The New York Herald Newspaper, August 27, 1857, Page 2

NEW YORK HERALD, THURSDAY, AUGUST 27, 1867. 2 Bo longer be used, companies bave come on (he mo market ar borrowers at street rates, g at from to 30 per cent, pledging their bovds ay collatera'. Tals to make sireet iondicg the most profrable bustaese Pareaed, and all who could engage to tt, individuals as well as Companies— savings snd insuranow—are now, ant bave been for a year or two, loaning largely on alt sorte of securities, reilroa* and otherwise. The Obio Life Tora ance and Trost Company ,® Dank without issue, simtiar ih te orerstions 10 our ‘Svings funds, bas been doing « large discount atiness in ratiroad pares which bavicg so much depreciaved as to prevent further borrowing, the comrasy bas gene by the board—tts whole capital, 1h 1+ al: Jeged, baving beensweliowed. Such ef cur owa savings funds ar bare been dealing in railread paper, at lie 10 2 centa movth, shoold take warning from the fate of the Trost Jowpany at Now York, Borrowing at such rates cannot continne. Neither individuals nor companies or atand It. Sooner or later ft mast end, and when It doesend, the calsmity mey not stop with lomes to the company— the depositors, whose mrney has been | ened, unfortunate- ly, stand behind. and may alro be suilerers. [From the Hartford (Conn ) Times, August 25 | Some excitement wer created in the financial circles of this city yesterday evening, in conrequence of the receipt of a despatch from New York to!be effeot that the Ohi> Life apd Trust Company hea failed. A great deal of th stock is o» ned in Hertford, and the news of the Company's failure was quite uncypected. This anno. ncement attracted considerable attention here as tbe ccmpany was consi tered gound, and 1! is estimated Dy gentlemen whore facilities give them a good op wrtant ty to jndge correctly, that something over one hundred thou sand dollars’ worth of the stock is held by our culwzens. Too stock bas been selling recently at abo tthe par value—a trifle over in some icetaxces~ snd at'hip a few days aboat 3 per cent onder. The capital of the im titution is 63,000, 000, It reves no bil's for ctroulation, bot i A ar ‘ance Company, combioed with a bank’ of depovit, cealtag n «xchange, drafus, &c , *nd probably too freely in faucy stooks, end making loantouthe best terms possible. [i basabranch bank in New York, where it dida good ebare sf tts business. It was involved in some diffcntty several years ago, but it was supposed that it bad fully overcome that « mbarrassmest, and placed ivelf on fe Davis. Bot it suddenly appears as @ bankrupi, to the sur- prise of all. [From the Buffalo Advertiser, August 25 } In commercial! circles the woek closes with a good de- mand for money, but wituout ao ability on tae pat of our banks to meet it, and with this class of tas community it ‘is rather close benks ai New York are contracting their loaps and ours are not discountiag beyond thirty days, apd then only to s¢gular customers. the manufac- turipg apd mercantile classes are not aiking for loans to the usval © tent An the street not much Offering, and the range i* 204 ‘36 per cent The fect i# ihe regular towa trace are not apxi us borrowers of mopey Exchange on New York comparatively scarce and Orm i at i. The failure of the Ohio Life ani Trust Company excites a great deal of remark, and in ci’cles supposed to be p wied Mt ts Deliewed that it will mate ially effect many of the Ohio banks, We bear this morning of the failure of J.bn Toompeon, New York. Inateac of any improvement in the general mrcuntile trade we hear of more complaint of losctivity and au |- ness. [he delay ip the movement of the now crops, and the cop ivvasce of farmers and western purchasers at home, are no doubt the immediate causes, whi'e the re- mote or pimary ones are the renewod coatraction \n money markets and the Jate harvests The bopefol feel: tng in regard ‘0 ap active fall trade ie not, however, in tue least dampened It {- certainly to be hoped thai taere will be no ditappointment. ‘The produce markets bave generally declined, but there bas been & fair demand. COMMBRCIAL CRISI&. From the Phiiadelphia Pennsylvanian, August 24 ) New York Heracp has, for some time past, pud- Kiebed ariioles expressing in strong terms its apprenen- sions of an app oscbing floancial revuision The reasons ‘which our cotemporary assigns for the position assumed, ‘are:—That our importations of the present year bave beea heavy be-ond any preordent, while our exports hare been less than those of last year; that with double the quantity of wareboused goods, the port of New York has received, stnoe the Ist of July, importations averaging s million of dollars day. The jsurpal then endeavors to ebow that our meane to meet these excessive importations will e inadequate. The growing cotion crops being a wooth behind ime, the first Solar ee wo be delayed till December, and if a large as Inet year, they woul sill not suffice to Daiance the accourt, apd tbe prices of tt article beirg already too bigh to remuneratetjmacufar turers, it remained doubiful whether it would bear an ad- ditional edvance. The Hsxatp admits an abundant har- average, more than double py hp ee ay Bn BOL MOTE 0+ Ce bed gd excessive im, tons, they cone: 'e vee with the thooght that moa of the loses will fall on foreigners; mod while they assure ¢ last persons io favor extravagaacs, ‘1b imporiations, they eadesvor to ground that « glut tn the market, causing a decline of prices, benetia the people, ia oon-e quenoe of ibe cheapoess it creates We do not share theve jofiy spd comprebensive views, neither from a moral nor commercial po nt of view, Tne advastages of legitimate inte change, whe'lier national or iptermational, are reciuro cal The lowes of one of the trading partion may, indeot, tempornr'|) bear 0 the other, but except bestowing { rtuncs ‘upon a comparatively very limited number of lucky ape vu- lator®, they cunnct rewuli in laetiog advantages to ihe peo Decause every petarbation ip commerce pro. eacti 6 Of ibe same momentum. Teot are of equal force. This iraih t¢ applicable not alone to the science 0° mcebanice, but to al! phenomena in natare and transactiont of bystem 0° ipercba ‘The mos) reguler ant eq vtenle fabject to no violent oon Fuisio we tidee the groatest py rmaibi opera! law of she equilibrum governs tbe profs and lowmes of trade an it gov Tela¥one of prodaction and sonsmption. If f porters should lore this y car in conseqaeace of disary decline of prices, the resuli of escomsive importa ons, which, af er al', ere encouraged by our own w sate. fulness and extra vagacce—this decline w\l| surely be fol lowed by a rine adequate to the lo ses incurred, so toa. for these whall have to indemnify them hereafer, an leer, indeed, which