New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-06-06

temporary suspension of specie payments.
The earnings of the Cleveland aud Pittsburgh road
for May it is stated, will be about sSj QUO. The MI
waukee and Mississippi reported at about 'o,OOo
and the La Crosse ard Milwaukee at about s55,oOV.
Il il unoflcaly stated that the seniannual report oil
the Erie road, which is nearly ready, will show about
$50 eco decrease compared with lS15-0 AMI al IN
crease Of extraordinary expenses of about the same
amount.
The absconding French banker, 81. Thurneysaen, Is
said to have irregularly disposed of considerable
amounts of United States Government Stocks, and the
bankers here have been eegraphed to hold on to cer
tifoates bearing his signature.
correspondent Of the Department If State, WISH
ngton, writing from Frankfort on the @lst OF Apn-
gays,
Il have to state that the Stock Exchange continues
Il the same depressed condition al the date of my
last letter ON the 18th inst although sufficient cause
for anxiety and alarm existed even here yet the re-
cent sudden decline the consequence of the unex
peced elevation Of the rate OF interest by the Bank OF
England So very sensitive has become the condition
of This market that il is Immediately affected by mat
of England. further restriction there will be lnme-
diately felt here although here Money Is more abun-
dant. So. -,
1t is well known that the steady condition of the
money market in France is sustained by artificial and
expensive means which, a. temporary measures may
be iudicious enough, but may, after all prove msui
fcient to overcome the danger with which that coun
Try Is Threatened ..,. nan, HANKS I'll o,,er En-.
rome although for time they gave new lite ana ac-
tivtv had dark side, and that dark side Is now al
most the only feature perceptble The constant call
ING in Of insiaments on stockton stocks wiihoul
sale unless at fearful sacrices-makes the condition
of the holder disagreeable and unprohta6e-disa
greeable because he il suspected Of having embark
ed III bad affair, aud uhproftaole be 'ause II Is
nIecinp means in a sinking concern, beyond his own
{" The recent elevation Of the rate OF discount by
the Bank Of Frankfort from q cent to g cent was
an act of self protection In America, the banks gen
orally discount for noighbor customers. Here, tnt
hank the buyer of negotiable paper When the rate
of di,count is lower Frankfort than at other places
their paper is sent TO the brokers here to be sold to the
/ Bank therefore in order TO retain its means the rae
of dscoant here should correspond with the rates On
| other places
the Spring the rate of interest already 50 high what
will Be tie condition in Autumn when Frankfort Is
always pressed for money az to cause, Tor time,
very considerable advance in the rate OF interest
Surely this one Of those questions which can be an
ain the mean while the season keeps on favorable
with prospect of good crops in western and middle
| Europe and this favorable prospect begins to be
looked upon now as sure relief from threatened
| danger.
! Tits a question whether good crop will or can
| do more than maintain the present condition. What,
then will be the state of affairs in case of short crop
| or a failure To add TO embarassments of the mo-
uent il il now known that the Prussian Government
has actually presented TO the Chambers the threat
ened project of law to prohibit, under the penalty OF
50 thsers the circulation after the lst October next,
of the notes obligations bearing no interest paper
money Of foreign banks or corporations
There appears TO be ddilyless confidence in the
success If the recent enterprises and decrease OF
healthy confidence generally pos.ioy we are Oh the
| eve Of hdTd tigcs.'
The Neaark Daily Adrertiser says:
| The Directors of the Morris and Essex Rail
| ,oad ON Tuesday made excurrion over their road
TO HackettstOwn, and thence by carriages over the
! proposed extension 10 Phillpsburg. The proposed
route passes down the Musconetcong Valley IN
north-westerly direction to point seven miles from
Hackett town characterized by straightness and I'M
duating grades The line then DIVORCES to the south
eide Of the Morris Canal leaving it at Port Golden,
| and crossing the MorristOvn and Easton Turnpike,
passes out OF the MuscOnetcOng into POhatcOng Val
lev reaching the village Of Washington. ten miles
from Hacketstown. Ii then follows the Eastern side
| of the PohatcOpg Valley, distance of seven miles,
and passing north Of Stewatsvie, the line crosses the
intervening ridge into the valley of the llopacong,
and follows that stream to the junction wi the Della
ware River Railroad, near Cooper and lie"etts tur-
naces at Phiipsburg, making the entire distance ~
miles from IackettstOwn, and requiring the use OF Is
miles 10 the Delaware River Railroad 10 complete
CONNIE ction with the bridge crossing to Easton AZ
Washington it meets the Warren Railroad, by which
a continuous route is furnished 10 the water zap
Scranton and Great Bend.
One route cOntemplates using one and third miles
of the Delaware Road. The cost Of this route viii
be $3.50 Geo. The other route Is independent OF the
include every thing to put the road in good running
order.
The Philadelphia Ledger of this morning says:
There is considerable demand Tor money both at
bank and the street, more at both places than IS
accommodated. The banks, not only here, but all
over the country, are endeavoring to reduce their
business-to come down much and as fast as they
can col sistenty with their and their customers
interests This forces borrowers TO the street, where
exists considerable dstrust, and only the very best
pauer meets with ready favor al about ~ e cent
discount. Inferior paper II a 20 e cent discount
The following important decision of the Circuit
Court Of the United States in regard to county sub
scriptions to Railroads has been made by Judge Nc
Lean. We find it in Tile Indianapolis Journal;
CIRCUIT COURT OF THE UNITED sTATEs-MPoR-
TANT DECISION
David c. Wallace agt. The Commissioners of knoI
County-This was of the most important eases Of
the term, and was argued on demurrer to the decia
ration with signal ability by Mr.. Judah and Mr.. n
c. Mclean for the plaintiff and Mr. Mcdonald and
Mr.. Hovey for the defendant The facts Of the case
we've substantially the following: The Board of Com
msioners of Knox County, before the adoption OF tue
constitution Of 1851 in pursuance Of the terms of a
atute authorizing the same, subscribed S2OOOOO 10
the capital stCck Of the Ohio and Mississippi Railroad
Company and after the constitution took effect issued
their bonds with coupons for the payment Of the
stock in the usual form. The county failed to pay the
interest coupons when they became due aud tals suit
was brought TO recover the amount OF the coupons
held by the plaintiff as the bearer The defense restet
upon several grounds.
l. That the subscription void, the county hav-
ing 10 right to make ii for railroad purposes.
>. That the bonds void, having been issued
after the taking effect Of the Constitution Of 1851
3. That the coupons void for the want If
power 10 issue them even if the bonds valid.
That the law of the State submitting the question
TO the people of Knox County, whether the Commis-
sioners shall subscribe the stock, was unconstitutional
and void.
We may have omitted some subordinate points. bu, |