The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-12-31

be issue Of Treasury notes bearing SIN per cent inter-
est giving holders the privilege Of turning these notes
into stock at any me having twenty years 10 This
privilege would give them value and currency which
they otherwise would not enjoy and they would be
sought after, and not become much deprecated
they would without this method OF disposng Of hsm
BY adopting this system the government could get out
issue Of thirty forty millions of dollars at very
slight depreciation at the extent, and the Indspenden
Treasury act specie clause and thing else attach
ed to it, would have very little influence upon the fnan
cal operations of the government these notes would
have tendency to increase the paper circulation
Of the country and reduce the demand for specie to make
into and from the public treasury There no
other way to neutralze the specie clause Of the lnde.
psndent Treasury act but by large issue Of treasury
notes. and Is impression that the Secretary of the
Treasury will be compelled to adopt that system of rails
ing money. The public deposits must be reduced to a
very small amount the expenditures account Of the
war have lately been very large and the from
customs exceedingly limited
As yet nothing has been done Congress in relation
to raising and carry ON the war; and the
Treasury will be empty before measures are taken to
raise more money There is very little probability,
judging from the feeling among the western members of
Congress. of duty being placed upon tea and coffee,
and the amount required to meet the extraordinary sx
penditures and above that which the tariff a. it
stands will produce, must be raised the credit Of
the and by loans at the most favorable do
probation. Whatever may be the sacrifice. at which
money be obtained, it must be submitted to. The
financial skill of the Secretary OF the Treasury will be
tried to its utmost before he gets out Of the embarrsss
ments the changes in the commercial and financial sys
tenn Of the government, connected with the Mexican
war, have produced. There could not have been a
unfavorabe period pitched upon for tho radical
changes made in these two systems than this particular
y account Of the heavy expenditures growing OF
this The tariff was cut down to strict
standard, at time above all others, when wanted
double the annual income from that sources and had there
been alteration at ALL the old tariff would have been
far below standard, during the continuance Of
the war.
In connection with the reduction in the tayn cums
the Independent Treasury Act establishing the finances
Of the government upon specie basis which il cal.
culssd increase the value Of money and reduce the
supply, at time when II extremely important that
money should be very cheap and plenty. These msa-
sures at proper time would have operated charm;
they perfectly well adapted to each other and in "a
vora,le times would have had very favorable effect
upon the currency and commerce Of the country. We
in an embarrassed position, and the emergency
requires particularly adapted to it, however
temporary in their operation they may be.
The approaching annual election of the directors Of
the Long Island Railroad Company is Of little i'm
porsnee both to holders OF bonds and of shares and
advise both to be on the qui vive they expect pro-
tect the bonds the stock from humiliation Tho
net loss the business of the last year. ending August
1885, (ter paying interest SAL 800 and rent to Jamaica
Railroad Company, $50 aoO was $6s. 4oe "a, viz =
LONG ISLAND RAILROAD.
Expenses, rent interest, SC. :. :. 1877 Oss "a
Net loss. .............. ses,4oe =
This exclusive of the Norwich boats and of re DANA
GEES Or, deductng the running expenses and repairs
only from the gross receipts there will remain &c. 200
for the net profits of the road leaving about in
teres and rent unprovided for. The Boston day line
proves dead loss to the company and should BE- dis
contnued the gross receipts for the past year. ending
August 1896 being only while the expenses ex
ceeded $60000 and since September the monthly loss
the "New Haven" has averaged $4,000 per month.
will be that the Long Island Company pay the
Jamaica Company for the control and Of their nine
miles than Ave times the whole profit made the
whole e5 miles of adncludng the Hempstead branch
or taking the way travel only and the expenses Of way
travel. we shall have the following results -
waytrave for year ending August, 1916. -. $l0ol
Do expenses, do. do. ..... e7,423
Net profit OF way-travel. $2l 500
Rent paid to Jamaica Co. 80. 800
Net loss on " sy travel. ........... $ll.00
is obvious from the above statement that unless there