The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-21

ST 600 each "a of which have
been hypothetical to Fund
Commissioner, by the
tractors, for the sum of $42
900 Illinois State Bank paper,
leaving balance of $4,000, 10000 90
-- 1909 o74 "a
Total debt on account of bank -
and internal improvement
bonds and scrip. s,27s, 1876 "a
Illinois & Michin Canal Stock.
Bonds sold by my predecessor, 100000 90
Amount sold by Gov Reynolds
to President of the U. s. Bk,, 10000 90
" sold by Gov Reynolds and
Gen. Rawlings to John
eDelsied, 100000 90
" sold By Gen. Thornton on
Canal, 100000 90
r" do. do. in Lond'n 100000 90
n" advanc ed by Wright Co
- contract with Judge
Young and Gov Reynolds
;E-r 100000 by terms of con-
tract equalto, 145lss 90
bonds paid to contractors
s,74a,lss 90
of certificates of indebted
ness issued by commission
ers 2o4,7H 90
- 6s6,7Is II
Total canal debt. $4,sss, so7 II
Bonds outstanding account
of State House, 10000 90 %
Amount due School, College bi
and Seminary Funds. sos,os5 90 /roo
Amount due State Bank for ga
warrants paid, 294190 90 Il hy
Amount due on account of sur. | po
plus revenue, s477,sls a 81
Total debt upon which nte- | hv
rest accrues $l3,S363b | RI
Total Bank stock, sa,es5,No a,
Internal Improvement debt, 6,6l4 "
d" Canal debt 4,3ss u SO,,
" State House, ZIG 90 -
6Ss state sf Dsnf for sr1 w sSm' ''''
Total debt upon which interest .ccues, sass, IS
sum Of $50 II Bn
To meet these liabilities the State has the fol.
lowing resources, at present unavailable: Z
Lands remaining unsOd Of Canal Grant, 23S go acres
Lands granted to the State under the prov SD.
sions Of an act entitled :" An Act to appro Sou
pirate the proceeds of the sales Of the
public lands and to grant presumption Ola
rights" approved Sept. 4th, is4l 2lo,l' acres Me-
Improvement purposes, ' N'''H' acres So
Amounting to 4sst2 acres
Amount due Canal Fund from sales of lands,
town lots, stone, timber, sc. f20i 964
At the date of my last message the follow 20 -,
ing named purchasers of bonds had fail s ses.
ed to pay for them according to contract, fore
John Delafeld in the sum of Sass, 900 HON
A. H. Bangs, $4,000 2ffc
Bank Of Commerce at Buffalo, 10000 n'oi
Commercial Bank at Buffalo, 10000 :.
Erie County Bank, 1880 +
Amounting to s7so,5oo .us
have, however, been informed BY the Commits uE
sioner that part Of the above bonds has sbeen paid
for and that the remainder had been addit1 secured.
The Governor then goes into del regard to % 90
the situation of the debt and utterly deie response
blity of the State for those bonds for ono equva
lent received IN relation the BON debt Of the
State he remarks as follows:- s.;
Having said thus much, in expanef items and from
accounts that cou otherwise be exd, by Aug
ring to the table will perceive that hole amount f
Of our public debt upon which interTues, is sla,. WI,
Assuming however ina, en-. divi the capital pss.e
stock owned In the Ranks viii ecu Interest upon laon
the Bank debt, that "a tnck viii thdrawn, and schr
deducting IL from the 60 -nounf IN chargeable basse'
with interest viii then ~ 90 IA s1a y interest up Rsr
which per sr snnum ns to $40 $50 1000
II. For the payment OF THIS The faith and Pscka
credit Of the State soismny and ssby pledged Gene
"tthereore becomes your duty Aarsans Of the ossp
character and reputation Of the sta,oride posi-
BILE the means OF paying this sum. are em loo re- sch
upon uhich rely fo purpose. The mdse
first M landed property Of the Stat second resort Sch
to direct taxation: h? SCI;
Here indeed land is the brsof day through maste
the dark mists of debt, finance, and reputation
which has so long stalked III The message
then states that the sale of the lano' De depended sh!
on as source of In re 10 taxaton he leigh
remarks that the quantity of mes becoming taxa HILL
BILE this year is 100000 acres GOO, but in con-
sequence Of the fall all propes increased into
ment has been $4,000 only lon, he states has from
ceased, owing to the evils the paper system in
and produce is scarcely saea any price Under them
these circumstances he cannot pay the interest in hrs
from taxation He the dds >. BRrc
Therefore necessity woudio point out the pro- B,p,
priey, il possible of going quidation now by s,randr
placing those lands by legisla at the option and
Of the holders Of our bonds. BM'
In regard to the two banks vernon recommends pobab
that their corporate existence idly terminated.
In relation to the public lhey his Exceency Sail.
states that he received mott the secretary of the
Treasury, that $40 2so was o" first deductng the Gall,
amount due on certain sto by the United States. on
lie, however declined to agents to receive It, Port
He believes the distribution lands to be unconstit
sonal and adds that Illinopd poor, but - Ham,