OCR Interpretation

New-York tribune. (New-York [N.Y.]) 1841-1842, May 01, 1841, Image 2

Image and text provided by Library of Congress, Washington, DC

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83030212/1841-05-01/ed-1/seq-2/

What is OCR?

Thumbnail for

^C^v^u^Ttoor* of -Trnti.' C and several
triend. are -raufully reeeivsd, and their suggestions mil *> u. foco
?Eo.ual.tyV arsir!? (hall appeal so. ?:tb remarns.
O" Eec. of oar .?beeriber, who nil! chaace his g^f^^,
on or aOool tie let of Mae, , Zm
ns^efthefe.t-otbi. office, aUU?g the '^^^ tr,,obie
which as wall aa that to wh.eh be r.move?. All -"><>
snail be served ahnoii infallibly. _
C For C,ty lateU.r^^^r-^L^ ^ ^
Wc a*k ofpuTreader* a candid COTSuieraupil of the
Dkee.vce of ihe Protective Svstem which appear, on the
first page of this paper, as well a* of the argument winch
preceded it on the opposite side of the ration. Ice sob
je? is one of the very highest ^National irnportance.
\ry We have rnade rowrr. in thi? p'.p"r. at some sacrifice of
convenience, for the able and lurid Report of Hon. Johv M.
Holley to the Assembly on the Public Work?, Flnano ? an
loiprovemcnt Policy of the 5tate of New-York. We entreat
for its facts and arg-uments tho careful and earnest attention
of every reader. Its positions ought to be perfectly familiar
at least to every YVhig, and ;f possible to every citizen. No
document ever i?sued has more clearly shewn by irhom the
State was involved in debt and embnrrn?-m<mis, tehy and lots
far she is so embarrassed, and ir-W course should bo taken
to surmount ail her difficulties without a sacrifice ?f bei in?
terests or a violation of her faith. A rain wo urge that it be
earnestly read and calmly con-id> r?d. We have no room to
?ay mart. _ _
The President Steamship.?There is nothing to relieve
the general anxiety with rn<r?rd to the fate of the steamship
President. The attempt to sh?w that shews? spoken off the
Banks on the ?0th of March proves a failure: if any steam
*hip was seen there, it was probably the Br.ttania.
Capt. Scott of the barque Fame from Smyrna wa- at Fayai
on the 3d and 4th of April, and has arrived at Provincetown,
Mass. whene? a letter from hirnha? been received at Boston,
which makes no mention of the President?hut that does not
positively prove that ho had not seen nr heard of her. Wc
shall probably know to-day.
We shall have ten days later news from England by Fri?
day, via C'unard's line to Boston. If that doc* not bring
tidings sf the President, there will ben poor look for h< -
Mr. Bid'le's Sixth Letter professes to tell n 'very strange
ar.d true history about the Investigating Committee.' The
?ubstanec of it is contained in the opening paragraphs which
we therefore quote!
" At the close of their report, they say: It mtiet ec also
mentioned that nm?ng the expenditures ef the Baak there is
entered at varions dato?, commencing May Sth, 1836, sunn
amounting in all to J'illi.ClO \->. a? paid wn the receipts of
Mr. N. Biddle andJ. Cowperthwaito and 'Cashier's Vouch?
ers.'?As the Committee were unable to obtain satisfactory
information upon thosubject of theso expense- (V ,-; the hook*
or officers of the Bank?application was made by letter to
Mr. N. Biddle and Mr. J. Cowperthwaite, from whom no
reply has been received."
On reading this no one could fail t<? understand that hero
wnro G18.000 dollnrs, which I had obtained from the Bank,
and on being questioned about it had declined giving any nn
6wer. from which the natural inference was. that :he?e funds
were never accounted for. This is evidently what the Com?
mittee intended to be understood?this is whet every bod}
does not understand.
Now what I am about to say is so incredible that I would
not say it unless I could clearly prove it.?It is :
First. That at the moment ofchnrging me with these 611 .
000 dollars, the Committee knew perfectly tre'.i, that nearly
three hundred thousand dollars of that tum, hail been ex?
pended since I left the Hank?and
Second, That the remainder had been regularly passed
by the Board of Directors on the report of a Committee of
which the Chairman, Jeshud Lippincott, Chairman of this
very Committee of Investigation. ''
He proceeds to prove this by quoting from tin. official cor?
respondence of the Bank and from their minutes.
UZP Thr crew of the Malek Adbcl were discharged on the
24th ult. by Chief Justice Tancy from jail at Baltimore, whore
they have been confined for some time on a charge of piracy.
It appeared that the Captain, who escaped at Bohia, was
alone guilty, and that the seizure ot the vessel was owing to
information given voluntarily by the crew. A libel, however,
was tiled by the District Attorney against the Adhel, a-nd the
orew were detained as witnetsrs concerning the matter con?
tained in it. A elaim has been put in by Messrs. Harmony,
of thi.- city, and it is understood the seamen will ?et up a
claim for capture and wages.
(Cr" The Clevelan? Herald of the 17th states thai another
piece of land, cast of Eric-st. in that city, has taken a slid,
into the lake. Five or six slides of a similar kind, it is said,
have occutred then' within two or three years, some of which
have encroached considerably on the fron: part of die town
ItP An attempt was made lo rob a clothing store ia Phila?
delphia 6n^Wednesday nicht. Tho villains succeeded ia bor?
ing througn the window-shutter with an auger when they were
alurmed by,the erics of the clerk who was withiu : they forth?
with decamped lcaviug behind two augers which they had
doubtless stolen.
