The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-10

precedented Notwithstanding the existence of this state
Of things all branches of trade were unusually active
and all classes actively employee ut goodfwages The
manufacturers of England and France were running
full time
The effect Of the European advices on this market is
just contrary to the nature Of the news Cotton has be-
come very inactive and prices giving way to the be-
net of purchasers. The three great speculative opera
tons have exploded and movements have subsidized into
regular steady Cotton, real estate and stocks,
have had their day. for time least There was not suf
hcient fuel to keep heat fever point The specu
lators could not the to absorb the sup
plies Of all these things that into the market Money
plenty enough but is not sufficiently concentraedto
enable any clique to control large sums II is distributed
through all departments of trade and is kept in constant
activity This fact kept down those speculative Operators
who would otherwise derange the movements of com.
produce overtradng and bankruptcy to great
extent marked former attempts Of a similar nature
The cotton excitement rested o very weak foundation
The speculation caused entirely by reports from TO-
reign markets To have carried it more successfully,
the advance should have and been carried out
at the South. The New Orleans market should have 60
vened prices for Liverpool Instead Of reports Of short
supplies were sent abrond and efforts made to up
prices in Europe This would have been the system
the old United States Bunk would have adopted That
institution went into the market large purchaser It
monoposed the stock hand established prices for
the world Speculators and consumers at home and
abroad, were compelled to come up their rates,
60 without supplies 1t had the means to take
this stand and prices natural consequence dvanced
accordingly The power welded by that institution does
not exist There is not that abundance of paper
aAoa and it is impossible to get up again such monopoly
The planters will not suffer themselves to be again de-
ceived in like Their confidence lost and they
have to great extent become their factors Ten
bales of cotton shipped, planters account
where there not one in former years So long the
currency Of the United States and Great Britain remains
on the basis which it is now formed-so long
neither country goes to extremes in the regulations o.
their circulating medium it will be impossbily to
get up any great bubble that will at all endapger the l
gtimate movements oftrade We have great confidence
in commercial affairs they exist and would regret
any legislation that would alter them.
The bill which has been long under consi
Iteration in the Michigan House of Representatives pro-
vdng for the sale of the public works for State bonds
was brought settlement by vote Of Is yeas and %
nays It requiring two-thrds vote to become law, il
lost
The banks of Ohio have their charters merely amended
for the time they have to The Wooster Bank char
expires in $780, that Of the Lafayette in 1884, and the
Xenia in 1850 The Legislature Of that State have still
under consideration several bank bills One proposes
Free banking law, and another State Bank with ca.
pita of OOO with branches in different sections
OF the state
Two bills have been introduced into the Senate Of Mchi
gan making appropriations for the works Of internalm
provement One from the majority and one from the mi
nority Of the committee on the public works.
Section one of the majority bill makes the following APP
"a 600 acres Of land to finish the Central
Railroad between Marshal and Kaamazoo 81 900 for
the further construction Of the Southern raroad 10000
acres for the improvement of the st. Joseph rver 5000
acres the improvement of Grand rivers 10000 for the
construction ofhe Northern turnpike 1000 for the
Improvement of the Shiawassee rivers 5000 Cor the i'm
provement of Flint river
Sec 2provdes that in payment Of all estimates upon
contracts made of the act the Auditor Gen.
eral shall draw scrip bearing interest and receiva
BILE the land Office in payment for internal improvement
lands.
Sec appropriates the of $75 600 out of the net
proceeds the Central railroad not otherwise appropra
ted pledged for ironing the Central railroad between
Marshall and Kalamazoo.