The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-04-10
MONEY MARKET.
Sunday, April 0-S p

sunday, April I'D r. M.
The bark Niagara, which cleared from Boston on sa
turday for London has bosrd bales OF cotton r
lings
The Westminster from London, brings $4,000 in
specie.
The British corvette Electoree, at Havana, the 2l
from Vera Cruz, for London with SAT- 900 specie.
In former article, mentioned that the debt of Ken
lucky under existing laws, liable to be increased
but law of 1885, authorizes the Governor to issue six
per cent stock within the capacity Of the sinking FUND TO
redeem principal and interest In consequence Of this
law it that the issue of stock hast year stopped,
when the had been increased $4,000. By the laws
lately passed. synopsis Of which have published this
sinking fund was increased. wethen stated that this
estimated increase issue would probably recommends
What we then anticipated has occurred; number
of six per bonds fresh from the mint have
made their appearance in Wall street, bearing date eth,
18th and nth March, the first coupon fractional about
SIT. These issued to contractors the public
works. An attempt made before the rising of the
Legislature make these issues scrip instead of stock
but defeated There Is about 81 900 of these
stocks TO upon the market Thel original law Of
1885, authorised the emission Of bonds for internal i'm
to the extent of S. this being the es
mated expense OF the projected river navigation i'm
prov ements. turnpike and railroads So 0eooo five per
cents, were also issued to the banks.
Total original issue authorised for int rnal improve
msnts 100000
90 Board OF Education, s37 500
Total debt, ss,ass 500
The official report of Is4l made the debt follows:
Total bonds issued fer Al PURPOSES ''h Dec o s coo
Board Of Education. $4,000
2,ss7,5oo
Actual improvement debt, $40, 500
Issued in 1912. l'5ls I'D rt 1920
TOTAL direct debt, yauusry, 1913, ssm,,.ss
Amount to be issued, si,ass,al7
As stated, considerable sum has already appeared
Very large sales of Ohio six per have been made
by wealthy holders in anticipation Of the fall which the
appearance the per stocks must create In
dependeny Of the growing discred of this State judi
cous holders of six per cent stocks by prompt sales,
could replace it with the per cent at the same
prices The banks and brokers' who received large
payments from the in per stock at so to 10
cents the dollar, afford to sell at present rates
When sovereign State lkesOhio descends through
it's employees apologize for It's bad faith in penny
paper nothing beyond the fact remains to be said The
bad faith of Ohio in authorizing the present issue of
81 900 Of seven per stock is glaring and unpar
donabe The law of March, ls42, authorised the CON-
mssioners sell much foreign stock at any price in
New York as would produce 100000 for the purpose Of
paying the temporary loans then due" to witt
Boring Brothers. ...,.-.. 400
New York Brokers. 227355
Wooster Bank. ........... 49, 5s
N s4so,sss
This law pledged the faith of the State that no more
foreign stock shod be issued This stock sold at
loss Of near 100000 The law authorised anoi
Their Of six per cent domestic stock pay conroc
tors This taken, and at the srtra session it
proposed raise the interest this domestic stock to
ten per cent but defeated. At The late regular ses
sion this domestic loan was turned per cent
foreign stock violation of the state faith, because her
own citizens couldnot or would not trust her. She had
no alternative but to repudate her domestic debt or VIC
late solemnly pledged faith She pursued the latter
course.
This not the only instance OF bad faith, more glsr-
ing and dangerous exists in her misappro 'ratons OF
her "snking fund" In statement OF the deot by the
Auditor which we published Friday, the whole debt
nut down at $40 sQa 32i, including saOooooo due the
sinking fund Wc gravely told that this amount due
the sinking fund not adeb because the State owes it
to itself The sinking fund was established to redeem
The nrincple Of the debt II pledged and devoted to
,h urpose 1t has been ruthlessly seized and spent
a. ,her purreses n we turn to the late circular we
ana sao 600 deducted from the estimated taxes for the
sinking fund. In other reports told that the "in
terest fund.- opes the sinking fund s2,O0000o,
and also large TO the " school fund" and
other funds. Suppose the city Of New York would
spend its sinking fund in paying contractors
would the creditors think their security strengthened
When the Ohio creditors hint at the means of redemp.
too, they told that there is a sinking fund Of
81 c0oO0o due from the public works" II the debt Of
ublic works ia spoken Of the amount due the public
otks snot edr because the stae owes to itself"
'rhis reminds fnoncier in small way who affected
by thirst walked into grocery and asked for sxpencc
worth Of crackers the ready shopman put them up d.