OCF The I . S. Circuit Court has beet, sweating two days
over the case of "Rochus Hcisiesch vs. John Leonard and
Herman Wendt," involving the infringement of a patent right
for an improved fashion of Tailors' Shears. The jury at
length got hold of the ease on Thursday, and gave a verdict
for the plaintiff?elamages, .vx cents !
K7* A Cunul-boat from Troy w as drawn over the Cahoes
by the swollen current of the Mohawk on Wednesday, and
"m? of the wen in it drowned. On Thursday a scow with
nine men in,it wbish was nttemrtin.* to rescue a eedored mar.
from a pcriUus condition was swept over the same Falls.
The men saved their lives.
Er" J. \\ . Peterson, a young man ia the employ ot the lu::-.
den N. J. Pank, ha? been found recently to be a defaulter to
the amount of $13,000. His business w as to convey to Phila
monev dolphin necessary to the redemption of the notes ??:
the WRiiden Bank at their office in Philo iclphia.
CCr" The U. S. Ciar.ette ot yesterday contains the discourse
pronounced by the Rev. Dr. Bethune on the occasion of the
late President's funeral solemnities in Philadelphia. I: is
briet und contains passages of great beauty and eloquence.
ECF Sophia Harri*, a colored w .man. convicted tc Balti?
more of having killed her own sister, a little giti of twelve
years of age, was sentenced on the 2Sth ult. to fifteen years"
imprisonment in the penitential v.
Tho Relief and Improvement Bill now pendme in the
Legislature ef Pennsv Kama, has been mcsiifiedby a Committee
?if Conference st> as to be more favorable to the U. S. Bank
KF It is stated that the Public School Society WS] resist
the passage in the Legislature of the Bill prepared by the
Superintendent of Common Schools, Hen. John. C. Spencer.
[CT* Hon. Damei Wepstek arrived in this ci;y yesterday
from Washington.
Mr. Espy has returned Ir.-ru his scientific, tour iu Europe,
and is now in Philadelphia.
The Public Works and lhe FiBfincrs.
IN ASSEMBLY.April 24. 1841.
Riror.r of the Comrr.illet of. Ways and Means, on so mnck
of the Governor's Menage es relates to the Bebtt. Rev?
enues and Expenditures of the State, etc..
Mr. Holi.ey, fiora the Committee ?f Ways and M*i-.-.-."
which was referred so much of the Uoveni-r's Message as
relates to the rieb:, revenue* a:.d expenditures of the State:
n!?o. ?hcaanual message of the Comptroller, and the engrossed
bill from the Senate eatitied " An Act to p-re-idc funds tor
carrying on the public works now in progress,
r.?T( rt5 :
That at ar. c.rlier period of the session the Co^rsitree had
?-.:ppo?ed that ali the infannation necessary to enable trie
House to act upon the subjects so referred was regained ;n
the Reports rf the Canal Commissioner*, the Commissioners
rf the CaaaJ Fund, and of the Comptroller, and u'.hcr resorts
and documents before the I^egislarore ; but from some events
which 'nave sinco occurred, calculated to produce anriety in
record to the tir.aticia! condition of the State, the C?nm:::ec
: have concluded to submit some considerations to the House
on tho-* subject*, in the hope of promoting nnammity ttr.d
. con:i<ienrc amosg our fe'.iaw citizens in relation to our great
works of Iftcrnrd Improvement.
The expenses e>i the Enlargement of the Erie Canal, r.c
rording to the corrected estimate, will be $23,234,931. 01
that amount there has been expended the sum of$S,726.250.
The estimated cost of the Genesee Valley Canal i? $4,688,
050, of which ;hr sum of $2,452,500 has been al-rri !y paid.
The estimated expense of :he cor.*trurti'in of the Black Ki^er
Canal is $2,287,374. aw) there has beet: paid or. r: sco of
that Canal $1,317,597. The amount of public credit pledged
to the JiewrYork and Erie Railroad Company was $3,000,
000. of which .-:ock to tiie amount of $1,500,000 has aTrcody
been hunted. The aggregate sum required from the Treasury
to carry into effect ail these enterprises, as ascertained ln>m
acts heretofore passed and from the corrected estimate of
the Canal Commissioners, was $33,260,355. I If thai amount
? the sum of $13,996,347 has been already expended, leaving
to be raised for thos? works the further sum of $19,264,008.
All these undertakings were commenced under a previous
Administration. Of the ?ums expended in their prosecution,
$10,646.347 were paid coder laws passed during she -ame
Administration. The wholo debt of the State is $14,905,370.
