The New York Herald Newspaper, February 7, 1855, Page 3

“NO. 87. NEW YORK HERALD, WEDNESDAY, FEBRUARY 7, 1866. General Duff Green on the Tariff, NO. It, ‘To rus Hon. R. M. T. Hunran:— ‘The “principle of the tariff of 1846" I understand ‘to be an ad valorem duty. I now proceed to prove it to be unwise, and inconsistent with the ob:igations ‘imposed by the constitution. It will not be denied that one ef the chief ends of ‘tthe federal constitution was to form a goverament ‘to be charged with our intercourse with foraign wa- tions; nor can it be denied that many questions maz’ arise which necessarily aff.ct our proszerity, and upon which the action ot our government should depend upon the relations which exist between governments and curs. Thas Congress has Power not only to “regulate commerce with foreign mations,” so aa to protect our iaterests and promote the common welfare, so far as it oan be done bya Proper exercise of that power, bus Congress also has power to declare war, it it becomes necessary fo that purpose. It must, therefore, be admitted that the power to “regulate commerce” is a much more compreheosive grant than the power to “levy and collect duties.” The purpove of this latter power is to create a revenue, and i; is therefore subordinate ‘ud auxiliary to the power to “regalate commeros with foreign uations.” If the power to levy end collect duties be saborsimate aud auxiliary to the powor to reguaste commerce, thea the power to “levy and oolle t duties” should be so administered as to wid the proper exercise of the power to “regulate exmmerse” with foreiga tations, For ae each power is @ separate and dis tinct grant, and boti are intended to promote the | “general welfare,” it is the duty of Congress to ad- mipistereach in such manner as that each may aid the purpose for which the other was grauted. Let us apply this principle to ad valorem duties. ‘The constitution gives to Congreas power to “coin money and to reguia'e tue vaiue thereol,” and to | “fix a standard of weights aud measures.” The purpose was to give « ce tain and fixed staadard of valoe regulating the seg A ga! eee a commerce, 80 as to protect property “i viduals and determine’ ine relativa betweea debtor and creditor. Gold acd silver are, by the commoa eongent of natious, she staudard of value, and Pantani) heaens for paymeat of money are held | to be payable dor sliver. Yet it is now admit- ‘ted that lne of the proper:y of commercial countries bears a relation of thirty to one of their » It follows, taerefore, if eae conmer- becomes indebted to another, uader an implied undersanding that tae debt is to be paid in produce or property, aud the creditor, instead of Tecel , demands and receives gold and ailver, the effect will be to diminish tne value of the ofthe debtor nation thirty times the aum of the payment thus demanded. Is is tne duty of Congress to 80 “regulate commerce with foreign mations” as to protect, as far as ble from suck a contraction of our currency. i an ad dollars per ton, the duty wiil be twen’: cane of a ure in tue London market, and iron falls to thirty dollars per toa, then the daty is but ten dollars. It needs no argument to ve tuat there would be no such reduction in prive were it not for some coutingency creatiog an extraordinary demand for buliion in tae Bauk of Englsad, and san sales, at this reduced price, would not be made, were it not forthe purpose of ship.ing our specie. The effect would be that we would save fifsy dollars ia the price of a ton of iron, aud lose twelve huoared dollars in the depreciation of the value of property. I refer you to Mr. Caihoun’s speech upon tue vur- rency, where he admits that tae valae of the pro- perty of s eommercial nation is thirty timsa the sum of ita currency ; and it we assume this data to be correct, I have demonsirated tuat an ad valorem duty is not unwise, bu’ most unjust, and atteriy inconsistent with the duty imposed upon Congress by the “ power to regulate commerce with foreiga nations. ' The coalition between Mr. Clay and Mr. Adams adopted as the basis of their party organization a higa tariff and internal improvement—a high tariff to collect a large aurplus revenue, levied upon the eommerce, be expend Just, and uncoi it was a unjust, and tending to. soraet legislation. You wii, 1 am eure, sdmit tnat there is a palpable distinction between a turiff levied for the purpose of or: Is ge surplus revenue, to be expended by Congress on local works of initernal improvement, and a tariff intendes to ao “ regula e our commerce with foreiga ations” as to prevent thoss periodical oyntrac ions of our currensy which have caused such ruinous de preciasions of the value of property, and each and which can be traced the extraordinary de , and the measures Ea bei | the shipment of ape: I 1842 and 1843 in London self the ope the United to by way of illustration. to resnarter the Bank of United States gg og Ay shareholders to te of Pennsylvania. to wil ww the branches this was mostly done by the branches, waich were for in