New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-03-25

Flour, bbls-.---------------- oo9 9eox aSa
M Ma; 90 su:nsl,. .l,4iOsO7 e6iso7
cn,r do ..- 6i07a3 4oa'9Oi
The .hioments of wheat and corn are doubsthose
nj Last year, and those OF -four will soon reach the
same quantity
Twelve citizens of Pennsylvania, COM
pyisps the leading houses engaged in the Transports
ton business between Philadelphia and Pitts
Aursh, have offered TO lease the finished lines oil
Canals and Railroads belonging TO the State for
peyiod often years. They engage to keep the WORKS
in order 70 pay average rent OF $3.50 the hrst
three years, and 600 annually for the remain
der of the term. Payments TO be monthly, and
secured By deposit of 100000 in Estate stock
They also offer to expepd 100000 toward the i'm
proyement of the Columbia and Philadelphia Kali
road during the term OF the lease. Also 70 double
the capacity Of the locks the Delaware division OF
the Pennsy lvsns Canal, and on the complexion OF
he road to avoid the inclined planes on the Aue-
shany Portage Railroad, to pay eight ~ cent per
snnum on the money hereafter appropriated and ex"
ended toward the construction thereof. They also
ropose to pay y cent. per annum on the SUN Of
blrteen hundred thousand dollars, on the comp.e-
lion of the North Branch Canal, and its connection
with the Chemupg Canal, in the State Of Nex-York
The Supreme Court of Ohio ID settling
the que s,iop of the legality Of the issue of County
ard City bonds for Improvement purposes, has mel
the question fairly and fully, and forever put tue
subject at rest, their decision being final.
That State true to herself and her best Interests,
has uniformly, under all circumstances, sustained
her credit and integrity.
We have taken some pains to Ascertain the history
OF the case decid by the Court above referred to-
In no instance has the County City authorities, o.
their citizens doubted the validity Of these issues, o.
failed to make provision by taxation to meet the ac
srung interest A few disafected persons in Wyan
doue County, through which the Ohio and Indiana
Railway 10 proposed to be constructed, not being
satisfied with the particular location Of the ne send
out on technical grounds an injuneiion restraining
the County authorities from issuing to the Company
some $50 600 OF the bonds that had been voted by
large majority OF the citizens of the County, in pay
ment of . stock subscription, alleging at the sams
time the Law authorizing the subscription to be un
constitutional. The case came before the late Sd
preme Court of Ohio for hearing in January last
The Court dismissed the case some collateral
point, ore OF the Judges remarkDg that he thought
the laws authorizing these issues unconstitutional
This obitsr dictum uncslled for in the case
A suggestion OF this sort affecting the credit and
value OF these securities made 1t necessary to have
the question brought before the Court of last resort
for adjudication without delay. The Legislature
being then in session, an act was passed requiring
special meeting Of the Court Immediately to try the
case
The Supreme Court OF that State consists of Ave
Judges, each of whom had in the month of October
preceding been elected by the popular vote OF the
people Of the State, under the new Constitution.
This new Court assembled at Columbus, on the first
Monday in this month being the first Court held
der the elective principle After hearing arguments
on both Sides the Court delivered their unanimous
opinion, declaring those issues valid and binding
obligations which no one not pref idiced or at all
eonversant with the matter, ever DOUBTED. The is
sues Of County and City bonds have gro wn up with
he advance OF internal improvements. The farming
interests deriving more advantage from the con-
strscton of railways than any other. The Lesis
lature from time to time, in granting charters for
heir construction authorized the several counties
and cities, through which the same should pass, TO
suhserib e in their corporate capacities TO their ca
ptal stock to a limited amount, on condition that
majority of the voters of the County should decide
20 co so, and to issue their bonds In payment The
same laws in all Gates requiring the county and city
authorities to levy special tax for the purpose Of
paving the interest on those bonds and to provide
sinking fund providing further, in case of failure
so to do, any holder of this unpaid obligation may
40 before the Supreme Court and compel them to
levy and collect q tax sufficient to pay the same
IN effect, making these obligations operate in the
nature OF lien on ali the real and personal estate
within their corporate limits, until paid. Under
thority Of this sort large amount OF county and
city bonds have been from time 10 time issued to
the various railroad companies within the State,
which bonds, by special Enforcement, guarantee
Aol~ ~. -
many instances u de them convertible into the ca
psai stock Of their respective companies a, par at
the option Of the holder on the surrender of the
bond.
These securities are esteemed Of a high character,
binding a. they do the entire properly within their
corporate limits, real and personal, with the very
summary power of enforcing payment in case of de-
fault and the guarantee Of the particular railway in
addition. The amoun. issued by any one county or
city rarely exceeds 100000 with taxabes ranging
from six to ffseen millions, they owing no other
debt whatever In this way much Of the means to
construct the several railroads made by Mr. Alfred
Kelly was raised, viz the Columbus and Xenia
she Cleveland, Columbus, and Cincinnati And the
caevsAsAd, GAINESVILLE and Ashtabula. The stock
received by the counties and cities for the bonds is
sued TO those roads, WILL at this early day after the
completion, sell for cash enough to retire ut par
each and every county and city bond thus given,
wisAoat Sssortsg TO taxation. The last named road
10 NOS yer completed, but its stock sells at par
IAeu present receipt of dividends much more than
nee" the regular interest thereon. Already a con-
adorable amount OF those securities in Mr.. Ksllys
lines have been surrendered by the holders, and
stock taken therefor at par The sams. in all prosa
basy will be the case with each ofthe leading roads
in &Ast great State AFTER they are completed. Every
leading road yet completed In Ohio pays high diyi.
dsnds, with Increasing receipts. The operation of
this 10 moot beneficial the roads are made. and ia
The end paid for by their stock.
The systsm Of corporate Subscriptions for such
purposes operates eQsisably The entire property is
benefited by their construction aud the entire prop