Of this ?um $3,250,000 were authorised by thr- la-t Legisla?
ture, and all the residue, with the exception of;&>9.000. hor
rewed for the impr-vement of the Oncida River, by Legisia
I turcs within the period before referred to. With the excep?
tion of ubou: .*lfc'0.000. th*> whole sum of $12,496,347, ex?
pended on the Enlargement of the Erie Canal, and in the
construction of the Genesee Valley and Black River ( ana!-,
lias been expended in the performance of contracts made by
. the predecessors of the present Commissioners. There arc
now existing co-tracts requiring for their fulfilment the pay?
ment by the State previously to dune 1. 1843, of the -urn of
$6,102,485. Of this amount, only the ?nm of $435,850 is
payable npor. contracts made by the present Canal Commis?
sioners. The sum of $3,774,121 will be required to comply
nith existing contracts, which will expire ptior to April 15,
18-1-2; the sum of $2,300,379. to fulfil further contracts eX.
pirin<r previously to April 15; lfi4-'t. and the sum of $27.935
en further contracts, which will expire before; June 1. 18431
No new work except the improvement of the Oncida l'livcr.
at an estimated expense rf $75,000, and the purchase of th?
Oncida Lake Canal and feeder for $50,000, has been under?
taken during the present Administration. When ,-;.l the exist?
ing contracts shall [have been performed;only about tbree
lifths of the construction af the Public Works undertaken un?
der the previous Administration will have been completed.
These references to a former period, arc not made with a
view to mis* any Questions concerning the expedient y of all
? or any of tin- public works, but with a view to illustrate more
clearly the policy which has been heretofore pursued, aad
that which seems to be indicated for the future. Since :!:?-?
discovery that mistakes and miscalculations were made by
our predecessors, to the amount of about fifteen millions in
th"ir estimates of tho cost of the Public Works, and since our
; experience of the revulsions t-f commerce and the prostra
j tion of credit throughout the Union, all agree that it would
. have i,een well if a more limited scale, or n more cautious
progression in the prosecution of Public Works had been
' adopted by our predecessors. Ye; then- are very few pcr
! sons who affect to have a: that time foreseen the present
condition of.the country.
Such, however, as has been stated, were the undertakings
in which the State was engaged, and the rate of progress
established, when its interests were committed to the hands
of those by whom they art- now conducted. It was soon
discovered that new and extraordinary difficulties were to
; l>c encountered, in the disastrous condition of aommcrcia]
: affairs, and that the estimates made of the sums to be
provided, fell short almost one-half of the actual cost of
the wotks which had been commenced. After a full con?
sideration of these circumstances, und after a careful ex?
amination into the fiscal condition of the Sta:>-. it was an?
nounced that with retrenchment and retardation the Public
Works might yet be completed; und that although the
awakened expectations of our fellow citizens in various
parts of the State, in regard to these and projected impmvc
, mints must necessarily be delayed, they need not be ulti?
mately disappt intcd.
FuiIy convinced of the ultimate ability of :he State to
prosecute it- -resent system of improvements to n successful
result in due time, and to answer the just expectations of all
portions of the State, it is important, nevertheless, to notice
such circumstances and events of recent occurrence as ought
' to ho known ssnd considered in determining :he action of the
I present Legislature.
The policy of borrowing money to carry on our Public
Works, relying on their surplus revenue-, wh'-n completed,
to reimburse the principal and interest of the loan-, is coeval
with our system of inprovemeuis, and wc are indebted to
that policy for all tin" benefits wc are now reading from the
! adoption of that system. Until very recently, mo-t of the
tunas required have been obtained at a rate of interest not
exceeding ?> per cent. By the daily quotations of the stock
markets at home and abroad, it i* certain that money cannot
now be obtained without nn advance upon that rate : nor i
it probable that the rate of interest will be reduced until the
? action of .Congress upon fiscal subjects at the Special Session,
which has been called, shall be known.
Since the 25th of January last, the marke; value ?f five
per cent, stocks of this State, red ?mahle at a period from
fifteen to twenty year.- distant has ranged from oightv-ouo to
' ninety-one per cent. The latest stuotation was at eighty
I three. If mc.-.ey should be now borrowed, the rate of inter?
est tipen a stock having the same pcriwd to run. would, ac?
cording to this standard, and in order to obtain par for the
no ;k. be at from five per cent, ,-in'i :!v,- eighths to five per
cei.t. nsd three quarters. An addition of three quarters c-t'
. one per vent, per annum to the interest upon a million of
dollars, would amount in two: ty years to one hundred and
titty thousand, arid upon seventeen millions nf dollars to two
million- five hundred and fifty thousand dollars. Tho im?
portance of procuring Is^g loans nt low rates of interest, is
therefore evident, since the ability of the State to carrv on
its system :> diminished in proportion as the amounts
' paid for interest are increased. Although the rate of inter
jest is not subject to our control, it may be affected by our
act:en. It is certaisly not to be reduced by offering higher
rates from time to time. Indeed the offer of a large amount
of stocks at high rates would operate very injuriously. Tho
hot rower who is found soliciting large sums in a season of
; commercial panic, and offering usurious interest, is sure
speedily to destroy bis credit, however sound. Each r.<-w
' concession only tends tu increase the next exaction. The
! f rincijdes when govern commerce are inexorable, and nei
] ther individuals nor States have any exemption from them.
These views show :h<- importance of a restricted use of the
State credit in such emergencies. It may uot be unprofitable
to consider the nature of that credit, its present condition
and prospects.
There is seldom a surplus of domestic capital ia our new
and enterprising country. Nearly all -.he money ever bor
? rowed upon our State stocks, was obtained directly or indi?
rectly from Eutope. Capitalists loan money to States and
Nations, because such loans are regarded ai the safest and
[most convenient form for large investments. The hazards
\ and delays of frequent mvustznents are aveided, punctuality
in the pa; merit of interest is expected, while, by reason of
the convenience of the transfer - f stocks, and the confidence
generally reposed in the pah!:,- faith pledged for their re?
demption, it is always easy to teaiize the azxouat invested.