the notes of loca) backs. Had of the United States demanded s: the would have suspended; of the United S:ates Bank therefore made bonds, and for cotton and Mr. Jandon wita the bonds to Hamphries to Liverpool, in of the cotton and tobacco, anced some five millions in bills upon London, to euffered by the pete ee to ditors. When Mr. Jeudon «i land sixes were worth sixieen per not sell at any price, aod I was crediby informed that the bank eames ts Genes os pulse an ib on securitica at ninety five per cent, to enable Mr. Jaudon to pro- tect the credit of his bank. et ig ask why Mr. Jaadon could not sell his Sate bonds? I reply that the interest on tae pabiic debt the sveral Euro governments, payable Ei iB ; can etx and seven and that the inevitable conrequ: noe many of the =e ne ghee dy om out aad seven per cents. it we matter of ne- conaity, 98 their clients, the monarchi: , and these bankers com! jeaa credit. They saw seco mpiish- ed by breskicg ted Siates, and tcerefore the State bonds beld Do you tobacco , and thas obtain the drafts given to tae mercharts t— vs to ommerce between the through the as the three trom the British the rout at Liver and os to soni our ‘ at ty: Ore of aeetay erwin 3 ie rote that he coul{ not acce, overnor of the pon him acd ssid thud fous s Unite co wan, quet. erate bul = drawn of Americas wes paidfor chiefly by Southern exporws, to | ed by combinations chiefly in the North | and West. This, the South said, Lobos oop nar | jaaiand | enable the merchauts who had | their British cre- | for London, Penn- | would have been protested had not | i tit) pai E 58 per centa, it became nesessary to s> regulate their comme) ce with us that, instead of selling upoa lo credita and thns giving us the aid of their capital, they now req: cas? payments for their maaufac- tures why'st they used their credit in the purchase of ovr protuce, Tie effe t of this new “‘regniation” of their com- merce with us is to enable the Bank of Eagiand at any time, upon one week's notice, to creats @ panic and : anse a contraction of our currency by export ing oa specie. Waa this new regulation of their commerce oalied for by avy failuie oa the part of our merchants to mect their engagemens? On the contrary, by re- | ference to an officiat report from the Treasary, you will re. that the duties pald by our merchants on inclusive, amounted to six huadred aud niasty-four miilions of .dollars on boods having six, nine and twelve mooths to run, and that the loss by insolvea- cy, during that period, was leas tran oe nundrod:h part of one per cent. It follows that the merchants who were so punctual in the $ of dutivs were no less punctual in the payment of the sums due to thei: British creditors. Why, then, did tho Bauk of England refuse to aid those who were engaged intie trade with the United Staves? The new lation which compelled us to pay in advanoe, of purchasing on credit, shows that See purpose was to evab'e the bank at will, to s> regulate their oom- me'ce with us, as to enable the Londoa bankers to | export our apecie, and by co! jng our currescy #0 depreciate our credit as to prevent a oompetition between our six and seven per cents and per cente? What would be the condition of England and other Enropean nations, if they were compelled to give seven per cent for money? How long would Eag- land continue 'he war with Russia if consuls were depreciated Set Do rot suppose Tintend to charge that the warfa’e on our credit, or the contraction of oar cur- rency by the exportation of our ie, is done waa- tonly for the purpose of doing us ry. What I do chaige fe thas euch warfare an indispensable part of the British financial system, aod contiaue to be so as long as our commerce, as regulated by Congress, farnishes to the Bank of Bagland the surest and ches est means of recruiting her ballion. What I would impress upon you and upon Congress is, that as Englend has re: her system of commerce so 8s to increase the facilities by whish the Bank of En, can transfor our bullion from Wall street to London, and inasmuch as the export (regent ary tere regener epplyel anger tn the ratio of thirty to one ot the sum of dimiou- tion of oar currency, which must neo-asarily bs much more than the sum of the specie exported, we lose, by the contraction of the currency, and consequent ¢iminution of the value of our prop »srty, mach more than the benefit which acorues from any redaction in the price of foreign merchandise, and it is there: tore the aes of Congress to protect us, not againat the cheap labor of Europe, but azaiast the measures which foreigh bankers have adopted, by which they can create an ex, or contraction of our cur- reucy at will. How can Congress do this? I rep'y, by #0 regulating our commerce with foreiga nations expressly granted, and toe duty ie taparatincr ex granted, juty is imperative. it not be said that Engiand is our best cus- tomer, and tbat commerce and exchanges will rezn- late themselves, or that, as we are the greatest con- aumers of Briti-h merchaudise, England