The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-08

Olu MN5utcupcsb anu prucelciDg economy IN eXDcn-
ditures we must not lose eight Of resources but
must by industry and energy make tdem most pro
duCtfve and most available. All classes must con-
sumo as little and purchase as much as possible. A
fun and abundant crop o. two, snd year or two of
perseverance,, Of hard work, and Of liquidation will
bring us cut all right, II we can keep tho banks
within proper line Of operations, and not permit
the currency or credits to become too much inflated
The surest way to do that is to keep out Of debt
This 10 the great regulator. Everything depends
upon the course pursued by the banking institution
Of the country. It may be some time before they
exhibit any expansion, and they may only do 80 to
an extent corresponding with the actual wants for
legitimate uses, but any attempt to encourage spa
sulaton sbon,d be checked at once. The twelve
hundred banks in the country all trying to make
large dividends, and We must expect that some OF
taem will size upon every opportunity to launch
cut int some scheme that viii threatsn collapse,
ard materially retard the progress Of improvement
A further reduction in the general back movem snt
would be attended with favorable results. The de-
pletion has not been ruflclen. 10 ensure healthy
recovery.
Ths payment Of the lss' two semi annual dividends
OF the Nov York Central Railroad Company in
bonds, is one Of the most suicidal policies railroad
company can be guilty of. Il il like an individual
taking money out Of one pocket 70 pay it into the
other. !: is Ike man paying heavy shave on
his own paper. The company agree TO pay 10 cash
interest on the dividend which should have b,en
paid in August and then it issues bonds to pay tho
principal Of that dividend, aud another of the sam,
amount, upon which interest raust DO paid so long
% they reDl ain outstanding Ten years hence the4s
$40 seminpual dividends will have cost the New
York Central Railroad Company upwards Of six
millions CT dollars. The directors OF t-a Michigan
Central Railroad Com any have the dividend qnes
hoa under consideration. Some Of tham are in
favor of passing the dividend altogether, while
Others are in tayor If payipg 1t by new Issue
Of bonds. Under certaip circumstances ii may be
good policy fora railroad company to make new
ieeue Of shares TO stockholders, upon the liquidation
Of any debt for corresponding amount; but To issue
bonds for the payment of dividend. whether 1t has
been earned or not is literally burning the candle
at III erds.
TIE warrants entered at the Treasury Depart
mept, Washing ton, on the Sd and iEh inst. we're
For the redemption Of stock ....,........$fs,os 90
For paying treasury i93;sg5 "a
For covering into the treasury from miseel-
hneous 49, 90
For the War Department. ............... a6,J05 10
For the Interior l05,3sI %
For the Navy Department. $3.50 ~
The payment made At Springfield the I'd inst, on
the principal of the debt Of Illinois, in aggregate
s3lS, 600, was equal to rifle over Is per cent on
the amount Of bonds presented. This, with tie
amount now paid tor interest, would pay the ful
annual rate en- the entire internal Improvement
debt of The State. The sum now appropriated 20
Vie psy ment Of the principal OF the debt cannot be
withdrawn until the consttulien ss altered. An AT.
: tempt will be made to have the canse of tho con
stitntiop regulating this matter changed, so that
the entire tax can be applied first to the payment
oftbe full annual interest on the deb; second, to
the payment OF arrears Of interest," third to the pay.
ment OF interest certificates, ADD finally to the pay.
ment of the principal Of the debt.
The Governor Of Michigan, in his message to the
Legislature Of the State gives the annexed exhibit
Of the public finances
The amount in the Treasury, Nov. 80, 1852,
Receipts into tho Treasury, for the fiscal
year of 1906, were o55I boz no
+. Total available means 77g.o7S 90
Expenditures for the year 1906, were.. JOG 44s W
Balance in Treasury, Nov 80, 1853 .... o75,e25 10
Nov 80, 1853 was Observation-Disclosures 339 8o2 o.
Amount due the trust funds at time. 1863 %
................ 375,o25 10
1854, were ....................... olo6a9 o.
: Outstanding warrants H7 Is
Total available NEUTRALITY-SUSPICIOUS.. 9S6,473 O.
Expenditures for the year 1864 ...... 433, 400 81
Balance in Treasury, Nov. 30, 1851. $3.50 0s
The funded and fundable debt Of the State,
not due Nov. so 1851 was............ 1871 $40 20
Amount due trust funds AT same time 49,. 6S1 600 IL
The specific taxes for the year 1866 were los 3Il
The specific taxes for the year 1854 were 1925 20
The account above stated embraces all the funds Of
the State and shows all it. financial for the
fiscal years 1858 and 1854 The interest the state
debt promptly paid as II becomes due. There Il
large surplus 10 the Treasury, and IL will doubtless
continue to increase, unless provision shalt be
made TO absorb - qudang the State Indebtedness
We annex On oficia compilation OF the estimated
value OF the property left at tide water on tho Erie
and Champlain Canals, and the average value Of
each article, during the past two years.
Nkw YORK STATE CASALs-VALUE or RECEIPTS AT TIDE
: WATER.
TnE IoREsr.
Articles 1853. 1854.
Eur md alt