The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-10-24

Is
We repeatedly called attention to hefact that the
Stebbns and MAllester Illinois bonds those dated May
1871, and number from 2o TO 1904 both inclusive and
redeemable in 1865 acknowledged by the State
any further than the amount Of money actually recev
ed by the State from Sebbins and MAcster The bonds
in question were issued and j. D. White
side, fund commissioner Of Illinois, with M'Allester
StebbiHs, OF money to meet the July interest
due in ls4l, on the State debt. The amount of the ad
thus obtained thirty 63l0O dollars 1881
$1,000, which, with interes. up this time amounts to
thiryseven 65lO0 dollars 1897 Is 1907 three hundred
and seventy six so 100 dollars tss76 $4,000 upon each
bond and all purchasers these bonds subsequent
18TH ls4a purchased them with the understanding that
the State could only be held accountable for the
advanced and interest viz ($s76 so 1907 ahres hundred
and seventysx 5O0O per bond At that date ofthe
bonds offered for sale at public auction and in
sequence the commissioner published the following no
tice, dated Jan. IS, 1891
ACARp
Observing that number lots of the Illinois Inter.,l
Improvement Loan Of 1885, have been advertised for sale
at public auction, Monday, the 10th instant and hs-
wing been called upon to state what amount would be
cognsed BY the State OF Illinois, in its future copsdera
ton the SUBJECT have felt my duty to i've this pu
lie notice. that arrangements be made the
State will pay to each holder thereof the of his
advance, together with the interest which has accrued
thereon. JOHN d. WHITESIDE,
Fund Commissioner of Illinois.
Pursuant to this view of the case the Legislature pas
sed law, the Sd section of which follows =
That in any of said bonds shall be presented to the
Auditor by any other person or persons than the said
MAlester and stebbins, he Auditor may issue hswar
rants upon the Treasurer as aforesaid to the holders there
Of and the amounts of said shall be charged
against the amount which is due M'Alleser and steb
bins Provided the holders of said bonds shall be requr
ed to furnish the Auditor satisfactory testimony that the
amount claimed by them was loaned upon the hyp0the
cation OF said bonds and that part OF it has repaid
them by MAleser and stebbns And provided that the
amount to be paid to said person persons shall
coed twentysix per cent (26 per cenD.
Here tie law distinctly limits the State liabilities on
these boudsto 90 per cent The legislature passed
law authorship the Shawne.own Bank to return TO the
State 81 000 900 OF all evidences Of the State debt of
which theiace acknowledged. Instead OF doing so
however, the bank through its agents. on the 2sth
August last bought up 900 Of these MAester bonds
of them at twenty six AMI half per being
one half per cent more besides brokerage &c. than the
liability OF the State them the intention
being evidently to return themto the State par
Of per cent, as authorised by the law On $780,
600 purchased the state Acknowledges ss and the
bank put,he in at the people will $a22 600
It'll this operation which the Sangamo Journal is endea-
vorng to assist The law, it will be observed, require
those who present the bonds for redemption in Auditors
warrants, TO prove that they originally loaned money
upon the bonds and that that money has repaid
to them by sebbins MAleser. In relation to this
ter those gentlemen have filed the following statement
There holder OF tn bonds EXCEPT one a. Hol.
ford Esq who advanced dollar upon their hypo.
thecation and all that in possession the
hands of hose who have purchased them upon speoula
tion or for the use OF the shawneetown Bank; conse
quent)y the law stands the state OF Illinois liable
dollar the whole eight hundred and four thou
sand dollars s04 O00) bonds unless resented by MEAL
ester and stebbns Holfore ESQ., and ifby them only
the amount of (S26l bO0 two hundred and sixty one
thousand Eve hundred dollars with interest from June
18th, lS4l
The parties who arc engaged in this speculation were
fully apprzed Of the notice Of the Fund Commissioners
and also OF the action OF the Legislature for the bill
passed its last session. these bonds formally repu
dated and prov made TO repay the advance, which
the state had received and this done with the
currence Of the parties most interested in them.
c. NALESTER, for self and
H.G sTEBBlNS.
Philadelphia, Sept. Is, ls43.
In the face of this garng attempt 10 violate the laws Of
Illinois, and subject its people TO great loss for purposes
of private speculation, the sapgsmo journal has the
holiness to assai those who have exposed the
Illinois is now on the road to extraordinary prosperity
she has put her debt in train of liquidation She has oh
tanned the means OF completing OF the most important
puphc works In the whole country Her canal stretch
ing through hundred miles Of the most productive
SOIL pcopied by an industrious race and the
Illinois and Mississippi rivers with the great chain Of
lakes, and establishing inland water communication
between New York and New Orleans ia in train
OF completion. She is also free from hanks and
that great drain upon her resources stopned we
trust, forever. In the ten years ending in 1910.
the population OF Illinois from 45b to 47ess in
tabants. AT the some rate ofncrease her 10
5sllss persons. The prospects of Illinois are now
Of specie currency, soil unsurpassed In produc ,ior
and intesectedby one ofhe nobles canals in the Union
connecting her internal resources with New York and
Boston the east, and New Orleans on the south and
debt reduced TO about 81 100000 required to be paid for
by taxation, II the OF the immense canal should
rot be sufficient TO discharge it, There can be no more
ns tcring prospect TO- any people than thatLo hell ont