The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-05

cuiaton would vs been found 70 be much rsstsr than
Is exhibited In the general tables Tbs time for making
that time Of ths year in which their issues greatest
As the accounts now stand, while there in Some
OF the States an increase OF bank note cir
cuIaton the Virginia was iu the ratio OF
twenty per cent in Georgia OF about thirty per
cent and in Michigan Of about aIty per cent
the banks in the fell such dise:edt
Is to serve but imperfectly as medium of bpsnsss
remain very respectfully, your obetient ". want,
JAMES GUTHRIE, Secretary Of the Treasury
Hon. LIss BOYD Speaker o. House Of Representatives.
The suit Of the city Of New Orlesss against the
Pontchartrain Railroad Company, to annul the
bonds $500 00O) issued to the company, to build
railroad to Mobile, has been decided BY Judge Cot
ton. The Judge regrets that he canno. relieve the
city, which he desgDates poor, oppressed co-po
ration, from liability for their bonds and denoun
ces the acts of the company OF some Of its direc
tors, in dvertDg the proceeds Of these bonds from
their proper object and purposes, in very strong
terms but concludes that the city Ia stock holder
and csDno. diminish the fund Of the cor poraton II
hitch II holds stock.
rhs Esaa,n s,o,, 1Hobs, during the present week
published an article in:lmAtihg rather than assert
irg, that Messrs. selden, wi.ses 4 Go. were com
pounding with their creditors at the rate Of eighty
tinee centa on the dollar. The firm have published
card unequivocally denying this They say
"rhe assets Of the house have passed into the hands
OF trustees who are paying off the liabilities Of the
firm in conformity with the provisions of the trust
and in no instance have they attempted to com
pound with any Of their creditors excepting to pay
the full amount Of their elaine"
The Legislature of Michigan, in accordance with
the recommendation Of the Governor, have passed a
law authorizing the Treasurer to redeem the public
debt out of any surplus funds on hand at premi-
um not exceeding ten per cent over the par. The
state OF Michigan owes about 81 800 900 and had q
surplus in the Treasury at the close Of the last fiscal
year of about $500, 900.
The annual meeting of the stockholders Of the
illinois Central Railroad Company for the election
of directors, &C., will be held at Chicago on the
2lst March, inst. From q statement mads by the
Land department Of this corporation, it appears
that the entire sales Of lands have BEEN In round
numbers, l66 900 acres, for an aggregate amount Of
$500, 900, of which 900 WAS paid in cash. The
interest lands sold at an average Of about 80 per
acre. and the lands under the mortgage at an aver
age Of little above $40 per acre. At these prices,
the remaining lands Of the company would sell for
24,500 900; but en- authority Of great experience
estimates them 70 be worth $32 ,OOO. 900. There
are remaining about l36 900 acres OF lands not in
cluded in either Of the mortgages and subject to be
sold for the payment Of interest. Very few of the
lands sod are on the line OF the road. The law of
Illinois prohibiting tie company from laying out
towns having been repealed, some locations have
been decised upon, and the applications for town
lots are already very numerous.
The following tatement will show the condition
Of the New Albany and Salem Railroad Company,
as reported In recent circular by the Presdens:-
Cost Of road and equipment. 60 3s6, 47s
Funded oeDt.... .....$4,Ol6,l10
Capital stock. ..................... 2,448,355
al A