The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-05

10 the rail- road companies which IN deianlf, Is
S9I9,7d The debts consist OF stocks chiefly re-
deemUble in 1915, l-50, 1855 and 1860 The amount
| II stocks issued to the Delaware and Hudson Ca
val Company, and railroad companies, is So OBS 700
You Will, OF course, give immediate attention to
proper measures for reimbursng temporary loans
Alter advocating the enlargement of the Erie Canal
| and also the Erie Rail II oad a, an expense of
Se,0Oo,OOo, and internal Improvements, the Governor
hints boldly system of direct taxation, and then
| goes on TO conclude hus;-
Since the works were undertaken the rate of in
terest demanded upon loans to the State has ad.
vanced from five to about seven per cent. PTu-
dence, under such circumstances, counsels mode
ra'Ion-yet the value of money has not increased
as much as the price Of labor and subsistence have
| fa'len-and it would certainly be the worst of all
economy to discontinue enterprises so important
Tor reason so inadequate, to sacrifice, in delays
and damas e., than the additiooal cost result
ing trem the enhanced rate OF interest.
While we ought therefore, 10 parsue the under.
takings Cautiously, and even at some apparent al
though unreal sacrifice, are, nevertheless re-
CURED TO put forth every effort TO restore public
stocks to their former value. Such efforts however,
would prove unayalhng. if the causes of the evil
were m understood We are in competition with
oil e-states and countries in borrowing money. The
securities OF other nations not deprecated while
those OF our sister states whether they owe less or
more, are reduced none less than own, some 3d.
4O 90, 60 and 20 and even 80 per cent.
The Federal Government, which has once paid
owes nothing, is Unable at the sane rate of interest
we offer. 10 obain loan for three years, of an
amount equal TO only half years revenues. Isit
true then that the depreciation of stocks has re-
suited from the greatness OF our debt, or from the
magnitude OF our undertakings, or from any fiscal
unsoundness or error! On the contrary il is appa-
rent, that stocks depressed by some general
cause affecting. all governmental securities.
But although the causes affecting our public secu.
rites beyond the reach OF direct efforts, VIC can
nevertheless mitigate the evil and contribute TO a
remedy. 1t is urgent duty forify our ere t. not
merely Tor the purpose OF securing discrimination
IN our favor, but also to furnish an encouraging ex-
ample to our sister safes suggest, with view
to this purpose, rigid adherence, under all cir.
cumstaEces, to the rule hitherto observed that the
wheie public debt shall not be raised above such
amount as that lis interest cannot be paid our of
The current surplus revenues of the canals
and to remove all question concerning the
fiscal soundness and moral integrity of the
State | recommend that all future revenues
from the National Domain shall be pledged
sinking fund 10 the exlingushment Of the principal
OF The public debts, annually paying, or providing
iof the payment of part OF the principal and ab-
sorblng first the older debts.
II IL milIloDa Of dollars are yet required TO COM
plete our public works, the system have suggested
would IN 1880 discharge the whole OF our present
and future Indebtedness, and after that time leave
MS unlocumbered annual revenues. If we adopt
this, or some more iudicious fiscal system-if we
truly value our resources, and Justly appreciate
enterprises, We may prosecute them diligently and
firmly, and with even higher confidence in their
perfect success and ucbounded usefulness than has
ever before been entertained.
If, moreover, we declare that at no time, nor un-
der any circumstances, the States Justify vio
latlon of public faith by any OF sister States bat
a, the same time yield to those States in performing
their obligations our sympathy, support, and such
aid as is within onr constitutional province if we
stand by those younger, less wealthy and less pow
eriul, bu equally patriotic members Of the confede-
racy, in this cfsls-as know full well they would
stand by us if menaced from abroad-we shall see
them rapidly recovering from their embarassments,
and worlhily reganisg the confidence of mankind
Then eadh star will be firmly fixed the clouds now
gathering will speedily dispere, and the consleIla-
ton continue to shed It's cheering light upon the
way along which the nations OF the earth are ad.
vancing TO constitutional liberty