The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-10-19
MONEY MARKET.

generally in advance Ohio Ga Il Illinois Ii Har
LENT.
At the New Board there was good business DONE
Money continues cheap and quite abundant os
Foreign bills have tendency to fall. To.
the Great Western takes her departure and the best
to1ay draw to point at nine per cent Drawn bills
of an unexceptionable character may be had atsi
In ther column will be found article in relation
to the new issues Of Treasury notes.
The pack et ship Shenandoah arrived at Philadelphia
from Liverpool with $500. 80 SCO) freight The noble
packet lines of New York have for long time scarcely
paid their expenses including large number of psssen.
gers Without the derived from the latter, seri
losses would have been sustained by the
The spirit of protection to manufactures" is TO destroy
commerce The principle of free trade is to destroy
nothing but to build up every thing the broad basis
OF popular freedom Of action.
The Auditor Of Ohio, J. Brough, Esq, has published
letter in Ohio paper in to statement that par
had been obtained for the per loan accord
ing to the spirit Of the law au,horsing it. Mr.. Brough
remarks follows -
The law provided that the stock should be sold par
not par in New Yorsbu realizing par for the men
OF the debts The BEST and the only bid that could be i'd
in Ohi0 and rattle than turn away the contrac
tors and aborera from this their last hope the bid was
accepted The takers accepted our DRIFTS upon them
allowed IA per cent exchange and charged and made
the upon our draftsso that in Ohio was rea-
lized The operation is exceedingly simple one
fool could misunderstood but knave would
misrepresent it.
In this he is clearly wrong. The law authorised the
loan to be made at less than par but he actually dis
posed o appears at 95d and made up the dfsrenceby
selling exchange On the same principle he might have
sold the stock for fifty per cent and made up the in
any other speculation and then commended that the State
having received par had right to complain The fact
however that the purohat of the stock paid but 9sl
per instead par That is they get the loan for 500
less than par By par the law and the people silver
dollars which they promise the face OF their bonds to
pay in the city of New York Now par had actually
been received in New York. the State would have made
S22 500 by the exchange, and when the amount to
repaid in 1881 she will in all probability have to dsburse
the amount for premium the funds to transmit
to New York The holders of the bonds will not take the
face less the exchange Ohio They will al
though they gave bu, ost This attempt Juggling
about par in New York, and par elsewhere, made
by Col Gamble of the Union Bank OF Florida when he
negotiated the famous faith bonds" He President
of the Union Bank the bills which institution formed
the whole circulating medium of Florida. Thy
irredeemable and like those OF Alabama discount Of
10 per cent for specie, and exchange quoted II per
cent premium in those bills Under these crcumstsn-
Col Gamble sold the State bond, 30 the
dollar and sold the exchange at II per cent premium in
Union money. Hence he commended that he had realised
par in Florida and fulfilled tho law. But unfortunately
the holders Of the bonds the peope Of Florida do not
think They cannot why they should be cheated
OF 10 per cent Of Specie because the Union Bank did
pay its debts Matters OF finance exceedingly
simple in themselves 1t only the mist thrown over
by mouuebank tricks OF paper mongers, TO matter to
political party they belong, which makes appear
mysterious.
We copy the following from the report of the Hudson
| and Delaware Railroad Co -
Your Committee feel constrained once more to call
attention to the subject OF the coal trade
that after all is the foundation upon which our san
guiHe hopes and expectations are founded That indie
fstig able and peseveDg body of the Hudson and
Delaware Canal Company are unable to sup; ly the
uemand Tor coal as fast required They contemplate,
before the season shall Close deliver tide the
enormous amount OF 240 900 TONS So SO per ton Their
line from Carbonate l26 miles, with eig hit stationary
engines. The coal costs them at HOnesdae 81 90 and
the transportation by canal Ia 81 O5makng the
Rondout 50 IS thus realizing gross profit OF S2l0 900.
And alter paying the interest thsir million cspi.
tall leaves the handsome income of $4,000 for
| rent year.
Now let US what may be done proposed
road The maximum load which on good rail, may be
assumed 10 within the OF good engn OF suitable
dimensions would TALL short of 100 Of freight de-
scending east and IS tons going west in order arrive
at the cost OF this performance would refer TO the
The aggregate number OF miles travelled the road
lsa2 in round numbers, S9 600 and the expense
including every coming ency ana tear repairs 30
amounted to 1886 000 81 cents per mile. The cost,
therefore, of running train between the coal beds and
Newbnrgh, a distance of 1870 miles, you'd be Ss7 10.
ton owing the return train 10 but lag OF
merchandise at 81 ton, would be $25-irom mich
| deduce the following
| RECONCILIATION.