The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-05-08

quarter from customs This increase from sources
showing very prosperous condition of all classes, and
all departments of business.
The annexed comparative table Of the paper issues
the Banks of Great Britain. shows diminished move
ment in the aggregate The Bank of England still
| tinues to accumulate the precious metals
rnu,.., BANKS OF GREAT - BsITA, H., m.., %
Bank hafsG"f ss
Hsa4. ssss sss
iSsi b ias a,.' seo.s s,eAss ssss ssloa
{; s::s. .:
Total. eas77,,a59 ss,osssss ssela,ss7 81 s5s,sss
Ensand enssso 900 l54soOOo lsoll 900 lss22ooo
In the issues of the Bank of England, there has been
decease of fea9 those of the private banks of Co.
Os3 in those of the Joint Stock Banks of England in
crease of f75,l74 The Scotch Banks have diminished
their circulation by and the Irish Banks by f40
There increase of f3l 900 in the stock of bull
lion held by the Bank of England
The renewal ofhe charter of the Bank of England will
ly day. very generally believed in financial circles,
undoubtedly occupy the attention of Parliament
throughout Great Britain that general measures af
tectng the currency will be passed. and restric
lions placed upon the Joint Stock Banks note circula
ton The high quotations ruling in London at the last
dates for bank stock, being 200 to COL exdividend is
very good index Of public opinion, and from which we
should Judge that the prevailing belief that the char
ter would be renewed without much opposition.
The following letter received by the Hibernia.-
The repudating States of this Union must show dispo
son to something for themselves before they
pect those who have literally loaned Them add to the
amounts sunk in public works by additional
| favors
| LONDON, April 18th, ls44.E
You and your numerous readers doubtless will be glad
peruse the report of Governor Davis and Captain Swift
upon the Illinois and Michigan canal 1t is very lengthy
| and dwes much upon details that may not be very III
teresting to the general reader. All those how
whoeel interest in Illinois or the western trade
will read the report with interest The bondhoders here
have generally been well satisfied with it, and all seem
to admit the Importance of the canal and the album
enough in American affairs to lend any aid in carrying
the proposed arrangement into effect All have ceased to
hope for any judicous Legislation in relation to the
subject of the State debts and they say that the less they
have to do with the indebted States the better They
consider useless to make further advances unless
there is disposition manifested to ray by the states
themselves .
This is extremely unfortunate for this time for il
there had been ready aid lent to Illinois in this emergen
Cyl it would have gone far towards awakening proper
spirit among the people generally would have oeen
resisted Though we may now succeed still the great
delay and extreme caution to show that all confidence
in the integrity and honor OF our people destroyed ana
that whatever done solely upon the tangible secnr
ty and not with any relience upon the action Of the
State 1t perhaps useless to expect anything MORE
but still a generous confidence would have met its re-
ward, think in the prompt and efficient action OF the
State
There has been an attempt made to give this whole az
fair improper direction one not warranted and one
that may do il serious injury and all this too by those
who should have aimed only at doing great and pubic
good They doubtless fancy that their extreme clever
and cute shrewdness enables them to remain con-
ceaed without exciting suspicion as to their real motives
them their whole scheme is fully under
and before they shall be allowed to carry into e
the canal shall remain in its unfinished state Illinois
is poor and unfortunate but she shall become VIC
tim the willy schemes of sordid and designing men, let
The amount required for commencing the canal is not
yet subScribed-my efforts now directed with view
, to obtain the required subscription.
If every American citizen could be placed in hum
ating cir have been while urging the in.
dence in my country was lost they would never cease
their exerons until every dollar OF their debts were paid
until the Of er was pacsd
ding position and more stand proudly pre-emnent,
and independent and no longer remain where we are
secuted and condemned by every rank ana age
We give Mr.. Ryans letter at length, it conveys
that hope will sink deep into the hearts of all
the citizens OF the repudiatng and nonnteres paying
States in the Union The same modification experienced
by Mr. Ryan has been experienced by others The State
of Illinois has made great efforts to make such arrange
ments with her creditors will them their de-
mand and enable the State to complete her half finished
works of internal improvement Her commissioners did
succeed in accomplishing the object their first vi
not feeling satisfied with the Commissioners report OPP
ponte agent and engineer examine the property Oh
fered security for their advances Their report was
taken out by Mr. Ryan, Of the first Commissioners,
and his is given in his language Those in
eresed in the loan required this side intend to send
out Mr. Oakley also one of the first Commissioners to
aid Mr. Ryan in his difficult negotiations Confidence in
American stocks is at very low point throughout Eu
rope This destroys all negotiations The Illinois Com
mssioners went to Europe to obtain loan sufficiently
large to enable the State to finish her public works The
Commissioners pledged tho State for tax amounting
400 900 dollars per annum Upon these conditions
the amount was promised The Commissioners returned,
satisfied themselves that the could not be raised One
of them then went to Europe again, to open new
negotiations in which he has signay failed The report
the agent and engineer has proved sasac
tory as anticipated Some Of the principal facts exhibited
by the report are ls The amount of liabilities Of the
canal S523o792 and the amount Of promssory notes.
SC applicable to the exngnshment Of those liabilities
5000 ,034-eaving balance of $4si6756. ., The cx-
pense Of completing the canal will depend upon the FL
rangements made for the supply of water viz 81 100000
in case one plan be pursued; 81 in another csse
Sl,sOO,OO0 If both the Fox and Calumet rivers
braced together with the relied upon under the
first plan 3, The property proposed to be pledged
satisfactory security for the proposed loan of ~ Oo
and will reimburse the with interest 4, The works
may be completed in three years. The creditors in Eu
rope prefer sacrificing their present claims rather than
involve themselves any farther in the doubtful prospects
held outiby these statements.