The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-06-25
Our Albany Correspondence.

ALBANY, June ~, Iol9.
The Nac State Loan The Credit of the State-A
Financial Ltcidcnt-A Political Movement, &c.
You will have observed, that the new State loan
for 81 ,729, 02i IS, authorized last winter, to pro-
vide for deficiencies in the sinking fund, was dis
posed of on Wednesday, on terms the most advan-
tageous to the State, and markedly illustrating the
irreproachibty of its credit The aggregate bids
were IS, Si2, 900, and the premiums offered ranged
from 7 80 to 1907 The lowest accepted was lilo,
thus yielding handsome premium to the State.
There is a little incident connected with this
matter worth recording, illustrative of the crooks
and quirks Of that wonderful science known as
financiering. The 10th section of the 7th article
OF the constitution empowers the legislature, In
order TO meet casual deficits or failures in re-
venue, or for expenses not provided for" to con-
tract debts, provided " that such debts, direct or
contingent, singy or in the aggregate, shall not
at any time exceed one million OF DOLLARS" un-
less TO suppress instruction or repe invasion;
all other debts TO be first submitted to the peo-
pie, and to be paid by direct taxation. Doubts
(and certainly they appear most reasonably
have been entertained whether this loan law
was not in contraventiou OF the clause OF the con-
sttuton above referred to, and therefore null and
void; and opinions pro and con- have been given by
distIng uished legal gentlemen. These doubts, 1t
was appre hended, would excite distrast in the
minds of capitalists, and thus cndanger the loan.
Such for awhile the effect, and at first none
oil The foreign agents would Dlu Tor dollar. FER
hsps their strongest reason for the adoption OF this
course, legal opinion OF Judge Denis, tor
years Justice Of the old Supreme Court, and resi-
dent Of Utica, against the constituiionaty OF the
law, which was brought down IN the pocket OF a
banker OF that city. Som they discovered that,
notwithstanding this convincing opinion, the
Utica nancier among the largest bidders.
At once suspecting, with Il view to secure the loan
the most favorable terms, a Yankee trick
these foreign gentlemen Indignantly went In and
bid for large aInount--the Rothschllds alone
taking S700000--at the highest premium. The
result was, that III. Utica gentleman got nothing.
Queer aud "devilish sly" US Joey Is. says, but it
wouldn't do
learn that the old bunker branch of the demo-
cratic party, through their State central committee,
have made overtures to the blrnburners Tor union
Of the two factions and the reorganization OF the
democratic party on basis " one ana nuiV'sioie.
They propose that a grand council Ut the tribes
shall be he Id al Romew which ~ splitting the dier
ence so far as Syracuse aud Utica, tue rival places
I'll meeting are concened-to smoke the pipe OF
peace and bury the war Ratchet. But In 80 AFRO
cant and cot Hptuous strain 90 the barnourncr5
conceive the old hunkers' proposition To be couch
ed that there little reason 10 suppose that II will
result in any thing but bitter renewal Of the
strife, exasperated and re-invgorated by this new
aliment. The ba.nburneTs have never, as yet,
acted upon the principle that ga soft answer turn
eth away WRATH and there is no reason TO sup
pose that they will now make comInencerl
Therefore, bitter, pungent, exa:pefat,ng reply to
the old bunker proposition may be expected very
soon, and fierce renewal of ordinations and re-
ordinations The part OF the rival prints, tho
A,gus and the Afias. The truth is, that the lead
ers Of either faction desire no compromise, aud.
perhaps, the contest has assumed TOO much Of a
vindcive, personal character, to admit of It. Ii Is
only through their overthrow and destruction that
q union will ever be attained.
We have had another scorcher to-day, with no
immediate prospect of dirnlnution in the supply
Of caloric. As Tor the cholera, it still tights shy.
w. CT.