Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-05-23


We understand that the Ohio loan of 81. 500, 900,
seven per cents was taken in New York Fri
day last, at par. TINS is exceedingly important to
the Of that State. 1t is not too much to say
that che has for months been reetlRg under a
heavy load of dlshonored debt to contractors.
During the last year, her works have progressed
bnt the contractors have been PAID IN checks on the
Stale Treasury, which IT was known could not be paid
rc say the least this was not calculated 10 MAINTAIN
the crrdi. Of Ohio But this state Of things has
most ror,uuaiciy terminated. The proceeds of this
81 500 COG is 10 be applied 10 the payment OF Grrtara
yes and complete existing contracts on the public
works. The ii,n for the taking OF the loan expired on
Saturday. the 18th instant Il was taken on Friday
Had it not been subscribed then the stock was to have
issued directly To the contractors, and they were
10 hold il permanent investment or 10 hawk about
the stock markets of New York. Boston or Philadelphia
their needness might require The effect OF an IS
sue OF this kind would have been most disastrous the
credit of the State, it was too much like sacrificing
property at auction But most fortunately this alter
native is avoided Ohio will now pay her laborers in
money, and no longer in irredeemaoe paper
The commercial interests OF The State, for this
al least, mnsi be very sensIbly improved This loan
will be equivalent TO the infusion OF 81 o0OO OF spe-
funds circulation, for the money TO go 10 pay
contractors and iaborers al home
The country along The llne of the Wabash ard Erie
canal particularly interested IN tins loan The canal
commissioners, IN their report 10 the ONO Legislature
in January last, spoke in the following gloomy terms
"That for the last fifteen months there has not been
one dollar in money, paid 10 contractors on The Wa
bash canal and the amount now due is equal To
$500 900 Almost the whole resources and credit of
that norton of the State in The vicinity Of this work
bove been used up and invested in the construction Of
the same.
",Ths Indebtedness, on the part OF the State, EN-.
braces all classes Of czsns-the laborer the farmer,
the mec hanc, and The merchant The labor, the CAPT
tai, aud the credit of these men, have completed The
work Contractors having completed their work, are,
hy the terms Of their contract entitled 10 their pay
and of these individuals have been compelled 20
hypo;heca,e their claims agans, the State to raise
means 10 complete their contracts, which claims,
less redeemed mus, be sold for what they will fetch"
And they added
1.-THE necessity of some relief has become press
ing, tina, procras,inaon will be speedy rum, while
speedy provision will dispense peace and prosperity to
an important section Of ONO
The provision is made by the present loan. The
900 will be paid in New York funds and will,
alike, advantage the farmer, the mechanic, and the
aborer, and the time will add to the curren-
CO. of the State and thus exert some Influence in rails.
ing the prices Of produce.
The Whole specie paying Bank currency Of OHIO is
now only abon, So 500 o00-an increase of 81 800 900
oi New Yor, funds cannot but exert n favorable
change on all !- business interests Of the State The
rise IN Ohio stocks during the las. tour weeks, tas
been most extraordinary ~ APRIL Ohio SKIES sold
Tor Go cemis on the dollar, they command 10
No one who is acquainted with the character Of the
pc ple If OHIO and The vast resources they have al
their command, doubt the ultimae ability of that
State TO pay every dollar she owes. Her debt has now
reached Sl7 80 5gl. This is 10 be It's maximum, and
her entire system OF internal improvements will be
com le,ed-embracing 500 miles Of canal.
albany .7rgus.