The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-02


DO. in dtpcsh (actua') ................. 9i4,les
These returns show most extraordinary move
ment. They show On increase in each department.
Tie line of discounts Is higher than The aggre-
gate in the week previous 20 the suspension of spe-
Gle payments. while the deposits are now more than
twenty million larger than at that time. The de.
posts in bank to the credit Of individuals are
greater than before reported. The returns for
the week ending June G. 1857, showed actual de-
posts amounting 80 SEQ, 233 09o-the largest figure
up 10 that time Now the aggregate il up to seventy
million, and is actually the increase. This shows
an abundance Of money unpreccntcd In the history
of our local finances. The most important question
Of the day II what 20 DO with this rapid accumulation
Of capital II must find employment somewhere in
something. and we see nothing TO prevent the cur
rent rate Of interest from receding to points lower
than ever before realized in this market Money in
all parts of the civilized world will in all probability.
be cheaper for the next two or three years than AZ
any time since the discovery Of the gold fields Of
California and Australia. II will. we trust be many
years before public and private credit become again
30 much inflated as up TO about the very moment of
the recent revulson, and the abundance and cheap
ness Of capital must large portion Of business
TO be carried ctherupon very short credits or for
trade never was better bu, it will. without doubt,
take some time to get new men fairly embarked in
new enterprises. As the old bankrupt concerns are
wound up, and individuals involved in debt
step out new firms, formed Of young and vigor-
Gus men. will arise and establish a new order Of
things. More capital will be employed in the differ.
ont departments of industry and stability qua
ran,eed TO all parties concerned. The probability il
that year or two hence there will lie nothing visi.
Tie Of the wrecks produced by the recent revusion.
and the public mind will doubtless he convinced by
that time that nothing has actually been lost to the
country at large by the explosion and humiliation OF
the inflated and rotten system Of credits which had
become engeSdcrcd by long period of fictitious
prosperity.
The exchanges at She Bank Clearing Honse to-day
were sl6,2se, 1903 e6 and the balances paid amount
ed 60 $685. SIS a.
The law ratified by vote Of the people Of
California legalzing the assumption of the
State debt. in accordance with the provisions
Of The constitution, has been decided by the So.
preme Court 81 that State 70 have been properly
carried through the necessary forms. The San
Francisco Herald Of JAN contains the following in
relation 10 this important natter
From Sacramento We have the Information thai the
lest election fo The assumption Of The STATE debt e
GAL sud that The opinions will be published on the arrival
o lUdre Burnett from his seat san Jose in the county
81 Ssnta Cara ny This decision the last and only
ipg question relating 10 the assumption Of the debt viz
the mode adopted has been ccABhively settled aud no
further doubt or ceyi y possible That the people, by
majority vote, could egalze the debt was never oues
toned in any quarter entitled % Consideration; but in
financial maiters all mus be clear and plain and the
point raised judicial opinion rendered necessa
ry From the commence ment confident that the
Court would decide just they have. The new writs
will now be Immediately ssucd.
The principal points Of the law are as follows
II authorizes the issue OF 100000 in seven per
cent bonds, interest payable January | and July |,
redetmabe July l. 1877; interest and principal pay.
able as the Treasury at Sacramento California. The
bonds will be in sums Of $500 and upwards without
any fractional parts under 500. The first coupon
will fall due January ], 1859. For the fractions
certificates will be issued, which may be funded into
bonds Of the present issue. These bonds will be de-
lyered in liquidation Of the principal and interest Of