The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-03-15
MNERCIAL AFPAIRS,
MONEY MARKET.


MONEY MARKEr.
Tuesday, March l4-6 II. M.
The stock market was not buoyant to-day, and
pricesfell of fraction There larg, sales Of seve
raj Of the snciss Money continues tight and the banks
appear determined to keep the down as hard IS
possible At the first board to-day Harlem declined
per cent, Long Island X, Canton u, Farmers' LoSn
Reading Rsilrosd Morris Canal Treasury notes and
Pennsylvania 6 closed at prices current yesterday
1t Is the impression among many operators in the
street that the Roohschds will ship the proceeds Of the
Treasury notes they will receive from the
to London In specie. The loan they have taken will
probably be paid by drafts Mexico in return for
which they will receive Treasury notes. these will be
sold In this market and the amount received sent out
IN specie and bills drawn on 1t at ten per cent premium
An operation Of this kind could easily be made, and
made probably, too; and there 10 apprehension
among the banks that such movement may be made
Should an expectation of specie to that extent be made
Independent Of those made account OF the recent
large mportations Of foreign prices for
our great staples would drsop again. and OBJ
tain wider margin for RISE 1t is thus seen how easy
1t Is for house having the immense financial facilities
Of tas Rohchd depress prices for staple arti
Gle The commercial classes of this country have not
until very recently realised the influences Of
such power, controlled by two three Individuals
prices for products Any class Of Spectators
in this country in Elrope, make no Roadway in
opposition to the operations and policy of the Roths
chds and we have doubt but that, in q few years
there will be branch Of that house in this city, that
will regulate the ns ncal affairs Of this country much
as they do those of Europe at this moment. Recent
events have transpired showing that there has been
complete revolution in the feelings and views of the
Rohschds in relation to tho finances of this country
ND off hn ND Ctata pta
aud the fact that the house which has heretofore enter
tanned the most bitter pr'udicss against has expert
enced such chspgs must have extremely favorable
influence upon other Europsrn capitalists and induce
them to purchase STOCKS for permanent Investment
We have doubt but that In few he bulk OF our
and State stocks will be held Europe With
Ia the past sixty dyu large ut OF State stocks
been purchasedb by and transferred to Individuality
ing in all parts OF Europe Those Of New York and Penn
sylvsna been purchased by residents in England and
Gsrmanymos of the transfers Of the first named stock
within the past three months having been to parties
abroad These things the revolution in the public
mind Ia relat to etoeks and although 1t Is graft
flying people coming to their senses are by no
pleased to Investments made to any extent in
public securities it compes to make large re-
mitaaces annually in payment Of interest, which tend
to reduce the aggregate balance in favor or to In
It, import and export trade. true, We
have not sufficient capital at present In this country to
hold all our Stocks and to dsvelope our immense
rapidly as might wish; but the amount
of State stocks is nearly large as 1t will be Tor
many years; and when get once more settled down
there will doubtless be rapid decrease in both general
government and State government, these are such
checks upon any increase, that perhaps We never
may have such q large amount in existence as
at this moment. The whole debt Of tho United
atafe N mid off in tan frOm
peace Is secured. Tho entire debt Of New York
must be paid off in about twenty years. according to the
new constitution tbs debts Of all the States will be IL
quidsted as rapidly as possible, and We know OF no
for any increase, even Of q temporary nature
Twenty years hence the amount Of public indebteduss
will be limited compared with the present time unless
in the meantime should have an expensive war
The high credit enjoyed ten or twelve years ago by
State in the consdsracy nearly ruined every one
that used 1t and since, the absence Of confidence
has kept them in q very restricted position They
have recovered almost entirely unaded by the develop
ment Of their own resources and 1t would DO much
better for their credit to continue below par and their
ability to borrow poorer than 1t Is now, than to
have seities relieve any existing by
resorng loans and temporary addition to their liza
bties It has the salvation Of this country that
its credit abroad was nipped in the bud-that We be-
involved deeperthat our resources have been
urged onward and rapidly developed under the mort
adverse circumstances that there is some prospect OF
getting out Of the difficulties with which We have
SO long been Surrounded, about the time the govern
mentn of Europe will be getting into difficulties from
which they will recover without rrorting to rspu-
dision Of the most bareaced nature No State In the
Union has ever repudiated debt it acknowledged
but we shall doubters see before tho lapse Of many
years. such On utter exhibition Of the indebtedness Of
many of the European governments will put Mssis
nppi entirely out Of sight completely in the shade
Then securities will be properly appreciated, and
those who might have transferred their investments
from European stocks to these Of States
will find 1t too late There IL, at this nome mt, large
Of foreign capital invested in stocks and
those purchased within the past three four months
will give large returns to the wise holders of them This
may induce greater investment until individual con-
ndenoe becomes sufficiently established to make the de-
and for these securities extensive than that from
capitalists.
Alaw has just passed both houses Of the Legislature
Of Mississippi in relation to the bonds that State sold
on account of the Planters Bank is not has been
represented law providing for full payment Of the
bonds but conditional appropriation to that otsct o.
the half million Of land which the State received
under the unrepsaad sections Of the Distribution Act
Of Isll-2. The bill provides that these lands sha be
exposed for sale ct auction the LIST January e49 at
the minimum price of six dollars per acre. and that
these bonds and the coupons shall be received in pay
ment.
These are an entirely different set Of bonds from
those which the State has rspudated formally and rest
different priuciplss but believe tho State has
omitted to pay either principal or interest on them.
There has been very great increase in the value Ct
taxable property In different parts of Pennsylvania,
within the past years will be by the annexed
table, exhibiting the increase In Alleg heny county
TAXABLE PROPERTY AND TAXES IN ALLEGHENY Co. PENN.
school
Tdr sn'd. Tas req. Money.
1911 ...Sls33 $2,iet SIS tI5
la2.....,.., 80. 1859 1907 1919
lB,3 .......... 3,217 rs ]22 20,597
1914 ....,....... 3lo6s 1897 ll,4l3
Observation-Disclosures 1886 1899
10. "a nAy me