The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-09-29

expended in the name OF the New York and Erie Rail-
road Company from the following sources One mil.
Ii onythe Company stock, three millions loan,
half million invested in work by the contractors
S. 100000. Nov, sh to ask il wosk to the
ofthree million dollars can be shown the line Of this
road We here allow and half million dollars for
contingencies which the reader will admit is su ciently
liberal; and again, ask, work to The extent OF
three millions of dollars be shown the road What is
the opinion of Mr. Baker the State Commissioner this
matter He has we understand, made fly ing survey
OF the whole Erie. Would net be well to lay
before the public prior to the election 5th
proximo 1t cannot b, possible that such statem mt
has been withheld from the public because certain
averred that it would inure the prospects of the
Company at the approaching election
1t has generally been understood that very large
of money was lest the woods and buried in the
embsnkments; end yet more lost in Tappan bay,
whether the result Of accident, careessness other
wise uncertain there has been official statement
made public In fact great degree of doubt rests upon
the whole affair and were well for the interest Of the
road could, these doubts he dispeed
Friends of the New York and Erie Railroad, now or
never The result of the approaching election will,
most probably decide the fate of the road. Look well to
the direction Beware of Old Proxy ;" Again. friends
Of the road creditors contractors, all attend nunc aut
nunquan!i!
statement relative the discovery
mine the lands of the Canton Company is calculated
to impress some persons with belief that the stock Of
that company may rise in value and become profitable
investment.
1t may be well to state however, that no dividend has
ever been paid since Its institution has it been
offered the Stock Exchange, except as fancy stock.
Indeed The and bearing ofthe annual report
the stockholders at Baltimore, might be inferred that
the directors had entirely lost sight of such idec
that OF paying dividends allowing any share of profits
to such stockholders do not reside Baltimore,
have no part in the direction of its affairs
sppeers by the report of June S4 that STAT 90 had
been received the shares in the capital stock
the company and that so shares Of reserved stock had
been sold for SIS 297 s and repurchssed for SIS Gas IS
The stock at this sale ought have been worth see per
share-his being the amount Of instruments at that time
paid At the time of the repurchase an instalmen OF 80
per share had been pai that the 522 shares, which
had been WORTH $50 per share, the sum Of $3 $780,
now when repurchased worth. at 500 per share.
$50 $780, whereas the sale amounted only g. and
therepurchase only Sl5e43 49, the stock having now
become so worthless sell for less than onehs the
sum originally paid for it by the stockholders.
The report of ls4l informs that the capital Of the
Company been applied the purchase of about 5000
acres of land estimated million of dollars &c &c
Statement Of this report gives view of the business
transactions of the company. The receipts amount TO
S2i 1853 3d. and the instruments to $5s,5l0 that the
stockholders may perceive the funds of the company for
the year ls4l derived chiefly from contributions
levied upon themselves In statement we ind among
other aable balances hand SS363 cash. Was this 10
be div ided among the stockholders
In the report of lsls have somewhat nourishiug
display ofthe prospects of the company In
of this report the receipts Of the company amount to
$40 A4O IL and $3.50 collected from stockholders Total
$2O62o II. In statement we find balance hand OF
500 IL cash. this to be divided among stockholders
Is dividend to be declared on this sum?
At the end this last report told that TO che
directors the owners of shares appeared personally
and the owners of $3.50 by their proxies 1t would lie
gratifying 10 know how many individuals actually
occasion This mode Of voting by shares
seems to he some what aristocratc One share being
titled to a vote the wner shares would of course
be entitled to 100 votes the OF 1000 shares to
1000 votes On this 1874 votes were gven and
we have no assurance there were twenty persons
present.
tmight be interesting also, to know how many shares
are owned by each director.
A late London paper remarks rs fellows:-
"Amerca has suffered greatly fromhe effects of rAPEn
MONEY all its suerings be traced to It's eao man.
agemen. and want OF IN quanuty anc as zen
ea Jackson when Presidency took 10 redeem thena
tional debt when was in excess, the nation
will recover. Indeed, the immense quantity OF pro,
duce in excess OF its requirements the cheapness
it's nment, and the Industry OF the people cannot
TAIL in years, 10 make it the most wealthy country
in the world"
It's true ,hat the debt finally redeemed while Gen
era was in wer and redeemed at time when
money was very cheap that is not worth so much by 50
nor cent as il now is But what csre General Jackson
had in the matter would puzzle English friend to ex
plain The debt at the close OF the last war was over
and Congress annually appropriated about
100000 100 towards its redemption. When the United
States Bank began its expansions, in 1880 the quaint
Of paper money rapidly increased and the Government
being receivable in bank eper the receipts
sto the Treasury swelled accordingly and great sur
plus accumulated after Congress had appropriated sum-
cient to ex,inguh the debt in 1885 The nation undoub
edy saved some $40 600 by dschargng the debt in
cheap paper currency its losses have been incaicua
BILE by the Of that currency The productions oil the
SOIL and the industry OF the people, with the rapid in.
crease of the population, WILL undoubtedly, at no distant
day. place this country in foremost ranks but its wealth
or i'm will be increased through the medium
Of poper money. On the contrary, the imitation which
the debt be discharged threw the country back
full ten years Paper money circulating among the peo
pe does not add particle to the general wealth. II
does not create wealth is only substitute for the pre-
cous metals which wealth because they the pro-
ducton of labor The of the precious metals and Of
their substitute paper money, is only to transfer from
hand to hand the wealth that has been produced by in
dustry and the quantity of specie paper which Is ne
ceseary s generally the of exchsngahle values
which have been produced by the industry OF the people
Money produces nothing only serves to promote an in
terchange what has been produced To increase tho
quantity of paper money, so far from increasing the
wealth of the country, tends greatly to impoverish It,
because paper money loaned by banks exclusively
short notes TO traders those whose business it is not
70 produce but exchange that which some one else has
| rr,iuced. Now when the number Of traders have in
creased too much that is when their proportion to the
producers great the amount OF articles to be OK
changed becomes greatly diminished until the country
suddenly Gudsself impoverished The number of ira
ders will always very raridiy where they cen
easily obtain bank facilities to trade upon 1t is the object
OF banks to encourage this because they wish to lend os
much as nnaihn In 1896 the proportion Of traders AID