The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-06-01

less and right thinking Governor Ford will lead the way
to restoration OF that credit which her delinquency
hepedto dapdae. When Illinois failed under the old
legislature she actually passed resolutions of repadaon,
and although subsequently rescinded. they had power.
full effect upon American credit After its adjournment
immense and untripg efforts were made 10 return egs-
laure which should either boldly repudiae or blink the
question like other States by resolving to paw vet
doing nothing towards it. These efforts although backed
by period OF unmitgated Distress of bank
low prices and stagnant markets. failed. new lega
ture and Governor elected whose first efforts were
devoted to settling the debt Governor Ford in his mes
sage ably and skilfully skeched the plan, which was
vigorously followed up The 100000 subscribed to
the lrotten banks withdrawn and cancelled--ncar
100000 of bonds issued to Sebbins MAlister, were
settled by law passed the application of those gentle.
There remain about 50 900 OOO of which S. 100000
have lien upon the Canal and its property This Camel
and property promptly put their possession by the
new law on condition that they complete and pay them
selves. principal and back interest full The State
debt will then be reduced to $4,OOO0OO improvement
bonds Its will be enhanced by the completion of
awork which may be considered one the most important
oil the age, reference had to its locality and connec
uons The canal itself is 100 miles in length but the H.
nos rveri navigable frem the canal to its mouth and
completes the circle OF water communication round the
oned states. The population of the counties through
fuy 2ooOOO The immigration into the State has alone
oeeh or $4,000 per annum, according the most
accurate returns.
The consideration in which is held by the leading in
terests in this country may be estimated from the fact
that Messrs Oakley Ryan arrived in this CITY to omen
their mission at time when tho stock and monev mar
ket was nearly stagnant From some of the warmest
friends of Illinois, they met with but little encourage
ment The experienced skill OF Col Oakley and the cool
judgment of Mr. Ry however satisfactorily expain
ed the nature of the operation and eagerly entered
into. The American ExchsngeBank and other holders
in the city, Immediately subscribed their quota amount
ting to $500 900 bonds Yesterday letter received
from the Comptroller stating that about are held
by the free banks Of this State which have expressed
desire to subscribe, making S625O which all the
canal bonds held here. The public have appreciated
the movement and the stock has risen from Is A. The
capitalists of Boston, who look upon the canal of Illinois
as important adjunct to the Albany Railroad have
freely rendered their assistance and the Of the
loan is beyond doubt. The buoyancy in illinois stock
been communicated to all Others and the rise has been
enormous because full confidence entertained that the
movement of Illinois will go far to restore American
dit and induce foreign creditors to retain their stocks
and during the Righteousness money there perhaps
increase their the best description oIUni.
ted States securities The following table will show the
advance in prices:-
PRICES OF STOCKS New YoRK MARKET, DEC IS
1912, MAY Is, AND MAY 81 l8i3.