The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-04-20

both countries the rate of money too low and price
stocks too high. II has been looked forward to with
onfdence that when the spring trade Of England with
he North of Europe opens, business will revive The
urren will then turn The f5 900 900 of unemployed
ankers deposites in the vaults of the Bank will be with
and holders of stocks begin to realize The doubts
nd dscredits hanging United States stocks will
their effect and send to this market large quantities.
here the present high rates will insure Of their being
falzed without much loss. We aware already of
rye to this effect being transmitted to London by
gents here. simultaneously with this movement the re
val Of trade here will renew the demand for money,
the present small banking capital will find ample en-
oyment in the channels of busness consequently ra
d realization of the present investments in stock must
IT is very evident that if bank funds to be in
sted in government 6per cents at no. yielding
an 81 per cent the capital had far better be divided
hong the stockholders, who individually do the
thing without expense. Trading capital ia always
valuable in this country 20 allow of its lying at
mt interest. It is true that small amount of money in
ae now goes farther than a very large formerly
with the termination Of trade prices will rapidly rise
money be absorbed by the double process Of ncreas
values aud activity OF demand The whole state Of
airs here and in England indicates that stocks have ap
Psched their highest points, and that fall heavy
and disastrous to the weak holders speedily take
bee.
The temporary abundance of money here at the com.
md Of SPECTATORS has sustain those stocks
fdence in which has been lost the part Of capital
Even Illinois, Indiana and Ohio have been sustain
some degree The prices of the latter stock in De
ter last II and in spite of the large thrown
the market at 80 40 per cent discount by the State
Jay temporary loans made to discharge its interest and
hs borrowed of the banks, the State stock agents
managed to prevent fall greater than 10 per cent
backed by the great abundance of money, they have
ply sustained the market under the large sales of CAPT.
SITS. Their object in doing was to introduce the
loan of per cent for 900 interest and principal
able in New York. Proposals for this loan were ad
Used yesterday, receivable until the 18th May. The
ce states as follows -
his loan is by act of the Gener al Assem-
of Ohio, passed March Is, ls43 and for its pay
plus Revenue receive BY the State Of Ohio from the
led stases, and all lands belonging to the public
ks except such as are pledged for the redemption OF
Surplus Revenue 10 50, 0O7 o0o and the Lands are
mated at $500 900.
hese proposals open unblushing violation of
faith. No better comment be made on the
acton than give the opinion OF the that per-
ties it, John Brough Esq. Auditor of the State Of
in his annual report, dated Dec. 6, lS42 after de-
ling the misery of the contractors remarks, page
Bound the State is by the voluntary pledge Of her
in the act Of March last, not to make further sales
reign stocks her authrtes will be compelled to look
PINE resources The heavy sacrifices that
already been made on the part of the State of Ohio
intsn her faith with the holders of the stock, have
ID to which she is entitled This however, does not
EN- in anywise the obligation and should not in
to any act by which that faith and credit may be
romsed. There is much due to the present holders
stocks, end by no act should their raus DO 'Oanon
pairsd"
,r little months after this doctrine is preached finds
bsas for 81 900 foreign stock advertised in New
by John Brough Auditor of Ohio and not a 6 per
stock, but per cent, as if in very wantonness to
the State creditors. Yet these people talk Of the
Of Ohio with muchIself complacency as N Biddle
o talk Of that Of Pennsylvania.
recent puas that have appeared preparing the way
is honorable loan, have roundly asserted that ne
sold to pay interest Turn we to page % of the
report and we find the following -
irng the last month (Ncvember) a call made
me by the fund commissioners, to advance them
boo of the rerenue Of the year. for the pay
of the January interest, This declined to do"
Canal Fund Commissioners, in their report state
hey sold 81 900 OF per stock at an average
cents the dollar. OF these, 100000 were to Bar.
tothers at 90 cents on the dollar.
worth while to notice also what the report said in
tion to the collection of taxes, pagcI3:-
ON the best information have been able to obtain
several counties, inclined 10 tne IN at
all experience an increased alcation in the
the current year. The forfeited list now
ces amount of property so large, that the taxes
ng upon it exceed $4,000 per annum, and it is
increasing - page LAY The same difficult
i'll surround the sales Of forfeited lands and so
re- things unders,ood, that hundreds suffer their
to become forfeited, ms the best means of apoiding
m"
was under the low tax, yet he would have us be-
hat he has doubled the tax and that every dollar
paid
se who reflect upon the disposition of the surplus
and its fate in all the States will easily understand
terly valueess is such security. Even in this
New York the surplus revenue loaned out has been
equent attempts to realize the amount, by sales Of
pcrty at auction, have failed If this is the case in
ork what must II be in Ohio where land specula
nd the exhaustng system of agriculture practised
II land securities valueless1
Sales at tho stock Exchange.
nio SIS, 1868 BIO CO.. 70 do 93k