The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-07-27
MONEY MARKET.
Wednesday. July 60.


The market was little heavy to-day, and prices gave
way slightly. Harlem fell Long Island Canton !
Ohio Illinois I.
The movement at the new board presented similar iea.
lures.
An institution in the street has removed OF its un
der officers for alleged dealing in lottery tickets although
there does not appear to be any deficiency
Werecenty remarked upon the fact that the Kentucky
Bank direction continued refuse open books Of trans
ter in this city for the benefit Of the stockholders When
books Of subscription originally opened in this city
and Philadelphia it made condition Of subscription
the capital that transfer books should always be kept
here Whenthe Lewis fraud took place in Philadelphia
the books removed from this city and the fraud in
Philadelphia is still given why books are not
kept in New York The bank lost $4,000 sometime since
by draft the East Is that why they should
draw bills The truth is that the bucks not
opened because the directors wish to take advantage Of
the consequent depreciation in price, in order to buy in
the stock That rob part of the stockholders for the
benefit OF the During the year the bank has
bought worth of the stock and the absence of
books has enabled them to get it, say $4,000 less than
would otherwise have been the CASE aud the stockhod
who sold sustained that less for the benefit of these
that remained in the company Why should that be the
case? Why should portion of the partners in the
be vctimzed for the benefit of the rest Is there
any justice allowing the direction wfuy to depre.
property VI VI the III VI
der that The others may pre6t by Assuredly there
none-and unless the direction at Louisville promptly
remedy this matter they will be overwhelmed by the
growing indignation here.
A has occurred in Maryland very similar to the
position assumed by Colonel Young Of this State in rea
ton State stock issued to Companies. The Board OF
Directors Of the Chesapeake and Ohio Canal have re-
voked contract made by their President with Messrs
and Ruter for the completion Of the canal hsv
a. .lslx - =
srument in question be signed by the President of the
Company and sealed with its corporate SEAL yet the
courts may look behind the SEAL snd if it has been af
fixed the authority Of majority Of the President
and Directors assembled" and that fact be made srIna
lively to appear, the instrument is null end void"
In the Of the New York stock issued private
companies the constitution violated in issuing 1t
without the sanction Of the prescribed II
corporate company legally goes behind the SEAL and
makes the words of the constitution the rule of right
how much more necessary is it that the constitution
pressve OF the will of the people in sovereign State
should be preserved unmpairel Yet instead of repar
ing the evil clearly pointed out by Colonel Young
venal press Of both parties endeavored Glamour him
Down and mske the violation Of the constitution prece-
dent for future plumber. Why did the constitution pre-
scr that money State purposes should be opproprs
ted by simple majority, and that for private companies
only by twothird vote Expressly to prevent oon-
Germs like the Erie Railroad Company composed OF de-
signing OF both parties from obtaining the peoples
money their purposes That provision was vio'
lated and ~ 600 GEO Of the peoples money got and
spent among Spectators and farmers at this momen,
grooming under the levied to repay that money COL
Young stands by the constitution as the only of
preventing such inquity in future Immediately the or
cans Of all those who got expect get the peoples
new for their open upon him a repudiator
The simple is to make the debt valid by two
third vote. This by their intention to do
as such an acknowledgement would utterly close the
door all further plumber and they look forward to
large share from the when present difficult
ties shall have passed.
We have received the followingn relation to Illinois
affairs wbich although it contains evidence Of want OF
information the part Of the writer publish in order
to explain what sppesrsno to be generally understood
Sin You msy probably recollect that time since
when the State OF Illinois pulled in every paper
he city lin your particularly SOY took the liberty
ask you in wbat the said state intended TO pay
the interest her indebtedness The answer you