New-York daily tribune., 1859-08-01

Tn. determination of the S,s.e Attorney Of Tsrs
70 di-uss the saits agaiht the Southern pscihe hA
road Company, hss been fortunate on7 Jr the toio-
mon seslh. Hal the me - trls IN so effort %
snuul the charter u-rs teehnc.nties, Iera- E1nh
have been cshnnored, and one OF The gr-aest enter
trses q modern times checked mr-t dl-setroasly
Nos ths; j, been doue no,hing ~l deoar j. bdsa.
Tbonpeon from ssEulDg the Presidency ~ ne M
psuy and under hi- judcio1s N arrangement AIDED oy
The .agsc1ty and financial f.st Of Dctor toske-, the
entire Dds biedsess oi be Company sl be ne ida'e
and capital raised 10 proseca'e ne WORK vsofvu-y'o 20
completion. Many smineu. gentlemen nave or-h
awaiting the dspo-s If me State salt 70 take age ~
N the stock Of toe Company - thai th,re WI
be Do difficulty raising money All labor Tor lie COD
,,ructiou If the rosd The magnificent future whi;a
ot~ u upon the Southern Ps:if: Railroad 80 haruy
be over estinated. There never vss grant more
uuncent than tns. Of the STATE OF Texas ~ me Co
pAIy and DO not douo, ths. the rO61, Ater -ool
tine csn BE- Constructed entirely from the proceeds OF
the sales Of land granted by the State for, 81 zoe rcai
sdvsDoes into the heart ot Te1ss these ands ina-t
greatly increase 70 value While they are $50 DECREASED
ID smOuIt the work progresses by afcIuona gran,
The rosd runs through ! rich portion OF IeIas a1d
viii open market tor products Of The so which have
heretofore been shut out Every county on tue route
Will subscribe hbersly TO the st3ck, aud there are
nasy Ilch planters who are a-O pre- psred 20 hr'rf-
thenseive. iargeey We look, therefore % v.goro t
ard satisfactory scon a. soon Dr.. FOsses arrives
in Mar-bal where he must De 20 make the hfsl Psy-
thirty days after the cIsmi.a o. the sac SUIT
In reg ard 20 the Nex Oflesus Money market, Ihe
PIcayvHe of the 25.h says:
The week ending this evening" has exhibited oecti-
ed Improvement in monetary cueIes. Capital as oe-n
freely offered throughout both .. o.nk ah1 oo TIC
street bu. the almost unparalleled ease IN ol-!oe-s
cIcles hs- kept daily operations within very hnNed
bounds In fact there has been previous week OF ne
pre-ent commercial year in which tue oemand iSf
more has been so hn ed raile opportunities TOR 0o-
tsiIine il have continued go numerous. The nqllry
a. bsIk hiss been under the aversge OF the previous
week and shor paper has passnd freely Oit OF doors
the movement has been restricted, owing 20 the
scarcity Of long da.ed offerings, and capitalists were
prepared 70 NEE. uuch more active demand. =.
E1chsrge is very much depressed The supply OF
both foreign and domes,ie bLs u Ht'.e better than
nominal but the demand i restricted tha. draFers
have tailed realize Improvement 10 any de-crp-
ton. We s'il quote Clear Sterling Bile q, lg3i a
ll0l BIlof Lading Drafts losl io9i ffsncs, SIIi
a5ilI = dollar Sixty-i.y Bills on NsT-for<,
sc, alI y cen, discount. Sgn,, ia ? cent pre-
MUM.
