The New York herald., 1850-01-19

dividend Of per cent and the Chisopse Manufaotur.
ing Company per cent.
TbeAmesbury Flannel Msnufa cturipg Com pany have
declared . dividend Of per cent.
Railroad stocks appear to be rapidly falling in the
estim alton Of Eastern capitalists Boston and Lowell
quoted at ll1 advance, firm; Boston and Worcss-
ter, duh at 9,1l; Boston and Maine hrm 1887; Bos-
ton and Providence, sales at S7 Eastern, sales ut
9eM; Western, dull at 1O07s; Ftchbury firm at 107
Cheshire, dull at 81; Concord, sales ct 55 Fall River
dull at so; Northern, dull at 63I Old Colony, heavy
ut e5H Norfolk County fiat at 20; Osdensburg, dull
at 22A Sullivan small sales at 500; Rutland, dall at
$GO South Shore very heavy at sl5 Vermont Central
heavy at AN; Vermont and Massachusetts,, dull at
$2s Reading, fiat at 1871 In most Of them there was
but small business doing and some Of them are SELL
Ing at ruinous prices the original shareholders
The decisions OF the Court Of Appeals, in the suits
Of the North American Trust and Banking Com
paDy, and the Dry Dock Company, have aroused this
community created another az tation in the public
mind and induced another effort for the repeal of
the odious usury laws. 30 far q, the decisions of
the Court of Appeals in the suits above named go,
1t is sufficient that they according t. law, and
any attempt to impugn tho character Of parties
representing the interests Of stockholders in ncor-
pcraed companies, because the plea OF usury ad-
vauced to destroy certain claims will fail. There is
the law and long it exists it should be enforced
in fact, the emily way to ensure its repeal, Is to
make 1t as burdsnsome as possible, and to carry
out its provision. criminaly well civy.
Evils correct themselves by making them griev-
possible. The law IL perfectly clear aud
explicit, and parties making any usuriou, transac-
tiou, must be perfectly Of it az the time aud
take the responsibility with a full knowledge Of the
penalties We find more suits between incorporated
companies upon the plea Of usury, than between ini
vidual from the fact that corporations have souls,
and are, therefore, exempt from that condemnation
which s sure follow individual placing himself In
the poi iton. In banking, railroad con
Of any kind board Of directors recognises far
thsr than 1t is fr the Immediate interest o. the stock
holders the acts Of any previous board aad there
fore see from time TO time, Transactions repudisted
which at the time made In good faith Individual
members of any board, notwithstanding frequent acts
Of this kind considered just honorable and Just
as much entitled to public confidence and commercial
credit before aud do hesitate TO nction
acts directors that they would be guilty OF
private individuals The directors Of all incerpora
ted companies are individually highly respectable and
honorable men, but In their capacity direc tors
of the have been guilty OF acts that would II per-
perated upon their individual responsibility, have In.
earcerated them within the walls OF our prisons.
There at this moment anoat in this market secu
rites, such railroad bonds SC, to the amount or
at least forty millions of dollars which strongly
tainted with usury that such plea put in not
one cent OF the whole sum could be collected. The
Reading bonds, Erie second Mortgage bonds, Long
Island, Harlem, &C. &c. all tainted with usury, and
future boards OF directors take it into their heads to
repudAte these bonds the holders have redress and
the result would be easy to anticipate. Every hour in
the dey usury broken in Wslstreet There
Is not, probably, financial transaction in that
vicinity, in q thousand that IL not usurous; aud
how many dobts are repudiatsd that plea! Pro-
baby not one in . hundred thousand Any man who
pays . debt in such coin is doomed, and he may IS
well vamose at Public opinion Is the regula-
tor Of this ss well Of most OF the trsnsac-
tions Of life more than any law, human or divine.
the usury laws Of this State cannot be abolished let
them be modfedlet the forfeiture of the interest be
the penalty leaving the claim for the principal good
Nothing would advance and the prosperity Of
this great city much total repeal Of this odious
law 1t would concentrate .. this point, immense
amount Of capital, both foreign and domestic, and
mako this market the great depot OF al staple
products and make the distributors to all parts OF
the world Our great staple cotton, would be sent to
this port for advances and for market instead OF
cumulsting In such large quantities In Liverpool aud
from this pert IL would be shipped to ell parts OF the
world, and give employment to our shipping, and In .
crease ca1ying trade. IL wouli make money
cheaper, and the supply more uniform 1t would give
great impetus to industry, and would give the poor
the command Of ct low rates Of interest to
extend his business and do away with vast deal Of
dishonesty and iniquity. Independent Of these and
innuaerabe other advantages this city and the
try large would derive from the repeal Of the u,ury
law the fact that IL is in many dead letter
is sufficient cause for Its abolition.
The annexed statement exhibits the quantity OF
tain articles transported East and West the State
Canal Of Pennsylvania during navigation in each Of
the past two years.