is not probable, we coctri re meas. while to render ourse'ves inde pendent of forei, ary We do noi agree with the Haran, becaare we cwsider {ty comments upon GF comm:rciai and foanctal pos tion preauy exnggernied; still we bold thet there exist power ‘ul reasoos urgug she press to raise tis warning voice, For a rerier of years we bave recklessly indulged in habits Of wastefulpees and locee speculations of every doecrip. tion, we bave stretched our crecit at home aud abroad, 0 the cimort lim! 6 of its strength, and now, when the con- seqven ces of thie thooghiiess course are prought home to ow oe fet by Almost everybody, that the move tary resources are greatly inad quate to tbe bosincess re. quirements of the country, we eee the drain of preciour metals continee @ithous interraption, and even exceed thas Of former years Previous to 1861 we never in any one year above 80,500,000 of apecie and bullion, at an exces of & tion over \mporiation, but since 1861 that sum ranged bet ween 000 as © minimum, and 869,000,000 as a maximum. it amounted to $41,500,000, and now it is reported, ret rever monthe of this year we have aireaty 000,000 for the same period of ‘These sbipments are the main and immediate : E troubles, and it if bigh time that Coagross tte the subject, since tne inst ly to ret though Furope may not require av darge® wity Of grain as in the previous yeers of war And parva! ‘alore of crops, the exportation wil) remain Conriders'ic. The production of Karope ie never adequate to i coneomption The bigh price of ction denotes com: ative scarcity, and warrante «ready pale of the grow e crop—allof which may suilies, if otherwise the dic tases of prudence be beeced, in Lme,to avert the threst ening Camm! y At ali events, the people bere will have bread and provisions, @hich offers anouber eo- chee per Soarky ie; orospect TAR ONIO LIFE AND TRUET COMPANY. [From the One'neati Fojrirer, Auguet 26. Our bugit ese Community wer thro rn into a great fever Of excitement yesteray afternonn by torally unex pee ed announcement that the Obio Life and Trust Com) By bad been compelled to clowe the doors of its N York agency. This intelligence was not known until near the cirse of bank hours, and of course had no e(/ect on the Duriners of the day. What e‘fect it may have to day re mains to be seen. We believe, however, the benk to be entirely solvent, and would adrive all \ls creditors to be perfectly cool, and to do nothing rashiy. An ee ri cat ate un upon the bark woul do no good, and micht faire, and were we in would mow certainly recommend ors well toown per that the ‘of all partion will pature and extent of the ditficu’ Se eee own to the bere, upon whom sudden onion Serbot, and who, te the ab loss what to do. fear of doing too nouing at nt unless thay hare the menor ng All—which is hardly posaible—and waits few days, uniii the smoke cleart away We understand that Mr. Stetwon, the President, fs now fortunately in New York, baving lef bere on Saturday on © wip eastward, but wholly anconscious of the disastrous Amelt ‘that awaited , however, no doubt be soon abl+ to straighten ap metters, aod we rha'l pee tly have the plow ure of that the old L'fe b—| ‘Trom ba passed the (iMoalty, wha ever it ls, aafely Anditor of sont two Tesources, benides two milioas of apite! tu the trom department, whiah is not included, but ‘which in liable forthe debts of tbe banking de.arimant — #0 tbat we focl perfectly rafe ip saying that, under any Saaeaen, Grediiors will obaln every doiler of tacir claime, OCUONDITION OF THE OHIO LIFE INSURANCE AND TRUFT OOMPANT YOR THD QUAMTHE BaDEAG APRIL 40, L807. Resow Notes and bills disco ntea, 200 393 68 168 639 60 62,3146 46 seve ees 2,628,768 86 : seeeee $4,060 00 Due banks end Bankers 268,606 03 Due individual depositors, + 1,818,228 01 Contingent fand, &0.. 47'845 88 Osher abilides ..... 872,070 68 Total Habilities,...... seveeee/ $2,698,768. 86 SUSPENSION OF THR TRUST COMPANY BANK, [From the Columous (Obi) Statesman angast 25) It wil be Feea by our teleg dispatchos thai the New Yok bratch of the Obio Life aud Trust Company Batk bas suspended We have but one romark to make, Dut it 18 oF exprecsive as me. Whea tne republi- cans brooght for eard the bill to make this bank the de- Porltiory of the Sia'e fenos tp New York, dem orate proposed ap amendment requiring security It was voted down by the republwans,and the srgament sgeinst it was ibai ibe money of Onio would be safer in tae bank aithous seowity than anywhere olse with it. Korp tuat before the people when advoorting sho sud treasury bid. THE CHILICOTHR FA'LURES ‘The failure of Mr A. Fraser, the great starch and wbie- key manvfacturor in Culicothe, isa serious ons Mr F atigned io Mr Enos Prather, of Bournevitlc, who had en dors: d bis paver to @ large amoant. Too Garstte states that Mr. F bas been employing aa tmmense capital, aad nis Haptitites are reported to be oer bali a million of dollars ‘The exseas of Lebilities over assets will bardly be less iban 8300 000. ‘Tbe excitement was further increased by the astiga- mens of tbe Mr. Prather, ove of the beaviret lendowners ip the Scisto valley, «ho bad an almost unlimiied credit. His liabilities, exclusive of bis endorsements for Fraror, ine @ Pote at avort 350,000 anove his assets, It ways:—“ Che whole effuir is & very unfortunate one, and will seriously affect some of the bé6t an‘ moat subs aaiiai ciiizens of this and neighboring couniies,” and aids:— “By tbe suspension of Mr. Fruser’s works bundreds of poor laborers who, dependent apon thelr daily Isbor for the support of themeelyos and fan ilies, aro thrown out of employment. About two buo‘red of these, to whom Mr, Fraser is indebted, have taken possession of tho estab Nebment to dey, an 1 expresecd thomseives determ’ned to ght to the last rather than sce a eiogle article taken away until they are piid. We understand tost an ar rangement was belpg made to pay thom off this a‘ternoon, but whether it was done wo have not learned at tae time this ts written. & STOCK GAMBLING, [To the Féitors of the Aibany Atlatand Argus } Tread a leacing article in the Albany Argus on tae Now York Stook Exchange a few weeks ago,in which youex- Press surprise at the large trane+clions that are reported daily, and you arrive at the conciusiwn that they are et. ed principally oy paying differences, and not by transfer Of stook when the contracts cone due. As Ihave had some experience or the New York Stoxk Exchange, you will allow me to Comtratict the statement, and to inform you \bat the mee inte change of differerces in the setile Tent of contracts is an exce;tion to the invariable ousiom of the payment tn foli of the price of the atosk, and of its then tran: fe* from the eelier to the buyer. A may buy of B 100 shares