The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-08

longer to do it on the ground of the hazard Nothing
speaks more pontedly than this fact to the dscredt
attending misconduct of that State and the shallow
dsreputable tricks its officers here.
New York per cents rapidly approaching par
which point appears that they obtained through 1892
The Righteousness Of money in that year. and the high
prices OF stock, was followed by terrible The
bper cent oan taken at par in October 1882 for $780,
900, was by the banks here jointly credit to draw
against and was all that soodbetween them and desruc
ton when the u 8. Bank down in the fall that
year. In lSl stocks recovered in measure and in
November ofthat year the banks actually held consul
taon to ward of what appeared inevitable bankruptcy,
when the opportune arrival of bills from the south ere
stored the battle" Money is now again plenty, and
stocks exchanges and prices advancing with UMPIRE
cedented rapidy at moment when the supply Of bills
exceedingly diminished and every prospect ola domestic
demand for specie Is approaching The efervescence Of
the markets rapidly increasing and this the moment
when the banks should check instead OF stimulating it.
Irmay soon rise above their control with ungovernabe
force and carry them beyond their depth. Large and
prompt negotiations of stock abroad cannot be de-
pended upon to supply funds in the moment of danger
They must retain within themselves the principle of
safety, or they are lost.
There is undoubtedly every appearance of returning
credit the American States The of all the
indebted States, Illinois In particular towards settling
their debts the worst feature ofhe failure viz:
the imputed indisposition to pay just debts There
other States however like Ohio that now pertina.
ciousy continueihe Bddle system of borrowing brow
beating juggling instead ofmeetipg their difficulties
fairly. large proportion of the Ohio debt is accumu
latng at than compound interest. To pay def.
cheney Of the interest fund last year the debt
was increased $4l60O0. Can any State stand such
tage that1 has been stated that the late movement
of Col Young the State of New York. has gone far to
check returning confidence in American credit because
the Legislature did rebuke him. An evening paper
famed for its Stiffness, publishes the following
Extract from letter dated Lendon 18th April.
sN0thing of importance has occurred with respect to
stocks. Mr. Young's movement at Albany, which only
became known yesterday will have most injurious ef
feet unless it be promptly checked will not be under.
stood here how retain Office be retained in
it, who rspudotes the acts of government whose
he is"
From another ofthe same dste:-
"The motion by NeW York Senator in fapor of repu.
diaon has created surprise here and will 60 farther
than anything yet in sinking the national character to
the lowest ebb II bespeaks lurking love reputation
in quarters where least looked for and breaks the
last link of hope for better things The quiescen tone Of
the also on this point bad sign end shows
how low the standard of national and political mora
ty in highest pscesa natural result of your demo-
cratic system fear'
The London papers, many of them, make remarks.
equally ridiculous The facts of the are that Col
movement
diaton; but press through gross and criminal
ignorance and others through wiul misrepresen tation
chose to fasen that construction upon the secretarys
letter. Let review the the people of this
country became freed from English oppression, they
formed for themselves government model guaran
teed to them republican by the United States. re-
publican Government differs from oligarehy like that
Of Britain inasmuch the law makers the servants
of the people, who are the sovereigns In England
expressed in the above letter. which have itacised
the law makers servants not of the people, Of
'the government" which the stockholders and
arisocracy The hereditary olgarchy of England make
such laws they please the representation of the Com
mons being farce to humbug the tax payers They have
rule for the passage Of laws but unwrten consti
tuition which is construed towards oppression according
to the patience of the people, The people Of New York.
to avoid this, met IN Convention and formed govern
ment They did not elect people ITO and reign
them the white slaves of England did OF the revolu
ton Of $685. but they laid down upon paper the form of
constitution, in black and white what description of
laws should be passed the servants whom they should
appoint thereafter to execute their WILL according to the
strict letter Of that constitution They not only wrote
down upon paper what description of laws should be
passed. but they put down in detail the ceremony that
should be observed before bill proposing such legisla-
ton should become law. Among other regulations
express orders from the people to their servants the ninth
section of the It'll article Of the constitution of the State
of New York, is as follows:-
"SEc 9The of thirds OF the members elect.
cd to each branch of the Legislature shall be requisite TO
every bill approprating the public monies or property
for local private purposes creating continuing al
terng or renewing any body polite or corporate"
Time on, until in 1885, most ungovemable spirit
Of speculation engendered all over the Union. The
most desperate SPECTATORS and their accomphces the po
lciansgo possessan of every Legislature in the Unon
Ato.r
the money of the people for private purposes Under
this excitement bills introduced int the New York
Legislature to give s5OoOo0o of the peoples money to
private companies. These bills failed to become latr
because they passed not by majority of twothrds
which the express orders of the people, but by
msjortes. On these defeated bills however, stock was
Issued and money obtained and squandered among pecu
laters Here palpabe fraud and false pretence-
The foundation of the whole superstrucure of Republ
government sapped The servants of the people
had set themselves in opposition to their written will
If this usupaton pass into precedent then ind
would New York Senators become the servants of 60.
vernment" and not OF the people In this position Of
affairs Young with unbending integrity and Inch
ing republication rsked the whole burst Of vuperaon
that has been showered upon him. and in letter to the
COMMITTEE the Judiciary" called their attention to
the fact Of the fraud committed the constitution and
that capitalists holding stock under those defeated bills
were withom security Here not the slightest trace
of reputation. On the contrary was to pave the way
the creation Of security whse previously ered
This to be done simple, manly, and straight
ward reconsideration of the affair by the Legislature,
avowing the oversight and passing by two third
vote the bill under which the creditors Of the State hold
their stock. The Legislature did not do this. Those
foreigners who read Col Youngs letter understood the
CASE and surprised to find that great majority Of
the press instead of advocating the creation of good