New-York, i:i undertaking her system of internal improve?
ments, entered the markets of Europe in competition with
sovereign States of both conriucnts. Her security is equal
to that which any other Suite or Nation can ?fter. ' She has
mure wealth and resources, and a greater surplus revenue in
pro] srosui to the debt she owes, than any Nation in Europe,
or any State on this Continent. Although New-York pavs
tree poxcent. interest, and Great Britain three, tud three
and a halt yet the assessed value of wapezty in New-York
? seven hundred miliions of dollars, and her debt fiTteen ?
nudion*. while Great Britain, with a debt of nearly tour.
T-?rr-nnrmrwt .iiiimiininii??-""?''-'-1
thousand mHlions of doilar?. baa aggregate wealth of proba?
bly not more than tea time? that sum.
The hazards of war and cr..i commotion enter int- the cal?
culations of the lender, and affect toe rate of interest. N?
country has more stable rov.-ri.T.eni or stirer grounds to ex?
pect permanent peace than New-York. None, in proportion
to its extent, has greater resources, or more-ac.ive energy in
developing them. None has a sinking fuad *o sure and ut<
failinr as the c- ns:an:!> nur-n-nring rcvC-ue* of our caxals.
[ Other Oiovemirents borrow mosey :o pay prev:-us loans, to
defray ord'mar.- e\r" ss?- -fn .vemmer.:, or carry on wars
(lesjructive of the ability to f:rr.hursc the loans contract d.
Tai* State borrows only to increase and improve her source*
of revenue. European S:u:e* borrow wrownt ext^ctinc to
reriy the principal except by renewed loans. This State
limit* her debts by a rule which contemplates tiie .-e-iniburse
merii of the principal at th' end oftwciitj year*. The credit
of Governments, however. like tha: of individual*. ha? al?
ways a gradual, and sometimes an unequal growtn. The
newness of oar existence, the supposed instability ot our in?
stitutions, the itrnorancc of capitalists corfcerning u*. and the
prejudice of Europeans against us. have caused the rate ot
interest on our stock? to be hishir than that ipon the de'?:*
I of European Government*. Nevertheless, a-; experience if
j twenty-five years has ?howa tha: firs per cen:. is as high a
rate as it has yet boon ne*"e**ary to pay. ;n a rraneu:. and
ordin?r.- ror.ditiun of comrr.erciai affairs.
An allusion :o :he cause ef th- dopp^sion of our s:?ek*
will --erve to convince u? tnat that depression rr.':*: !?? :er.po?
rn rv. The in:er>?st upon all our sti>ck has always been pun?
tunllv paid. Every doilar of the principal of our d?bts :'aa:
has fallen due ins been pmnip"iy reinii ur*ed. and we are now
redeeming at par. stocks rhat have no: ye: readied maturity.
Without anv resort to any direet taxation, wc have an annual
-urplus revenue of half a million of dollars, i: cannot be
pos-iMe. therefore, that the depreciation of our stocks re?
sults from any unsotindness in our fiscal condition, as tie
commktee endeavored to show, in the former part ot this to
port, that i: cofild in no degree be owing to the policy now
The sunplv of capita] seeking investment in Arr.er.car. se?
curities i*. like every other supply in trade, limned. The
steck? of our *i?tor States have been pro*s"4 int- mar.-iet
with higher rates of interest than New-York has thought wise
I to (iner. These Slat 's, having perpetuity and sovereignty a*
well as our own. their stock* have bf*n s;>ppe.?cd a? sale for
investments as ours, while the higher interest seemed to in?
sure great prsrit. Missouri issues stocks bearing an interest
often per cent: An investment in her stocks yields, without
cmpoiindu':: interest, n return equal to one hundred per
rent, on the whole ?um loaned, in :cn years. An investment
in our stock* yields, in the same p-*rio?'. on the sam- princi?
ples of calculation, only fifty per cent.
The storks of all the State* have been forced into market
in unusual quantities, and at great sacrifice, during a long
-"nson of commercial omr>urra**ment. Apprehensions are
i indulged, in recard to several of the States, tha: the interest
I on their debts c-vimst !??? paiJ without a resort to taxation,
' and some have already partially resorted to this mode. The
1 perfectly popular structure of our Si.it* Governments has
' been referred to n? furnishing ground- for supposing that
I t?xes will not he hornet and bchee, that the American States
Inay not have the *torn virtue to be just, and preserve their
public faith. In consequence of these and other cause?, tha
?toek* of several of th'- States have been -inkimr tor the last
two year*. We hsve recently witnessc-! some of tho effects'
! A this depreciation, in the !o?se* suffered on the st<?cks here?
tofore r ceived as securities under the act authorizing tree
j hanking. The evil has not been mitigated by th- tone and
? temper manifested toward Stntc credit by tie' former Execu?
tive department of th" Uni"- . , ar.d in the Senate of the United
State*; while the Federal Government has increased the cm
i iiarmssmer.t of the time* by becoming i:*e'tf a borrower to
: large amounts in the domcstis marker. The apprehensions
af a collision with (ireat Britain, jimwini out of th" unsettled
. -rare ofour relations with her. have hot been harmless to t/.c
I credit of tin1 Siate. Under these circumstances, the stocks
f of all the States have depreciated. Illinois t! per cents, arc
sold a: -18. Indiana ? per cents, at 53, Arkansas i! per cents,
a: ~t?. Ohio (> per cents, at 90, and I'ennsyivania ?> per cents,
at SO. If. as is not to Ik- doubted, Illinois (i per cents, shall
ultimately be redeemed, an investment in them i? as safe a*
in our own. One hundred thousand dollars thus invested
w ill bring a return of two hundred thousand, with interest
until redemption, at li per centi It is n-'t surprising, there?
fore, that stocks so greatly depreciated find a mere readv
sal*; than our own.