New York Central Railroad stock at 60, 60 days credit. If A does not Ind it convenient to pay for the stock, 8 may be the buyer, aud in such case there is no necessity of transfer, but merely exchangi checks; but such is no the custom They are rar: . Ibave pot met tt in the course of a large contract bariness cf eight years at the board more than eix times l admire the aim yoo have in vi t> check reckless ape: culation. But, es in the case of intemperanoe, legis! interference will be found impotent to suppress tt. I: opivion it would increase the pumber of i culstors, and deter many houses of re Irresponsible spe ypeotsbili'y from contipuleg im the bueinéss, It bas been sald that the pre. sent laws are made to protect es, and that if all time contracts were legalized {{ would be the most efficient and enlightened plan, not only to protec: the honest from the Gishones:, but of rogulatiog speculation more withia the means and credit of parties who engage In it. ‘The New York Stock Exchange ts composed of commis- Both parties are is buman nature. To jad: either to pay the lose or forfeit the priviiege of the board. Thinpia certainly gring a premium to rascality, W. B. C. Fevtos Faia, Aug. 22, 1867. BEMARKS. The above comes to us frem a William street broker, who fornishes to us bis name. We arc glad to ste our ro" coct articles oo rtock gambling acoompiisting the purpose for wich they were written —the direction of pabiic atien tion to the existing evils and the suggestion of remeaics. They bave been widely ¢ pied, and bave received the at tention of thove toterested in stock operations. We only desire o make ove or two critic! upon W. B O's ard cle Be says we are mistaken pp wing tbat contracts are often m tiled by paying differences instead of deliver. (ug the stock (he idea urged by us was that a large pro- portion of the #aics were merely flotitiows, or, im other ‘words, gambling transactions. The seller bar pot the it Goss not add to Whe reality of the transection, if, * liver) arriver, inawad of paying the diferrnos, he goow eto the Stock Exoh or he treet, and buys and de- livers tbe #ook whole thing is ® more bet on the future value 0° the rtoek Much lees does it change the case, |", when the time of Gciivery comes, the seller turm purchater and bay back the stock and the parties excbange coecks (as in the case porby W B.C) Thatis merely a dodge for paying the citerence, Some of W. B.C. remarks are sensible and well timed. euggestion that the true remedy is to legalize timo fa'es is Worthy of con ideratien, ant has been ur; Our sttention from ether quarters Sensible dona cn this abject trom practical mec, they are writing aboot, are quite welcome to our o.lamns RX ‘MINATION ("A DANK DEPAULTRE aT CHICAGO— CASE OF ATHV HRW BRONSON, JK, AND THE MER- CHANTS’ AND MECHANICS’ BANK. [From tbe Unicago Demoorat, Avg. 2¢) ‘This case came up for examination of & ovotinuance Saturday nome fon jas &. ‘codworth, cromsexamined, continved— Am bot prepared to ray what the practice of ihe bank was ‘with regard to the deponita being leh with Mr Bronson; sb gave certificates for ‘and think ass goneral thing, \\ was not the fect; the coun's were mace ip my name, notes taken runaing to mo; the bark discounted io, Mr. Bronson left tt; tne Board of Directors 41 pare a resolution directing de- porita to be mace witb aa with Mr. Bronson; I @i¢ not know that a resolotion was passed directing thal the posi be kept in Mr. Bronson’s mame till yesterday; it done, ly, to get ten per cent for our loans; It waa © evade the oeury law of the State: | don't know any other motive; I do not know that another de- capital, the fisagreement between the bank fon srose carly, the directors controlie! the bank, Mr "8 Dame; sf erwards Ben) fF. Shermao’s $5,000 ‘Was Onrigned to Mr. Bronson; did not know thet one-half of Denulson’s meek was assigned \o Mr. Bronson; did not pow that there was a verbal agreement with Mr. Bronson thet the dep rite should be made name, and that requested tt beginning | think—! am not positive—wase |yanod to Broveon, and by him loaned to the ov lic; certsin about thie, bet my impression i it was #0; T paid all my stock {> eventoall; . all my stock was paid fn nnd | bad & “isconnt from ine bank, vir —t bad #5 0C0 of mock i the bank, and 821,000 [ pald altogether I Copy ited $6,000 in Livnole Central Rallroat drafa f collection, and these arate M-. Bronyon #aid he anpro 8 use Without authority from me; I oid ot My atork; Thad discounts from the bank; my impree- fe my notes were paid before I became Prericent: f may bare had notes unpald inthe bank when the bank clove, the directors granted me the acoommotation of taking my note for stook, and {i was renewed from timo 'o ime, | expected t pay the now, of courte, after the note stood in my peme (it wae in Mr. Fay’s at fret) T de divicends onthe suwk once or twigs; don't k Broneom instesd of $ 6,000 paid $35,000 far the © the Cherokee Bank; nevor saw the insirament of gals of thet bank trom Belknap to Bronson. Mr Stewart then rest from the tranrfer book notices of 7 of plex from various pe’ to Mr Br neon, tn all probably to about $75,000 or 899,009; ao. that when these t anafers wero all made, Mr Bronson held 80 (60 Of $100,090 oF $199 000 Of the @io0k, the leaner be tng the amount provided the stock had really besn in creased to $159,000, which Mr. Brousen denies heving deep done. On the 6tb of April, 1°55, Mr, Broneon owed the bank $108 48, according t the deporit ledger. on the 24: f April be owed $ 8,005 91; on the 84 of April, $18,670 91; on the morning of the 6b, $11,700 GI; en the eve sing of the bum there war $106 48 doe by bi on the Oh There was e balance of $2 8 in hafavor Op the 2004 of April he had to bie credit $1 467 18; of the 8th of Mey he hed $7 18 to his credit; on the 96th, $3 486 ST wat owing the bank by bim; on the 9th of Jane $0,626 76 was to bis credit; on the Lath of June $16,768 67 was Yo bin credit; om tne of Jone $17,682 82 was to bis credit; on the 20th of July, the day of tbe nal settlement, there was to bis $7,661 99. This wascre‘ited to Mr. Brouson on that day im the se tlement Mr Wood worth allowing {i to bim in pay- ment of bit obargee Mr. Stoart ty Mr Wood worth—Was the stock of the [hs ae ever trevaferred tw the Merchants’ aud Mecha: 8 L apderetnod from tho President of the Cherokee Bank that the stock bad been transferred to the stockholder: of ‘be Mercbepte’ and Mrchanlos’ Bank Mr Woodworth read {-om the records of the procsed- ingn of the directors of the bank an account of the transfer 0’ the “herokee Rank to the stockholders of th» Merohat ta’ a0 Mechanic’ Bank, the stork bring distri uted pro rata, for ibe sum of $18,000, for which eum Mr. B. was cretited ratte book is an honest one so far an I (Mr. Wood « orth) know ; I sent Mr. Cole a power of attorney from Mr. Bronson to trenefrr the stock of the Cherokee Bank, and he wrote to me that be bad dene a0; think it was done by me after I was oreatd: nt; am net oe tain Bere Mr Lirminie, the bookkeeper, wat examined as to '® charge of $41,900 egainst Mr. Bronson; witness did not «now what {t was for; it wan for Sandy River; there as too much Yegerdemain abont \t for mo; { wished to know what the tran-action was, bat never cotld find out; I war com| Ny, here was too much macauvring backwards end forwards; Bronson gave bir note for ti $41 900; ibe Merriden agency charge ie $5,000; It was oriyate affair of Mr, Bronson’s; he was alloved that by Mr Woodso/th; he said be lox: $2.60) on grain wits « Mr. Ells, and Mr. Woodworth allowed that to him; he was al lowed $7,600 on the Oherokee charter; he was allowed $4,000 on palary by Mr Wo'dwortu, ‘The de‘ence desired torhow that Mr. Bronson, as the ‘sgent of the bank, in whove name all loans were made and all deposits reve'ved, bad @ tranaction with Mr. Klls, by wbich be lost $2,600 on grein, on account of the bank, apd be asked that this shoald be refunded. Mr. Larminie then went on to show that after Mr. Bron- sop bad settled with Mr Woodworth he still owed the bank $19,000 of the $61,000 of Cherokee which he took awey; kent no interest account with Bronson; ho gave bis notes for $41,000, to pay the $41,900 charged fo bin ae ab ve; we charged interest where accounts were over: crawn, but net in Mr. Brouson’s case; the difference tn 1D orest is against Bronson. The wimers beard of a corn transaction with Mr. Ells, ‘but did Bot know what the affair was, The corp, he beard, came in by the Rock Island Railrosd; we mado no ac- vances on warehoure receivts; J made the entries in the book*; Broncon and Lowe continually kept me in the dark with relation to the entries; | sometimes got the entries from him on a@ slip of paper and made them; I often remonstrated wiih bim oa this course, anda’o wih Lowe bat I was always kept in the dark; Lowe wee bi: contideniial c'erk; the rnpald bills reseivable of the bank wou'd alwsye balance Bronson’s acvount, and so that when a bill wes unpaid it would appear to tae credit cf bile receivabie; so that ibe d:biof Brooson’s special aorount and the credit of bill reccivavie should al *eys balance one another, or be the same in the aggre gate; the wituess then ehowed from the b ks in what way ‘Ye Sandy River Bark error occurred ; I fund the error to be made tn Bronson’s favor, causing the loss of $5 000 to ‘he bavk, and I corrected it on the books. Mr. Staart, for the tefence, endeavored to show that the error sbowld not bave been charged 10 Mr. Broncon, aad thas be submitted to ite loss unjustly; that the thing was Grey Geese Ss make the books ba- 08. The wit: ese contended that the error was made original- ly against the bank in Brenzon’s favor. THE BANK FAILURE IN ROCHESTER. | we tbe Roonester Union, August 25.| Amidst the moltitude of clashing rumors consequent up- on 8 failure such a8 was first announced y, it is quite too much to expect to get at onoe all the material facte; we And, accordingly, on fartter inquiry, that some portions of our yesterday’s article require considerable corrections. On further inquiry, not of the Messrs. Ely, but of par- tics wo are vnquestionably weil informed, we learn that when they suspended Brewster & Co. were on their paver to the extert of about $31,000. oe that time she Elys~ induced a friend to pay in'cash $15,000 of that sum, and take the collaterals which Brewster & Co. held as security There remained then but $16,000. In part payment of that sum the Elys deeded to Brewster & Co. mill lot on the lower race and a lot on Hast avenue for $8,600, by ma- tual og There then remained. and still remsins, only $7,500 of the Elys’ peper tor which & Co. ponet! Ava for this sum Brews. Ely, $2,500 li ii a i i I e E ; tH] E i H 3 a r Hy F i A i ii a SEE 3 5 & i 5 paid, fl ovght net todo it If there is any such ‘hing ae obligations {t imperatively requires that the failing firm should reimburse those whose sa: have been coniided to their keeping. They had better do that and go to the Aims House. than to postpone sucd claims to the claims of spy otber class or classes. We soll them the troth; If they believe it not, let thom the miscellaneous public. TO THR PUBLIC, Rocuserau, August 26, 1867, An unforeseen commercial embarrassment has come over me and awest away tho accumulations of thirty-two rs’ business. T ven yon pees, If not dimin\shed, tipguieh all my indebtedness tn this city. T eclicit a continaarce of the patronage which bas been #0 generously bestowed. A. A. BREWSTER. ANTICIPATED SURPLUS IM TUR TREASURY. [From the Washington Intelligencer, Augast 25. Whether a large — of monoy in the vaulte of the Federal treasury should be regarded or a8 8 national curse and economia's would garded as litle ctoer than a Spy fund,’ the eyes of Cong: ces are sesumed be vied. end |t# mem bere exposed to the increased embarking in wild and extravagant schemes of national expenditare. otners the presen se of such an amount | of ready capital in the hands of the government is viewed | tp a more favorable | provide with greater ‘of the people, and of diff benefloen agen of 8 theories, perbaps, have the gresier or lens periods the ope may receive in comparison with the other | lll depend upon the character of those to whom the peo ple entrust the charge and responsibility of admiaistering ropresentatives in Congress, for since by the express terms of the constita- Hon It Is enacted that “no m: shall be drawa from the tressury but in consequence of appropriations made by inw,’’ It is manifest that no portion of the surplas revenues of the country need be wastofaily appropriated if the . ple are oniy true to themscives in the selection of tne eee whose daty it is made to provide for their die- Bot, whatever may bo the ad: or disad thoric treseury under either of the. theories ignated the conditions at least for their fall developement and illustration at the hands of the noxt Con- gross may be deomed to exist in the presont state of our na. onal frances, for it is now generally conceded that tho re. venue of the present fiscal year, notwithetan ting the reduced tariff enactet by the last Congres, (perhaps we should rather ay in cone equence of it,) will roach eighty millions of dollars, including the proceeds from the of the pob- Hie Iaoda, As It if catumated that but little more than fifty milliows are eecessary for the annual exponditares of the government, there will reraain at the close of the current fsoal year, If there data should be found to hold geod, rurplus of thirty millions to be added to the surplas of over twenty milioos already = in the Troavury. 