The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-15

Within the past month there has been very grsatre
ducton in prices Of the principal stocks In the shove list
Government securities and al other dividend paying
tockshsve fallen much those Of pay
ngcharacter; all have been equally Depressed and there
noimmed prospect ofan improvement Government
stocks not likely to advance the face of the heavy
demand for funds to carry the war; and large issue
OF treasury notes. Its intimatsd that twenty mil
lions of dollars will be required before the LIST Of Deem
Der next which will be raised by issue of treasury
notes OF large denominations bearing interest of six
per cent The Secretary Of the Treasury not much
In favor Of this method Of raising money he would much
prefer making stock loan at once; but on account Of
the immense expenditures of the government and the
greater facility In raising money the issue Of treasury
notes, is the most feasible way
There is no doubt but that any amount Of money the
government may require win be offered soon as pro-
posas are issued. The immense amount bid for when
proposals for the last loan issued shows pretty con-
clusively the ability of the government to make loans
Bids for nearly sixty millions of dollars were sent in for
the loan of eighteen millions made last spring. and we
have no doubt, Notwithstanding the apparent
tigbtnes OF the money market, that proposals for
loan of twenty-five millions would bring out
bids for twice the amount The government NAV
not be able to make loan now upon such favorable
terms the last but have doubt bids at par or
fraction below, will DO plenty enough. The revenue
of the government from ordinary sources, is sufficient
to meet its ordinary expenditures and pay the interest
debt Of than hundred millions of dollars
and every million added to the revenue, gives 1t the
means to pay the interest about sixteen millions Of
debt. duty of twenty nve per cent tea and coffee
would give of about three millions of dollars,
equal to the interest fifty millions Of dollars
than tho entire public debt at this moment The i'm
of bf.t e.. 20 ha
Seen that there cannot be any doubt Of Its being adopt
cd at once. 1t is decidedly war measure and as such
must receive the support Of both parties As
sure would not be enforced any longer than the
Sty Of the treasury requires and would bs repealed
as soon as the war closed
We have within the past year, alluded to the many
abuses prscticsd in relation to the completion Of the ILL.,
nois and Michigan Canal, BY the bondho.s trustees
who compose majority of the board and control the
finances Of the concern Several meetings have been
held by the resident bondholders and Efforts have been
made to remedy the evils complained Of As yet nothing
has been accomplished. The canal according to the
ports which have from time to time been put forth by
the trustees Of the boz dholders have been
peted on the LIST of November last Whereas the proba-
biy is that will not be completed before next July
and perhaps not then. 1t would not surprise much
If the canal was not made nsvigabls in all next year.
gagged in the completion OF this important work, and
there has been much thmble rigging In Its whole
management that there is every prospect Of the business
being heightened out long possible There has been
more dependence placed upon the prospect Of brbing
members Of the Legislature than upon the real merits Of
any measure for the advancement Of the public works
Illinois, and the talent exhibited In lobbying at
Albany, would have been brought into reputation
at Springfield had there been the same materials to
work on The proceedings of the Board of Trustees Of
the Illinois and Michigan canal of which those repre-
senting foreign bondholders form majority have from
the first been characterized for individual aggran
than for tho interest Of the State The funds
advanced by the bondholders long time depo-
'ited in the bank, the president of which, Of
the foreign trustees without interest," and the payments
on the line of the canal made In deprecated paper
that is in bills Of Eastern banks those of New Haven
forming the principal part, which at discount at
the place Of payment Of about per cent These and
many other measures Of similar nature have been from
the first adopted which have retarded the progress Of
the work very materially When We take into conside
ration the fact that these trustees receive $4,000
each until the canal completed 1t does appear
strange that every effort should be made to protrao
| as much as possible.
There many interested in the prosperity of
the State of Illinois, In the redemption Of its finances
from the difficulties and endorsements with which
they have for 80 many years been surrounded in the
speedy completion ofs public works and in the resump
ton at early day irregular payments interest," that
heacts of the trustees should at all times fairly and
clearly presented for examination. The thimble rig
principle will not do in this matter well in other
places, and under different circumstances. A plain,
straight forward should be pursued by those hav-
ing such important matter entrusted to them they
wish to maintain the position they have in some way
reached The interests Of the people Of Illinois are not
to be tred with Theinterest of individual is small
matter compared with thstofa State the latter may
suffer to the extent Of millions of dollars while an ndi-
vidual is making few thousands