The New York herald., 1851-11-04

and honorable means, and without the assistance
o third party, - corrupt ss has been the one
The ensuing Legislature, Is have before stated
will be largely democratic, and consequently will
be entirely under their control. On them is thrOwr
the entire responsibility of the constitution,
far - the wdom and general adaptation of its pro
visions to the wants Of she people are concerned.
Many acts win be passed, rendered necessary since
iss adoption by the people, The question of receiv
ing the representative from Noble-a county erected
just previous to tie adoption of the new constitu
tion-about the Legality Of whose election there ap
pears 10 be dorbt, will come before the House.
but, being democrat, he will Undoubtedly be ad-
mitted to a seat
The present Legislature will be free fror, that
system OF ;os-roliing So extensively practised BY
lobby members from all parts OF tAe State; there
Will be- conse suently, less bribery and c0rrupton in
the Legislature have bus to instapee as conf;rma-
.ory, tnat this aas been dong in processing Legisis-
tures and for rs truth oStLis Statement have the
documents and an prepared 70 show them to any
who doubt. case, in the proposed erc,tion of
new county, whico was before the Legislature last
winter, IN which the parties most Interested had
drawn notes in favc- OF certain members to the
amount of three thousand dollars, payable in the
event said county was erected throagh the naence
AID exertions Of said members, the project wss de-
feated, but the notes ces remain, as damnng evil
dencs Of legislative cor-ption. q have the notes in
my poss ession.) Restrictive laws will be passed
relative to corporations and corporate powers. NJ
ready have we created debt of at least twenty
has gea counties, cities towns, and precincts tho
power TO lend their credit toward the building
of railroads, turnpikes, plank roads, and other
improvements, or supposed improvements. And
this, too, m Lany instances where there is no pro-
liability OF the stock ever paying dividend, or
proving to be of sufficient benefit to tho property
holders along the line of these improvements to
warrant q lces Of the presumed dividend which has
induced the subscription. True, q large amount
of uncultivatea land will be brought into market,
and the facilities for INSTRUMENTATION increased;
but tie means by which We acquire these desirable
ends are TO be attended with loss Of credit, and
lack Of confidence in such investnents which will
ever after debar individual enterprise from doing
that which the new constitution, by the string sncy
Off provisions in this respect, prevents these
State have ever been opposed to legislative enact
ments which give to one class exclusive privileges
not enjoyed by anot her, in other words opposed to
that system which legisates for the &c to the det-
riment of the many. Hence, their advocacy of toe
right to tax the property of banks and other corpo-
ratons as other property is taxed, has met with its
reward in the recent elections for there is doubt
but thet this issue contributed partly their sue
cess 1t is hardly probable that the coming Legis-
iature will repeal the charters Of any banks now
existing; but II will aot grant any If any modif-
cation 10 this respect 10 made will be free bank
ing law, similar TO that now in force in New York
State; bat | will defer consideration of these
matters for future communication.
Our city has hardly recovered from the panic
caused by the failure Of the Coambus Insurance
Company, in which several of our most prominent
citizens involved Its Liabilities will not fall
much short of half million, with assets to meet
but small portion Of it. The suspension was
caused by losses in the great St Louis FIRE. 1t has,
however, met with severe losses since that time;
and, for the past two years. has been doing business
OF a mere nominal capital. 1t has left bankrup.
several who were considered the wealthiest men in
the city.