The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-25

commission of illegal acts by the police Of New
York. The practical effects Of the seizure viii be
to check the trade Of the port Of Savannah. Ship
owners cannot be expected to send their vessels
TO port where they may be seized and detained;
and thus the advantage gained by Savannah over
Charleston in the early period Of the secession
movement will probably be lost. The owners OF
the vessels seized and Of the cargoes contained in
them have laid their case before the government
at Washington. This, however, is small
matter in comparison with the difficulties aris-
ing on the Mississippi. To understand these it
must be borne in mind that there are on the Mis-
sissippi no less than twenty ports of entry above
New Orleans. At all these ports there
are importers who import foreign goods
regularly, via New Orleans. Up to this time,
these importers, on giving to the United States
Collector at New Orleans transportation bonds,
have been allowed to transport their goods to
their destination, to bond them there and only to
pay duties on them as they were required for
sale. On 3lst January, the United States Col
lector at New Orleans, Mr.. Hatch, resigned his
office, and entered the service of the State OF
Louisiana as Collector of Customs. On the fol
lowing day, and on subsequent days goods arrived
at New Orleans for Louisville, KY, and Cincin-
natl, Ohio. Mr.. Hatch babe the agents of the i'm
porters choose between paying the duties or
giving transportation bonds to the State Of Loui-
siana. This was practically closing the mouth
of the Mississippi to all the ports of the interior
Transportation bonds given to the State of Loui,
siana could not, Of course, be recognized by the
officials Of the United States government at the
upper ports. Nor could receipt from Mr.. Hatch
For J,,t,ao frnun al
by the United States revenue officers in Kentucky,
Missouri and Ohio. If the importers paid the duty
TO Mr.. Hatch, they would have to pay it over
again when the goods reached their destinations
if they gave transportation bonds, there was no
means of canceIling them Thus the matter rests
The Louisville and Cincinnati importers have laid
their case before the government; but, like the
owners Of the ships seized at Savannah, they have
but little hope of speedy satisfaction. The Louis
ana Convention and the Montgomery Congress
have decreed that the navigation Of the Mississippi
shall be free to all nations. But this is matter
which paper DEGREES cannot settle. There can be
no freedom of the Mississippi for the Western
States SO long as foreign Power holds both banks
of the river at its mouth: the embarrassments
created by the acts of Collector Hatch prove that
the so-called freedom of navigation will prove
illusory in practice.
We have received the following communication
respecting
Ono STATE FINAyc1ERNc.
HERALD.
1t stated in Of the morning papers that the
Legislature OF Ohio is discussing proposition for the
value (about two and half mions) would greatly aid
the State in the liquidation Of the six millions Of debt
SON. in his message to the legislature as amounting to
$64l3, 1876, due 1860 And the Commissioners of the
Sinking Fand who we're authorized by the General As
semby TO negotiate loan for the redemption of said
debt after stating n their circular Of August &c. invt
ing proposals) that the State has signied her nten
ton to pay the at the expiration Of the time
named ~ e. after the 3lst day Of December, 1860
mark hat certificates Of the funded debt of the State Of
Ohio redeemable on the 1st day Of January, 1861 will
be received in payment of part of the loan hereby
contemplated The debt Of more than six millions, thus
admitted 10 be due has not beer paid aud the question
its creditors who hold the certificates thereon
We think not. The act Of the 26th Of March
last, providing for the redemption of these certf-
Gates, authorized the Commissioners to negotiate
loan for the purpose, only condition OF their ability to
ing six per cent per annum, il being supposed by the
Assemby-as will appear from the provisions of the
Attn section of the acttbat the money could be bor
rowed ny the state a. und the Of five per cent
Whether any proposals were actually maze within this
limit OF six per cent, whether, if so, they
ecied BY the Commissioners under their reserved right
" 10 'if they deemed il necessary 10 promote the
interest of the state, not fully informed. II the
latter the Commissioners exceeded their Instructions
innocent creditors should be allowed suffer for
Their misconduct II the former the question recurs
Was il right and proper for the Legislature to restrict
them by such Instructions II may be urged behalf
OF the state that the certificates Tedeemable
their face not but after the 3lst Of December at the
pleasure of The state and that 1.-THE pleasure Of the
State, sigpite1 by The General AS. em8ly
redee them the 1st OF January Unl money could
be obtaned for the purpose at a less rate than six
per cent per annum and that those therefore, who
purchased these certificates with the expectation that
they would he redeemed on the LIST q January did at
their own peril 20 that y, owing 20 the altered
d!tion OF the money market from whatever arts
ng loan could not Dc effected at the rate specified,
they must Ind fault with their want Of judgm mt,
instead of condemnng the authorities Of the state
their expectations not fulfilled. But, the other
hand It may b. asked had not the public a right TO ex
pect from State when boasts las tue circular Of the
ommssit ners above referred toy OF her high credit
based upon unqnestionabe ability 10 meet her engage
mep.s, and the care, promptness and ddeity with
which she mas under all crcums tances, uniformly
them that she would make provision for the redemp
ton Of this deot promptly aud without regard 10 the
''crcamsances' OF the money market. whose derange
ment was produced as many believe, altogether by the
election % Mr. ~ col7 10 which that very state oargey
controu.o2 " the spleasurc the state 1, meet her
liabilities depends uyon her ability to make money by
doing what certsiny is there that these any Of her
obligations will ever BE- redeemed? Even II money could
be procured ~ 'be rate she has specified the
before mentioned still, sixty days must ealse (the
period elured by said act for advertising proposs)
before new loan could &c negot l.ed il gt then be
impossible 10 obtain II at that rate, and the cred
tors be- thus again disappointed. The pea
very indefinite sIs the securities based upon very
imperfectly secured II Ohio really wishes 70 retain her
OF her public woras, follow al the example Of
State viii has lately effected two loans II the
Of abou, six and per cent respectively unwilling
to borrow money tor long period at such high OF
interest let her borrow for short period II rwing
10 do this let her sgcy her readiness 70 extend the
tcates due for definite tern Of years at the rate
Of interest expressed upoa the face thereof else let
her acknowledge herself bound, at least equity not
in law to pay seven per cent-the legal rate In this
State, which was the place OF contiacnpon them Until
they shall be redeemed Either Of these arrangements
would doubtless prove satisfactory 70 the creditors as
well az IL the end advantageous to the State The
which nduccs her TO keep her creditors suspense
looking only % her immediate interest, without any
regard to theirs Is inconsistent with that honor which
should be Commonwealhs proudest boast ard inc IN
ss,ent with regard FOR that very iner,s
which she is seeking 70 promote. c. NJ.
NV York Feb. % 1851.
We have received copy of report TO the stock
holders Of the Hannibal and st. Joseph Railroad,
dated January, 1861. The liabilities Of the COM
pany on 2lst q August last are thu stated
The usasafer's report shows the construction
-