The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-03
Proposed rates Present rates


Onoer ooo tons. ..............' ~ = 20
Under 900 tons ......... 3 rs 2 SO
Under 100O tons 90 28S
THE CHURCH PROPERTY LAW.
Petitions are being circulated in every part Of the State
which will be presented to the Legislature at an carly
stage of the session. praying the repeal of the law Of
1856, called the Church Properly The act in ques-
ton was enacted in the height Of the Know Nothing ex-
element intended take from Catholic priests certain
secular power with which they invested by the
church This consisted chiefly the power of the bishops
to hold all church property in their Names prospect
i've of trustees deacons elders other description Of
members. The law, passed few years since, gave
certain other the church the right and authority
to purchase receive in trust sell and dispose of real
tate such as churches nunneries hospitals cemeteries,
&c. The petitioners, who exclusively Catholics now
demand Of the republican party the prompt repeal OF the
law and to the bishops and priesthood to the
law was enacted mainly through the influence Of Mr. Put
man, OF Buffalo, and Mr. Brooks, OF New York; both Know
Nothing Senators at the mc and done to appease the
opportunities Of Know Nothngsm, so rampant at that
period OF its history This will prove very embarrass-
ing matter the republicans will be under the neces-
sty of deciding between the protestants and Catholics
DISCRIMINATING TOLLS ON CANALS.
The sending of Ittleohn back to the Legislature is
signal for the forwardcrs at Buffalo to their appca
ton for law authorizing discrimination of tolls the
induce the Legislature compel the payment Of the
tolls articles coming from bound 10 the West whether
transported the canals between Oswego and tidewater
between Buffalo and the Hudson river The State, Of
course loses large amount of revenue annually by run
ming around Buffalo, through the Weand canal entering
Oswego, and there take shipping for the seaboard Full
one-thrd of tolls are thus saved The competition be-
tween those rival cities has become extremely animated
and the advantage on the side Of Oswego the Jealousy
of Buffalo has arisen to such height as to demand dis
eliminating law for the protection Of Buffalo interests and
consequently add TO the revenues OF the canal As Mr.
leohn the most prominent candidate for Speaker Of
the House. there doubt that this question OF tolls will
enter into the controversy Should he be elected then
he will again be able to weld sufficient influence and
power to Illustrate the objects Of the competing forward
ing merchants Of Buffalo.
TOLLING RAILROADS.
The idea of rcmposing canal tolls such railroads
compete with the Eric canal in the carrying trade is not
abandoned by any means. The effort will be revived
the coming session strong force showed itself in the
last legislature and but for the activity Of lobby agents
the tolls would have been restored last year. and the
canal fund.- by this time, the opening of navigation
would have been benefited half amilon of dollars. The
railroads having succeeded in the election Of Mr. Morgan
feel pretty certain that law of the kind be passed
,,v rostivev be- arrested bv the prompt exercise OF
the Executive veto. 1t may, however, prove different
and the Governor may take straightforward views
his interest in railroads does not extend ~ either Of the
lines which would be affected by being compelled 70 pay
canal tolls during the suspension Of canal navigation. 1t
question that has agitaed the public mind for several
years and is susceptible OF bringing out very strong
arguments both sdes but the interest Of the people
is on side and that of large number Of our most
shrewd and skul private citizens the other, there
seems to exist scarcely any doubt which side will
eventually triumph.
THE UsURY LAWS.
Year after year efforts have been made to establish
system Of tree trade in money! or in other Words
move the restrictions imposed upon banks and other
money lenders in the receipt of interest loans. is
extremely fruitful topic, and the discussion in relation
to the pros and nexhaustible. The New York
Chamber Of Commerce. composed Of bankers and money
lenders have issued circulars asking the Legislature so to
modify the existing usury laws to allow any of
interest discount upon borrowed money that may be
agreed upon by the contracting parties This would be
placing, for instance American gold eagle which has
its regular standard value, in the same position horse
any other species OF property whose value uctuates
every day. The attempts heretofore made to amend the
usury laws have aed because members from the rural
districts always exhibited jealousy and fear against any
change because the proposition came from the sharpers
about wall street, in the city of New York. feared
that if Tree trade Is permitted, them instead Of borrowing
money at seven per cent its ''market vauer
will assume much higher standard, and
especially when tight times and hard pressures
make their periodical appearance. Our country friends
when oanng money, perfectly content with per
cent upon ample security indeed, it Is extremely doubt
full whether any fair and legitimate business will warrant
the payment of per cent But as the members
ofthe Chamber of Commerce are practical nancers, they
may be able TO furnish such convincing arguments to
imposed certain kinds Of moneyed transactions. The
Legislature will be called to decide upon the matter
Inc practca WORKINGS Oh cpangs III Tue present BY
will coon dcvelope the TACT whether ought TO govern
money dealings or not.
BONDS AND MORTG AGES AS BANKING CAPITAL.
-, -, ,...-- :, =. ...-- ,., -.
in' oi'y o''e" " "' P"0 ee"'s "s"'"s'
the New York state laws relating TO banking consists in
the allowance Of bonds and mortgages securities for the
-. . I'm. ~ o,, III, n,,, ,as,o 1t, -. 80
NN'o VI ''"' u s's "0 '''' o'''' ""oN Na'e e'''
occurred The bill holders under present system,
hate been account Of depreciation the estimated
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49, W ' , y, e. ,,y na, y =. ~" ~. ~. o
Dah ~ ~ ,.S ,a .n i 80 , ,os " u,.
,y ,oI hs s 90 ~ ws ~ i D,onu ot sins
ear aisoi ye , 60 M ~, % SUI ~ 'as,
peen aue =" ..i NJ o .n ' y, ooi. anu
io 'sas.e. VI NY ~, .. n w 'io o'. w,
basis Of banking solely upon State ana United States
stocks, being the only reliable security for the bill
nooer u. ,ne members ron ae rusa districts, wnose
have thus Ear defeated H. declaring that as thew
confidence in landed securities for loans among themselves