iv intsrest- 4 tp prom:ting our prosperity. Let me ask you to look to freland, to India, aad to Portugal. Are not Treland, India and Fortagel consumers of Britisa Merchancise? And wh) does not kaow that the Wealth and resources ot each bave been exhausted by the cperation of British commerce. Do you not see that the real isyas ot the present ¢ is between the monarchies of Enrope and their atem of taxation, represented by their faded bt, and our republican form of goverameat, and cur system of progress, represented by our railroads as the basis of clal and commercial credit ? Do you not see that the orises of 1840 and 1854 are attributable to the same cause? In 1340 the compe- tition was between three por cent consols and six 7 cent. State bonds. ween three per cent cons ls and eight per cent railrcad bonds. Which is the best basis of credit / What would be the condition of Hagland if sie wore compelled so pa oc Do cent. interest on her public debt ? oy joes England send her chival- ry—the best blood of her mos’ nob)s families -to righ befcre Sebastopol? Is it not because she cial supremacy? And what assurance have you that if she can humble the pride of Rassia, she will not toem create combina to arrest our progress, for | #04 thus destroy that competition for the trade of India which our posession of California necessarily creates? Do you sk for proofs that sacn is her purpore? Lock at the late insolent interference of the British and French agents at St. Di | tion to Cubs and the West Indies, and the Sandwish Islands. Do you not see that the coalition beta sen England and Napoleon the Third is the consequence of the necessities which compel them to sasta'n each othar? And do you rot see that the same which com Russia may compel them to make warupon us? Is it cot, theretore, our daty to leave our sectional atrite and bring union, st tothe suppoit of cur common country? And iastead of | laborirg to gate the sec’ { issues which | Copatitate the chief basis of party organization, abould we not rejoice to see the North iavise the intelligen‘e apd patriotiem of the Souta to unite with the Narth in a movemsnt which, if the Smti be wise, will consolidate tne North and the South for the maintensace of the institutions which are no leas indispensabie to the welfare and provparity of the North than of the South? remain your rincere friend, Durr Garry. ‘The Commeree, the Statesmen, and Fiiibas- ters of the United States, (From the London News, Jan. 19 } It ie alleged, and with truth, tuat the Eoglish | public bas been in the habit of payicg too listle attention to the foreign policy of i:# govaroment. Trve, there have been every now and then burate of popular indignation cr enthusiasm called fort b7 events in other lands, and denurciations or applause of the government of the day, for the part it took | in regard to them. Bu: these have been rather ex- pres jonas of vague and transitory sentiment than | Of cox victiors based oe deliberate inquiry. The interest taken by Englishmen in foreign affairs has been intermittent, and the views entertained re- | specting them variable. The events now ia pro- in the East have, however, awakened the glith public toa sense that, as the individual ae of a family, and the family part of the ion, 80 the nation iteelf is but # part of A state, above ali, a £ 2 B H E: u H ! Ss i communities out of the commerce of Custom House bonds, from the year 1789 t> 1837 | three | To 1864 tha pompetitios ia | | inapplicable to the state of modern society would | | to epeak Ming | gro slavery. fied It is impossiole to lay down any gra:ral e8 to how far governments may aad must oon- Live at oo operation among difforen; sect ‘ons of their respective subjects. The circumstances of way 8] caso must mpPly the law applicable to i Lit ie necessary, tor the preservation of iater Course between states ax corporate communities, that soma limits—narrower at ome time tas: anotber—shou'd be imposed om the coope- ration of the subjects or citizens of one with the subjects or citisens of another. Hlonos arives one great difficulty that has always beses tue statesmen of Groat Britain whea they hive boon called upon to take EE io the coogresses of the ners of rope. In oat 9 coun sila nent Britain has hitnerto been the ouly free aad govercmect. The balance iateresss | ular Peewee peoples and princes would be more fairly held were come other (i:st rate free Power to take paitin them, aa well as Great Britaia, Tae Republic of Norch Americs ia tae only other frat clare State that auswers this description, Waen nex! Great Britain ia invited to take part ia a gene- ral congress it will be the duty of our goverameat to insist upon the United States being admitted to take part in their deliberations, Thess couucils would benefit in more ways than one by the accession of the United States to them. The emancipation of American statesmen from the superstitious vene- ration for many old routine forms and doctrines am improve our European diplomacy. We do not mean that Great