80 large a um permanently abst from the currency of the country can ly fail, ne has been traly remarked, to create Commercial embarrassment ant to ze the arm of industry. Lt will therefore remain for the w! of Con. greasto ide somH TeavA by which to remedy the evil of \oo muah prosper! .y in our national Maavoes, and whether ‘that in¢ane shall be found tp the distribution of such eur plas among the several Stater, or in grants and appropriations to objects of national atility, it is to be ti ‘that the stitetional to dis.rioute @ eu 10 padlio treasury among the Sats iting at the seme time that 't (s upon titatt na! thus to disteioate ibe proceeds from the sales of the public Iands, will doubt. Jess bo carefal to provide that no money # accralng from the Istier eource of revenue ehall be counted tn ruch earplus, which, to be capable of appropriaiton among the States, must Be left to result whol yefrom the {noorte on foreign commerce, That thero are some wno hold thie theory of constitutional Joter jon is known to all, though for ovr own we are much di*posed, upon @ pons of so much nicey, to think, with honest Horatio in the play, that « ‘sis to comeider Wo curtously to comslder #0,” RATLROAD BTOOK?, [From the Philadelphia Prees, Augst 26 } We believe that the ond is not yet atained tn the do. cline of railroad rocurities. Tho effects ot the prenont pa nic wpon the Wort wil! be foond to react aga’n on the row board, aed we may reasonably exceot a pretty air! money market. If we were ia the porition wo have at times oocupled, with ten times as much paper circnlation as spe- tie, we might euatain severe fioancial embarrasement from mnch a panic ar now holds sway, but at present our rooney ed institutions are ia erce lent condition; there oan be no ran upon them to an injurious extent, and ins few days the storm will have spent lis fury, aud a better state of things prevail (From the Buffalo Exrrens, August 26 } A writer in an exchange asks ‘ what is to become of the | small sicckholdere in railroads, if the present condition of | raityoad property is any indicatlon of the future in regard ‘There can be mo room to question what is to be the fate of small railroad interests, we eu, , in wil those roads Wat sbail Sally fail to pay' thet. debte, aad hence bave Wo be sold, Expertence vale of several roads that have fallen into that apecies of pecurlary decay, In all these cases, of course, there can be but one fate for smali owners, and that is. that they suffer & total lose of their entire investment, Whether all, or # moj rity, of our railroads are eventually to be once or more thas disposed (f, is nowbere sssumed, thet wo kuow of, although opinions to that effect may bave bad in- a. various opinions prevalen\ with A 1g he Bow to railroads is one thas the whole matter of these is till an undscided one. and that the problem o’ their re- wulla, (0 owners, 18 not yet solved. Those holding these views weevme that the early resulta of the firet builé reacs were fellacious and gavé ao false indication of their value. Those roads themselves boing then new, and the entire equipments of them equally 80, the item of repairs was one of very lutle cortideration, and consequently the grea’ bulk of the rece!pis could be passed Swe © the net accouat of earnings. The enticing nstare of this element, in rai!road resulte, was well calcalated to misiead, at least in ade gree; snd that tt bas done so, to somo extent, is entirely by ell a -— — cal this —— in all cases 1@ older reads, hes gradualiy, perhaps, bui very cor. \atply vrniehed. "The decay of, bev tbe Srnanlnly aad ths evkiutering of reila, apd the miscellaneous wearing out and giving way of the various and nameless of engines snd cars, that bave ipereared with each succreding year, have carried up the {lemé of repairs no euormoas'y that, added to tbe current cost of working tho roa?, it has cau: there two combined sums often to cunetderably exceed the ene baif of the entire recetpta, And then, where this has been the caso, the interest upon tho still outstand'pg bonds of the corporation bas annuatly to bo paid from the re maining portion of the earnings; efier all which, she divi vend, in cases where thorecaa be any. isto be patd from what money mey esti remain, There is, however, one other contingent, after all this, and thal is thet were bonds, though running perbays for tweut> years, will finally become doe, and then ibe holders will require the psy meni of them Ja full, instead o° tha inte reet only, as (bey have done annually for the pri vr tweaty years, Sxch dajs of payment are likely to be crisis days, at least with many raliroads. They will como apon tho corporation at a time when iis road, ff it has pot been re- built, te olo and materially worn, aud when a la-ye share of its «qoipment will be ta the same condition; and both, therefore, requ ing the prompt expenditure of icrge sume of ready money, as ihe only means of epeuring the fatare inoome, uron which, of course, reliance cen alone be placed for further gains, This, no doubt. woul’ doubly increare the embarrasement of corporation thas circum- stanced; and while some, by parsing dividends or other. 11 dot btlees provide the requisite means for m2et- 4 a state of things, and 20 avert the evils threaten ed by it, yet others there doubtless will be who will have been unable thus to provide; and auch cam only expest to incur the consequent loas. There is, from the very nat-re of this property, and of ie employment, a possibility of a contingent which, though it conid work no possible salvation to the interests of the small stockholdere—euch as have taken, for io- stance, a few ebares, originally, not as capitalists, but onty to ensure the copetruction of the |, aX an ald totheir other proper.y—yet it may be made not only t» protect the larger interests of those who have the sole or chief ma- Dagement of the corporate interests, but also to become « source of profit to there, beyond all such protection. This one or more of thore chiefly interested, who Decome ite sole owners, at the sacrifice of all tue stock, except what these purchasers then held as thely own. It is acen that it i not only possible, but very eary, for de- pravity to produce this very state of things, aad’ then to profit by it—sssuming as a requisite, that depravity ta pat in ebarge of the corporate interests, and in the exercise of the cor; orate powers. Where forced sales of roads take place, for their debts ach roads must paee into new ownerhips; and this will often be matter of the highest interert to other to‘ally differemt rosds. Such will ever be the caso with all withont reference to wat the original cost may have been Now, if we suppese thas, in such a case, a road bas