The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-22
After the adjournment Of the board, the following
sales of bonds and stocks were made at auction by

Mr.. Albert II. Nicolay's regular semi weekly
auction sale Of stocks and bonds will take placs TO-
morrow, (Thursday,) at 12a o'clock, at the Mer-
chants Exchange. A variety Of first class securi
ties worthy Of attention. are to be sold. Among
them are $4,000 LIST mortgage per cent real es
tate bonds Of the Fort Wayne and Southern Rail
road Company, which are to be sold for their &C
count For full particulars, we refer to advertise
ment in another column.
At the second board to-day, the market was not
quite 60 buoyant. Erie Railroad fell of per cent,
Cleveland and Toledo Railroad g., New York Gen.
trail rs l, Cumberland Coal /, Nicaragua Transit
/. Gslena and Chicago advanced per cent. The
variations do not amount to much. There were no
sales Of Reading Railroad stock.
The transactions at the Assistant Treasurer's
Chico to-day, were as follows
Paid on Treasury account. S139,612 Is
Balance DO do, . .... 44ss,TT s. s.
Paid for Assay office. .................. s,6s3 OIL
Paid for disbursDg checks. ............ 1882 81
The United States mail steamship Nashville,
from this port tor Liverpool today, carried out
$563,47s SO in specie, Of which $500, 900 was in
American coin, $2ol $3.50 So in bar gold, and $751;.
$50 06 In foreign coin.
The message Of the Governor in relation to tolls
on railroads. for the protection of the revenues Of
the public canals Of this State, has created quite
an excitement among stockholders in railroads, par.
ticularly in those connected with the freighting
business of the West. The Governor makes great
mistake In calculating upon increase in tolls on
the canals from levyng toll on freight transported
On railroads. II the revenues Of the canals could be
increased by taxing railroads. 1t might be advisable
to do 30, but we have no guaranty that such re-
suit would be realized. There are now six lines of
railroad running from the Atlantic seaboard to the
interior Of the great West Three Of these roads are
in the State Of New York, two in Pennsylvania and
one in Maryland. Soon there will be other lines In
operation in this State, and those Of Pennylva-
mia and Maryland are improved and enlarged, we
must look for q competition among them all,
greater than ever yet realized. All these roads
compete directly with the Erie Canal Of this State,
for the transportation Of freight from the West and
the time has gone by when tho legislation Of any
State can place restrictions upon the carrying trade
Of such extended section Of country. To provide
ways and means 10 meet the current expenditures Of
the government is the first duty Of the executive aud
hetas perfect right to impose such restrictions
the operations Of companies incorporated by the
Legislature Of the State as may be deemed neces
sary to meet any emergency; but In this matter II
MON, utterly fail to accomplish the object required.
deficiency In the public revenue is matter Of the
most vital importance, and req uirea immediate at
tention. II by experiments which prove failures the
deficiency reaches largo amount the difficulty be-
Genes serious, and the remedy more doubtful. We
have no faith in the imposition Of tolls on railroad
freight. The Legislature must create some other
source Of revenue even il Is direct taxation, to
replenish the treasury. II would be hard for the
railroad companies connected with this movement
to mpete with rival routes with such an addition
al burden upon them; but portion Of that difficulty
could DO removed by the Legislature raising the
charges Tor passenger traffic. So far as the rail-
roads are concerned, this might neutrslze any bsd
effect from tolls, but the canals would not be bene
fitted in any way. We hold that the revenue from
the canals would not be increased one dollar by the
imposition Of tolls railroad freight, and that Ia
the question the Legislature have 10 corsider.
We understand that Mr.. Auditor SHOEMAKER
viii be appointed Bank Commissioner, In place Of
Mr.. ID. b. st. John. II In full time q change was
made In that important Office, and we are glad that
the Governor has made such good selection.
The Michigan Central Railroad Company has