Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-03-23
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The great Of the times the revolution in the credit
and standing ofstae stocks, going forward confidence in
the stocks greatly shaken in London the great their
sale The states at home eramped and distress for
and each independent state has been egs
late itself out ofdcuy Every they make. howey
only tends to the dsercd in which they
to multiply the difficulties which surround them The move.
ments Of the Penns vana legislature reaching London at
latest dates had effect in depressing the value Of
American securities generally and the stock of that par
cuarly On the heels that information followed by the
last steamer the proclamation &C the Of Mississippi on
the subject Of the gAy Of the negotiation Of the stock Of
that state the OF the state of Indiana the
issue ofSisoooo Of state circulating money, pay
nent Of the debts due the which direct viola
ton Of the constitution OF the United States and Of the
vote which passed the Senate Of the state Of Illinois, de-
clarng the contracts made by the fund commissioners for
certain stocks null and void All this added TO the low price
Of stocks at home have unsv osbe effect the
market thereJ
The vote the legislature Of the State Of lso in regard
to the reputation Of the stocks Of that state is the first direct
vote taken upon that subjects and although afterwards
considered and defeated by well calculated
alarm those Interested in those securities We will here brief
y enumeraie the position Of the affairs in Illinois, and the
sacons OF the Fund Commissioners for the past year. which
led to this result
We have received from London by the last packet work
entitled "Troers Finances Of the North American States.
Thsis very valuable work but contains many errors which
shall point often have speak any
suhec, 10 which they refer Ia the present case we will in
giving condition Of the State Of Illinois, show wherein err
ro in Mr. Troers work appear in reference 10 that state
The total debt the state OF Illinois In the form bonds
payable bearer The liabilities ofthe as follows;
True siatni Trofer's s,af'nf.
Bank stock issued ............ .9sss,oes sOoOo0O
Illinois and Nichgaa canal 100000 10000
Internal inorONement .ffbIO00 s0o0,Ou0
Revenue and school fund.-. $4,000 100000
State bills issued 10 contractors. ~ SO 900
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Amount on which intst s paid Ics9o,Ooo
Amount OF interest. .......ss. 637,sOO
The available OF the state follows;
STOCK IN Illinois Branch hank 1000
state Bank. ACKNOWLEDGEMENTS. 2lOo,oos
- S3ioooOo
Di'ioends arising therefrom VsOO0
The unavailable eff the State consisting in public
works, lands aud appropriations amount taOssH
II All the works sutnrsedby aw completed according To
the present stem The debt will amount 10. sis
amount o' annual interest .................. 13OTs
In Mr. Trotters book stated that the capital Of the Bank Of
Illinois at shawneetown originally. ... Ssssoso
or which WIS owned by the state. . ........ 500
OF the ownedby the had been recently added
by the commissioners cut o The stock appropriated
the capital Of the two banks states that the bank
still held $500 900 ofe Stat. that purpose The
true statement u tvs;
The original capital of the Bank ...... 200 600
Additional subscribed BY private individuals 100000
the state, in bonds ...... 100000
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