Very imperfect knowledge i* had in European Cities of
the comparative wealth, resources and fiscal condition of
the several States; and conseqchtly no careful discrimination
is made among them. ?Ut Credit, und that ef the other ri.'n
ar.d ions established States, has heretofore aided tho credit
of those which were new and less posperous, and now ours
is slightly affected by their embarrassments. Under these
circumstances, moderation ar.d economy are ur.ietl upon u?
equally by public sentiment, by a just regard to the public in?
terest, ami by a desire to render out system ef improvements
complete and comprehensive. W hile wc should steadily per?
severe in the prosecution of th" system, we are undoubtedly
railed upon to liimit the issue ofour stocks as much as pos?
sible, during the present year. Our sister States will, is. i*
confidently hoped,' by generous efforts, aided by a wise and
paternal p.Kcy or. the part of the Federal Government, soon
retrieve their credit. Their energies are only temporarily
suspended, and by no means paralyzed. The indications of
a chance of policy, arc cheering and satisfactory. But if this
expectation, w hich every lover of our common country must
indulge, should foil, a discrimination must then take place
between onrstocks and those of our sister States ; and the
I effects, as far as our credit is concerned,will bo the same.
Probably another year will disclose with certainty orte or the
other of these results, and it will then be apparent, either that
rate of interest on our State stocks will return to a former
the standard, or thai, n? some purpose, there is a permanent
advance in the rates upon all public securities, warranting an
increase in the rate coon our own.
The committee apprehend little dissent from these views,
so far as the undertaking of new works and the construction
of new portion* of the canal i* concerned. But the question
remains, what c(>u:>e shall be adopted i:i regard to the -.irn
$f>,10 i.'.'l?i> required to fulfil existing contracts I There are
those who would advise a suspension of the public works.
Before -u.-h n decisii n shall be made, all the probable conse?
quences ought tobe considered. The public faith is pledged
to our citizens; they have invest* capital and pledged their
credit to a very large am sunt in materials, machinery and
implements,and labor i? perform their contracts; thev have
their arrangements with subordinate contractors, and these
again have others, and thus a very large number of persons
are relying upon ihv faith of the State.
The abrupt suspension of the public work* w ould bring new
and hnapprchended evils ..pun n Community deeply sunvr.<:g
firom pecuniary, embarrassment?. Provision must he made to
indemnify the damages to those who have contracted directly
with the State. The -uni required for this purpose wouldfar
exceed the additional five-eighths or three-fourths of one per
cent, which the State would expend in obtaining the requisite
funds at the present rate. But the damages thus paid, even
, if they '.vre promptly discharged, would fail to reach thous?
ands of individuals and families, who, although unknown tsj
the State, would be plunged into distress by a failure of their
accustomed occupation and means of support. Beside all
j :!iis, the unfinished portion of the publi.: works left exposed
, t > the accidents o: the season-, would become dilapidated,
! and the ultimate injury to the revenues of the State from
j this cause cannot be estimated. This spectacle of dilapida
j ted work*, of discontent n.-.d of. suffering would be as mclan
, choly as i: is unnecessary. A depreciation ef labor, produc
j t:ons and property, mu-t ensue froai so sudden and unlooked
j tor a contraction of business, while injuries of even a m-rc
j serious character would ro-ult. .irf- ctiag the value of all pro
i perry in the vicinity of the public works abandoned. The
licy of the State would no longer be known or understood.
No such sudden change of policy ever occurs without serious
; injury to the public welfare and the permanent interests of
: the State, and year* would be required to repair the injury
j thus produced: When these evils should be feit, it mav be
: reasonably d?ubted whether it would he a sufficient excuse to
the people, that our produces*.r< contracted for too laree a
plan or Pso rapid a prosecution ofour enterprises, and it cer?
tainly would not be a satisfactory answer, that the rate ef in?
terest upon money had advanced 5vc-eighths or three-quarters
of one per cent, beyond w hat was expected w hen the work
w ere undertaken.
In view of the whole subject, it seem? expedient and even
necessary that provision should be made to complete existing
contracts. But a careful regard for our permanent credi: re
qtures that the amount appropriated duriii? the present year
should be no greater than is absolutely ntece.-sarv to preserve
:he Canal- and aver: injury to the Stare, or those en jaffed
in tiic performance of contracts. The Committee believe,
afier much consideration of the subject, tha: the amouat ap
pn pnaied by the bill from the Senate mav be reduced to
?3,000.000, ?f w.hich sum ^.l??.eOO should' be apportioned
to the Er.e Enlargement. &e30,900 to the Gene*ee Valley
Canal, and $300,000 to the Black River Canal. Though
this reduction may occasion considerable inconvenience, ami
perhaps prove too small for the absolute emergencies of the
works in progress, yet if there should !>?? any error on such a
-eh e. :, in such ntr.es as these, it is better that it should he
an tho *:de of caution and economy.
