The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-14

The communication from the Secretary of the
Treasury to Mr.. Sherman, to which reference was
made in this mornings debate in Congress. reveals
state of things scarcely less dsgraceful than the
populations OF the ex-Secretary of War. When
Mr. Dix took the Office of Secretary Of the Treas
ury, he had reason to believe that the 900
obtained by the sale Of Treasury notes would
defray all the expenses ofgovernment up to March
4. On further Investigations, however, it came to
light that creditors Of the government claiming be-
tween eight and nine millions of dollars we're unpaid
For some time previous, ii seemed to lave been the
policy Of the government to pay nobody, and to
leave its creditors to starve Soldiers, sailors, en-
ployes in every department of the government,
had been cooly informed by Mr.. Dix's predeces-
sors that there was no money for them, and no
lemedy. Nor was this concealed from Mr.. Dix
when he first took Office and the books and accounts
of the Treasury Department were in such confu-
sion that it was impossible to discover the true
state of affairs without much labor. Messrs. Cobb
and Thomas, like Mr.. Floyd, had evidently no love
for light. At length, on Monday last, Mr.. Dix
ascertained the exact amount Of overdue claims
against the government and Instantly applied
to Mr.. Sherman for leave to borrow $8,0O0,000
before the 4th of March, in order that Mr.. Blu
chaLans administration should 60 out of Office
owing no money which had been fairly earned.
As it was feared that o government loan would not
sell above IS at the present time, an informal un-
derstanding was had with the Legislatures of the
four leading Northern States that New York should
endorse SO 900 900, Ohio and Pennsylvania 81 0OO,
600 EACH and Massachusetts 81 600 900, of new fe
deral onds-the endorsation being granted on the
basis Of the federal loan of 1886 TO the States.
With these endorsations it was supposed that the
new bonds (sixes) would have sold at par, and
Mr.. Buchanan's administration would thus have
been enabled to pay every dollar I. owes before
the 4th Of March. This scheme was defeated by
the objections Of Mr.. Garrett of Virginia. To-day
we notice that Mr.. Sherman has altered his plan,
and proposes to part of the s25 900 900 already
granted, to be raised by the issue ofcoupon bonds
not exceeding $50 in amount. The object Of this
is of course, to elicit bids from the masses, ac-
cording to the method so successfully practised
by Napoleon during the Crimean war.
The earnings Of the Erie Railroad for the month
Of January 1861, were. $40I gl9 Al
Earnings january, 1850. ............. $50, $40 80
Increase ACKNOWLEDGEMENTS ST. SOS 81
The annual report of the Illinois Central Rail
road Company is known to be in type, and to have
Deen sent 10 Engianui put the uTectOrs nave not
yet vouchsafed to give copy to any one here.
We understand, however that it exhibits state
ofthings unparalleled in the history Of railroads in
this country. The debtor side of the account is
said TO stand somewhat as follows
DR..
Capital stock, 80 COO Fhares full pail So 900 900
90 900 shares so per cen; paid 100 900
Bonds Of Observation-Disclosures. 1921 500
Bonds Of '6S. 800, 900
Bonds OF ACKNOWLEDGEMENTS. 600
Total. $50, 7o7 500
Or.
BY land notes In hard. SIS 100000
Value of 1 1873 900 acres, at pro
seLt selling PRICE, $40 per acre.. 20 OPS 900
80 OPS 900