The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-10


the active and able officers that ever presided
the road He is practical man, and understands
that which conducive to the mutual interests Of the
road and the public who travel over it. James Watt,
Esq largest holder entered into the speculation with
great confidence in the ultimate value OF the road The
other holders mostly brokers. great difference of
opinion exists between these gentlemen as to the
nsgement OF the road Mr.. Watt sntertains views in OPP
position to those of Mr. Law and the other holders CT the
stocks The latter gentlemen in favor of low prices
and extension of the road through Westchester.-
Mr. Watts in favor Of high prices and remaining quiet
until the road already built is in better condition. instead
of borrowing more money to extend its length large
reduction has lately taken place in the on the road
the rate being now l2i cents from City Hall to Harlem,
orl3 cent per mile aud 1t Is sledged that the great in
crease in the receipts of money fully justify these low
rates. very evident that il train runs TO Harlem
IL costs no more to carry three full at 2t cents per
head than one car full at rs cents per head The 64Oo
shares that are floating in the Market il voted the
side of Mr.. Watt would gvehim the direction. II por
ton only vote on the other sde he will be defeated 1t
will then be decidedly to his interest to in to the
views of Mr. Law and further the interest Of the road
Thepublic the capitalists men of property and men Of
interested in having direction whose views
and policy shall not emily benefit the Harlem pro-
moea connection with Albany by the shortest and
efficient route.
We mentioned some time since the appearance Of the
new 80 year Kentucky 6per cents in the market The
Frankfort paper explains it as follows:
The Governor Of Kentucky authorized by an act
cancel six bonds the interest of which
is able at the State Treasury by issuing instead thirty
year bonds the interest which is payable at New
York There were about $e00OO ofthe year bonds is
sued The Governor is rapidly making these ex.
changes, charging, in the exchange premium Of one
per cent in favor Of the long bonds We mention these
facts to explain the appearance Of 80 bonds
hard hints
the form of part of the evidence oft.
The Baltimore American after remarking that the
Globe had quoted article from this paper the SUBJ
ect the regulations of foreign closes as
f0llows:-
Itmay be worth while to notice that the instances
chical governments relate exclusively the subjects of
the governments themselves There is instance
toned OF swindling foreign creditors by repudiation
and If there were hundred, ii would make
better.
The views Of the Baltimore American are usually of
that character which do admit or argument
nasmuch they present themselves in any tangi
BILE form. The above is instance We did not nor did
the Globe aege that cited instances reputation in
all the monarchcal governments of tie earth
in excuse for, orr in palliaton of wful re-.
pudiation of just debts by the American States We
brought them to view in order to show with how Dad
the torrent of abuse which has been poured
the American States from its utterers The repu.
daons nsolvencies declared bankruptcies of all the
nations Of the EARTH from the cause viz ne.
cesaity; and it argues very little sound sense charity,
good policy in people, who have recovered FROM
not yet arrived at such necessity to rcvle another people
who are aboring with the difficulty.
In relation to the distinction which the American affects
to draw between "swindling foreign creditors" end
swindlng domestic creditors, it betrays only want Of
knowledge Of the facts. There ESQ of
Ioknl >~v.-
hell in England but be that it may do not see the
force Of the distinction. cheat is cheat, matter
who or what the victim may be- State has the ability
to pay and refuses to do the niquy is neither greater
nor less because the creditor lives In another country.
If State is bankrupt and cannot pay all it misfor.
tune and is not the crime because the money is
due abroad On the other hand according indvidual
practice and scrptura precept ell debtors bound
lock after their household first St. Paul says 9th
limo. sthv "But if any provide not for his own. and
specially for those of his house, he hath denied the
faith, and is worse than an infdel."
The American to be alarmed that the creditors OF
this country will be tainted with their folly trusting
republicans. To our mind, the taunt which should be
most felt is that the American people, protesting self
and freedom from from all tain
had yet the folly to ape the funding system which
one Of the worst foes Of the toerng tyrannes
ope without having the the ability to support
It, In the oligarchy of England and the
Europe, the people have voice in the matter. The
debts are contracted by the government and taxes
pay them levied by "the government" II the people
murmur or resist regiment of government soldiers
correct their morals, and preserve the faith Of the go.
vsment" In this country the people cajolsd into
debt by promises that they should be taxed to pay
principal or interest Every Of these promises
broken and the most levied pay for mo-
ney thrown away. II simultaneously with the creation
Of every debt tax had been levied for s payment not
oneenth part Of the existing debts would have
createdbecause the debt being presented in that prac
cal form to the people, their for it's creation would
never have been obtained The present dscred as it is
called to be the practical results of attempting
engrat OF the abuses of monarchy upon republican
Institutions 1t Is at with their very nature and can
not therefore flourish. The American people thereby
exposed the taunt of not understanding the
nature OF their own government.
Sales at the stock Exchange.