Tii- next Lctri'iature will have the advantage of knowing
the settled and permanent condition of tinancial affairs in the
cotv-:tr.-. Existing contracts will then He nearly completed.
The State will be so nearly disembarrassed of rrvviou* engnge
ments that the Legislature will have the whole system once
moto under its control, aad its measures may be adapted to
the actual condition of things, without being trammeled by
the question of violation of contracts, of damages toeontrac
: irs. and of dilapidations of unfinished portions of the works.
If prudence shall then ?rill require a retardation in our pro
rn-??. era m-vtiiear.oa of the system, the Legislature will he
at iibortv ro adopt a corresponding policy. But if, ?n the
contrary*, it shad' then apj>ear. a* al! must hope it will, that
the fiscal condition of tho State is sound, that its surplus rev?
enues exhibit a steady augmentation, so a* to warrant in?
creased expenditures! the Legislature will find ho o~.br.n-a-.
Klents in adopting aiea-surcs for further prorrress.
Considerations both of prudence and justice seen to re?
quire that the same principles be extended to the New-York
and Erie Railroad Company, and the Committee recommend
that suitable restncttotis in imposed as to the ameunt of
stock to be issued to tiiat company during the present year:
that the rate of inter--: upon the stock to be loaned to it be
the same as upon tha: issued for tiie Canals, and tha: the
Company be required :o restrie: its operations in ?u:h a Pro?
portion as shall be necessary to conform to the restricted
policy pursued in regard to :he Canals.
The particulars in relation to the deb: of the Stare, its rev?
enues and expenditures, and the condition of the Public
Works, have been so fully stated in the reports referred to
the Committee, and especially in a very lucid asd satisfactory
report made by the Enansial committee ssf tho Sena to, that we
cartr.ot hope te shed any new light upon those subjects.
>'rti York ZLcflislaturc.
In tse Senate, cm Thursday. Mr. S:rong moved a recon?
sideration of the vote rejecting :he bill f??r the more equal
distribution of :h?i Literature Fund. After a short debate the
vote was negatived?Ayes, il ; Noes, 17.
A iargo number of private bills was reported by the differ?
ent Committees, ant! several acted upon, after which tin?
Senate adjourned.
In the ASSEMBLY, a hill was reported complete tu incorpo?
rate the Shamrock, Bescvolent Society. Doubt* being raised
as to its proper disposition, i: was referred to the C<*romi:toc
of the Whole.
Tiie bill to divide the County of Genoice and erect the
County of Wyoming, was yassed by a vote ot C>9 to 24;
The bill to incorporate the Allaire Works passed. 95 to 0.
A motion for tiie reconsideration of :he vote rejecting th"
'oil! to inr?ipora:e the Amt rican Tract Society was made and
! sustained, but before :'ne question was taken on the final pas?
[ ase ef the hi!! the House adjourned.
From the Sun of Yctier day.
The indietmeut against ecrn.in .-.liters for having said thatThurlow
Weed rir-t mutilated the body of Tiasothy Monroe, and then palmed
it u:l en the public as tlt.it of William Morgan, has been Settled by the
District Attorney entering a 'nolle pr.sequi.' This notion ha? been
lieadinc for about twelve years.
CorrfKnls on the a?< rc.
The reader who understands the character of The Sun
will no: be surprised at the appearance of the above paras
graph, though any other fair-minded mtn acquainted with
the facts of trie cuse eeuld hardly fail to be. There is n<? di
: root falsehood in tire words, yet the impression they give is as
j contrary to truth as positive falsehood could make it. The
I facts in thi- case are simply these :
Over tw tlve years ago, Thuriow Weed, then Editor of an
Anti-Masonic paper nt Rochester, was charged by the antag?
onist paper at that place with mutilating the body of Timothy
Munroc in order to pass i: eff for that of William Morgan:?
The charge was made in the midst of ati excited and ferocious
party contest, and was founded on an ironical romark made
to one of the libelers by Mr. Weed himself, which was per?
fectly understood at the time not to lie serious. Mr. Weed
bad been out to Uak Orchard to see it ho ly cast ashore
there by tho action of the water, and believed to he tii.it of
William Morgan. He was met ami accosted on his return
by tiie rival Editor, O'Rsillyj with " Well, Weed, have you
manufactured that *ody into Morgan'- I " " I cuess." was
Mr. Weed', reply, in the same bantering spin:. " you will
! find it a good enough Margaa till after Election." Thiscas
j ual repartee, perfectly understood at the morront, was made
tii j basis, as it :?.tr.o only ha.-is, af a serious charge against
Mr. Weed that be bad mutilated a dead body for political
purposes! The libel was caught up by the press id' tiie oppc
. site party, borac ever the Union, reiterated, worked over, un
i til thousands of otherwise intelligent citizens really believe to
' this day that Mr. Weed actually did what was eharged upon
him !
