The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-15

selves.
After the aaOurnusn, Of the board the following sales
Of stocks and bcnos were made at auction
sloto Atlantic Mutual Insurance scrip Of ls5s..79x
400 Commercial do. do i566......ls
ice Me camille Mutual Insurance scrip Of is5se
537 thares Nnops. Bank, foil stock ...lo5l4 loeA
Albert r. Nicolay's regular semi weekly auction sas
Of stocks and bonds will take place to morrow, (rhurs.
day. at half past twelve ooook, ai the Merchants Ex
change
Al the second board TIE market lower throughout.
Reading Railroad declined per cent Michigan Southern,
\ Huoson River Railroad, q. After the board New
York Central Railroad offered e2J. per cont There
10 inquiry Tor ,,osss, and the general Impression Is
ths, the market murt gradually settle down, under the
srge amount " stocks held for SALE
The As.stant Treasurer reports to day a. follows
Total rece Sl6l,43l 10
Io,a, paS merits. nssss -
Iotai oaAnce................. .l,teo,IA 90
The payments to-day include s73 900 on California
crsits and Oh cks.
The steamship Niagara, from Boston for Liverpool
day, Garrett out 1856 900 IA spec!e-gola bars.
The folio wing petition for special privileges exempsing
the party the restrictions Of the usury lass Of the
state, Is before the legislature st Albany
To IHs HONORABLE THr LEGISLATURE or Tss STATE or Nfw
York respectfully showe,n-
l, That yosr petitioner Is crIsged In the business Of
ana Of sod oass
stocks bonds and other tecriies OF States ces aud
corporations.
a Tfsi your petitioner Is obliged, In tho proscsu-
ton OF his business TO borrow large Of money, and
frequently at higher rates Of interest than tina. nIed py
law.
3. ThS, your petitioner rays annually an amount Of
inerest greatly In of The legal rate which amount
IL IN tbe sfgregs,s materially Increased By tho severe
I'D sndQ
The pre,ort usury laws Of tbs state, BY excluding capital
In the bands OF more tmid holders, who willing
TO tSpose th IN the risk Of mourning those po
nses, snt oonfning the business TO the comparatively
few, who naturally take advantage OF the sesn fcom
ptttou
q That there arc msuy capitalists who would sladIy
lend their money at moderate sfvsaoo upon the legal
rate, and FAR below the terms current 10 tbs city pro
c,d u could be done sxemp, from The risk Of existing
penalties
Iss, the &C, OF April g. $780, rage ssi law, Of New
Yctk tnscuuz that no cor porauon snail hereafter In
terpote the ceterce Of ueuyy IN sny action" which
Intended 10 operate % disability TO corporations to i'm
pcse the per slies Of the wury law upon lenders,
proved r. tLs on the contrary, signal benefit
ierrng tbtm advantage over private borro ers
TO the great preiudioe Of individual rights and IN
g. That your petitioner respectfully claims thu, he IL
ertited 10 the same facilities In the prosecution Of his
business 81 are eIjoyea by pubic corporations and your
bororsbie booy not doem1r expeeieui 10 modify or
abosh the exiting la~s. your peioser prsys that he
may be ., lca's placed upon M equality with corpora
tons ia This particular by The psssssc OF an act In hts
behalf similar that erein referred TO- winch will ena-
bic him TO borrow upon the fooog corporations
namely upon such terms az be may agree upon with the
lenders.
The bankers brokers and merchants OF this city have
made many ruiiess efforts TO have The usary laws OF
this state repealed or modified tvery session of
Legislature petitions By the hsvo besu presented
and referred proper committee, and ihs, h, been
the end Of them. There appears 70 DO power 10 the
Legislature oppstod any change In The uury laws and
the probability Ia tia, every attempt madc " change
them will fs. u does not appear al ell sey thai
the liberal construction Of those laws 70 usuy other
s,Aps will be adopted In ths All sorts Of reforms and
Improvements have been proposed; but they moe, with
no response frcm delegates iron the Interior Under
these circumstance was natural 10 suppose ,hst
rev ldea would be originated by sharp nnsncerr,
and We have In tho above petition certainly something
folly up 10 the age The pan here proposed IL
more than the application 10 individuals OF wbs,
"a already In operation regarding corporations.
In consequence Of the utter impcssibil,y Of rail-
road companies borrowing money the issue OF bonds
except very high Of interest," and the usurious
character OF al the financial operations OF raross be
came necessary The Legislature 70 prevent many Of
,bose companies from repudans upon the plea Of usuYy,
10 psss special sct forNddine corpcrauops IRON inter-
posing the defence Of usury In any action This sci salts
fed the pubic mind and railroad bonds have been In
better credit since. II IL proposed 10 apply me sans
Law 40 individuals whenever desired and We do not se
tina, any sound objection 70 can be advanced. Tho
passage OF reueral Law upon the subje~ would be ne
ccssry permitting individuals, upon the Cling Of cers
cate with the Secretary Of the STATE 70 place themselves
under s provsious and have apply only 70 those who
CO. way, by some public act sccep, and agree
70 abide by lie restrictions Tho idea thrown GU, In the
above petition and viii be- vi'hou doubt enlarged and
extended ~ Il assumes form and shspe II "a certainly
az Vnkf sfre