The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-05-19

In breadstufs there has been very great increase
while beef and pork have fallen Off The supply of -four
and grain is large that prices the seaboard
give way under the PRESSURE and reach lower points
than have been known for years To those en-
gagged in the trade these returns important and to
consumers interesting.
The directors of the York and Cumberland Rail
road Company have awarded the contracts for con-
structng it complete, including the read formation
supeHtructure rails and all materials for the sum of
1925 000 500 900 of which is be paid in the stoc
OF the Company The price to be paid is considerably
below the estimate of the engineers The contractors
are men of skill and experience in this kind of work
and no doubt knew what they were about when they
made their proposals. The time limited in the con-
tracts for tho completion of the read H. we believe
eighteen months The route adopted is that
known as "the middle route,n which crosses tho Co.
dorus about Small's Mill, intersects the Harrisburg
turnpike, recrosses it, follows in the Of Liver
pool, strikes the river below York Haven and tAen
pursues the bank of the Susqueba ma to the junction
with the Cumberland Valley Railroad a. the Harris
burg bridge The damages this route are estimate
to amount to $50 000 and they have for the most
part adjusted with the landholders.
The entire line Of the Greenville and Miami Rail-
road Ohio, from Greenville to the junction with the
Dayton and Western Railroad, comprising the gra-
ding bridging and superstrucure ready for ayng the
iron, has been lot to competent contractors The
tracts considerably below the estimates and the
work will be pushed ahead vigorously and without de-
lay The clearing grading and bridging the road is to
be completed by the LIST of November next and the
track ready for laying the iron BY the LIST of
1850.
The annexed letter from the Auditor General to the
United States Senator from the Slate of Michigan will
be interesting to the public generally, this side of
the Atlantic; but doubt the propriety of the
officer connected with the government of any State in
the Union abiding, officially, to any statement made
BY British journals relative to our financial affairs
Falsehoods and abuse We expect from such a source
aud 1t is best to let them pass by unheeded:-
AUDITOR GENERALS Orr1cE,)
Lansing, May 2, 1849.
Hon. A. FEIcH-Dear Sir IL have just received your
note Of the soth ult, enclosing extract from the
London Ise; Of Feb 2s In that extract Michigan is
sas, as defaulting communities" +" repudiating
States" &C., &C. That, some years ago. the former
term might, for time have been justly pplied this
State Is not to be denied but that could ever BIZ
justly said to have been guilty Of repudiation"
have now almost or might say, quite, overcome the
pecuniary or financial embarrassments caused by our
wild internal Improvement schemes of 1887 and 1873,
and By the failures OF the u s. Bank aid Morris Canal
Company In 1910 and al. Including stocks issued
Railroad Companies, which the State has to assume
bonds of this State, every dollar of which she is
paying the interest regularly it falls due and
there liable TO be FUNDED about
in internal Improvement for the pay
ment of interest which provision has also been
made, when they are funded.
D. What alone can give any seeming color Of truth to
the charge of reputation defalca tion' now,
suppose the fact that the State has proposed only
pay the principal actually received on the $3sl3OOO
Of Eve million loan bonds fraudulenty sold to the late
u. s. Bank by its quasi branch oshoot, the Morris
Canal and Banking Company, with interest from the
time it's receipt The subject of that SALE the
hypothecation by the bank of these, together with
$40 900 full paid bonds Of this State, in Europe has
been examined time and again, by the Judiciary and
Finance Committees Of successive Legislatures and by
the financial and law officers of the State and their
uniform conclusion has been, that if the State should
pey the principal actually received the part-paid
bonds, with interest," that she would be- doing
than strict justice would demand, and all that any
proper sense of honor'' would require. Provi-
sion made in the acts authorizing the sale Of
public works in 1S46, for receiving these part paid
bonds, far they might be offered, in payment at
the rates indicated above and about quarter Of a
million of them have been paid in under that provision
The balance be funded at the rates whenever
presented for that purpose and there is doubt that
thereafter the interest would be- paid upon them
punctually it is upon any Other portion of
outstanding stocks. Yours. most respectfully,
JOHN j. ADAM, Auditor-tieneral.