The original libelers were indicted by the Grand Jury of
! Monroe County; hu: the Judges and District Attorneys were
their psiiticul allies, and it was found impossible to bring
them to trial. The witnesses on the par: of the prosecution
were several times collected u: much cost ami pain-, but the
defendants found means to avoid earning to issue on one pre.
text st another. Finally. Mr. Weed having removed tu Al?
bany, wearied w ith fruitless and expensive efforts to bring on
a trial, and seeing no prospect of being aid'.- to effect it, de?
sisted from any farther personal interference with the prose
C ;iioh?which, being of course commenced on behalf of the
People, i: was the duty of the District Attorney to urge for?
But a: length the matter i* in the hands of a District At?
torney who i? ready to do his duty, and the case was actually
brought before-the Court at its Into term. Mr. Weed nnd
the witnesses for the prosecution are on hand, and he natu
: rally anxious :o finish the business thoroughly. The defend?
ants have bad abundant notice that they are expected to
make eood tlefir charge, or suffer the penalty of the law. But
, how do they answei ' By an affidavit .staling that so long a j
time ha< elapsed since ,'tc alleged offence was committed
tha: their witnesses are dead or scattered over the conntrv,
precluding all hope -f -nbstae.tiattng their charges?where?
fore they pray tha: :he cn<~. be dismissed. The District At
torney resists iius motivn, out t majority (Loco-Foco) of the
Judges sustain the plea ?f toe libelers, and order hin to "ti?
ler a nol. pros, w hich he 19 of course compelled to do. Th is
by an extraordinary and highhanded exercise ef judicial |
power is tke prosecution quashed, solely on the ground tha: so
lour a time ha.- elapsed since the offence was committed;
yet this is made to appear in The Sun as though the District
Attorney had voluntarily abandoned the prosoeution for wan:
of evidence to sustain it! Such is the habitual treatment of
the prominent men as well as tho measures of the Whig
parry in the columns of tha: paper.
One other illustration: Two or three day. since, the Ed?
itor of The Sun saw tit to incorporate into one of his own
leadinc articles the substance and much of the language of
an article from Mr. Weed's pen in favor of the exemption of
Household Property from seizure on Execution or for Rent.
1 he Sun man w anted the article, a-td he took it; hut be could
not bear to havu his readers know that sentiments so reason?
able, libe-ra! and humane had thejr origin in the Whirr State
Paper, and instead of crediting th??m to the Albany Evening
Journal, he barely spoke of thnm as the remarks of ' a co
temporary.' Could any thinrr be more despicable I
W as there not formerly a state of the elements known
as sunshine or fair weather I We have a faint recollection of
such, about as vivid as Pythagoras' remembrance ol his for?
mer state of being. Who knows but it may come rouud
again ?
By this Mornings Southern Mail.
Las: night*. Mail bring* us two day*' advices from R;4
mond, and gives us atne Whig and sersn I.oro-Foco LVi,.
gate* no: bet?re announced, being twenty-one Delegates t,
hoar from. Ficc Whigs will tic the House, six w:jj p>? (
majorits : it is an* even chance that we trot theav.
It is given up that we have 17 to 13. if not to IS to M ,
the Senate: so instructions to Senators Archer and
are out of the question. Wc pretty safe for Govern*
vtc. in Joint Ballot.
We gain Montgomery by this Mail; but this is bjuar/sj
hv die los* ia Accomac, v? her*- Gen. Bayly is re-eleatied u{
Ailworth with him?both Loco-Focos ander false cclerj.^
This in the face of 400 Whig majority!
Mr. Whitwonh (Whig) eor.re.ts the return of Tauri^
(Loco) front Diuvriddie.
Tho election to Congress of A. H. H. Stuart, >V(. . n
assured. He has 10 majority ir. Montgomery, am! is besuo. \
but 90 in Roan*ke.
Hon. John TaliirtRKu'- majority is 164.
I: i- repotted that Linn Banks and Win. Smith vl.ototi
are exactly tied, in tho Spott-yKauia Distr.ct.
Nothing from the two South-Western Congress D.sava;
10 Whigs. S Locos and R. M- T. Hunter elected: two tV*.
tri.-:- to hoar from : probably Loco, but not certain.
Wo - J. join our corrected tables.
Coeaties. Whic Onntie*. Opno..tice.
Vlbcmarle.2 Accomac, f 1 g<????;J.; j
Amherst .1 AUeeany.1
?u rmxa.--.2 j Amelia.1
BaA i gain).I Botetourt.I
Bedford.2 Brooke.1
Campbell.* Buckingham, (gut*).I
Cha*: City and New Kent. . 1,Caroline, (g'tirt).1
Culpeper.I Clarke and Warren.1
i ? . ;a!11i.1... 1 j Dinwiddie.I
Elisabeth and Warwick....1 Frederick. (I gain).%
Fairfax i saw).1 Halifax.5
Fauquicr.2j [cle of Wight.1
Fayette and Nichols.[ King William.1
Fluvanna.IjKfng ami Queen.1
Franklin.2 Louisa.1
Gloucester.1 iLuncnburg.1
Greenbrier.llMadison .I
I [ampshira.- MarshaH (gain ).1
HanovCM.' Mathews and Middle.ex. ..1
Hardy.1 Mecklenburg.S
Hearico.1 \ Nfonengalia.2
Henry.M Nelson, (gain )....1
James Cirv. .fcc.llNorthamboriand.1
Jefferson.2 Nottoway.1
Kanawha.1; Orange und Groeh.I
King G. org-e.I Pago.1
Lancaster and Richmond...! Petersburg, (g<?r.i.1
Londoun.SlPowhatan, (gain).1
Monroe, (gaXn).L Prince Edward, (gain)-1
Montgomery, (gain).ljPrince G*vrgc.I
.Morgan ...".I Prineo.WiUiam.1
Xorfolk County.2 Rookingham.*
Po Borough.1 Shennadoeh.2
Northampton.1 Surrv.-.1
Ohio.....I Swssex.1
Pittsylvania.2 Tazcwell.1
Princess Anne.ijTyler (gain).1
Rappohanuock.Ii Washington.1
Richmond City-.I ?
