The New York herald., 1862-02-16

sumption of specie payments, and the law render
ing the new Treasury notes alegal tender can be
repealed. But, in the mean time, the one thing
necessary is the passage Of a tax bill and an in
creased tariff of customs duties. Without tax
bill which viii yield an adequate revenue, gold
and exchange, which are the present standards
of value, will go on rising from day to
day, and commerce will be fatally injured.
If there were fair prospect of a tax bill going
into effect within thirty forty days. gold and ex-
change would both fall at once, the public credit
would improve, commerce would revive, and the
food Of American securities which are now coming
home for sale would be checked. The passage OF
the Treasury Note bill, rendering paper legal
tender, was financial necessity But without
proper basis of direct taxation it will only aggra-
vate the evils it was intended to cure. We take
pleasure, in this connection, in referring to the
businesslike and comprehensive resume OF the ar
guments in the case which was delivered by
Senator Sherman, of Ohio, in the Senate, on
the 18th. Mr. Sherman very properly reminded
Senators Of their financial inexperience, and ac-
knowledged his obligations to various Chambers Of
Commerce, bank cashiers and public functonaries
who had argued in favor of the bill as passed. Mr..
Sherman's candor would have stood higher if he
had likewise extended his Acknowledgements to the
journal where these Chambers of Commerce, bank
cashiers and public functionaries got their ideas,
and in which the crisis was foretold and the reme-
dy pointed out at a time when the present fnan-
cial advisers of the Senate were positive that
specie payments would never be suspended, and
the government never compelled to issue paper
which was not redeemable in specie on presenta.
ton.
We have received a copy of the annual report Of
the Milwaukee and Prairie du Chen Railway
Company for the year 1861. The cost of the pro-
perty under the new organization stands as fol.
lows:--
Cancelled Of frst preferred scrip stock with bonds at
The trustees Of the creditors Of the Milwaukee ''''
and Mississippi Railroad have cancelled Of full
paid first preferred stock ............. $4,000
Of full paid second preferred stock. o6,S00
Total cancelled .............."........ slsl 400
Deduct same from issues................ 7500,o 600
Leaves outstanding 81 1858 600
To witt
First preferred scrip stock with mort bonds 526 600
First preferred stock full paid. d....... 06O 500
Second preferred stock, full paid 100000
Common stock, full paid Observation-Disclosures. 761 800
Total. 81 1903 eco
The gross earnings OF the main line southern
Wisconsin nsnnsh and ferry is IS
Extraordinary expenditures are. S0,157 IS
Total expenses. ..... .................. 1884 81
Net earnings. OBSERVATION-DISCLOSURES. S4360S9 Al
These earnings are from January % to December
81, 1861. The purchase price of the road was
$7,500,000; there is, consequently, under the new
organization reduction Of sI32, ,OC0 since January
q, 1861.
The meeting of the Vermont and Massachusetts
Railroad was held at Boston on Wednesday. The
business of the year ending November 30, 1861,
was as follows:-
income 90
expenses. l6l ,297 30
Balance. ss9, ,45l 0s
The earnings have decreased s54 III 90 and the
expenses s3l $50 II. during the year.
temporary injunction has been issued against
the Bank of Mutual Redemption at Boston, upon
the petition of the Bank Commissioners of Massa-
chusetts, and hearing will take place on satur-
day. The solvency Of the bank is not called in
question and the injunction does not interfere with
the regular operations Of the bank, but restrains
it from the performance Of certain alleged ille-
gal acts until the option Of the court be ascer
tained. The petition alleges
l. That the bank has not kept specie on hand 10 the
amount Of fifteen per cent on the circulation and de-
posits.
Inat the Dank mas issued notes and pllS AZ othcr
places than its own banking house.
s. That the bank has made contracts for tho payment
OF money at future day certain, with interest.
T. That the bank has issued notes and bills under
agreement that they should not be put into immediate
and unrestricted circulation and should not be returned
to said bank within limited time.
All of which acts are alleged to be in violation
of the banking law of Massachusetts,.
The Cincinnati Gazette says
We authorized to state, by the ocers Of the Cevs
land, Columbus and Cincinnati Railroad that the
started by the Pitsburg Goses that the government
TO tako possession Of that road for week il false
every particular Not only has such arrangement
been entered into, but overures Of any kind have
been made by the United States 10 the Ceve
land Columbus and Cincinnati Railroad for the purpose
OF transporting troops into Kentucky for the shipment
OF any military munitions.