Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-10-31
ILLINOIS FINANcTERlNG.

We clip the following from the N. Y Sun.
The next steamer will probably bring
some definite news relative TO the sue
cess Of the Illinois Commissioners, in
their present negotiations. The efforts
which Illinois is making 10 redeem her
credit, have at least inspired con-
fidence in the integrity Of her intentions
That there is a favorable change .Of opin.
ion in relation to this State Is shown BY
the advance Of her stock, and the cOnsid.
Grafton given to the proposals for a loan
10 complete the canal, The result OF which
is looked for with much interest.
The Pittsburgh Chronicle remsTks'--
"The integrity Of a great State !s not uns
frequently tainted by a corrupt admins
lTation Of its finances, or by what is ale
most 40 ruinous. criminal neglect in lie
accounting Oficers. The Chronicle then
proc eeds TO give lucid account Of an
occurrence to which we have before al.
luded, but which will not be out of place
OF present.
The State OI Illinois subscribed one
million 0i the stock Ofih ShawaeetOwn
Bank Of Illinois, and issued her bonds
to that amount IN payment. The Bank
obtained the money for those bonds. By
ils mlsmanaeemenl il forfeited its charac
Ter. Instead Of claiming in mo ney the
million Of dollars due by the bank. the
Sla'e, with exceeding indulgence, gave 10
il the privilege Of returning that amoun,
in her bonds, which could have been pur-
chased at about 20 per cent, thus allowing
the bank clear profit, a, the expense OF
the State, Of about $500, 900. The bank
neglected TO purchase the whole amO0nt
Of bonds at the aOwesl prices. The a.
ton Of The legislature having secured 10
The bonds Of the State better credit
they have materially advanced,
| by hn act Of the Legislature, certain
hypolhecaied bonds were formerly repus
dated, and law passed for the issue Of
new bonds 10 The amount adv, need on
the hypothecated bonds, which was 80
per cent, or 100000 S5OO,OOO bonds -
This action Of the Legislature necessa.
rily excluded these bonds from legiti.
mate market, and precluded sale ex,
cept at a great depreciation bslOw the
malket price Of other bonds, and 10 per-
sons who hoped TO take an unfair advan.
tnge Of the state.
The bank Of Shawnoetown, having neg.
lected To avail itself of the opportunity 50
generously given il by the Legislature OI
illinois. 10 make q clear profit Of $780,,
600, By repuFchasipg bonds q their low.
esl depreciation, now seeks TO make
amends for its gross neglect at the
expense Of Slate thus generous iC
II.
II Is nov engaged, % we have reason
10 believe, IN buying up the repudiateC
bonds, bypo,hscaled for 36, for the pur'
pose Of fostering them upon the geRer
Gus but iLused State OflllinOis at par.
The loss 10 the State can thus he clearly
Indicated. $500, 900 hyPoIhecated at $50
10 1850 900, which sum ell the state
would have TO pSy for their reI"rn by the
parties 10 whom they were originally by.
pO'heca,ed; but il received from the
bank they will be received in lieu Of 9th
srs 70. which The State will have 10 pay
SS2O,OOO.
lhuS:
The Fepudiaied bonds of $500,
600 will be redeemed BY the
y original holders at cost 10