The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-03-25
MONEY MARKET /.
Friday, March 24-6 II :.

Friday, March 24-6 II NJ.
The operations at the Stock board not large and
prices did not alter much. Kentucky 6s fell Ii Bank of
Commerce rose !; Mohawk !; Harlem 4.
At the new board prices remained about the same.
r. The Bank law has passed the Kentucky Legislation.
provides for the withdrawal of the state five per cent
stock from quarter and applying them in another.
will be remembered that the city Of st. Louis last fall
authorized the funding of the city warrants in per
stock. The time has elapsed during which the
funding of their warrants permitted and the stocks
have appeared in the market per cent The securi
ty is undoubted
The amount of Indiana State scrip outstanding 10
$s00,0oO. At Mobile, the 10th, the Bank of Mobile
which had been checking at &c. advanced its rates to H.
Oflae years 1t has come to be true that the Legisa
lures of the several States have and passed laws g
dually infringing the written constitutions both of the
spectve States and of the federal government The writ
ten constitutions adopted by the people, rae Of action
for legislatures have gradually been encroached uponby
the constant tendency to legisate by rule OF precedent
and those preceden taken for the most part from the Eng
lish governments where succession OF usurpatons and
expressions make additional outrage legal Thus the
institutions fhe country have been slowly losing their
republican stamp, and assmlatng those monarchcal
features that foreathers srove avob clearly on
pressed and written constitutions In branch of egs-
lation has this change become apparent than in
precedent most of the States passed stay laws direct
contraventon of the constitution of the United States
These laws would have increased in number and Illegal
ity, had not the United States Court recently crushed
them by its decision. In the the State
sutions have gradually lost their force. The ninth
section h article Of the constitution of the State Of
New York, is as follows:--
SEC oThe assent of fvohirds Of the members elected
10 each branch Of the Legislature Shall be requisite
every bill appropriang the public monies or properly
Tor local or private purposes or creans, IL
tering, renewing any body polite or corpora'e'
In direct violation OF this section, $oooo0O OF the
money of the given to the Erie Railroad Com
panv. the Miami Railroad Long Island Railroad, and
other local and private" concerns The Erie Railroad
snen, tho money among themselves put the last install
mon, received from state in their pockets then cooly
,rnsd round and notified the Comptroller hat the state
rs, look out for the interest," they should pay IT,
The security which tho State had has now been waived
In favor Of the contractors The "Journal of Commerce.,
remsrking on Mr. Young's letter has the following,
awe are amazed at the avowal OF such doctrines by
Secretary Young. Even II he right the ques-
ton cosutionality ION which point every Legisla
for many past appears to have differed em
him. practically al leas do not how this alms
sion would affect the morality Of the Have mot tho
people ofhc STATE through their Representatives. received
the money and expended il for such purposes they
thought propcl This is enough as to the morality Of the
question:"
Neither the state the people, the Representative
got dollar rtho money. The stock was issued on
a bill which never became law. II was more law
than If it hal passed but house. Il was obtaining
money under false prctcnces II is high time that hi.
,relessness Of passing bills checked and legislatures
understand that the will ofhe people, as expressed
the constitution is paramount to the sophisry ofIsw