The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-24
.k, .uauat x hs r.aur.a a ths lst. Of snl, one n

bitv H. that II viii DO spread over nSah longer period
This estimate based upon the grourd that nothing
will be received from Mexico that psrtof the expen-
dures will be drawn from that country; wh' events
have recently transpred showing that Az ~ important
item in the expenses be drawn from the people Of
Mexico-from their mines and from their trade What
may have been the expectations of the government
relative to from these Sources probably
we'll that Is vsntured upon no estimates
know the extent Of the demand In the shape Of loans
and the income from military contributions, and other
taxes which have already been and will be levied will
relieve the country Of just much Of the cost.
When the treasury report frat made its appearance,
the financial condition Of the government anything
but satisfactory The future looked very gloomy; and
amidst the difficulties with which the commercial GLASSES
of the country surrounded 1t possible to tell
how to be extricated from the embsrrsss-
ments which pressed upon all sides. At that
time the shipments of specie were large, both
to Europe and to Mexico and there every prospect
Of drain continuing unless tho banks suspended spe
Gle payments Prices for staple products stead
ly settling down. and there decided indications Of
bankruptcy aud insolvency becoming general as in
Europe. In view OF these results, 1t became grave
question how the could raise funds to carry
on the war. Varousmethods proposed such as an
issue of Treasury notes of small denomination issue
treasury notes bearing interest at the rate Of per
cent. All these plans discussed In financial cir
cles each finding strong advocates when the doubt to
the system was dssipate by the announcement that
the Committee of Ways and Means had proposed stock
oan bearing interest at six per cent not DO negotiated
below par. Az soon as this announcement was made,
the opposition party papers commenced their attacks up
on the Independent Treasury proving concusvey that
party preudcss were at work. and have Influenced the
proposition for loan in this shape for the purpose OF
forcing the government If possible to abandon the
financial policy it adopted little more than year
since We have doubt the majority of the Commit
tee of Ways and Means believed when they introduced
that BILL that it utterly impossible to negotiate
oan in the and upon the terms proposed; and
the organs of the party the majority Of that committee
represent In full blast endeavorng to show the i'm
possibility of raising money in that way without repeal
ing the Independent Treasury act There is where the
shoe pinches. The subTreasury must be sacrificed
the Of supplies cries up the argument of the
organs and they oohy believe that the is
in the power Of the banks and must accede to their
terms
Sixty days since they could have said with much
more truth than they Sixty days since when
the foreign demand for specie draining 1t from US
at the rate Of three millions per month, the lndepen
dent Treasury In danger. When there was any
dent Treasury in danger OF notification but the
times have changed The suspension Of the banks de-
pended upon several contingencies. These contin-
gsncies rapidly wearing away, and in few months
they will have disappeared altogether and there Is no
doubt but that before the is much pressed
for money they will have facilities for obtaining equal
to those realised last spring. 1t has, believe, been
ofncialy announced that the shipments Of specie to
Mexico will hereafter be comparatively limited and the
probability is that the receipts from the mines Of that
country will exceed the aggregate shipments since
the commencement Of the war. The expedition to the
mining diatrict will turn the tide Of specie this
way from that quarter Recent advices from England
show that the money markets Of Europe are rapidly
improving. The Bank Of England is nearly as strong
1t was and with its immense it must
let out 1t cannot, with twelve millions sterling
in bullion and millions Of notes in hand
remain inactive and when 1t commences, the influence
upon commercial affairs must BIS of the most favorable
character Prices for produce must advance and in
the event Of speculation running high they may reach
points somewhere in the vicinity Of those current last
year; specie would take the back track, and
should realise similar those experienced last
year. Sterling exchange has already fallen in this market
and the probability is that no further shipments of
specie will be made to any extent. 1t is impression
that by the first Of May next shall have received
back every dollar of the specie shipped within the past
three months All these things work favorable for the
negotiation Of government stock loan at six per cent
without the alternative which the opposition wish to
force 1t to- The specializing banks and capitalists Of
Wall street have influence with the government they
cannot gain their points easily the class in
London has. Lord John Russell was intimidatsd by
the specializing capitalists OF Great Britain and under
the threat they made relative to the Bank of England
repealed the spscs clause Of the Peel Bank act
Secretary of the Treasury they have sympathy
the banks and would not IL every In the
try exploded tomorrow The Independent Treasury
act has saved the whole country from ruin I enforce
mept has prevented q speculative movement more ex
tsnsve than any yet experienced the result of
which would have been exceedingly DISASTROUS and 1t is
only by the most rigid adherence 10 its specie provisions
that preserve the currency In it's present healthy
state and prevent those and ruInous uctua
tcns in public aud private credit AID In prices every
species Of property There Il fear but that the 60
vernment get all the money 1t wants upon favorable
terms, and in legitimate manner. IL Is sufficient for
all honest people to know that the banks opposed
to the Independent Treasury act that they making
the most desperate efforts to have 1t repealed to feel
convinced Of the great Importance Of preserving 1t in
violable.
We have received the annual report of the Macon and
Western Railroad Company. As large proportion Of
the shares are held hero and in Europe, make the
following extracts, which show tho company to be in
very ourishipg condition. with encouraging prospects
for the future, Of an increasing business.
We understand that the efficient President, Daniel
Tyler, Esq, has resigned, engagements requiring his
residence at the North Isaac Scott Esq, Of Macon,
unanimously elected to succeed Mr. Tyler Prcsi
dent of the company.
The total cost Of the road etc, the LIST January,
1913, was $seO9s as represented by the following pro-
perty entirely free from debt and liabilities vz:l0l
miles Of railroad from Macon to Atlanta, completely
equipped and stocked; dspots 10 water stations;
locomotive engines passenger cars "a freight and
baggage cars; machinery aud work shops, etc. etc. all
in the best order.
INCOME OF THE MAoos AND WESTERN RAILROAD.
YEAR ENDING 3lsr DEcEMBEN, 1877.