spoke during nearly the whole OF this
days sitting, and more searching inquiry into the
finances of the State, has been rarely made.
Petitions was presented from the city of New
York, praying for the incorporation OF the Amerl-
can Mutual Insurance Company. One was present.
ed from citizens OF Westminster county. in favor of
the renewal of the charter OF the North River Bank,
which was read, when
Mr.. SwAcxHAMMER desired that the names should
be read.
Mr. LOCKWOOD hoped they would be read-they.
would be found to comprise some of the best ct-
zens Of Westchester.
Mr.. SwACXHEMER, wished to know II they were
stockhoderslln the bank, and
Mr.. LocKwooD stated that not single stockhold-
er residing in Westminster, was on that petition.
A bill was reported TO incorporate the Carvers and
Gders Association of the city of New York
Mr.. O'SuLLrvAN gave notice of bill TO authorize
the formation of voluntary associations for chari-
able purposes.
The time for the consideration of Major DA-
vEZAC's resolution, has at last been definitely
fxed-Monday, at twelve O'Clock, is the appointed
time.
In the Senate to-day, most of the time was occu.
pied by Mr. DIcKISsuN, in replying to the speech Of
Mr. Sherwood.
Mr.. FuRMAN offered resolution as follows-
Resolved, That be referred to a select committee of
three to examine into the state and condition of the
statutes Of this Commonwe from the first Legisa-
the year s3 and into the proprety of printing
and publishing those statutes and the expense
the same and that they report to the Senate with all
convenient speed.
The resolution was unanimously adopted.
Mr. DICKINSON, gave notice of bill TO authorize
the issue Of State scrip of the denomination OF SIS,
and bearing an interest Of seven per cent
Mr. FURMAS offered a series OF resolutions in re-
stion 10 the Bankrupt Law, the most important OF
which, was as follows -
Resolved, If the Assembly concur) That this Legis.
atnre do soemnly and earnestly demonstrate against
the repeal Of that law by Congressman request their
Senators and to all the means in their
power prevent the passage eff any bill for that pur
pose.
On motion of Gen. RooT, the resolutions were
so modified to be put in the form OF instructions
TO our members OF Congress.
Mr.. PAIGE said that they would not be acceptable
to the majority here, unless they Preposedato IN
clude tho extension of the Bankrupt Law to money
ed corporations, and moved their reference to the
Judiciary committee, and the motion was earned
by party vote. Among the most prominent can
dldates for Commissary General is Col Stevenson,
alias Jarvis, of Gentworth notorlety. Conner will
he tte | dict