Britain and the Unit- ed States would invactably be found takiog the seme side in the discurstons of a general congrasa. ‘These two nations can .0 more be inv in the right than Austria aud Russia can be invariably ia the wrong. But the increased number of statesmen, the necessity of their poaition to asssrt popular principles, and the admission of s body of steteemen more free from conventionalities then any othere, wou'd exercise a healthy influence over the deliberations ef fature general congresses. We have not far to svek for casein which the views of the American statesman might at the pre- sent moment differ from those of the British. The cass of Cuba will serve our purpose. We approach this jueation without fear, though we kno vit to be a licate one. We know that not a few Americans | cherish # jealousy and ill-will towards Hugland. And we are free to admit that they have some cauve. At the tim» of the american war of indspendence, and long efter, most Hnglishmen sillily ard ad- leealy unde. valued the Americans. fe ghas | pete te ie a a = ia it eae has n t up by the terms isparage- ment in which many meaien tourists and sncasmens | wcribblers have been in the habit of apsaking of America and Americans. That great rep.oach of | English journalism, the Times, been perha ve the greatest offender in this way. It isto be hoped that Eogliehmen will be more careful in fatare to let their kinamen across the Atlantic kaow the light | ja which th+y regard them. We are conscious that | we have nothing to reproach ourselves with on this | acore. Batthe moat sincere wid gad and love tor Americans are perfectly corsistent with our fravkly telling tiem when ws think they are wrong. Americans criticise other nations freely: they ought patiently to bear criticism in return. It is oa tois grourd that wo bave always asserted our right | our sentiments on the head of ne- fe have an especia! right todoeo when tte retenticn of that ‘ domestic institution” begins to influence the foreiga relations of the United States. In the North American Rapablic the people are the govaroment; sud to them, therefore, we appedl against the policy which theic presint ac stration ia encouraging or at leas’ | romping, br _ Cuba and St. Domingo. T 6 ques My | tions of 0} 8 thereby to maintain her commercial and fitan- | Lock at the concert of England and France in ree | 1 them now to make war on | moence of Cuba, asd of its au- nexation to the United States, are open questions, and which do not immediately much affect our interests. But the object of those Americans who are now la- boring rere couapiracies or open aggtes: sion to follow out, in Cuba and St. Dx mingo, the policy which has proved succesefal in Texas, aeeply fecta the honor cf the United States. Their object is not only to porpetaste negro slavery in the Usik ed States, but to encroach on the frecdom of the Legro beyoud their frontier. We suspect few evea of friends of tne negro in the Union have a jast conception cf what he may and has become were he tas been admitted to fu!l poitical rights. Eves before t-e emancipation of the negroes ia the British Weat Indies, free and wealtby b!a ks were in the habit of sending their children to Engiand for their educatop. Throughout the British colonies there is a numerous edacated and wealthy calored population. They are members of the celoniai loghibtonte, an! hold ii ‘tant and reaponsible offices en af 7 - ment, y are enterprising and successfal tradsrs and prensa ran eps Not a few of this class b jone Ip search of fortune to Hayti aud St. Do- , and have there risen to high office. These men know their worth, and ave resolute to asser: their rights. Throughout the Antilles they are apxious!y watching the enon of the lavery asméxationists from the States, and resolute to re- sist them at all bazards. The first avowed succem of the filibusters in Cubsor St. Domiago would give the signal fur a war of races—of a renewal of the St. Domingo war, with more inveteracy and over a wider fie We speak not row of what toe Euro pean powers might deem it necessary to do if such ou event occurred; we prefer appealing t> the sober | ond judicious in the United States—to the only true I reeerve further commeat for another letter, and | Gemocrats, the respecters of equal rights among ali reces of men. Are they prepared to incur the guilt ard bee goa of abetting a policy which mus} ne cersarily spread havoc aud devastation over the whole of the Anti les? Io their hands is the power to avert such acelamity, and awful wil! be tisir re- sponsibility if they do not exercise that power. Another Pacific Ratlroad Expedition. (From the New Orleans Picayune, Jan. $1.) We bave been favored with some particaisrs of an expedition, of the orgenizing and ceapatching of which there have slready appeared « few yigaa 00 tices, but nothigg of reliabiiicy or cetlaite iaforme tion, although the urdertaking is ove of great in- terest »xd importa.ce to the whcle couatry, aad immeciately to thie section of the Union. Oar ic formation