The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-06
FINANCIAL AND COMMERCIAL.
THURSDAY, April 5--6 P. II.

THURSDAY, Aprn 5--6 +. n.
The State Legislature viii adj ourn in the course
Of week, and the momentous question of the tax
levy for the year remains unadjusted. According
to the estimate laid before the Legislature on 10th
March by the State Comptroller, the amount re-
quired this year VIII be $5,47000o, Of which
100000 is needed to pay off floating debts,
$4,000 for the completion Of the canals, and
81 ,O65 600 for interest and sinking fund ON the
present funded debt Of the State. The republican
majority at Albany, fearing the effect upon their
party prospects of large increase in the direct
tax as would be requisite to raise this sum, have,
ever since the opening Of the session, been trying
to pass bill to flch portion Of the five and
half millions needed from the great railroads Of the
State. There is of course no reason why railroads,
any more than banks or newspapers, should con-
tribute anything beyond their proper share towards
the support of the State government But, as the
New York Tribune said on Sd Instant
To impose four mill tax would in spipion endan-
ger the republican supremacy in this State yet
cannot do, tax Of nearly that must be raised
unless some other source OF revenue found The re-
CONSEQUENT increase Of tons mon thu sse c.n.. y ~
expedent that has been suggested.
In pursuance Of these highly honorable views
the republican leaders at Albany have been, ever
since the session commenced, trying hard to squeeze
million in one way or other out of the railways.
But, though they have enjoyed the aid fmany a
hungry member, whose aim was simply to be bought
of by the New York Central, they have not
succeeded thus far and the indications are at pre-
sent that they cannot succeed.
1t is high time now that all this flibustering
ceased, and that the money needed for public pur-
poses was provided in the usual honest way It will
need, We presume, tax Of four mills on the
dollar for the purposes specified above-an
exorbitant tax no doubt but so long as the peo-
pie Of the State choose to indulge themselves in
the luxury Of owning unpr oductive and never
finished canals, and allowing one political party af
ter another to faten them, nothing else can be ex
pected. To this must be added at least half mill on
the dollar for the aid to the Albany and Susqehanna
Railroad, which was voted by the Assembly to-day
and probably much more for other similar plum
der jobs which are likely to be hurried through
toward the close Of the session. This is all very
shameful and very sickening; but robbery is the
order of the day, and it Is useless to complain
Whatever Is done, the wants of the State govern
ment must be provided for-and that without
delay. 1t must not be forgotten that within the
past year the honor of the State Of New York was
emily preserved by the liberality of bank in this
city, which came forward and paid the interest
on the State debt when there was no
money in the Treasury for the purpose.
The next time similar accident happens our
banks will, perhaps, be less eager to protect
the honor of the State; default in the payment
OF the State interest or any arrangement which
makes such payment depend bargain liable to
review by the courts, would be even more damag-
ing to the republican party than four mill State
tax.
Money is tolerably easy to day; the brokers are
supplied at 81 a 6, with occasional exceptions at
where the securities offered are very desirable
Paper is wanted at 81 a 6; very choice names go
at five. The indications are that some of the
leading banks are pursuing more cautious policy
than they did last week. The Sub-Treasury balance
varies almost imperceptbly; it stood this evening
at 4,s15, the disbursements to-day having been
$l5s $50, and the receipts $63340 of which 900
from duties.
In foreign exchange there is very little to report
The market is dull. Quotations are 1854 100 for
bankers bills on London, and 5.164 a 5.ls2 for
francs; the business done being generally at 1857
and 5I7a. There are not many Southern bills in
market; the dullness of exchange arises from the
absence ofan active demand from the importers.
The following are the last quotations of sight ex-
change on New York at the cities mentioned, the
quotations being in all cases for gold
Chicago. ...................-a x premiurn
g. Louis ACKNOWLEDGEMENTS,
SAoAInesi. q n
Now VI ..............B ulS. a5s I"
1..elnors. ............... par.
1oDse.. ..'......... ................-aA
InHoneipuAss. par.
Doo'o" ACKNOWLEDGEMENTS -io o~