The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-03-10

n tl, n,eyet The ~ ssage Of this bill the
eton Of the csral even, ana .ns h n,ro
interest the debt OF the safe The oignsi o lnfo
ducsd in, the Lesisiuure Tor the payment Oh
certain por,on Of the interest each year un inc ,a
remainir unpaid in 1896 ~ be funded and inc
iuil interest on the whole debt ~ be ~ 1872 p 49,
ter sn1 a. Ts The bill as fsssea ne bonds Of the
State, except those hypothecated TO Macs;s anu @
bins pro rata, so far as the proceeds Of mHia
hall mills aud surplus money If any there be.w.h esnsr
mencng the LIST July 1876 and ssmianHally thea
The importance OF this movement in the Legislature. ana
Interest the State creditors and the public genera
tske in any attempt made by delinquent State to
the payment Of its Liabilities, induces give the act
debt as it passed the house. particularly as it will
probably pass the upper house without amendment.
Illinois REPRESENTED in the General Assembly that there
shall be levied the year lS45 one mill upon each dol
ar valuation Of property en- from the county to
for the year S45 three mills each dollars valuation Of
proper and Tor the year ls46 there shall be assessed
and collected three and half mills each dollars valu
alton prcpery and that shall be the permanent rate Of
taxation until otherwise provided by law And the
for county purposes any higher tax than four mills ON
the dollar except in where they are, or may be- pe
ciaily authorised to do SO by law =,
2.-The proceeds OF one mill oil the tax Tor the
year 1915, and ono and half mill for 1916 and forever
thereafter until otherwise provided by law ltcgether
expenses Of the government shall BIO set apart and So
credly held for the payment OF the interest on the State
debt, and shall be called the I" interest fund"
ceeds of one mill and one and half mills and surplus
money i any there should be- to make SEM annual pay
1896 and annually thereafter ON the Isl days OF July
and January Of each year rata on all the canal ponds
and the internal mp0ye bonds except bonds mere
toiore hypothecated Nacallster stebbns and the
additional tax of one mill for the iSao ann one ana
ectors and paid into the Treasury in gold and silver and
separate account thereofsha be kept tae omSs % sn
Auditor and Treasurer and Auditors warr " snaa no.
be received therefor and the Treasurer any osnsr
public officer shall appropriate the same kno ~pgv
suffer the same to be appropriated drawn FROM tne
this act he or they shall be deemed guilty Of embezzs
ment and shall be indicted and published accordingly,
and on conviction shall be removed from office.
SEC. That after the contract for the loan Of mil
lion six hundred thousand dolars contemplated in the
act entitled Ian act to provide for the Of the
canal debit approved February q, isas shall be duly
executed In all respects provided by the terms Of the
and the trustees appointed is contemplated in said
act the Governor of this state shall execute and deliver
of all the property and effects mentioned in the 10th
ton Of said acts which said conveyance shall include he
States to the State Of Illinois, TO aid in the completion of
the said canal to be held in trust IN the said set spu
to osn s ss
evidences of indebtedness upon which they may have
made, may hereafter make their subscriptions within
year after the appointment OF trustees And the said
subscribers shall be entitled to priority in the payment of
the respective advances be made hem and the nte
pal and interest the bonds othei evidences Of neb
to be registered them Of the proceeds Of
the SIS sS said act above
Sec The majority Of the said board Of trustees shall
have power and authority to act and decide in all
and their acts shall bind all parties and in appointing the
said trustees esch subscriber to the said loan shall be
titled to vote for each Of $500 subscrbed and
such election may be held in the city of New York.
der the direction Of the District Ju ge ofthe United States
for that district such person as he for that purpose may
appoint N case .oa,c.D, ann shall. ro ,o s,.,r;osd
paid to complete sad canal the said subscribers shsu
sharo pa pass with other persons who may subscribe
scrbss to said loan shall have the right subscribe and
fill the amount necessary to finish said canal in the
first instance and they neglect do then any other
person may subscribe such amount provided further
that such Subscribers may register bonds such sub
scrtons as herein before provided within year after
SEC 4 when the amount due for arrears and difference
Of interest on the registered bonds and other canal noeb
edness shall be exngushed then the principal Of said
registered bonds and canal indebtedness shall be paid and
when the said principal shall have been paid. the said
tered canal bonds and canal indebtcdness.
Sec The preliminary expenses Of the negotiation Of
the canal property by agents appointed by the auho
rty OF the bcndholders shall be first paid by the said
trustees unless some other provision for be
made by the General Assembly But no further expense
shall be incurred BY the State by sending agents to Eu
rope or elsewhere in relation to the matter.
SEc II the said canal shall not be completed within
three years. as is contemplated 10 the 4h section Of the
above recited act the subscribers to said loan. who
scripion shall not forfeit the priority Of payment Sc
cured them by this act but shall share the trust pro-
pery pqri passm with such other persons will advance
further sums such should be necessary to complete the
canal.
The value Of the exports from this port for the week
ending the 9Th inst $470064 IT, Of which $3s8447
were exported in American vessels and $50 6ls 81 in TO-
reign vessels
We have received several statements in relation to the
resolutions introduced in the board of brokers'
ierring to the prohibition Of members doing business with
well known operator in the street, but postpone any
marks upon the subject present. the question viii DO
settled at the next meeting OF the board The whole
movement merely personal affair, and does not
within the jurisdiction of the board
The annual report of the comptroller Of the finances
this city for the year 1874 very interesting document
to all tax payers According to the official statements tho
total funded debt Of the city amounted the FIRST Of ia
nuary, lst to ESQ., bearing annual interest OF
$6434 IA of this debt the commissioners OF the sinking
fund hold stocks, bonds and balance in bank $50
g. and the water fund in advance TO the treasury
$9537S "a. These sums, deducted from the nominal
amount the debt leave $50 a. the nett
Of funded debt $43 207 IL less than the LIST
January lsai We annex table showing ths0ems form
ing the permanent debt Of the city
PERMANENT CRY DERT, JAN. LIST, 1876.
Fire per Cent Due amount. .4nn. Int.