The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-10
Increase. .$2,2ls,boS 4S4,s97 lllys0
Decrease. 821,627 =

very DAD statement, ana one which shows how lit
tie wisdom presides over the policy Of our city
banks. In one fortnight they have increased their
loans about three millions Of dollars while their
specie, in the same period, has fallen of nearly
three.quarters of q million. 1t is impossible to
characterize such financiering otherwise than as
foolish reckless and disgaceful. There was pres
sure on the banks for money. On the contrary,
money was hawked about Wall street'all last week
at 81 per cent. Any well established house in
good credit could obtain money on six months
paper at Q 7 per cent Had the banks fulfilled
the true purpose of their institution and refrained
from entering into blind competition with private
lenders their loans would have been less now than
they were week ago; but their profits would
also have been less And this as in 1857, has i'm
PEELED them to pursue course which will have
the effect of stimulating over importations and in
surfing this fall period of suffering for themselves
and all their customers.
There ia no change in money to report. The To-
reign exchange market opens dull but steady at
1888 for bankers sterling. Francs rather lower
the quotation being about 5.173 with good bills
offering at 5.lS2.
The stock market was dull to-day, and prices were
lower. New York Central was unfavorably affected
by the passage of the Tolls bill at Albany and de-
clined one per cent, closing III bid All other
stocks sympathized and fell otffrom to per cent.
Pacific Mail pressed for sale at decline of 81
per cent, and large quantities of stock changed
realzations by parties who have been spectators
for the rise but the movements of this stock are
always so mercurial that any decline Of one or
two per cent is to give rise to multitude of
mysterious rumors and surmises. Missouris were
steady At the close of business, the market was
dull but steady. The following were the last quo
tatioEs:-Virginia 6's, SO q Z; Missouri 6's, s2E
S3t; Canton, 20a 81; Cumberland Coal, Is 1;
Pacific Mail 1Ol3 1O2: New York Central, TIL a
&; Erie, l2s a 4; Hudson River, 3s4 q z; Harlem
103 a d do. preferred So /; Reading, ALI 3;
Michigan Central, Ash J; Michigan Southern and
Northern Indiana, l02 H.; do. guaranteed, 90 /;
Panama, 1S3aa I; Illinois Central, 81 o |; Galena
and Chicago, 62i 4; Cleveland and Toledo, 25}
q &c; Chicago and Rock Ialand, 63s q j; Illinois
Central rs, 1871 SSH
The bill granting aid to the Albany and Susque.
hanna Railroad, and imposing for that purpose
tax of one half mill the people of the State at
large which passed the Senate on Saturday now only
awaits Gov. Morgans signature to become a law.
The bill takes $780, 900 out Of the pockets OF the
people Of the State for the benefit Of the land.
owners in three or four counties lying west and
southwest of Albany. It is not pretended that the
construction of railroad between Albany and Sus-
quehanna will benefit the people of New York city,
or Buffalo, or Syracuse, or Rochester, or Oswego,
or any of the large towns Of the State. There can
never be any through traffic on such line. It will
enhance the value of property in the counties which
it traverses and it win develope lands now compa-
10 hu< Ill ~ iptor
its cost, and to the people who will have to pay
ninetynne hundredths of the $4,000 voted for its
construction it will be absolutely useless. Yet both
honses have, by considerable majorites voted to
tax the people half mill on the dollar for
the construction OF this road. The Senate and As
sembly have deliberately imposed on every owner
of 81 900 worth Of property in this city, in Buffalo,
Syracuse, Rochester, Auburn, Rome, Oswego,
Brooklyn, Hudson, &C., &c, tax Of fifty cents to
pay for building useless and Improbable railroad
through three or four unproductve counties in the
State. The only hope left is that Governor Morgan
may veto the bill, and this hope is slender indeed.
Governor Morgan, of whom 80 much was expect
ed, has SO utterly disappointed the hopes Of his
friends that people are quite ready to believe the
assertion Of the newsmongers that he is ready to
agree to vote away any amount of money to his
political party.
Shameful and Infamous as the many railroad
schemes Of the republicans at Albany have been
this year, this is probably the worst. The "gridi
rons are schemes for the plumber of this city for
the benefit of select circle of assorted knaves; but
the Albany and Susquehanna bill is robbery
perpetuated on the people Of the whole State. If
railroad is needed by the owners Of land between
ccJC x-br 10 not hrIds
themselves? What business has the Legislature to
tax the people Of Buffalo, the people of the Cen
trail valley, the people of New York city, and the
people of Long Island for the purpose? Is it pos
sble to conceive more glaring, palpahe, mon
strous robbery?
There is some satisfaction in rejecting that mea
sures of this kind will recoi upon their authors
with terrible effect Every taxpayer this year
must remember that he pays, on each $1,000 Of
assessed property, fifty cents to aid corrupt rail-
| road scheme, called the Albany and Susquehanna,
to which the republican party in the Legislature
has granted 500, 900 of State aid The republican
party in this State robs every owner Of worth
| of property Of 81 so, for the benefit of scheme
which will be of advantage to the State at large,
| and of no use to anybody but the landowners
through whose property the road passes 1t is not
likely that this will be forgotten at the election in
| November next the democrats play their
cards judiciousy, and keep well before the people
this and the other shameless robberies Of the re.
publican majority at Albany, to borrow the en-
phatic language Of llr. Speaker Etdejohn, F" not
even Mr. Seward win be able to save the State to
the republicans.n
The exchanges at the Bank Clearing House this
morning were s2s,a2o,24l 70, and the balances
81 81 ,203 81.