New-York daily tribune., 1859-02-11


The State Treasurer of Michigan, is constituting the
new banking act Of that state in such stringent msn.
uer that it is doubtful if any banks be organized
under it, Every doubtful section is construed against
tie banker and if the Legislature does not interfere
tue act will probably become dead letter on the stat
ute book.
We have already slludei to public sentiment 10 re-
gard to railway stocks o! the principal causes of
the apathy in business al the Stock Exchange The
result Of investment in this description Of property for
year or two past has been disastrous in the e1treme
and it is also fact bey ond dispute that much Of this
hss been the consequence of recklesness aud sxrava
sauce of tie most hsgrsnt character. Perhaps the
evils mentioned may be attributed in great measure
to tie over Jealous enterprise of people eager for
progr.ssftoppirg neither to count the cost nor the
profits in practical, business way-in their enthus
asic rush for development-but taking advantage Of
tie popular feeling, We perceive clearly that
designing spectators have mingled good enterprises
with bad and in the constru ,tion Of various works
have humbugged the public to an extent which
seems almost incredible. II would be useless,
perhaps, to review the numerous instances of
Wild not to cay wicked fnaucieripg-the wholesale
purdeiing Of shareholders in bond issues at exrav-
egsn difcounts-he enormous rates Of extra interest
paid; tte immense sums slusndered in building con.
rscts and in short, the muItitudnous array Of foles
committed and Of wrongs perpstrsted; but such has
been the history of Railway enterprise during the lsst
five years-a history full Of stains and blo.ss record
Of progress, bot Of disgraceful scheming-nOt appi
cable in its dbcreiable portions to all works under
tsfen, but mingled and confused with them, that
conn on stigma attaches itself to Railway enterprise
in the general revolution tf public opinion. 1t is in
of, ia nta1 mr.
judce against Railway stocks, that We have witnessed
for months past, the singular anomaly of remark
able money glut, and an almost total lack Of
speculation active st the Stock Exchange, in the
hanssctive Of which Railway shares are go promi-
pent. Ii is on this accourt that We have observed
rapid AID steady advance in S,se and wellspproved
City Securities, Bank and Insurance shares-whis
Railway stocks have dragged hesviy upon the market
rolling over in time contracts and in the temporary
Of the bulls and bears but upon the whole rather
settling down in market values while for nearly every
thirg ese the tendency has been to rise. The lesson
has been one and its fruits must be gathered
but in the end shall reap advantage from the ex-
pererce. Ore Of the greet evils Of our Railway sys.
tenn, has been the construction Of such works upon
credit, to extent which puts all other corporate
credits to the blush. Bonds have been turned out
everywhere &c so much money or its equivalent,
and there has been vastly more credit nhation from
this source than from the fourteen hundred Banks
which exercised the mind Of our Chief Magistrate SO
much The fact that railway ov estment in this
try sums up sn aggregate of about eleven hundred
millions of dollars Of which perhaps half or more is
represented by debt credit, significant llustra
ton Of the point. The process Of recovery from these
troubles is slow one but not the lees sure. Debts
viii gradually be paid Off premature enterprises
checked Monies will be introduced, and Intelligent
reforms viii be the order Of the times. When these
remedies have bad their effect, and when prosperity
returns 10 make our railways more productive may
expect TO tee confidence gradually revive in their
stocks; but until then, investment in railway stocks
mot be popular, and the spasms Of improvement at
the Stock ExchaIge viii exhsust themselves az ofen
as they occur
The Edston Fzpress says ths. 40 experiment has
just been tried to lee if freight train could not be
more chesply than By any other route from Baff..o
through Elmra, Williamsport, and over the Cats
wiss, Quakake, Lehigh Valley, and dNewJersey Cen
tisl Railroads 70 New.York. The results Of the trial
are not yet made known.
The Directors Of the Rscine and Mississippi Rail
road have accepted sproposton from the bondholdefs
Of the road surrender the road TO them they agree
ing to finish and put it in operation to Yellow Cre.k
six miles beyond FreePor, without delay; to pay of
al the suesrsges Of wages due to the present
employees Of the Company together with some other
sIesihed liabilities to keep the road and rolling stock
IN thorough repair, operate the road in an economics.
msrLer and st the expiration Of five wears surrsudsr
The road TO the stockholders sgsp upon their refuni
rg 20 tie bondhoters the amoaD. they have ivancei
together Nth the interest that win have accrued uoon
he bonds up 70 the time of the surrender of the road
10 lie stockholders.
SPECIAL dispe.:h 70 Tie CAielgO Prs.s, from
sr!iI Isfe3 ssY;