is from the best autnority, and msy, tuere fore, be received with perfect conlideuce. The expediticn is In comnecsion wits no flibus‘er ing movement, nor with any colonization scheme, but is urdertaken by government for the purpose of recuring information and action in furtherance of ~ So project of constracting & raliroad tothe #0 fhe. An appropriation of $45,000 having been made for the purpese, the Secretary of War has appoint- ed Capt. J. Pope, of the United States Topogiapai- cal Corps, with a detachment of 150 United States 8, to proceed on the miggion. Dr. G. G. mard, formerly surgeon and geologist to C R. Marcy's expec ition, will also acsompany this one in the ssme capacity. The immediate destination ef the expe lition Is the region of the Pecus, and its objeet that of aacer- taining whetber water can be obtained on the Lis nos de Estacedo, by means of artesian wells. Here tofore po water has been dis:overed on those vast aoe through which the Pacific Railroad would ve to pass, and which, if a supply of water cannot by some means be obtained on |, Mast present s geeey surmeun able obstacle to toe undertakiag. will readily ive to be scarcely le of being overrated. whole country is in ed in ite suceen, but especially so is the South. Capt. Pope and Dr. Sbumard are both now in our city, en route for their destination. They will pro ceed hence to Indiano a and San Anton!o, st one o which places Capt. Pope will join the troops, aad at once proceed to the plains. It is expected tiat some eight months will be occugied in the endesvor to secure the supply of water, and if that meet wirb suc.ers by or before the expiration of that time, the expedition will in al! probavility be ordered to pro- ceed to explore the country for other purposes, ja fortherance of the nitimate olject, the cun- struction cf the Pacific Ratlrowd. Capt. Pope is well known to be an able engineer, apd in all admirably afapte} tor tas In- a duty which bas been imposed apon him, and LT sree coadjutor in the person of Dr. umad. Ti is expedition is one ja which the city of New Orleans cannot bot have a deep int , aad to which her citizetis, as well as the whole South, must wirh abondant success. Capt. Pope and Dr. Shamard leave this morning, we believe, for Texas, im the steamship Loulsians. > . Revo.tixe Sreotacus.—Iin Montgomery, baroa, on the 26th ult., the sentence of th ented upon two negroes—the one for killimg his WSs cee Ter eeeernpting be bl hie master a5 ratty brace the present as Two Peas’ will Bowrny Turarne.—The benefit of Mes. Dunn will take aoa this evening The pertormance provided comprises attractive pigces, and several popular actors have volunteered, the most prominent of whom are Mr, G. C. | Charles, Mist M. A Charles, and Mr. C Keller. Burton's Tuxarer.—Burnett’s new comedy of ‘Our Set’? into be played this ev ia conjunction with the last now comedy of the ‘ Pin Plot,’ th of which embrace the names of th: ‘ire com, infant sisters, Augusta aadMarie, will also dai rite pas de deux, Wat.ack’s Tuxatun—Mrs, Mowatt’s comedy, called “Fashion,” ia to be repeated this evening, Moasrs, Blake, Lester, Brougham, Dyott, Vincent, Miss Bonnett, Mrs. ug m, and Mra, stephens appearing in the principal characters, The successful farce of © A Lady and Geatleman in a Peculiaaly Perplexing Predicament’ | will also be given. MerKoroLtran ToxaTRn —Sands and Nathan’ equestrian company are to appear both th ‘gad evening, in several of their must dillicul feats. AMERICAN MusrUM.—Knowlos's play of ‘The Wife’? will be performed this afternoon, and the operatic play entitled “Rob Roy" in the evening, in both of whieh Mr. JR, Scott will appear Woon's Mixsrukis.—The fayorite burlesque of ‘Black Blunders’ will be represeated again this evening, tw. gether with the urun! performances, BUCKLEY'S SeneNavens —The new burlesque on the opera of “Lucy of Lammer * will be repeated tu. night. 1 bas proved a decided | Dowatpson’s Orxxa Taovrs,—Thia compaay continue | to perform at Hope Chapel, Their performances give great natinfaction, ‘Ti Corrumxntary Teoria wow will come off to mor: to Mr, W. H. Donaid- Supreme Cor Before Hon, Jud ADVERTISING IN SUNDAY NE eRe. Fen, 6.—James L. Smith and others ve. John M. Wit con. —The plaintiifs in this suit are proprictora of the Sunday Courier newspaper, wad briag this action for the sum of $90, tagethor with imterest since the year 1850, for advertising in their paper for six months. “The | defendhxt denies any specific or valid agreemeat, but it appeared th contract had been eatero! into, by which the plaintiffs agreed to advertise for the defead ant, The defendant's counsel moved, for & non-ault, on the ground that the contract was void, or, if mot void in | iteelf, the publication of the advertisements on Sunday | wassuflicient to make it so, By the provisions of vhe | Revised Statutes the plaintiffs are 6 to an indict. | ment, and, consequently, they could claim nothing under a contract which was of an indictable nature. ‘Vhe Court said that the newspaper was an article of merchandise, end the statute ‘Rchared the selling of it on Paaper saeutel, ‘This beiagan important question to a very large class of newspaper proprietors, involving every contract made by them with reference to Sun lay advertising, he would direct’that = verdict be entered for the plaintiffs, subject to the opinion of the General Term. A verdict for plaintifis accordingly entered pro forma. Supreme Court—Spectal Term. Before Hon. Judge Roosevelt. Insurance Com- Fen, 6.