The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-10-13

per cent ................... 263,l6 1886
Internal improvements act of 1887,
per cent ''....... 80. ....... ,497,25o 1882
Total amount of bonds issued and un
paid ...... 3,2O6,4l 1858
The Courier and Enquirer alternately abusing and
putting the state Of Illinois, seemingly for the purpose of
throwing every obstacle in the way of settling the debts
ofhe delinquent States order to make their bankrupt
condition the basis Of political movement in forcing
indirect assumption of the debts by the Of national
stock based upon public lands. This cannot succeed
the actual value ofhe public lands, which consist only
ofthe net to be derived from them is not since
the distribution OF their best portion by act OF the extra
session. sufficient to pay the interest of Pennsylvania
That paper remarks upon article in an Illinois paper
follows:-
asserts, what indeed tue that the actual debt OF
the state has not teen at all reduced by the action OF the
Legislature and that they will not be- should the arrange
ment be completed which sought TO be effected by the
Commissioners in England II assers, that fosc and
fraudulent representations have been made 10 the
lean contemplated be made the present Canal Bond
hoders-Firs by the statement made both in this coun.
try and in Europe, that the McAster and Stebbins
bonds had been qudaei and the $500 OF State bonds
hypothecated to them csnceed while the facts are that
the debt has not been qudated have the bonds been
given up to the States neither will they be- for the obvious
reason that the bonds have been pulled up from II 40
cents without the remoest for their
in value, and therefore, worth six hundred
thousand dollars more than the provision made by the Lee
gislature for their liquidation.
The debt of the State has been reduced by the amount
quiaon, and by the amount $5,OO0,OOO of the canal
debt if the arrangement is concluded in London in rela
ton to the canal In relation to the NcAlister bonds
statement has been made that the bonds had been
lqudaed Those bonds $500, 900, were issued to that
firm in pledge for loan of S26l 900 The state,
ct The last session. passed law auhorising McAhster and
Stebbns to return the whole $500 bonds the State
and receive warrants for the amount actually received
by the State, and the warrants able in two
years, with INTEREST," and full provision made for
taking them up. This was special law, drawn up in
tbs city, and passedby the great exerons OF the parties
interested These bonds worth but II cents on the
dollar when the canal bonds were worth 35 law was
also passed putting the Shawneetown Bank in liquida
ton and authosng the bank to return 10 the State any
evidences oft Indebtedness not provided for in the sPe
cal law enacted in relation the Stebbns bonds Now
is very apparent that the Shawneetown Bank could
buy up the ssbbns bonds at IL cents instead Of the
guar bonds at 34 and return them TO the Governor
great saving would be effected to the injury of Messrs
McAlister and stebbns The object was to induce the
executive 10 take the stebbns bonds at par from the
bank although the law in relation to them expressly de
cares that shall be allowed on them than the
State actually received great deal OF machinery was
set to work to effect this obj sct. The Governor was
surrounded by politicians of both parties the Illinois
papers influenced in regard to the subject and the pur
chase of the stebbins bonds commenced in this Market
and the price 26I at which the last purchase OF
ofhe bonds made blythe bank from Haford&
Co. II was this actual demand, and "pufing that
caused the bonds RISE When the bonds purchased
the 29h Of August they were hurried off to Illinois,
and efforts made induce the Governor to accept them
Immediately from the bank. 1t remains to be seen whe
ther the shawneetown Bank foist upon the State
bonds at par which special law hos declared worth
but about 20 per In relation to the mission oil the
Commissioners TO London they make to creditors there
on offer OF property more than sufficient to meet
their claim il property improved. And we published,
the arrival of the Acadia, part of letter from
Mr.. Ryan, in which he entertained many hopes of ia
voable result On the OF that arrangement de
ponds entirely the value the Illinois bonds II the offer
ofthe State to settle, and her disposition to do oil in her
power treated with contempt and unmeasured abuse
will be difficult to exact taxes from rritaed people
to pay.
The Lowell Courier after making some remarks upon
an article in this paper, makes quotation, end com
ments ms follows -
Sept az" The impost trade has fallen off from Sis,
25s4 in 1886 to S37 600 in s4s These are the ell
iects OF collapse In paper credit assisted by protec'
tive tariff"
Here cause and effect brought IN immediate
nishing.
Why is money plenty Simply because we do not
send abroad for foreign goods Open the and
let in your sisOOO 900 imports Instead of ss7oooooO
and how long will this abundance of money last The
drain upon will be sl 0O0O 900 gres ter than now How
long will money be plenty 2
The Courier considers apparently, that all trade be-
tween nations turns upon specie money. his is
very far from being the The int rchange between
nations is entirely Of barter The m'vement OF specie
is only TO settle small comparative baanc es When ma
ton exports, it back in return that which it
most in want Of During the past ney specie has
been the article in demand because paper money
has, for the part ceased TO exist At the end OF an
other six moaths specie will have become disseminated,
and cease any longer to be wanted-we shall haze
enough What then are to receive for our exports
There are now l2OoOOoO hard dollars that have been
lay ing utterly useless in the banks OF this city Tor near
one OF what benefit will be 10 any body to go on
increasing that amount supposing possible TO DO 60
we must then to export receive goods in return
AS long rs imports paid for in articles of export the
larger the amount the better. There never will be
movement Of money. 1t isony exchange of articles
that we do not want for those which DO want lsnot
that beneficial The State of Massachusetts nanutac.
lures articles to the extent of Sl0000OO0O per rnnum
which are sold all over the south and Suppose in
stead ofbeing confederate Union, the States were
trey independent OF each other and each as after the
old war; had its own separate customs and du ties weud
the south and west be neftted by prohibiting Massa
chusetts goods or would New England be better for
excluding southern produce Has not our perfect sv,
TEN Of free trade promoted internal growth OF ali sec
tons, in an unparalleled degree Have OF manufsc.
lures, south and west, grown prodigo,isly agsinst
the competition OF New England The steamers have
brought England within fourteen days OF shores
She wealthy, respectable and industrious Statewhy
not take her into our commercial union Why not add
her capital and efficient demand to stimulate i'm.
agricultural interests There are short sighted