The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-03-23
MONEY NIARKE1

wednesday, MQrCn H4-6 r. M.
There little better feeling in the stock market to.
day and prices generally es rose t:
Ohio Us 3; Illinois 6s II Farmers Loan /.
The anticipation of return of stock by steamer for
SALE do not appear to have been realized with excep
| ton of few pledged Kentucky's
we have received the letter of Col Young Secretary Of
the State OF New York. the Committee Judiciary
relative to the unconsutonaly of the law April 9Th
ls4? The substance Of the letter u.s. that the present
State constitution requires that all bills appropriang
thepublic money to local private purposes shall be
passed by majority of two thirds of the members elect
ed each branch of the legislature that the assent
of eightysix in the assembly and twenty-five the Sen.
ate is requisite to every such bill All the bills passed
loanng the the State have been in violation of
these provsionsL hence the letter states as follows
Millionsof outs landing stocks impending over
the state which were created by laws in clear and direct
hosffy ohthe plain provisions the constitution These
5aws were null and void from their and cannot
impose even the shadow of moral for the full
fiRent their osensible demands Whether the peopIs
of the State will quietly bow their necs the yoke and
pay premium upon legislative wick edness and
ment Yi be disclosed by the future And if the double
cousaof past prohgacy and past precedent be fast
ened upon them, they icQ then meek enough TO bear
Dithou murmur the ampest strides Of unbrdled yran
ny.
The stocks referred to to IS 900 OOO and the
State now liable for the payment The position assumed
undoubtedly correct legislaors transcend the pow
ers laid down for them in the constitution expressly
ten for them, their acts under such crcun stances
no mere that OF the people Of New York than Of France
and they can in no shape be held responsible Many of
the States have passed laws but null
and void by the late decision of the United States Court
On proving that the laws are
they stand equally null and void and the stockholders
must look only to the mountebanks that passed them
The time come when Legislators will be held strictly
spon sble for their acts
At the New Board there was more doing aud the
prices higher. Illinois was better in consequence
OF the receipt yesterday of prospectus abroad
of the Irish Catholic Emigration Company capital aOO
000the leading features of which buy settle
land the settler receive wages for three ears
produce to be the property of the company At the end
oil the time the settler to have pre- empton right Of pur
chase The company build churches and schools and
bear the expense until the lands Sold The principle
oftaxaon for the preserv alton of State credit is fully
supported the fertility ofthe Illinois land fully appre.
ciaed
During the past year great increase in value has
Ken place in stocks generally thereby improving the
dition OF most Of the Free Banks whose stocks year
were measured the market value their assets Those
banks which held the latter descriptions of stocks have
undergone great change in this particular which may
be expressed by the following table Many of the stocks
held by the Free Banks at the of the pre-
sent year. The market value of those stocks in Febua
ry, 1912, and the average market rate -
MARKET VALUE OF sTocEs Held BY FREE BANKS OF New