The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-22

the remaining confidence in the M Of the people to pay
Hitherto the dealcaton has been ascrbed temporary
want OF means only The state of feeling is thus described
in letter from an intelligent party -
LONDON, Auousr g." Money is plenty the rate is 81
per ceHt The sovereign in Europe borrow
here per and vet Robinson will not be able
get money for government loan at all There appears
70 be resoute determination the part of capitalists
here not 10 give us dollar in any shapeand any
one who would do would be prescribed Whether the
same hostility exists the Continent cannot say, but
think there is but little hope that anything will be done
The last accounts of the failure have cap
ped the climax of disgust and dishonor securities
There has been some disposition 10 purchase Illinois and
Indiana but only at prices below yours think some
thing will be done here for Illinois powerful emgrat
ing company is forming under the patronage and lead OF
Father Mathew who will settle themselves in that State
Some will go this fall. They are all Catholics
In connection with this in relation Illinois, may
state that efforts making compromise the debt ofthat
State 1t by cancelling the bonds issued TO the Banks
which are nsolvent, and by receiving the internal i'm
provement bonds in payment for lands and State dues
This would leave but small debt which could be tsken
care Of The debt independent the Bank debt is nearly
as T llows
Internal improv ement debt S5O66 A13
Interest on the debt pto January, 1913, 303 $50
state House debt, I2l 900
Interest on state House debt to Jan. 1919, 1850
Canal debt, 4iis 600
Interest canal debt up to Jan. 1913, 266 400
SlO2l3Os
ms uept IL mas been proposed to lquldate by taking
in exchange for land For instance the canal debt and
interest $47l6,40O There 242679 acres of canal
lands and avals, as follows =
2l2 $40 of canal lands at $40 per acre.
Amount due from indiv iduas for canal lands and
lots, wood and timber, per official state
ments, IlI7654
Amount Of the late sales in the fall Of ls4l 10000
ss,osi ,2s4
Deduct the whole amo unit of canal debt, and in.
terest up to Jan. 1913, 47l6iO0
And It leaves balance oil Sl,3l6s3i
This plausible but is mpractcable price
OF the lands is raised in proportion corresponding with
the depreciation OF the debt Those lands worth but
81 cash. for which $40 in bonds is asked For the govern
ment lands worth 81 % cash they ask So bonds This
idle, besides dshonoable 1t would be more to the in
teres OF settler to buy the lands for cash than
60 through all the ceremony Of buying and reselling
bonds The internal improvement debt, it appears is
Ss97 6s9 To meet this the lands to be got under
the distribution act and to be sold the same rates which
would be sufficient to extinguish the debt Now the only
way in which these lands be made available and re-
deem the honor OF the State is to sell them the cash
prices for the bonds at par This would not only ensure
the retiremenof large amount of debt fill the State
with hardy settlers to whom the remaining debt would be
burden The amount land unsod in the State of ILL
nos is lO372636 acres of this the State owns as fol-
lows