The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-16
MONEY MARKET.
Tuesday. afnrch \

tuesday, March I5-0P. NJ.
| small business was done at the Stock Board this
morning without any material alteration in the leading
features of the market. Delaware and Hudson fell4
Indiana /; Illinois Ohio New York State ~
sales Of bills on Philadephis 81 Baltimore PEI
cent; Mobile 70 New Orleans 7.
Since the Harlem books have been removed from tie
vicinity Of Wall street. speculation has nearly ceased in
the stock. The economic al arrangements en,sred
into BY the directors have said produced an excess
Of revenue aud 10 far established confidence as to in
duce the purchase Of large amounts for Investment
Fifteen months since the stock Of the Mechanics Bsnk
ing Association stood 60 at the late election for artc
tors At 90. The reform ticket was then defessed
and Al 10 all that Is offered for il. What is the mat
ter, Mr.. Cashier Isit not time that the stockholders
looked after the smel ,hss may remain to them
The Governor Of this State has addressed message
to the Legislature, sccompsnied by report from the
President Of the New York and Erie Rlirosd whersin
Il is stated that If the State does not furnish ths
funds to complete that idle speculation ii must be sbsn
doned s4ooooo are said TO have been spsut of which
the State is responsible for oo and a. vet but
about one fifth Of the road is done. The sock Of the
State must therefore be forced upon the market to the
extent Of Geo, when is already at discount Of
% per cent the speculation will fail at once and Il
the stock issued may ultimately fail The only true
policy Of the State 10 seize that part Of the road com
pesed for the stock already issued and stop all furher
expenditure. The following an extract from The Let.
ter of the President -
Under the suPpostion tina, the Legislature would con-
tinue the proportion Of aid that has hitherto afforded
the company made provision Tor the interest on the
state Loan, due on the FIRST Of APRIL Lut expended ell
their means in the construction oil their road 80
pleasant announcement this. The State with other
pressing claims upon it 10 the Of $oOCoOoo with
money in the treasury and its psr cent stock at o.
called upon the pay the interest 81 100000 squeA-
dered upon this Wall street speculation. II is better
however, to lose than to lose $40 The
the company fails pay the interest," the lsn Of
the state should be and every dollar Of exPen
dtsre s.oppei perhaps that part which is in operation
may be made to pay the interest by proper management
We recently made come remarks upon the several
plans OF c al agent submitted TO Congress st the pre-
seat session. There 10 from present appearsnees little
chance Of the public good getting so far the ascendsncy
over the factous jeslousss of desperate political gam
blcrs, to allow Of any thing being done towarts
settling the vcxed question Of the currency. Certain
asnirsns 10 the Presidential beAt upon using
their present influence procure the establishment ofa
money power which be used az political engine
and brought bear upon the ensuing eecon and the
every seems 10 indicate that unless this cen
b. done, the country must be dsgrsoed the people i'm
p,vershcd and trade destroyed by the continuance OF
uncertainty in relation 10 financial sffars We hsvs
before freely commented upon the disnc features
OF oil three bills and have pointed reasons for pre-
ferring the House bill tibet kno wn as Mr. Cnshne
That bill has the foundation Of Useful permanent
ard ssfe system Of hAance with the exception OF one or
Two points. that could be struck whou. conflicting
with its q neral operation In our srtjcle of March a.
parallel between the three bills showing tho
distinctive fssturesef each. In,hs, article we objected