Rockbridgs.8 Total, (so far).51
Southampton, (gum) ...... 1
Spottsylvahia .1|
Stafford ( ginn).11
Westmoreland ...........11
Total (so fur)
Correspondence of The Tribune.
Tho following is tho result of tho election in this ('Bete*
t.-art County, viz: ?
Congress;: t.H. H.Stuart, W. 300 J. McDowell .(->p. 482
Delegate ..Shanks....... " 328 "Robinson_. " 450
Liberty, Bedford Co. Va.
The vote ef this County is as follows:
Ci tgrcss.. W. L.Goggin.. rV.569 A. Stuart_Op. 281
Delegates . *G. A.Wingfiold " 548 MatthewPatc " 294
*T P. Mitchell " 546 Meriwctber.. " C7fJ
? Member* ..f the last II....-v.
Madame Restell.?It has 1.n stated in trie journals
generally that this wretched woman has been indicted for
manslaughter. This we are informed i; a mistake ; Air- is"
only on trial for a misdemeanor, and the only punishment
tiu.t '-an 'so inflicted upon her if found guilty, is a fine of
$1,000 and imprisonment in the City prisou for or:e >rar.
What effect the death of her victim, Mrs. Purdy, will havo
on her case we are not aware. Wo enderstand that with tho
aid of lie: coadjutors, the Sun and Humid, she has made
tome $20,000 by her horrid trade. This will undoubtedly
gn far towards securing her acquittal.
KIT A very aged and very deaf woman in Baltimore was
: in over by a railroad car a few .lays since, but escaped un?
'JZT Robert M. Riddle, Lsrj. has bee* appointed Postmas?
ter of Pittsburg, Pa.
Snle? nt the fMock Exchange, April .'JO.
50 shares U. S.Blc.b 30 dys 17 150 do Dsl aVHud.a 60 da 9:?f
575 'lo do.cash 163 j 50 do do. eusb 94
900 do Jo... b 4 months 17 , I? do New Jersey R. 75
?7 do do. a .'ids IG; ,Vl uo I'-,,, .?. >.'wu. ogj
18 do do. Ii:': SO do do.s m da !?*
300 <lo do .?30d* IG}| 50 Uo do. .:ti!- 29
35 do N \ Trust... cash in, loo do .1..Is?Ods SM
25 do do.n w I0U .70 do do. <iH
125 do do. i()j g5 do do_?ja*
M >lo <lo. I0*j' l20 do Harlem R...s 3 ds ?9
100 do do.b?Ods It 1)50 do do... b3d* 29*
30 do Co-i ProvR.casifa MJ M do East River l?s Co- 51
Couinierciul aud Money .Tlutter?.
Friday, P. M.
The sales of some descriptions of stock were large. Over 10N
harv- L'. 3. B. wvre sold, closing at W,. a -liglit decline on Tburaday's
rates. North American Tru.t declined \ per crut. lu other dc-erip
lions tliere were no important caanffe*.
S1,0<i0 Canal 5's, Ie.j0, sold nt e7, an advance of - per ceM.euiee
Tuesday last.
*l,e!M Ohio C s, ifrjO, vdd at 03 per cent.
$1,004 Indiana Dollar boad* soil at .11, ?ud dl.OCsi ds nt 55, u ^
vaace of 11 per cent, since yesterday. ?
tl,sS0 Illinois 6'.-, I?70, mid at an advance of J per cenL sicco
SI.OUO E-.Uiange on Baltunoie void at O.'.j, and 51,500 do at 90J per
The Bank of the State of New-York has declared a semi-ana sal
dividend of 3j per ceut. for the last til mouths, jiu)able aft?r me IC'lf?
The Wiltiarasbiirgh Fire Insurance. Company has declared a ui?i
dead of .1 per cent., payable on tbe 17th inst.
Notes of the follow ing Free Banks arc not received by the Canal
t.'oilc-jtor-, i.ur by the Deponite Bank* :
Bank of Commerce, Buftalo, . Bank of Western New York,
Bank of America, do j It ink of Uleao,
Mechanics' Bink, do Bankaf Lodf;
Mer h t.it-- Ex. Bank, do ; Biofbamptoo Bank,
Phenix Bank, do j Cattaraur-ia Bulk,
Rat* Bank of Si Y., do ! K:ir. fc M. eh. Hank, Cer.es? -,
I . S. Bank, do j Fanner*' Bank, Orleans,
Union Bank. do ! James Bauk,
Erie County Bank, do j Millers' B.uik, Clyde.
TnUS?RaUiet a miscl catalogue of about (j,CO0 package, froai ra
r;rejs importations, was sold at auction this morning by the Messrs.
Huffman. The -itteudancc was not su numerous as at the iast ?-.?,
and the prices somewhat declined.

xml | txt