The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-24

r1oNs-The black republican journals are
chuckling over the supposed success of their
plot between Covode and Forney, and other
disappointed spoils hunters, and doing all they
can to make 1t seem that the letter oftbe Presi-
dent to Walker is something atrocious in
ITSELF and out of all keeping with Mr. Blu
chanan's record. Now the fact of the case is,
that Mr.. Buchanans sentiments, as expressed
| in the letter to Walker, are precisely the same
as those contained in his comments on the
Kansas question in his public message, and &C
cord entirely with all of his expressed views up
to the time that the final action of the
Lecompton Convention left him .po power to
choose his course. That Convention was COM
posed of the legitimately elected delegates of
the people. It's voice only could be legally &C
cepted as the voice of the people; and whether
the delegates had been false or true to their
trust the President had no other course to pur
sue than to submit their action to the decision
of Congress. Whether, being in this position,
Mr.. Buchanan should have done what the
law obliged him to do, energetically
and effectively, or lukewarmly and met
fectively, is a question which every man
will decide according to his own particular
bias, but not few will honor the President
for endeavoring to do his duty with all his
might and energy.
The interest of Covode and the black repub-
licans in this personal attack upon the Presi-
dent is purely selfish interest. They hope,
by conniving at the personal malice Of Forney,
Hickman, Haskin, and few other of the disap-
pointed spoils hunters, against Mr. Buchanan,
they will secure their services directly or indi
rectly in behelf of the ohivugv nominations
during the coming campaign. In this they
count partly upon the the sentiment of graft
tude on the part of Forney Il Co., which is
about as strong as rope of sand, and part
ly on the fact that by giving them full
swing in their attack on Mr.. Buchanan, they
will do so much that their return to the demo-
cratic camp will be impossible. They know
Forney & Co.'s love for kitchen condiments too
well to believe that they will stay out in
the cold while there is q kitchen they can get
into no matter who stirs the pot.
LIBERAL PROPOSALS FOR THE CRoroN WATER
SroCK.-A curious instance Of the trivial effect
which misgovernment and corruption have
upon the financial interests of the country was
manifested the other day in the proposals re-
ceived by Comptroller Haws for the Croton
water stock of the year 1854. Bids were de-
manded for S22s,9OO of this stock, redeemable
in 1876, at six per cent interest, and the call
was answered by proposals for Sl,33s, 200
worth of tall of that sum, except about
$4,000, being above par. Notwithstanding
| all the corruptons of the Legislature, which
have saddled the State and this city with an i'm
mense debt or the corruptions of the Corpora
ton, which result in the expenditure of nine or
ten millions year and an unbearable burden
of taxation, we find that there are parties
enough who have so much faith in the credit of
the city that they come forward with million
and quarter of dollars to purchase quarter
of million of Water stock, and are not only
willing but anxious to get it at six per centper
annum. Surely this must be the result of our i'm
mense prosperity and wealth. 1t looks as if it
would require the Corporation to increase the
debt Of the city to a hundred millions, and the
Legislature to increase the State debt to hun
bred millions more, before the people who have
money to invest can be walked up to the fact
that the credit Of either city or State may pos
sibly fail one of these days, under the crushing
influence Of corruption, fraud and extrava-
gance on the part Of the governing bodies.
In Wall street to-day, money, with an album
dant market, is worth only FIVE per cent
on safe investments. In London the bank has
raised the value of money to five per cent
and it is tight at that; thus showing Shst the
wealth of the merchants of New York and that
of the merchants of London approximates an
equal standard in relation to labor. The dibe
raj proposals for the Water stock furnish an.
other striking evidence of the abundance o.
money and its relative depreciation in this
city notwithstanding the financial panic and
the gross extravaganza and misgovernment o.
our legislative bodies.
/ CORRUPTION OF THE LAST LEGIsLATuRE-PRIot
OF RURAL MEMBER.-The market value OF ar
Alderman is question that has latteriy been
! good deal discussed. No definite idea has beer
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