The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-01-05
establishment. snoula 90 MADE self supporting Re-

estaonsnment shouid 90 made self supporting he-
garding the subject Of
TIM NATIONAL GUARD
the Message says:-"The cost Of armOries and the
charge Tor the rent OF such as were occupied under
leases In the city Of New York had become a serious
burden and gross abuse Contracts marke with ex-
travagance and improvdence with fayortism and cor
ruption, had been made They had become the sub
jec OF litigation and generally held by the courts
to be illegal and VOID The rentals claimed are about
$ZIoOOO per annum- The claims for Of rent
amount TO about 500 00 the rent to accrue II
leases should be retained until their terms expire would
pc an additional 81 600 600 The fair rent of an Armory
where property is so valuable in the city OF New
York IS so considerable that regiments which
duced to mere skeletons cannot be kept in existence
without injustice to the taxpayers OF the city For this
reason six Of the sixteen regiments and battaons Of
the FIRST division, which consists Of the city of New
armories there will be but six instead Of twelve regi-
ments 10 be provided for"
EDUCATION.
The colleges and academies come In for word OF
praise and common school statistics for the past year
are
Total receipts including balance on hand
September 80, 1874 $12 sic, 362 90
Total expenditures. .................. u3o53Il ~
Amount paid for teachers wages...-... 7sl3,231 CT
Amount paid for schoolhouses repairs,
furniture ............ 1,s44,aI7 20
sites SO, 39s 100 90
Number OF schoolhouses.. IL, 1871
cities. ACKNOWLEDGEMENTS. 1929
Number Of teachers employed for the
legal term Of school ............... 9,157
portion Of the year ................ 29,o77
schools. Observation-Disclosures. loss, SAG
Number of persons attending normal
schools ............................. 6,2O7
vate schools. Observation-Disclosures. 1s5, O93
Number of volumes in school district
libraries. ....................... sl2, 655
Number of persons in the State between
the ages OF five and twenty-one years. 1879, 504
Touching briefly on the subject OF pauperism, the
State census, the Centennial Board the Governor
comes to the question OF banks. His remarks on saw
RECOMMENDATION As TO SAVINGS RANKS
1t will be observed that the number OF depositors in
the savings banks this State is larger than the
Der Of electors who have voted at election, and
that the aggregate Of their deposits more than one
eighth OF the assessed valuation of all real and personal
property. In view Of the fact that these the
ings of the industrious poor, who less able to
sert and protect their interests than any other
class or holders of such OF property
an especial duty In our legislation to shield them from
injustice The absolute safety OF their deposits is
incentive TO make savings which Is an important object
OF public policy. Frequent reports by these institu
tions should be required The provisions regulating
tho character OF their investments should be revised
with view to greater safety New guards
should be instituted against the tendency Of admins
tration to fall into favoritsm toward the officers,
TO prove dangerous to the trust and should be
inquired In view OF the and numerous failures
what defects may be shown TO exist in the present law
and whether further penalties in respect TO maadmn.
istration can be provided.
Eighty-rour banks, trust loan and indemnity COM
panies and 100 savings banks have been doing bust
under the laws of this State the past year. Two
hundred and eighyone insurance companies have also
been in operation. The assets OF the life insurance
companies OF this State amount 10 nearly 5000 600 000
the amount insured by them to ST. 600 O00, 900, and
their annual receipts TO more than 500 600 600 The
magnitude Of these sums and the duration and ducary
character OF the engagements Of these corporations
make IL specially important that the interests OF the
policy holders shouldbe guarded with jealous care
DEPRESSION IN BUSINESS
II cannot be doubled that large classes OF our people
are suffering great Inconvenience from the present
state of trade and Of manufacturing and mechanical
dustry and from the decay of numerous enterprises
Few kinds OF business have been recently carried
a profit Labor finds scanty employment, even at re-
duced wages Incomes essened fail altogether.
Many investments have become wholly partially
remunerAive Property is shrinking losing for the
time its crculatory character, and becoming unavaa-
BILE as a resource to pay debts to money 1t is
not CONFUSION, but partial paralysis There is
nothing OF what Is called pressure for money there is
NO panic but fear 70 lend except certain security,
and timdity in borrowing for new undertakings by
most persons Of prudence or credit
CAUSES.
is to be hoped that amid these evils the germs Of
better future are springing up to renew their origin
the elements OF individual and social prosperity but in
the meantime attention is naturally drawn to the
causes OF state of things which inhicts much dis
trcss Such seasons have required at intervals in the
experience OF this and other countries They usually
have been produced through the destruction OF large
masses Of capital by wars, revolutions, conhagratons
or failure OF crops, or by temporary mania for bad in
vestments, by violent reactions OF credit The
known facts of recent business history leave no
doubt as TO the origin of the state Of things now
experiencing.
WASTE NATIONAL CAPITAL ny
MENTAL CONSUMPTION.
Eleven years ago country emerged from vast
civil conflict in which its aggregate wealth had teen
impaired TO the extent Of probably 81 600 600 900 by
governmental consumption exceeding the whole net
income Of the people; to say nothing of the destruc.
ton OF property, Industries and productive capacities
incident TO military operations. Never ii
necessary that peace should bring healing its wings
To replace the capital destroyed, 10 restore the ee-
ments OF future natural growth should have been The
object Of our policy. prompt reduction of the enor
nous governmental expenditure the first condition.
A renewal OF the industries Of the great communities of
the South which produce so large share OF exports
M q m
skill and economy in production, and frugality in
private consumption, the wise conduct OF busi-
and judicous application of capital and
labor were essential These chief elements OF private
prosperity were dependent upon public conditions.
They to be promoted by sound government 1nance
by good methods Of revenue-not unduy swelling the
Of the taxes TO those who pay them beyond their
produce TO the treasury by discreet management of
vast fiscal operations, and OF the currency and OF
the banking system; by sober and stable govern
mental policy-not stimulating 10 speculative adven-
lures not melting mscaculatons In business, not
transactions How completely these conditions have
been reversed during the eleven years since the
appears In retrospect Of the actual events Of that
per od
PRESENT SCALE OF GOVERNMENTAL EXPENDITURE
The extravaganza Of our governmental consumption
Is illustrated by comparison OF the public expenditures
Of 1s70-dve years after the close OF the WARMTH
those OF 1850 and 1867
UNITED STATES
Gold Gold Currency
Federal. $40 oOOo 900 s6oO1o liz $3.50 oOO 900
city diOwn. AZ, 900 94,lsc, 74e 2so,501, 52l
Totals $500 $50, DOC. 600 s154 1876, $50 $3.50. SOL 621
Popuation...... 23,19l,s76 81, 443,321 3S,5oS,371
ssdsTTai......... q e sIoa snssII
Local .......... 50 q W "a