The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-10-20
Bullion in Bank of
England,


England, 1873 900 ll,S7eOO0 II 973 600 IL. $50 900
In relation to American securities, the London Com
mercia Chronicle published long proposal of Messrs
Oakley and Ryan, the Illinois Commissioners remerkng
follows:
We readily give publicity to the suboined proposal by
the Commissioners OF the State OF Illinois, the holders
Of the Illinois Canal Stock for raising funds complete
the Illinois and Michigan Canal upon the security the
provisions OF an act OF the Lsgs ature of the State OF Hi
nos passed at its last session. and to thereto
which, i'll the character of undersigned" already en-
braces the eminent firms of Messrs Hope Co.. OF Am
serdam; Mesrs Rohschilds of London; Messrs Barring
Brothers Co.; and Messrs. Magn,ac, Jardine & Co.
The signatures oil these Influential! houses will proba
bly, induce many parties to follow their example, and
lead finally to the acceptance and fulfm OF the cond
tons therein expressed This document forms lost
feature in the history of American finance and
is the fest practical hst has taken place since
the crash of 1885, really calculated establish Anne
rcan credit. The news brought by the last steamer
speaks most avorsby Of trade and Of advance in the
price oil American socas; hut we have nothing
the part Of the indebted aes calculated to increase
confidence in the expectations held by their unfortunate
and suffering creditors that they will provide, by ade
quate taxaton for the of the interest on their
public debt This is much to be regretted, and the
liberal conduct OF the great firms above mentioned in
coming forward as they have done, is made thus more
remarkably prominent II be properly and sppre
credit and confidence not only in the State OF
Illinois, but in the ether American States. II, on the
other hand, any difficulty is allowed to appear, any
hitch" TO interfere or to produce a delay in the
fn!tment of the obligations the part of Illinois, the
consequences will be most fatal and all confidence IN the
The contract signed by the above named individuals
as follows;-
"The undersigned holders OF Illinois canal bonds hav.
ing had under consideration the above statement Of
the commissioners depued by the Governor of the State
of Illinois, and the circular issued by them bearing date
May 25b lSl3 considering that the canal bonds were is
sued the faith and credit of the State of Illinois, and
not the canal alone that the state was bound 10
nrovde for payment of The interest bereon and that "
fact provision by the said act made for ument of
such obligations, but the creditors left the chance
nftl nf
respective proportions of the Of 600 neces
ssry complete the canal in the manner contemplated
by the act OF the Legislature but nevertheless
willing and hereby agree advance to the trustees to
be appointed in pointed cut by the said act the
sums set opposite to our respective names in the list Of
the commissioners, for the Immediate purpose of continu
ing the works in progress such being the rate
of 2 per cant the canal bonds held by respectively
subject to the following conditions
"lt That The facts contained in the proceeding state
ment shall be verified to the satisfaction Of Messrs Bar
by agent be named by hem on behalf of the bond
holders; and that the said Barring Brothers Co. and Mag
MAC Jardine s. Co. shall also satisfied ofthe power Of
the Governor to carry this proposal into effect.
go That the Governor OF the State shall enter into
contract under the provisions OF the 2s section the
vsneed by with interest thereon rate of per
cent upon the canal and lands pointed out in
the said act OF the legislature of Illinois, shall for that
purpose vest the said cana! andends in trustees there
mentioned.
90 That the to be advanced by u.s. in pursuance
OF this agreement shall rank pari pa with any other
to be contributed towardsthe completion the ca
na end pursuance Of the said other se so as to
constitute part OF sum not exceeding 81 900 which
shall have precedence over and shall be paid
with the interest thereon, before any other claims
existing hereafter he created upon the said canal
and lands, and the tolls aud profits thereof the trust
to be created in pursuance Of the said ec and shall
satisfied with interest thing in the said contained
to the contrary otwithstaDdmg.
"a That the subscribers holders of certificates OF
this subscription shall be entitled at time register
canal bonds held by them TO the extent Of eight
amount of such subscription and upon Payment OF the
remaining 9 cent required by the act; and that such
tonds shall have such priority in paw of principal
and interest by the act provided for registered canal
bonds.
That certificates bearing interest at the rate of psr
cent per and able bearer shall be issued
for the by respectively agreed be advanced
aiorcsad and the Governor 81 the State shall the
contract to be entered oil conditions contain
cd in the act for ioreitn the advanced for de-
termining the trust, before the full payment Of
advances and Interest," and il shall be provided that no
subscriber shall be responsible for shall his secur
ties the priores thereof he affected or preiudced nv
the defaults Of any other subscriber and further
that of difference between the trustees as to
the application OF the money subscribed towards compile
ton OF the canal and works. TO any other matters
entrustedto them, the decision OF the majority shsl be
conclusive.
to urge upon the Legislature their session. to
make provision out OF the of the State and if
need be by taxation for OF the future interest
its public debit including the canal bonds such extent
as the mems OF the State will enable it, and further to
issue debentures of the STATE bearing interest the
o. six per cent per annum, Tor the dividends in
arresr and such part Of the future dividends shall not
be provided for as aforesaid.
" That signatures to the above engagement are to be
Of no force, unless the of 100000 at least shall be
subsc and ID understood that the said Barring Bro
theirs Co and Megriac, Jardne & Co contract no re
sponsibily either towards the State the subscribers
by the exercise OF their judgment the questions sub
mitea to them"
The market for American stocks, was as follows -
LONDON, 81 Oct. ls43.
The irmness in our American stock market continues
with moderate demand for investment the
securities and the amounts brough forward sale are
small. The purchases of Louisiana Bonds proceed from
Prices OF American Stocks in London, Sd October -
Alabama per cent 60; do sterling, do, TO- Illinois
Bonds sO Indiana do so Louisiana do So; do DO is4a
So do consolidated Association, So do Union Bank So;
Mary land sterling SIS, 55H New York State SIS ex div
e2;+ do City SIS, do, 92 Ohis g. so; Pennsy ivania B
So; South Carolina sterling SIS, %; Kentucky 6s SO;
Tennessee SIS s.; Vrgnia6 s, SO; u s. Bank shares 6
shillings
Sales.
Thcs,ock market was much better to day, and prices
generally improved; Illinois per cent Ohio z; Indiana
per cent; Harlem !; Long Island !, Ken,uckys.
The leersby the Boston steamer were not received to-
day, causing immense disappointment the whole com
mercial community The newspapers and few letters
received. The latter by private enterprise Had
the letter mail received by due course of mail they
could all have been answered by the Great Western and
eleven days time have been saved. But owing to the
abomnable Encouragement ofthc department the whole
mail was left behind Nor is this all the neiciency
delayed all the southern mail south Of Richmond and
large amount of bills which should have been received
for this boat left behind How long the community to
suffer in this msnnerl
The Illinois Commissioner, Michael Ryan, Esq, has
arrived by this bout having surmounted tie utmost diff