been for one fourth of sus original cost, whioh any well Bot, who IF lost hat, thotr Cwners, would an equal footing, or nearly so, in their business. phat — of management among the railway companies o° the West. While we are not disposed to cover up nor de fend any iniquity practised in the management of Western companies, we still think that Wall sweet is the centre of X wunreousn relative to ne ment of the iio ve management gan Southern Raiircad bas just come to light, which seems to Us more like a Schuyler Yo than anything thas has occurred in some years. Jt appears that the President of the company, in order to raise money for the ase of the Toad, bad issued $800,000 {a shares of stock, upon © dollar of subscription bad ever been bad hypothecated these shares for only $250,000, The ¢ay of redemption came round; ths by 4 could not redeem; the sharos wore sold for $260,000, and now the company ta obligated for $400,000, for $260,000 actually advanced, uch usance for money te pot merely frightfol and rainous, but if the officers of a company Can thos lasue unpaid sharen, and hyp thocate them, there will be no security whatever that the cspital ttcek {9 not increased at the will of the president,and even ‘Aguinst the wiakos of the stockbolders Yet, as questionable ‘as in ibis act, it finés defenders among some of the lesding journals of New York. It is such devolopements as these that shock the ob- moral sense of the community and excite such per- distrust of railway property. Honest and ral manage nent is Dow (he thing wanted to restore von!) ene. ‘There is ample capital in Now York, but it will not touch until it feole th Rescue of the Missing Newburyport Pilot, The sewbury port Herald of the 25th inst. bas the follow {ing account of the arrival home of the missing and mourn- od pilot The of mi 7 bot t0 lore as Michael StoVenn,de-eball lve, we ail wpon bim as one risen from the dead.’ W. Into the rea. filled away, with a six knot breeze He torned in purmilt; bondred yards ewimming eatisiied lees. He haliooed; but the noise of the waters, and the latervening 4 dont receding, and no friendly eat! im sight; it {s not desira die to die, ard he Jay for some time upon the surface, when, by and by, five milos away, a eal! appears stand ing towards him—it is his only’ nope—a faint hope, bot tho inet; pe did not but reserved water beliw and navght but the deeper heavens a»ove;—coolly be #trnok out to head her off. For three quarto # of & mile or more, he ewam for dear life; but now he begins to fail. His logs aro al- © id ond Ptiff, and be hange down deep, ibe waves ‘b. chance, he raises bis dA WOMAD—* Woman's Oars aro Al God bless her, de look room It effort Hrewhos bimeclf above the waves and #aye—"l am drowning!" They hear—they reo, Fase off shoota! ap helm! man the bon!" It te done as quick at eald—q uioker writen. drown,” calls tho brave, strag giing, but sinking man, before the bost can row, The captain furts the oraftfoli npon him. and minae of help at he beim to hin wife, while wi'h the coll of rope he nthe bows. The rowers pull strong, bat many Jet botweon them snd the sinking ‘man, when I's prow nears the spot, and with the Captaia’s call, “ Oateh bold,”’ the rope falls upon his bead and is turned around the wrist The rope is paid out, the sails and In two minntes moro—after he Fan hour and a half—the captain and his ‘wile pall him over ‘he side, helpless, and for « long time clouded and wandering of mind, This yaobt proved to be the Bloomer, from Salem, Cept. Dudley Davit, who was taking bie family on a trip to Port land He rendered Cam Stovons all the needed, landed him in Portiand on Sanday, and with the first train that reached here at noon on Monday he wae returned to his family—returned to startle, to giadden, to has well settled that question, by the | WHY THE DD1IAn . Pa BUbUeBNOY WAG UNCROVIDED FOR. the London Times, Avgust 10 | . The /beee of the fadian government to he symptoms of an impending military revolt seems astopishing afier the event ; but experience abows that great catastropnes 00 curring for the Orst time in history are never foresecn For three quarters of a century historians and politicians bave bees eonmeges isouseing the causes of the French revolution; Dut the actors as weli as the specistors in that wonderful drama were altogether taken by surorian, All the circumstances which indicated the fection of tha Bengal sepoys were carefully observed and conn tered The wliovasion of the soldier from the officer, tne isolated acts of insuborcination at different stations, the mvete- rious circulation of cakes throughout 0; Todia altracted merited notice and comment. roll: cal nd military authorities perceived from time to time that there was danger, but they were unable to imagine tbe form in whicb it was destined to display itseit, Tt wae in vain that warning followed upon warning No sagacity ceuld snticipate the time, the place, or the man- wer of the catbyeak; aud general intimations of danger fatled te suggest the urgency of immedia and vigorous measures of precaution From the time of Sir C. Napier’s last command tn India the unsound constitution of the Benga! army ought to have been fully understood. EF en at an earlier period it ts well known tbat Lord Hardinge’s con {dential communications were utterly inoonsistens with the official praises which be thought fit to bestow on the native troops. Five yeare tivce Genoa) Tucker, who had been Ad- Jntwnt-General of tbe Bengal army, called atten- tion, im @ canvassing letter circulated among the proprictora of East India stock, to the danger of military disaffection, and ty the erroneous mesures which baa been adopted ip the hope of raising the condi- on ofthe img Lord Dalhousie in bis farewell proc'a- mation deciazed with truih that the native soldier bad nothing to wish for; but pampered and favored armies have always beep moet exposed to the temptation of dis- loyalty. Whatever may be tbe cause of tue want of fore- wgh\ which has beer displayed, it is u eles to censure too severely ap error which has been share4 by all the ablvst stateemen in Iodia. It mut be admitted that the unexpected alarm has bren met wih unfinchirg Ormness. Wi.h one or two doubtful exceptions every bigh fanctionary ap; to have been ‘a6 Cool and resolute an if the revolt of the army had been en erdivary and probable occurrence. The confidence which was placea ip some of the native regi ments after the commencement of th: muliny ‘wna undoubtedly the reault of policy rather than of crcau lity; bat in some instances the affectation of confidence has been carried to the verge of rashoess. The troops at Bar- rack pore were not disarmed 111] the eve of ther moditared outbreak. Atan earlier period Geners! Hearsey’s report of