The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-09

Ao'SSA wonD " ASShAO, = oeSiiuc N PiiVO i's'o"S
~ matter Of course. At the close today the
market was dull, but steady, the following being
the quotsions:-virginia SIS, So . ssa; Missouri
6s, 764 d Tennessees, SO . I; Canton. III 4;
Cumberland Coal preferred, l0A III; Pacific
Mail, IS I; New York Central sll q ~; Erie, 33l
"a; Hudson River, 81 . I; Harlem, l6t II; do.
preferred, s9a a 4; Reading, 4o3 a.; Michigan
Central, 6li 81; Michigan Southern and Northern
Indiana, IL I; do. guaranteed, 3sA 80; Panama,
l22 1; Illinois Central, III q; Galena and Chi
cago, 70 1; Cleveland and Toledo, 33l . b; Chi
cago and Rock Island, 82E q 63i; Chicago, Buring-
ton and Quincy, 79aa
r. The announcement that the federal officers in
South Carolina have resigned their Offices, and
that the Legislature has unanimously called con-
venton 70 provide for secession, will take no one
by surprise. The event was gen orally anticipated,
and whatever the views of lawyers may be with
regard TO the right Of State TO secede, public
tment in this section Of the country would be deci-
dedly opposed 10 the detention Of any State in the
Union by force. We presume that, in the event of
the 300 600 free white people Of South Carolina de-
clsring their determination TO constitute separate
republic, no serious objection would be raised and
il therefore becomes interesting 10 inquire into the
financial condition OF the State. South Carolina
rather over SO 900 900, represented by three,
fire and six per cent State bonds, nearly all OF
which are held in England. The interest the debt
il paid II ofthc profits Of the State Bank and some
railway stocks owned by the State. The State
nue. averages about $500 900 annually about half Of
which IL derived from tax Of seventy five cents
head on slaves; onefourth of the balance is de-
rived from land tax amounting TO about six mills
In the dollar on the value Of the agricultural land
under cultivation throughout the State. The ex-
penditue, which generally falls short Of the in
come, is economical, and is incurred for municipal
and local purposes. In the event Of the secession
Of South Carolina, new issue of bonds would be
necessary to pay for the United States property
within the limits Of the State-such as Fort Moul-
trie. on Suvsn's Island; Fort Sumter Fort John
son, Fort Pinckney, the Custom House, Post Office,
and other United States buildings at Charleston,
and the other United States Post Offices, &c,
throughout the State, all Of which the new nation
would have to purchase 1t would be hard TO
value these buildings, az forts have no actual mar
ket value, but they cannot be worth less than
several millions. A further issue Of bonds
would also be requisite for the purchase or
construction Of such vessels Of war and revenue
cutters as the foreign trade Of the new nation
would require. Lastly, in separating from the
Union, South Carolina would be expected as LON.
hardy did when il separated from the Austrian EN-
pre-to assume portion Of the debt of the United
States which las been incurred partly for her bene
fit. What proportion ought TO be assumed, in
this contingency, by South Carolina, we will not
now undertake to discuss; the United States would
probably be disposed TO deal literally with their
departing associate, and TO one would desire 10
see the necessary difficulties Of her position need
lessy complicated. Still, allowing that her share
OF the oebt was set down at the loves. possible
figure, the total amount Of bonds which the new
ration would probably have to Issue, in order to
nay for United States property acquired, to pur
chase the rudments Of navy, ard to settle finally
with this country, would hardly be less than ten
eleven millons OF dollars, which, added
TO the present debt, would t-ing the total
Indebtedness Of the new nation MP TO some
thing Ike sli 900 600. Under the circum
stances Of the case, II seems probable that the
bonds Of the new nation might be had At a very
reasonable rate. With regard to the expenditure
Of South Carolina Independent State, II ia safe
10 assume that the revenue service along the
inland frontier-some GOO 700 miles lopg-would
he expensive. Judging from tho cost of our from
tier customs service in the North, this line could
not he guarded against smuggling for lees than
$3.50 600 q 81 900 900 year. At least "a much
would have TO be spent on m army aad savy to
begin with, and II the new nation had any foreign
representa- ives this service would cost something
more. With great economy, perhaps an indie
mt..A.. ~ Nh
ried on al first for about 81 900 200 a year.
which, added TO the interest on the debt
and loses for discount on bonds, &c,
wou,d swell the annual budget to- say five
millions Of dollars. This IA comparatively
snail annual expenditure fo~ an independent
naton-less than one-twelfth the expenditure OF
the United States or Grea; Britain. / Is possible,
however. that il would be felt with some severity
by the 800 900 white citizens Of South Carolina who
would have 70 pay 1t. Under our present govern.
ment, every citizen contributes, directly and in.
directly, about 81 per bead for the support Of the
federal government. The citizens Of South Carroll
ma contribute as have seem over and above these
81? 50 per head more for the support Of their State
government, making their total taxation 81 per
head. When they had established themselves as
an independent hsuon, they Noniu hnd themselves
taxed not less than sic G. per head to carry on
their government
The business OF the Sub Treasury today was as
follows
Receipts. t2sb p33 OF
-Fof rnstoms... lc5 W
8sl 30
..*.... bIGYbE III
The exchanges az the Bank Cleasng House
this morning we're So ,si2 los 90, and the balances
81 AGO. i4 IA.
The annual election Of the stockholders Of tho
New York and Erie Railroad win be held on the
18th of December next. II is reported that Mr.
Cornelius Vanderbilt viii be made a member Of the
new board. Mr.. Vanderbilt is now, perhaps, the
largest holder OF Erie securities.
The New Orleans Picdyure, under date OF the
evening Of the lst inst. remsr,s:--
Ito discount brokers have plentiful srppy Of paper,
but tardy deem ucccs-ary 70 opcn their portfolios
Whit the rc'rof negative e. glr1uat
pi.cat The feu trsnssci eaecied ths morning
sore Al range q IL is pcr ceot Tor short In Ions
ratsr nothing ~ corseausGce = cc1a hank there
-. a. -.