The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-18

market. There IL no demand for capital, and until
commercial confidence becomes reestabished there
bs DO permanent activity in the markets The abun-
dance Of money must ultimately lead to imitation Of
prices to q moderate srtent but we do not anticipate
any speculative movement any very great improve
mont or any great advance in any branch Of trade
department of industry. The year lsas will be more
one OF recovery than of Advancement, and 1t will be
O long time before all traces Of the revulsion Of
ls47 disappear before tho shock which the credit
OF the commercial classes Great Britain has received
passes away. Ordinary revusions soon forgotten
moderate pancs moderate In their effects but the
year ls47 will long be remembered by those who have
been carried down by the current and by those
who have been able to sustain themselves amidst the
crash going around them 1t would be well for all to
bear the crisis through which they have passed in mind
long possible that 1t may guide for future
operations and act check upon any attempt to get
up extensive speculative bubbles The effect Of the
recent revusion, disastrous has been, will doubt
less be salutary Credits had become too much
panded and the system very much diseased the entire
basis upon which created had become rotten and
had it become more extended, the crash would have
carried greater number to destruction. Mercantile
houses completely bereft of capital carrying
immense business and living in the most extravagant
STYLE entirely upon credit and tho longer such state
Of things existed the greater must the fall Many Of
the Suspended houses considered immensely rich
to the very moment of the explosion and the exist
of such concerns rapidly corrupting others,
and engenderiDg disease In the mercantile world which
would have required lorg time to eradicate
The commercial classes not yet entirely free from
apprehension 1t Is impossible to tell how many Of the
houses which have avoided suspension, bear the
losses they have suffered and this doubt will delay
the rs-establishment of confidence for long time
Va have douh
parsntly passed safely through tho rsvulsion, are
sheer wreoks-nothing but mere shells, which are
liable to be crushed any moment. In the event
Of reaction in the financial movements now going
on, there would DO many more suspensions in
Great Britain have already recorded, and, as Is
the In all respses tho recovery would be more
doubtful. In this view of tho existing state Of things
in the financial and commercial world, are by no
means sauguine as regards any important improve
ment in any branch Of business in Great Britain during
the present year. 1t Is true the bsnk full Of money
Is anxous to get employment for 1t, and WILL no doubt,
make great efforts to circulate it in the channels
Of commerce; but there is such degree of caution
hibited, by all that believe much diaiculty will be
experienced by the bank in giving activity to its
mulated capital Money, for long time to como, will
be drug; 1t WILL without doubt, go begging for en-
ployment and in the meantime, the rate Of interest
must reach very low point With this abundance of
money, England is poor her markets are bare of the
material necessary for her manufactures and the
future does not look very encouraging for Of those
great interests which have absorbed such immense
amount Of capital
The finances Of Mississippi during the past two years
have not materially improved The treasury has
ed from its embarrassmsnts all authorised demands
upon it have been paid and there surplus at the
close of the last fiscal year. The annexed statement
ts If md oendft I'm In
each Of tho past two years.
FINANCES OF MIssIssIrpI-ls46 AND ls47.
Taxes for ls45, received In 1896 1881 27s u
Taxes for 1896 received in ls, S25407 1879 6s5 80
Discussed In isao. Ss e. sSI ~ ,o.o ~
DO l647.. 2SS OIL 13-ol3S39 ~
Excess Of receipts over disbursements ss5 7as Is
Exclusive Of fifty thousand and twenty. nine dollars
and twenty. one cents received from miscellaneous
sources in and eighteen thousand dollars in Plant
The Auditors reports show warrants issued prior to
and outstanding January l. 1896 .... S27l 749 n
issued In 20 "a 700 700 o. o,
90 loa1.. .s..'. s'...'...s'' io1,ieI 81
Whole amount issued to January l. ls4s. $3.50 As
Whole amount redeemed from January, 1916
Exhibiting warrants outstanding this day. 37Oss 81
against surplus in the treasury Of Sll5755 Al,
Of present means present liabilities Of $7s,
7lS 60.
The assessments of ls47 but little of which has yet
been paid into the treasury amount to three hundred
and sixtyve thousand dollars II is estimated that
about three hundred and thirty thousand dollars will
be realised from the assessment The expenditures for
present year estimated at two hundred and ten
Thousand dollars The receipts will, therefore, exceed
the expenditures hundred and twenty thousand
dollars which, added to the surplus in the treasury
will swell the balance to two hundred and fty-seven
thousand dollars.
estimating the indebtedness Of the State the bonds
of the Planters Bank have been included. The debt
now stands follows:
PUBLIC DEBT OF MISSISSIPPI.
Bonds issued In March, S3........... 81 500 900
6psr cent interest from March, 1889, to Janu.
ps spS issue issued in jnv. 1881, 10000
8 per cent interest from July, 1889, to January,
1888 -. -. ..'..s'.... s''..'.' 2oooVo
Total. $3 1000
Subject to deduction Of twenty thousand three
hundred and fortyone dollars in bonds and coupons,
paid into the treasury by tho State Commissioner,
now remaining In his hands, for account Of which
reference is made to tho report of that officer.
The annual interest the bonds 1t will be seen, Is
one hundred and twenty thousand dollars The pro-
bable receipts for the present year. under the existing
laws have seen, will be three hundred and
thirty thousand dollars and the expenditures nclud
ing the lsgislature) two hundred and ten thousand
dollars 80 that the sum remaining in the treasury,
after defrayns the ordinary expenses will not be sui
oent at the present rate Of taxation to pay than
the interest acoruing thus leaving the principal and
back interest wholly unprovided for 1t has been pro-
posed to apply the State lands to the payment of this
debt
The relation which the sinking fund bears to these
bonds Is clearly explained by the Governor The
bonds sold and the proceeds invested in Planters
Bank STOCK The dividends this stock were pledged
for the redemption Of the interest the bonds the
interest being paid the surplus dividends constituted
sinking fund The bank for many yearA declarAd