The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-27

Iotsi rec hts $16,06I 20
-fnr cnfto"s. ...........' IIW WI
menus. tIVySH %
BaisDce. .................... s,7e7,Sa7 ~
The proceedings OF Congress at Washington, and
Of the state Legislature at albany. are strength.
ening the ranks Of that party of Independents
thinkers who regard all legislatures ~ evih to be
D. plored and o.ticaus puiSauees to be abated.
j is difficult 70 cay whether the iosction Of Con-
gress or the action Of the State Legislature be
most hu'tfu! 70 the public interests or most de-
serving az universal censnre On the one hand,
members Of Congress, by postponjng the orgsni-
cation Of that body for political party purposes,
I unset,ling confidence throughout the country,
checking the progress OF enterprise and COM
merce, disturbing the money market, cheat
ing the creditors Of the government OF 9
large per cottage on a debt fairly due
to them, embit'ering sectional strife in both
divisions Of the country creating distrust in the
minds Of foreign capitalists, and delaying uajuss-
bly, the passage of measures which the public well
fare imperatvely requires. On the other band, the
members of the State Legislature at Albany under
the control OF the most profigate, corrupt and un
princped politicians ever known in this State are
devoting their energies TO the destruction of those
great works Of public Improvement which have
made the State what it is, TO the wholesale plum
der Of our railway and canal Systems by series Of
measures 30 outrageous, so reckless, and SO bare
faced, that the most despotic government in Europe
would shrink from assuming the responsibility
of their authorship. Between the two
as we said, it is difficult to say which
is doing the most mischief, or which
could be best spared from this sub'uuary sphere.
There Is, however, . difference between them.
There must come time, Of course, when the pres
sure Of the government creditors will compel an
organization Of Congress under some Speaker or
other; there are limits to the patience even Of 30
forbearDg and law-abiding people as ours. And,
in this view, one can look more hopefully to Wash
ingtOn than TO Albany. For at Albany there is
very little hope that the hungry politicians who
have obtained seats in the Legislature will relax
the prey which they have fastened their clutch.
es. Their power may be conjectared from the fact
that they succeeded in compelling Edwin D. Nor
gan, New York merchant, to recommend in
his message that the deficiency in the
State revenues be made up by taxing the
onlg interest which an enlightened public
policy would leave untaxed-trafdc. Their mode
ration is sufficiently revealed in the Pro Rata
Freight bill, which, IL It becomes law, will proba
bly, break down the whole railway interest OF the
State of New York. Under this law, no railroad
would be allowed to charge more in proportion for
carrying freight ten miles than for carrying it five
hundred; roads would be bound to carry all their
freight at the same rate Of speed so that the pack
age Of morning HERALDs, which is now carried "a
freight on the express passenger trains, would
have to wait and travel forward In trains loaded
with heavy groceries; and the highest charge per
ton for first class freight could not be double
the charge for the last class, 80 that rail
way company would only get for carrying pack
age of Geneva watches o case of Bohemian
glass ware twice as much as it would get for the
same weight Of pork or corn. 1t seems almost in-
credible that the leading State Of the Union should
be in the hands of party openly committed to
such ,licy as this Such, however, is the case;
and until the just indignation of the people arises
and overwhelms the party which, under guise of
hostility to Southern interests, has obtained power
enough to work this terrible injury to the interests
of our own State there will be no safety for pro-
perty, vested rights, established contracts in the
State Of New York.
Annexed are the earnings Of the Chicago and
Rock Island Railroad Company for the third week
in January
$780,. SO 80.
lsb9... 1886
Increase. 81 o06
The exchanges at the Bank Clearing House this
morning were s24 400 ,260 %, and the balances
1926, $3.50 So.
The movement Of the banks in the four principal
cities of the Union in which weekly reports are
.nade as shown by their last state nents is as fol-
lows rT ya
loans Deposits Speci<. Cir-,tl,'n
New York Jsp Msss s.s 81 tsl 49i 1850 SD
Boston Jan q 50 Oh i19 II 40 4S2in All 49,
rhisdsloha d. q alss x, ises4 80 4ti4s19 isl