Ar address By Judge Arthur McAr,hur, Of Wi-con-
Elm delivered before the people Of Madison, the capi-
tai Of the State on the ith inst, conans the follow
ING iuj and forcble remarks the duty OF the S.se
AMI - people To foreign creditors. This eloquent and
rightly directed argument is the more timely IS, at
present. ue.rly the eutire Mlpicipa and Farm Mort
gage Debt as the Railway Mortgages OF the STATE,
are IN default and few active steps being taken
10 remove the officially. II appears from the cooe7
sion Of this prominent citizen OF Wisconsin that no -ys
TEN of Railway work in the country has been 80 enlrey
built on pesns borrowed out OF the State, a. the roads
which connect the lake ports OF Wisconsin Win the
Aississippi River. Judge McA. says:
This gigantic progress has been brought about by
our railroads alros, exclusively and in building them
probably quite Thirty or forty millions Ot doI.rs nal
been borrowed and u-ed in their construction nave
been informed by persons ianilar win our faroaI
stati-tics tina. not than two huodred thousand
dolars in cash have been paid by our citizens toTard
the cost Of our railroads that slnost the total oots
for their construction mas beer borrowed out OF the
Stste an paid in hard cash by foreign capitas VINO
| -. fr,ua
whose uppad coupons and forfeited hoods are me an
choy proofs Of their vsluelessness. There is iact
connected with this snbec' of the utmost importance
10 the credit and honor OF Wisconsin. Experience has
uroyei that the roads are less productive than was
sn,icipsed and the companies have tailed IN protect
their II or cages and have exposed the mlt!cpa ahtles
who guaranteed their bonds 10 the demanis OF the
holders.
When the roads were built the money wss not in the
State II must come from abroad and be obtained upon
such securities a. We could give Under these err
cuu.tapces the farm mortgages were executed Iheu
validity called in question and the iesai points
which they involve will be adufica'ed by the aathon
atve tribunals Of the State. But may be properly
hot ed thst after the fusion OF 81 mucn prosperity
produced by the investments which they were ntendei
10 secue and in view OF toe supendous benefits which
they have been the means Of shoTering upon Us the
! principles of jurisprudence viii harmonic WITH the
dictates Of justice projecting the interests OF the
parties according TO the ust provisions Of their uuder
.akrg. These private contracts, but the case Is
wild. different with the and city securities given
10 assist the companies These are public securities
which derive sacred invlolabh'y from the pubic
faith ard honor. With these there Is but one course
compatible with moral or justice, and that Il, az
any sacrifice TO make provision for the payment of the
interest until the pnnc pal can be hqudaed. NO per-
son or a; least very few hsve dared TO hint at the
other alternative, which Is reputation do no: be-
eye the peope of Wisconsin prepared for this ia
gitious crime But there are two methods OF repudat-
| ng our lust public debts and both of them entail an
equal inheritance of shame one Is by openly refusing
pay and the other ls by dong nothl0g 10 pay. "A
State can settle s de Dts by reputation us
oblg atoms will i've perpetual disgrace depuvng US
cf al respect the world aud exng Us from conso.
citation OF credli with our nelghbors II We are tod
ihst the people OF the towns AID cities who nave vol
uIiarily voted their public credit vii not sod cannot
bear the nece ssary taxation let them be ssg'ed that
If they fsl into pu,ri gulf of reputation, they Will
have gTieyOus burdsLs 70 bear tban hgd taxes
The OF mankind and the mora lease OF the word
will sink us into universal niamy.
The benefits oeryed from the loans exceed even IN
material wealth a thousand f,li the amount that
would be sutceI 20 save our credit and our ehsrac-
ter, and but 1.-THE Of what We have aresdy realized
would amply enable us 20 pay the interest a. u als
due. II Is cay 20 lose reputation, and extremely
difficult 10 regain H. little self sscIlnce and self
denial 81 the proper tune vii preserve us from degra-
dson. No one ever lcst character but be regretted
in the bitterness Of despair tha he hat not resOrtei 70
the means Of retaining ii. 81 with States. IL l. need
less 70 cay that only those municipalities viii be
bhshied wno have proved recreaCt. The word re-
CARDS q Stsfe or community IN Ac concrete, ana no
pause il made 10 discrimin the members from the
whole.
When public crime is committed, iu public juig
uert the condemnation exteLjs 70 the ea;ITe boiy.
The public faith Is in the keeping Of the whole con-
munI'y. The character Of the State u i,s nobest
treasure and 10 man with self-respect Will desire 10
cone here unless that character IL good
Wherever the brand OF direlicti0D r5m good faith
has stigms,lzsd S.s'e, thai State has alvays been
outawed traiiress to her sister con n1nes, and
stunned In their common Intercourse long after the
original cause Of coude nnstiol nsi been fully