—ZHeine vs, The Farmers’ Fu pany of Oneida County —Order of we appointment of a rece.ver; the p hela to be conclusive. The mistake ccording to 2d Revised Statutes 459, poration waived, In the Matter of Hart Samuels. —Ordered that defendant be committed, unless he pay debt and costa, or comply with the other corrections prescribed by the statute, Downer va. Woodhull —Motion to set aside judg in care of a joint debtor, one not originally served, de- nied with costa. The Presiaent of the Merchants’ Bank vs. Walrath — Judgment for plaintiff on demurrer for principal, interest and costs, and ten per cent allowance. The Cleveland and Toledo Railroad Company vs. The | Canal Bank of Cleveland.—Motion to vacate attachment | denied, without coats. In the Matter of Julia Tallmadge and Others.—Petition | ranted. Order and form of assignment to be submitted, | Jas. O. Bennett vs, Finley tom to vacate attach | meut denied, without conte, Before Hon. Judge Mitchell, The Mutual Life Insurance Company vs. The Super. | visors of New York.—Motion for mandamus denied, wit’ $10 costs. Alternative mandamus granted, and stay of | proceediags. The Alleged Slave Trafic. UNITED STATES COMMISSIONER'S: OOURT. Before Geo, W. Morten. In the Matter of Felletti alias Kraft.—The cave of the alleged slave trafic on the coast of Afriss in the year 1852 was continued. The evidence was principally ax to the identity of the accused, aud similar to taat reported for the last few ¢aya in the Hxnaip, The matter atill remains undecided | Nebraska Logtalature. The Grat Territorial Legislature of Nebrarkn axsembled at Omaba on the 16th uli cil Blufis Bagle, and contention, both ho members ot the Coun elected Judge were organised. ssembled early in t Bennett Speater. Governor appeared in the hall to make some communication to t Counell, and was called to order. His proclamation de claring who were members laid on tne table. At | two o'clock another Speaker w Mr. Folsom, Dut the first would not vaca! 0 named gentleman In the House, Mr. [at o'clock both houses assembled in joint conven tion, and the members were sworn into office by the Governor, after which he delivered hit mensage. It is not yet published. We are not informed what was the | nature of the coutention, but auppose that It related to party politics. FINANCIAL AND COMMERCIAL, MONKEY MARKET. Turspay, Feb. 6-6 P.M. The stock market wae rather unsettled at the opening this morning. At the first board Indiana 6's declined 4 per cent; New York Centra!, 7’s 1]; Nicaragua Transit, 4; Harlem, }; Pauams Kulrosd, }- Erie Bonds, 1875, advanced j per cent; Iiliovis Central Bonds, 4; Erie Bailroad, 4; Cleveland and Toledo Railroad, 23. Erie Ratlroad stock was quite | active, but very few cssh transactions were male. Cumberland civeed a fraction better than it opened. Railroad bonds have for some days past been ope- rated in to alarge extect, and generally at better prices. The new bonda of the Erie Company are | speculated in now mo-e extensively than any other clase. Nearly forty thousand dollars of the iwue of 1575 were sold today on time, buyer's option sixty days. These sales were were made by those who ate being the stock, and the purchasers were thore who look more to the effect on the mark»t valae of the etock than to any prospective profit on the bonds purchased. Tne fall in New York Central fevens to-dsy wee caused by letting down the suppor which has for several days mstained them. Tie company have been paying them out for dividends, and it became, therefore, politic to etars the market price as bigh as pomible. They were yesterday rua up to withim a quarter per cent of par, bat today they fell off again and closed heavy at a de- clise of one and threeqnartera per cent. The probability is that they will grado ally nettle down, as the market ia supplied, aati they range somewhere in the neighborhood of the old issue. Stockholders receiving them in payment of the last two remi-annual dividends, are compelled to realize at once, and we shall, witvout doab', have nearly the whole issue on the market within the next month ortwo. The new issue of Erie bonds wil! also find their way into Wall street, from the hands of subscribers, but not st present prises. The sink ing fond of the Erie Railroad Company commences operations on the let of March. How long it will continue depends entirely upon the action of tutare boards of directore. The fund was created simply by a resolution of the board, snd it can be abolished in the sameway. The action of s board of directors in 1854 \# not