The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-04-27

seen in the following table Of the business of savannah
STATEMENT OF COrTos At ,S,s savAsSAH. ,,,.,
Stock on hand Is. ssr 1884, 0G!e sss U's.f Sd Is
Received previously, 223.553 $3.50 1929 6,2i8
Total to Ap,l6, 29sSsO $3.50 Iss sas 1908
Expsred 2o2l29 1896 1876 5,al3
Stock on h,nd 9th instant 1851 a.1g7 1910 1885
The price Of fair cotton in Savannah 81 cents
500 per bale at the time last year cents or
$2s per BALE This presents the following difference
''' Sept sis April issss s:;$:
Increase. 5000 SOL ,236
Hare is increased value Of $500 900 in cotton
alone; yet the old protests of the banks unpaid This
points to the fact that the banks
MOTIF the real producers cetton but the SPECTATORS
who having failed nothing remains and business
passes into their hands The banks and their satellites
have passed away aud the business is conducted
a cash basis.
The Hon. Michael Ryan, Illinois Senator and Colonel
Charles Oakley of Illinois, in this city at the As
tor House, business connected with their late appoint
ment by Governor Ford agents for the State carry
into execution the law passed the late session.
pete the Illinois and Michigan Canal and provide for the
ultimate pay ment Of the canal debt that State The
perience OF Col Oakley, long and avoraby known as
fund commissioner for that State the high standing of
Mr. Ryan, eminently fit those gentl for The under.
taking 1t is Of vast importance apart from the mere
settlement Of the canal debt of Illinois, in mvch is
the first instance, where sovereign power having
traced debts, under the excitement of temporary
of speculation, FOND the Of its people pay,
instead refusing pay all part of the debt has
been the case with every other nation the face Of the
EARTH the United States excepted ard open
handed to its creditors and tenders in payment not only
the work for which the borrowed money expended,
but all the lands and other property connected Herewith
And the only compromise that it asks from creditors is
that they will advance much money 81 O0O will
complete the canal and give value to the lands and pro-
psty connected with it. This is remarkable era in the
history Of the paper system In this country the
of debt and has had its day. and the period
ofeconomy and payment has arrived During the extra
vagance and speculation engendered by the u g. Bank
every State had its financial clique" and its of
larged views" and extenled IDEAS" whose whole aim
gigantic schemes and endless debt Illinois did not
escape, and ysung State, with population of $4,000
farmers families suddenly found themselve debt
$4,000 600 with undertakings that would require Slo
900 600 to complete The result inevitable
failure Instead of doing the United States did under
the advice and vote of Alexander Hamilton that pay
81 in specie for $40 of continental obligations
pudiae the whole after the fashion of the old despots of
Euroreshe looks round counts up all her resources
duces her debt by abolishing banks he existence Of
which fraudulent and then offers her whole proper
ty the holders OF her canal bonds conditions which
look only to outstanding them in such a manner that
creditor shall suffer through the cupdy Of the specula
tors who hold bonds at low prices. This example of H.
linois will be followed by all the States which bona
fde debts. And all money received according iaw will
be repaid the last farthing This general view Of
the subject. We will tomorrow give synopsis of the
canal law with brief history of its origin and progress
and cndeavor point out the mutual benefits which both
State and creditors will derive from it.
The spectators have raised opposition to the law from
interested motives, principally two grounds. One is
that the repeal Of the chapters of the rotten banks gives
evidence that the State may its next session repeal the
canal law after the required $leooOCo obtained On
this subject Ford has addressed letter to the
agents. explanatory Of the of the Legislature on
the subject The sui stance of the letter is the effect
that,
The two Banks of Illinois were chartered in 1916
The Bank oil Cairo in January, 1918
The Territory became State in August 1915 and
sution prohibited any other Banks than those then
existence The Bank OF Illinois ceased business in and
did until 1885, after lapse of fourteen years
The Bank of Carlo went into operation until 1897
nineteen years after charter All these banks forfeited
their charters by by the suspension in 1887 and con-
tinued misconduct since that time, if they were
valid after lying long dormant. The Governor
adds:-
Under these circumstances, the Legislature believed
tha hese banks ever had any legal ana CONSTITUTIONAL
existence the law OF their being had been repeatedly
and constantly violated by them that the State Of
the contracting parties longer bound by tho
tract implied in their charters. They believed it to be
fully competent for the Legislature repeal charter
when it had been repeatedly end notoriously violated
the purposes for which il was enacted and when
its existence nuisnnc the country round
within and " ithont the State.
These explanations efthe Governor were scarcely Lee
cessary for the repeal Of Institutions onotoriousy nso
vent and corrupt as were those banks Even however
ifhe repeal could admit Of question IL offers M
argument for repeal Of law selllag lands aftor the
buyer in possession This is the effect of the Canal
bill Those who advance the money for the completion
ofthc canal will be put in possession and
soon is completed, which will possibly be before
the mestng of the Legislature the 900 acres
ofchoice lands connected with may be sold reimburse
the motley advanced
The ether objection urged against the law 10
that the Legislature had right to pledge these
lands as they held by the bond holders secur
ty This Section It'll Of the law of $780,
ting loan for canal purposes, is as follows:--
the lands pledged by this act and the proceeds the sales
to be applied exclusively to the Of interest upon
canal loans or TO expenses Of construct the canal
This latter clause contains the right which the state
exercises by the late law VITO dispose the lands to
construct the canal Hence the right is undoubtcd
sales at tho stock Exchange.
s 'Sss ohiGsl' $50 3. 4, M'hssA ,,o ss
1900 do 1917 rs do hin S,.'
"s1o 90 "a 5 5oo DO b3o 3lh
soSS do bio 10 20 Harlem ,sD' 81, $50 g a..