The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-24

The table shows q general advance on tue entlre
list State stocks especially have risen since last
week. They had been unjustifably depressed, as
in any event they sure to be protected by the
people who have issued them. Other dividend
paying securities such as Panama and Pacific
Mail. are in request at higher prices. The bust
ness of these companies has never been better
than IL is at present Rumor asserts that since the
combination with Commodore Vanderbilt, the
Pacific Mail Company is making so much money
that quarterly dividends are in contemplation and
that the first may be paid in February next. The
stock OF the company is now held in very few
strong hands.
The leading event Of the week has been the pas
sage of the secession ordinance by the South Caro-
lima Convention. Apart from the significance IF
the step itself il attracted great attention through
out the country, in consequence of the questions
which arose with regard to the execution of the
revenue laws aud the possibility Of collisions be-
tween South Carolina and the federal government
We learn, however, by telegraph, that some ar
rangement has been made by which the Collector
Of Charleston continues TO ofciate a. United States
Collector, and TO serve cearances and receive du-
ties In the name of the United States. How he re-
comedies these functions with the new attitude Of
his State we are not yet informed; but in the
meantime II j. clear that, 50 far a. the commerce
If the port Of Charleston is concerned, secession
has made no difference. Parties who were appre
hensive that il would not be safe to send ships
there will perceive that their alarm was prema-
ture.
We have been furnished with the leading points
Of the financial programme of the cotton states.
II is understood 10 emanate from one Of the most
distinguished members of the Mississippi delega.
ton in Congress. As soon a. the other cotton
states have passed ordinances ~ secession acts
will be passed by their Legislatures empowering
the respective state Treasures 10 issue State bonds
10 an amount which il j. not expected will exceed
six millions of dollars in the aggregate. These
bonds are TO be sold at par, and cotton, at the
market price. is to bc received in payment. The
cotton thus received will be placed in the hands
of state factor. who will ship it at once to mar
kct. obtaining advances upon II from Northern
houses. II j. understood that arrangements have
already been made in New York for such sd
vance~. In the event Of blockade Of the South
ern ports. or an embargo ON their foreign trade,
the cotton will be- forwarded North by rail- and
will be shipped from New York II is said that
the scheme meets with such favor that
planters in Mississippi alone have agreed to
take ~ SEQ 600 of the bonds, giving their cotton
in payment. IL j. not supposed that
the first expenses Of establishing nm indie
pendent government will exceed the pro-
cccds If these bonds. Afterwards. when the
government has been established. a the ports Of
the cotton States are 10 be thrown open 20 the
world, under a system Of perfect free trade tho
expenses Of government are to he defraycd by an
export duty on cotton. Sucl l., n We learn. the
present project of the disunonist leaders. II j..
II course, liable 10 b. modified by circumstance
aud the occurrence Of unexpected events.
We have received the Receiver report OF the
New York and Erie Railroad for the year ending
3oth september last. The following table shows
the esrIngs and expenses for 1859 and 1861