binding upon the board in power in 1665, or any fature time. It is our |mpreesi m toat be ai nual payment into that fund will, at no very distant dey, be largely reduced, on account of the Inability of the company to comply with the provis'ons reqaired. The idea of closing the construction eccount of the Prie Railroad, or any other road of ordinary magni tode, Is absurd. Inthe recent report of the lead ing Railroad Company, the following pawage sp peares— To the inguiey to {requently and so ue! hint when will thie increase of capital conse? thy very ready aod conelasive one. Never, so long a the business increases, and by ite iacrease © for new and distiort Improvements ‘This is @ trne state of the case. The constraction account can never be closed ,even on a finished roe, #0 long aa the current operating expenses are re pr rted below seventy-five percent of the gross earn ings. The stockholders of the Erie Railroad Com pesy will find an amount expended acnea!ly for | and they are not supplied yot. | the recent rai’road bonds have beea nogotiated | botit must be felt at some futare time, dred thonsasd dollars, is made the subject of com: | gratulation to the stockholders, and it is reported that it is the first eallrosd loan ever paid in full at maturity. This, we believe, is true, but we do not see that the managenrent is entitled to muoh credit for paying off old bonds, amounting to tw) million, five hundred thousand dollars, by an issue of new bonds amounti#g to four million of dollars. This sort of financiering cannot bo very creditable to any company, and it strikes us that it tw far from being # cause for congratu'ation, unless it should be upon the gronud that payment upon spy t rms was better than ackrowlsdged bank ruptoy. 1; seems to be # secondary matter wit’ our railroad managers what anything coats. Money at two and three per cent per month is cheap enough, if it cannot be obtuined cheaper, 0 long as tiere is wcertaia object to accomplish. During ths past two years the value of movey has beea much en barced by the Cemand from railroad companies, Tho rates at which show the indifference that exists relative to cost. A million or #0 of d liars added to constraotion account, in negotiatiog » loam of three times the amcunt, 1# a maticr of no consequence. So the ma bagere aod mary of tis otuckholdera thick aow, It is en. tirely out cl the nature of things that i should be otherwise, Such folly and extravagancs must alti nately be paid for by some ons, A oompauy, n0 move then ao in fivivua 2 com nt suck outrages op the lawa of Moauce with impunity. After ‘he adjournment of the Board, the fliow: ing ealer of bonds end stocks were made at auction, by Simeon Diaper;—- $2,000 Mem phir City seocecssdmt, added 69 4,010 Chicsgo & Rock tslend RR, lat mie do #0 6,000 OI do bite 4,000 do 160 shares Stonington Railroad......--....+. Shab4yy At the second board the market was quite busy- ant. Iilinot# Central bonds advaaced 4 per cent; Nicarsgua, {; N. ¥. Central Railrod, 13; Erie Rail road, §; Reading Railroad, j; Cleveland and Toledo Railroad, }; Virginia 6's, j. At the close the ten. dency was upward. The demand for foreign exchange, for remittance by the steamship Pacific, from this port for Liver. pool to-morrow, (Wednesday,) has been only to a limited extent. The closing rates to-day for bills on London, were 8 a 9) per cent premium, and on Parie, 5f 1640 Sf 12). It is reported that the steamer will take out about seven hundred thousand dollars, principally in foreign cciv, and that the steamer from this port for Havre, om Saturday, will take out alarge amount of bullion. Tne steamer from Aspinwall, with San Francisco dates to the 16th of January, and about a million and a quarter of trea- sure, is nearly Cue at this port. ‘The transactiona at the Assistant Treasurer's office to-day were as follows :— 1490 62 $5,897,855 65 The Ohio and Pennsylvania Railroad has declared aremi-aanual dividend of five per cent, payable in stock of the company, at par. The City Fire lasu- ance Company has deolared a dividend of $13 por thare. The New York Life Insuraa.e aad Trust Company five per cent. The wariants entered at the Trea ment, Washington, on the 3d inat. wei For the payment of Treasury debt pi For the atom... ° 10.916 54 For covering into the y from custoras 108,000 00 For the War Depart 6.048 2 For repaying in the 1 4 For the Interior Department. 