The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-02-05
MONEY MARKET.


The movements in the money market during the past
week. do not give any feature to report The
stock market has not been uctuang the previous
weeks have presented. The investment Of from five to
eight millions of dollars in cotton speculations within the
past month"; has had very sensible effect the prices
stocks The reports made by several of city banks
show q great falling off in the loans to the bro.
kers, and an attraction to other investments
The movements in cotton will doubtless con.
tnue in the course adopted, until about the first
of March, when further advces from Europe will unset
tie prices. and create autering among operators This
will in return the withdrawal of capital by the
Banks and an investment again in stock speculatons.-
Every element Of trade looks popious for very extern
sve operations the opening of spring. but in propor
ton to the extent less capital will be required from the
banks than before This will compel the banks to
depend for employment whatever bubble the order Of
day. and for the want of better they must lean on the
brokers.
The Legislature Of Pennsylvania has at last made o
in relation to their debt The House has tax en-
up the subject in earnest end have passed bill prov ing
Tor the February interest This bill contempates TO pay
cash for the interest when the amount does not
twenty dollars and the issue of six per cent certificates
for all larger sums payable in Angus ls46 Ths NOV
ment will do more to raise confds nee in our securities
than all the debate and suggest ons year would produce
we trust the Senate OF PENN ylvania will perfect this
rangement and provide 70 aedes against the least possible
Danger OF deat in csryng out. It is good policy not
70 @-mpt too much. prompt payment of proportion
of the interest Until the of the State become
further developed far better than relapse into the pre-
sent state. The movements of the Legislature of that
State win be watched with anxious solicItude, and the
eyes of the whole world upon them. She was the
first State to repudate and should be the first to return
to honesty The bill above alluded requires the appl
cant to make affidavit setting forth that the stock is the
bona fde property Of the person in whose stands
and that he the of other certificates and has
divided his stock for the purpose Of receiving such
payment
The several States have lately made moves regarding
their debts that must be very gratifying those partcu
lary interested New York has taken important step
in this thing resolution passed the House Of Assem-
bly, by vote of 81 to 49, to stop all appropriations TO
public works. any other system OF internal improve
until the debt of the State qudated or reduced
The Legislature of Alabama has passed and the Cover
nor approved bill increasing taxation by placing tax
on property heretofore free The principal features in
this act are;-
All goods sold at auction, except under legal pro.
cess, and including goods sold by auctoneers
at private sale each 500 worth ..... 81 90
sion merchants cotton brokers and auctioneers, 10
Insurance Companies incorporated ny the state,
or Agencies IRON other States, on each 500
Land divided into four classes, first quality, va
lued at SIG per acre; I'd at $40; 81 at 81 and 4h
at 81 IS, on each $lVO value. 49,. ...... 20
Merchandise foreign and domestic (unless manu-
featured In this State) for every 800 worth
Money borrowed at legal interest, or boarded up,
on every $lO0. 10
Do. Used in shaving illegal interest, or in
tho purchase Of promissory notes, judy
ments, or other securities for the payment Of
money, on every 500 purchased or shaved 80
Do On credits used in the purchase Of Bank
Bills or in purchase sale of domestic or
foreign bills of exchange, or checks or drafts
certificates of deposit applied only to per-
sons corporations making profits on same)
for every 800 bought sold .... u
Warehouses for each bale Of cotton received on
storage. ............."... ..... O0
These few Of the most important items Th
bill creating taxes added to the act Of February 3th
l3i3 viii create annual revenue Of about $500 900
The Legislature of Ohio have in contemplation bill
creating additional from direct taxation. TIL,
Committee Of Ways and Means in the Assembly of Mi
chgan have reported bill recommending the sale Of the
public works for State Bonds The indebtedness Of the
State the lst Of July is46 account Of the Ave mil
lion loan would be 903 The value Of the Contra