an extensive plot among the soldiory was to pars without any immediate dissolution of tho offending re giments. According to the last accounts. the Governor Ge eral stil) persisted in dispensing with an Earepean body 01 The result alone will show whether the authorities we been justified in tempo izing with trooge of do ibiful fidelity. Any part of the army which may have ieferred ite adhesion to the revolt ‘or three or four months will proba bly revert to ita allegiance in earnest on the arrival of the Englieh reinforce ments. ¢ reason Which induced military officers to all warnings of future danger consisted in thelr profession- al admiration of the exterua! qualities of the Bengal sepoy ‘The Brahmins of the upper are among the finest | races of monkind, I.tw mali that the average helght of the men was grester by two inches than thsi of the Fog lish Iine, and in mapy of the secondary qualities of soloiers | thelr superiority vas equally indvputadie. Incapable of | drunkenness, indisposed to riot, resined in manner, and courtemis in’ demeanor, the high’ caste sepry naturally at | tracted the good of officers who Knew him only | on parade. A similar exierior would indicate many | genuine virtues im the case .f @ European, but ihe | awkwardest English recruls fresh from the plough | i would porsess instincts of hovesty and faith which are utterly unknown to the weil bred Oriental. It is raid tbat the desire of regimental officers to kee » up the showy appearance of their regiments has thwarted the | precent determixaticn of the higher authorities to break up the Brabmin moropoly of service. An a¢mixturs of Sibbs in the ranks might bsve rendered the conspiracy either imposaible or jngocvous. is no reason to doubt that ths religious Pretexte and | alleged for the mutiny were among the princips! causes of disaffection, The proselytizing seal of some officers and of many English ladies confirmed the suspicions, which were sedulously diffused by the'native journals. To’ minds pre- pared to take offence, any Circumstance will farnish one aided evidence. No other ali-n government would have tolerated the existence in its capital of 8 soctety for the protection of the indigenous faith against officia) encroachmen's; but tho Brahminical agitators took their dupes that the oense with which The t)l-omen- may be questioned as journals, but ‘Ume of civil war there coulc be af it relates to the Anglo Indian will scarcely believe that in & any hesitation in suspect- | tng the native organs of sedition. creation of a ver | necular free press in India, and a Laer | with which {ts abuses bave been perm are eminently | charscterietic of the weakness and the etre: of | the Englieh character, of national oopfidence tp our: olves, | apd of indifference tothe peculiarities of other racos. After the termination of the prevent diflouliter t may be presumed that some restraints will be maintained o: the Datve newsyapers. Seme years will elapse before Ii Deraliem again demande tua; cxlimited confidence ehoiid be placed in the loyalty of our Kastern eabjects. It is, | Indeed, more improdadie that poprlar clamor wi'l take the oppenive direction, Owed Oe fall of Delhi, Ss im | pada con tence com restored in india ; ut there ts little doubt tbat the au macy at the govera ment will at the latest be reestablished ‘ore the end of the approach! ‘The ¢otermination expressed by Lord Palmerston will | find an echo in every British We all kuow we are playing @ high gume, and we are resolwd fo play it. We are aware that ti ts no trifle, at the same time, to ¢ in the first rank of og pele to to our , frolof brosheriy independence Populus and agyres site Amertcan republic, keep at bay the savage tribes z » Wee: ever; ing will do twelf, naturally, 1 India could notoonfde more blindly tm sepoy fidelity than the British pudlic does in the gentus or the hee SH the nation For our part, none in confidence; yet confidence and supinenoss are Very Gifferentthings and, whatever the risk of exposure, we are thankful to Sir De Lacy Evans for calling atten'ion to the argensy Of the care, and eliciting from Lord Pal further particulars of what has boen C done, Tim at this moment in twenty ye pooner they are bup¢red Europeans, aud A benifal of Nght cavairy would bave topped ihe mischief at Meerot; two hundred Raropean in- fantry would bave saved Deltl. Only two days before tne Fepertod the dally pusmage of Raropoana Oswapore, oer re) pamage a STere tney were ou to be most wanted, and even after that m were still passing , A wont wen ‘tage 4 soared teat i thin “solation wolve or fifiecn thoasand mea at a dozen critical days that raine, as minutes kill the drowning man. devbt, {f we do not finish matters by the on1 of this yoar, ‘wo eball have more todo by the of next; but as tho na- tires do not walt for the season, neithUr can wo; and the work most be done ir De Rvana nrger tho necessity of sending on more soldiers from the Cape, and for that parpore sending more exact and pe- remptory bran I r% iy by a —— there set at norght in . He urges dos ‘of soldiers from Canada and the eubstitation of a coloniel militia. Malta, too, ho ®ays, may contribute by the pame proor ss, and be core Bot see ome thou- rand men May Not go straight from the Mediierranean by the overland route. In tome of these suggestions the General har been anticipated, though Lord Palmersion showed satiefactorily, aa we think, that under actral cir. cumstances clipper — would carry a regiment p nnd to Calovtta than it would lexan matancos ; be likely to got there by dria and Bees. AE. ASF trea bot there If no reazon against ‘arrangementa for the futare use of this route. change. Great Gor! what | The falher, with three eeore and ten care epee him, the young wife, stricken to the ect, little children, © Whom home wes gloomy—they ona toll, we can’t ‘Walmoe, in Swedin, bave bame, « bouse and sha sembled ip the chapel form of worthip, and of pearants,® med i f Hi zg 3 7 wounded, the M it, dipy then I At Burlof, ties bave decided tht any par- fon who may lend his houseto ihe Mo-mons for thetr mest. ings, or mey take any service, or oven jve them into his bouse, shall be fined twe »ty: five rix- dal district w 10 had om- abandoned it to return to the bracd Mormoriem have Lutheran religion, ANTI-MORMOW RIOT IN ENGLAND. [Btrmlnghain (Jaly 27) Correrpontence of the M-nchower towards the Mormons, who are rainer nu- me-ous in Birmingham Thetr have been inter rupted, and several of their “eders” bave been very roughly handles. ‘been torn from their backs, ters reached a climax. The Mormons bave a chapel ing barrow thorovgbfare, called Thorpe street, and nearly op- porite this brilding Dr. Brindley, the master of a scholas Uc establishment at Leamington and who recently