The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-05-16
$4,sl4,ss0 OF


Amount due in January, 1885, ....... 2,s62SS5 66
Amount due In 1885, o72,S04 90
$4,sI4.sso OF
stated by the Comptroller that about three quar-
ters Of this amount held by foreign capitalists SO large
aper cent ofthe being owned abroad induces Us
to look around and what prospect there at this
men of its being renvested Of ta being drawn
OF this country. 1t cannot be denied but that
the course pursued by the Legislature of Penn
syvana in relation to the payment of interest on their
debt must have very unfavorable influence upon the
general credit ofhe States abroad The partial resump.
ton of payment by Pennsylvania last February, had
very fattering effect in Europe, confidence became
in renewed and the cry of Reputation for the
time ceased Had that resumption been upon good
basis would have been permanent and there would have
been gradual but steady improvement in tho credit Of
the States ofths Union in Europe and foreign capitalists
would have eagerly invested their funds in our Sc
curities
The Of the Illinois Canal Loan is sufficient evil
dence Of the anxiety of the capitalists Of Europe invest
in stocks provided there moderate probability
that the annual interest will be paid promptly. We find
that in the midst of threatened difficulties between
the two countries, the Illinois bondholders in Europe
advancing large amount Of capital to the
completion of important work. The foreign loan made
for the purpose accomplishing the Illinois and Michigan
Illinois. The payment is specially provided for and is
entirely independent of the other liabilities of the State.
Holders of the FIVE per cent stock of the State Of
New York, falling due this year and next, may be
induced to re-nvest the proceeds in the many good
stocks in the market, rather than take them to Eu-
rspc for investment in stocks paying but about enc
half the of interest stocks do There enough
good stocks in this country daily sold in this market to
absorb ten times the amount of New York State stock
falling duo within the next two years. There five
and per stocks Of this State be obtained any
time and cannot for moment believe that the TO-
reign holders of the 100000 Of New York stock nearly
due will take the amount out of the country when they
Immediately invest it in stocks similar to and equal
y good those cancelled The credit Of of the
States of this Union has been disputed and the
ptass Of Europe know the value Of the stocks of these
States sufficiently well retain possession of the stock
when they get it. The promptnls with which the debts
of this State will be paid at maturity will create
iey in tho minds Of holders to the investment if
possible While large amounts of Illinois and Pennsy
vana State stocks coming from Europe to be sold
this market, New York and Ohio State stocks remit
ted to Europe investments and the fact that the
European capitalists getting rid of all their delin
qucn State stocks-having got tired Of waiting for re
sumption-and investing the proceeds in other State
stocks sufficient evidence that they will continue to do
long good stocks be found this side for in
COnnccuOn
consideration the value Of money abroad and the dicu
ty daily experienced in proftably employing idle capital
in London and the other principal markets of Europe.
Nothing Of any importance has transpircd lately in roa
ton debts Of the delinquent States. The Legisn
ture, having oil adjourned, there will be
ment made until another winter, when may look for
the waste of time, the efforts to avoid taxa
tion and the result of three six months egisla
HIGH has characterized these sessions for the past
few years.
The Legislature of this State ouned last evening, ha
wing during the session. passed three hundred and sixty
seven acts many which nature,
affecting the internal prosperity of the State beyond cal
culaton The friends of the Erie Railroad began to de-
spar having abandoned every hope that the bill would
receive attention passed by vote of tweny-three to
three One Of tho minority opposed the passage Of the
BILL the ground that 1t would defeat tho completion
of great road from Albany to New York. The charter
of the Harlem Railroad Company has been amended
to authorize extension of the road NORTH until
meets with the western road or reaches Albany.
The bill, authorizing the expenditure of hundred
and nnety-seven thousand dollars for the preservation
and Of the canals of this State has been
turned by the Executive to the Assembly from which
body originated with his objections for not giving it
his approval and signature His objections do not ;
tend to all the appropriations Of the BILL but the items
of expenditure were all included in the bill, the
executive compelled to return the whole He APP
proves appropriation of for the construction
of locks the Crooked Lake Canal and appropriations
for several improvements &c., the Erie Canal; but
takes strong ground against any deviation from the
policy of a suspension Of the public works, until
the debt Of the State shall DO brought within the
safe and certain power and control Of its
The Governor gives many reasons why the bill
should not become a law; but sums up the, whole
in the objection he has the appropriation of single
dollar of the Canal for any purpose other than
tho payment the interest tho debt and tho lquida
ton Of the principal when due.