The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-12-12


member the Immediate representative Of the jobbsr'
II the majority Of the board do not the force OF this
remark they must have less foresight than 10 generally
allowed them but whether they do not the cred-
os Of the company have to look this ntatory
change with serious suspicion, the gentleman dis
placed well known to possess the highest qualifications
and the most prudent views with reference to the sd
ninis.Tation Of the affairs Of the company.
The advocates Of dividend base their estimates on the
business Of the past six months but they are unwilling
to admit that the six months to come being the winter
and ncemsnt when the lakes must closed the
receipts must Of necessity be much reduced Il Is not
any portion, but the business Of the entire year. which
ought 10 be made the basis Of estimate the more espe
cialy shouid this be the policy of the company when
their immediate necessities large and the daily de-
mands 80 pressing to compel system Of nanclerng
60 exravsgsn to alarm the warmest and best friends
Of the enterprise.
The purport Of observations ought to satisfy every
candid resder that the charge Of having any wish
depress the stock Of the company has its origin in
thing better than the absurd Jealousy of those operators
who fear that the truth and the true policy Of the
paDy should be laid freely and clearly before the pub
lie and we sgan repeat have heretofore shown
that the large sum Of Indebtedness direct and indirect
exceeding s2oooo.oo0, independent Of the companys
capital Of seco co., may the greatest embarrass
assume that character OF sngency of which the monied
horizon presents the strongest marks
Recent sdvces from Europe give most deplorable &C.
count Of the finances Of Austria The Government is in
miserable plight The paper issues Of the treasury are
selling at discount Of thirty per cent The country is
cyertcrdened With debt and will be unable to pay
itroops AL sors Of tyranny and oppression were going
On in the efcrts made to regulate exchanges at the
point Of the bayonet Operators the stock exchange
had been driven out Of Vienna for bearing the govern
msrt paper ;sues and the public credit had so far de-
Irecised that the negotiation Of was entirely out
Of the question.
paIirs tie Iast month (Novsmber) it appears that,
from the great abundance of Austrian paper money in
circulation, 1t became seriously deprecated An Aus
trap form is equal to IS cents divided into 60 kreu
ze Ct about three quarters Of cent each The par Of
exchange between Vienna and London, on the 18th
ut was 70 FORMS or "a to the pound sterling valued
st 81 80. Such the depreciation In the Austrian
paper money, that the brokers would only give
e, or 81 So in specie, for IL forms and SO
kreu'2e-s, or SO Is in Austrian paper promises
TIE Emperor Joseph, in his absolutism, was made
TO believe by his minister that this depreciation Of his
rag currency was caused by the Vaccinations Of class
Of money brokers known the stock exchange as
hears" He therefore caused two hundred of them to
be, ID forty eight hours exled from his empire
tstly efectirg the ruin Of themselves and families
Whether the paper rags afterwards advanced,
not informed but leave the question to be solved by
Wal street organ Of the Austrian government
According to the message Of the Governor Of Indiana
tie frances Of that State are in very hourishing cond
ton -he expenses Of the State for the year ending Oct
2c'b 1851 s7lsIo s04 less than during the
I!evious year. The revenues amounted to S5os o56,
which exceeds that Of 1850 s5s574 The domestic debt
ID nearly nqaidsted that it is recommended that the
fo1SS 10
fe- payment within limited time after which interest
shan cease. This would ensure its presentation.
Tie o;drsry expenses Of the State government for the
tLfaLe yts- estimated at the Of S1335 800 the
increase Being principally in anticipation Of proracted
session q tie Legislature. II Ii estimated by the Audi.
I q tie stse hat; from the revenue Of the present
year, sez hqrGating the Indebtedness to the bank pro-
vdrg fo' tie expenses Of the State government and
meeting tie January and July dividends the public
dett, there VIII be fuTlus Of about 100000. The wis
com aIe I-opriety Of he revenue laws Of the last
sessop q the Legislature, manifest in the
large increase e taxable property returned for the
current Year. Sufficient returns have been received
10 variant The statement that the whole amount
q tazsts property placed en- the duplicate Of 1851
VII rot te less than two hundred and ten millions
e eoLIt-beiLg increase Of seventy three milious
Ever TIE previous year, than fifty per cent The
gTttt increase hss been in the personal property show
ts Rat Heretofore large amount Of this description Of
t4st.es Las entirely escaped the knowledge OF the
ssft- Z tie item Of corporation stock alone the IN.
e.eIse rot less than four millions of dollars The in
creased tai the personal property returned charge
ste 20 es than four thousand persons in the various
counties in tie stse, lie equal 10 the whole ordinaryex-
Iersss Of the State govern ment for the past year
bin before the Legislature Of South Carolina regu-
Atng The future incorporation o. joint stock banks and
NJ he Pan h.
Of viich BIZ are
that the espit. stock q any bank shall not exceed
S,coocoo rcr lsss than 100000
That the stockholders Of every bank shall be indi.
g. TIA, bank shall hold any lands or estate other
bono fSe ncr'rsged TO 1t security, purchased at
sAlee apon Judgments previously obtained
Of exchange esn, bullion and limiting interest 70 six
Per cent.
Restricting hank issues to the denomination Of nv,
snspersion Of specie payments to work 9 forfeiture
fun placement Of the condition Of each bank to be
made sz lines year to the Comptroller General and
No bank to 60 into operation until half the capital
No 6cLa. TO be required hut all bank property to
10 kesretlLg liabilities TO three times the amount of
CAPITA stock and excess should in that respect
The dfeeiors under shoee sdmnstrati IL occurred
O. eeteency Ct the capital stock occur the stockholders
shall e iiAtle &c make good the zane.
IL sbares &c he SIS.
Il 10 believed that this tI, with some few modifea-
tiors vii become law
he Erie and Wabash Canal will BY the terms Of tie
contract, he Unpieted TIE let Of November next,
which win cpeb The lone.st line ARTIFICIAL navigation
In the United sis:ss Tie work the unfinished part
lie in rsJd rroere Of construction The tolls on this
woIk received during The year ending November lst
amount 20 i'P 2 &C. exceeding the receipts Of last year
BY the srn Ct 224 90 The canal has been navgable,
erirs he season just passed. far south the cros-
ing CT tie west fork Of White river In Greene county Isl
miles t;on the ftsts line and ae6 miles from Toledo
ta'y in TIE srfuing ,esson s expected that q miles
vii be sddso &c this navigation, extending to Msyt-
vie, in Dsvi,s eosny Frn that point to Evansville,
Il niles, which 10 tie moet expensive portion of the