con- ducted a school near Liverpool, lectured upen che abomi- nations of Joreph Smith’s followers to be! ween fifteem hondred and two thousand people. Hie discourse oom cluded about eight o'clock gh fow of the more res pectable looking of his hearers left the street when he did, the great majority remataed, and shortly afterwards a rash was made to the chapel whore “Presidenl’’ Auorey was preaching at the time. alslog apd unocupied seats were epee: ily led, end ther running fire of comment on the sermon wes commenced and carried on hy the tacruders for some five or ten minutes. It is st that much of the lenguage used was of the lowest and most dis- graceful kind. At last Aubrey abruptly closed nis dis couree axd dismissed his congregation It was with great difficulty that they forced their way through the crowds im the chapel yard and the street. The females were bustled, insulted? end bespat ered with mud; the men bad their hat knocked olf, aud were suck on every tide, The police were rent for and quiet was partially re- ftored, As soon, however, as the constables nad retired the door of the c.apol was burst open, the crowd rashed in, the front wind«ws were smashed, aida Bibe and several other books stylen. The interior of the chapel war the ecese of the utmost riot. A body of police arrived at this moment and di the mob, or in a)! probabt- lity there would have been sertovs res:! s, as bint: of am intention to burn the chapel were freely circalsed Ne oher disturbance ook piace that nigbt; but on Monday morning the chape! doors were agaia broken 020n, loox- fart clorets eptered and rensscked, and a lyrge number of school ard music books were torn in piscos and strewm acout the yard. Exorpt whens policeman made bis ap- Pearance, the cro #d remained in porsession of the building during Bec. In the e' showers of stoves were fe! burleo through the smashed windows, Yesterday, hew- ever, the police took active measures to prevent a repell- tion of these scenes. Warfare between the French aad Portuguese 2 [From the Hong Register, Jane 2] We have for some time past bad it inv ow to direct the ‘atiention of our readers to the anomaions cHaracter of the warfare growing up in the Chusan archipelago between the French snd Portuguese traders in that quarter, but the chief interest of Chinese affairs bas lately oeen so muck concentrated in our neighborhood tbat we have allowed weeks to el without putting our ttention into execu- tion. Intelligence, however, recentiy a-rived from Ningpa, indicates such a state of affairs thai we foel we ought ne longer to delay laying cur views before the publio. Certain Poriugueec subjects bave for many years pest asreried a right 10 monop. lize the “ocnvoying trade” (as it is termed) in the peighborhood of Ningvo, and more Particularly that division of it which conoorms ° pr of the fisheries. This which has no other foundation save terror, vie lence and extortion—which is {n direct contra- divtion to the letter of the troaties yoke of 0, from Peatedly endeavored to liberate theaselves by the: = ment oF togien and other foreign flags. Hitherto thene vessels have found so mapy difficulties tarown in their wey that svoper or later they have been compelled to throw ap thelr contrac’s. The Oshermen in question are theabio bodied men of cer- tain villages eiwated in tae great plaiu {fn the centre of which Nicgpo standa. After the rice is planted the early summer, they prepare their boas and pets, bay nded the canals, assemble at Ningpo about middie of June. Before proceeding down te river te ‘fs ations near the groupe of islands, where they bave \oeir neta from immemorial time, ft has been their: to engage for the three months during which the lasts, three or four vessels for each station, cee Oe eee eee tone of the veighborirg islanders. rst the lorchas were only suitable vessele which hired; but when craft of a similar class under the and other flags appeared im tbe Archipelago, @ po ition was manifeswod—whether, because the Cigttked the imperious acts and old or from the tren! elf ai a f J E i ai & man of strong energy and will, amply provided plianoes necestary wo carry hit orders into effect é #f authority over the gangs which infest Ningpo. The aide oa which s consal’s efficiency + epends, such as the occasional visit of ships of consiabulary, s strong lock up, &0., were very sparingly provided If it be true that the funds for cefray ing bim salary ane other expenres, are Cerived from 8 per crntage on the earrings of the vesa’ is visiting the Port, 1t te lear that their eoilection on & princi ole so vi- cious cannot fail to injure his {nfl rence and position The laest accounts Ningpo 1) the effect that Booiro’s squadron of twelve armed vossols carried of from Obinbac # Bri ish subject pamed Amy, (& Straits Obinese, We #u spose,) Connected with the French company, aad, proceeding to vem, epooontered the Portuguese a8 iT, which was ordered to join their flag. Tae c-ew of Ne. TT refosed, as became honest tracers, and excited thereby the rage of these villains. No. 77 was therefore boarded me 8 deck, such & state of things cries out aloud for a remoty, and ta eppeali’ g to bit Exoeilonty the Governor of ¥acso to put au opd to the utmost of bis power to praciicos #0 at we bope we shall not appral in i Th te imposet i the @ cre wored to make committed by powers by ‘(9 the general Lsmey J We suppose ae eee viow ts adi h. ——— satisfied with the a a I aoe oRcome gees po capeet be found, one which “wine tr = ployment of in the river bas hitherte pe bia excellency the naval Commander in-Obief vending Dg. The anticipated arrival of the stenm sloope from the Pacific will, however, probably ret at l'berty one or nore of the drige for ral nerv' In that cave we trum) the Admiral will see &% —, one Sta Ningpo station, where ite mere renee is certain to exorcise a very salutary effect on dingraceful proceedings. ~" Reonvrra ron Naw Maxroo, &0.--Captain Thos. Dencan, of the Mounted Rif) y ~— outed Rifle, U8 4, (wae nee Jace York, under command of Ool, S. army. Their destinaiion ie also New ‘© bodies will meet at Fort Leavenworth, from ey Will proceed togother on their destination, command of the senior officer, Tho Hon. abrahaa cher, of North Caroline, the resestiy appointed of the Territory of New Mexioo, wil poet, ncoom panied b; iz . § i a2 ii i Py i New Four arp Warat.—The receipts wheat and flour are becoming more liberal, sd pri declining rapidly, and must etill continue to deo Ii some time to come aa (ne here soc: 108 Oret important receipts of now wheat in buik were recet the schooner J, Fretier bringing in tome 4 uehols of new Obio; the propel! 7, fron D: 5iz35 Poraro Ror —The Frederick, ( ot is making tur gg ya more Ln conseqconce thervof will amount to