228,251 22 The report of the State Treasurer ot Massachu setts dces aot give avery flattering exhibit of the public floances, Withia thepast ten years the reve- nue of the State has nearly doubled, not withstan ling which the expenditures have exceesed the incoms The total receipts into the treasary for the year were $2,144,523 and thers was cash on hand on the Ist of January, 1854, $202,969 66, The total expetoitares of the treasury tor the year lave beea $2,261,936 66, and there was cash on band, Jan. 1, 1855, $85,356 38, Tho receipts from the ordioary revenue were $717,025 02; the State tax for 1853~'54 amounted to $279,150, paid in; the ordi nary expenses amounted to $24,442 49; oxtraordi nary, to $62,133 50. Laaving out the State tax and the extraordinary expenses for tie year, neither of which will ordinarily appear in the accounte, and the actual deficit in revenue for the year amounts to $211,817 47, According to the estimates for 1455, thers wil be « heavy deficit in the ordinary revenue of the State, compared with te expeaditares; for ali the revenue of 1855, including the balance of $34,245 uspaid Stete tax,aud cash on hand, is estimated only at $777 5654 60, while the expenditu: net | down at $496,900; thus leaving a deficit of $119,345 40. The unfunded debt of the State now amouats to $554,937, of which $110 410 has been borrowed in anticipation of the sale of scrip authorized by the | last Legislature for the enlargement of the State Hose, New Lunatic Hospital avd State Prison — leaving $234 This sum, with the deficit antic! pated in 1866 of $119,545 40, amounting to $555,472 40, \e to be provided for shiv year; and the Audito aces no cther way bat by means of another State tox. Theenrtire property of the State at the close of 1854 {9 set down et $11,405,708 95; of winch $2 456 19 $ im real estate and unproductive property. Ip addition to this, the State owns about 100 of Back Bay lands, worth 60 cents @ foot. All the devte and liabilities of the State amount to $7 102 617 6 The B.ate Treasurer of Micsissippl makea the fo. lowing report of (he receipts and dishursements o his office during the year ending . Cash in ban aby punt of cash whieh this rom the & ods of th snter the Dist amount | bet tran with the Coitet #tatex a, rer, who rent to poyebie io Wirt pt of the deat and 1 pet tuteend jumb asylam theother ef the paid the whole awowet into the wury on the Mate ") wee tor the Mate The balance const * the Mate Taxes fo be amount pa etereal |mprovem Food Department, §271,000 were paid te raliros! owt To Mobile and Golo Raiirost, $66.00 To Orieane sod G. NS, Railroad, $101. To Contra! Ration, $60,000, To {gree ©) ely tata Revreed, 06,00, Total, 922) ‘The apnval report of the Vermont and Masscho setts Railroad bes been made. The capital stock copeists of 29,000 ehares, at par valoe amounting to 972,900,000, bot as partof the stock was lemed a! 291 equipments, buildings, &o., is set down ot $4,423,028 19, and the total debt and capital stock at $3 979, 060 58, leaving an excess of expenses over the ital stock and debte of the corporation, of $153,168 61, which baa been paid out of the earnings of the road. The road has earned during the year $273, 814 01; which is $24,959 02 more than it carned im 1863; and the directors ere coufi/ent the business on the road will continue te increase, even should the Hooene Tunnel never bs completed. The profits of the road for the year have been sufficient to pay more that 3 per cent on the entire capital steok, Ceb:, bonds and ail, avd nearly 44 per cont om the capital stock. After paying 6 per cent on the bends, &o., there was suflicient remaining to pay 2 per cent on the capital stock, had it not beom for the floating debt, to the reduction of which it was ap: plied. The cirecters exprees the conviction thas, diragreeable aa it may be, rates for carrying freight ond parnepgeré murt be rained. The bonds of the company whicb have become due have all bee paid; and the bonds which will be.ome dae July Lat, 1856, the Clectora hope to be able to moot at matanty ‘The annual meeting of the compray is te be held at the pareenger station of the Fitchburg Railroad in Boston, on Wedeesday, February Lith, a 19 o'clock, A. M. ‘The annexed statement exhibits the condition @ the leading cepartmenta in cach bank of Now Ox lenna, according to reporta mids for the moath ef Jarnary, 1855: New Ontaane Banka, CAWH LEADILAT TICS us Southern Union $10,004,940 $3,4),000 94, 174,.41 891,06, with the December etatemont this smewa the following rewult-— : Increase Decrease. Glroulation....cescerceoessnees 166,444 - Depoaita : - 0n2, 184 Other cash liabilit 180,477 - Total cash liabilitios, 306, a08 905,405 15000 do. om) OONY Com RR...d 90 100 0.,..5 - 60 do oY 250 ’ oe joo do DOO H4s, 106 do. 9) OL a cu do ani 60 do a0 50 Canton Co. WA) Harlem Ht ..63 805% oo) do... 660 30 10 Rewding Rik... TO 00 do “0 ih 100 do, - We do o Wl Nie Tran Co..b0 17% 100 60 ....,000 17 100 éo bs 17 do Sal AECOND ROALD $4000 Virginia 6's.03 964, 506 aha Gold Hill Min Me #04 80 Penna Goal Uo, 9 T% 20 NYork Com RR, 91 oA v1 A Tol RK 1 Comatrue CITY TRADE REPORT. evar, Keb. 6-6 P.M he sales ewmbraced 16 1709 bble. at unchaag rket in not active, bet rome firmer ls, Ineluding eum ' “ +, owing Wo a diapoat wtpt of later foreign The marset wee in Oh6 meee pork © sip e | Out mente wore t eteady prices show! 200 bbe, walted wold wi lye et showt 200 hide he 0 wones bacon sold at pm te; beiA aus, and shew! lot, aed 100 Ge, tone renderet ye. Bowe were quiet at 10K ¢. “nee of 100 cathe were made for exportet tee Se alee AS cnees Penang molmegs were mate ot ‘The sales embrace’ ahost 00) bhés Mew