The New York herald., 1845-02-03
Sll.03l I7,6a3 34,lO5

Ihe increase Tor the rst four weeks in lS45 compared
with the corresponding weeks in 1874 is nearly
dred per cent The recent advance in the in this
market, s doubt, partly produced by this great ina
provement in the affairs of the company.
The law passed by the Legislature of Pennsylvania Tor
the payment Of the interest the State debt provides
only for the payment Of the interest the funded debt
and excludes that portion of the publ, debt created by
the accumulation of interest.
The total debt Of Pennsylvania, according to the re-
cent fonnce message of Governor Shunk amounts to
$4o703Ss6 3d. of which 373 81 has been created
by the accumulation of interest. On the LIST of April
1874 the sx per cent State stock amounted to 0s
9s the five per cent $32 49, and the four and
half per cent 5000 0oO making total of $s7,4o5777
IT, hscomprses the permanent loans Of the State and
the balance nude of relief notes and domestic
ditors' scrip outstanding The Governor says that the
interest funded amounts to $4463s7s 5l-whether thi,
amount is to be included in that which the interes
will be paid, not is not stated in the bill. The law
just made readshat $s7s 5l6 is hereby appropriated
to the payment OF the interest the public debt of the
commonwealth, which will fall due the st of Febru
ary lSa5 exclusive of interest all certificates of loan
issued for the payment of interest" As OF the Off
cia reports state what portion OF the whole debt il fund
ed il is present. impossible to tell upon whit amount
the interest will be paid The interest the State debt
for 1874 amounted to 81 1877 a. of which there be-
due in February $977 093 57 the appropria
IL
than the semiannual interest the whole debt and
$3i27 more than the amount in the Treasury, ac-
cordrg the Treasure report of the sOh ult or the
the $S2 49, in the State Treasury $464 Sal s2
IL specie funds and the balance $37 60 in currency
equal relief The bill providing for the payment
OF the interest," says hat the pay authorised shall
he made in such funds may be in the Treasury and
such portion of said funds may not be par in the
city Of Philadelphia, shall be paid in proportion to the
pto dvrofo intc Oh TorD
Governor Skunk has signed the bill suspendiRg the
Payment Of the principal of domestic creditors certi
Gates which amount to Sl0a,l59 as This bill
ried through the Legislature for the purpose of strength
ening treasury and placing in funds to pay the in
terest on the funded debt.
The Committee on Banks and Corporations in the
lower of the Legislature Of Illinois, made report
Oh the goth upon the conditional contract entered into
between Dunlap, Esq the President of the Bank Of
Illinois and the the reception of the Mac
slis,er s,ebbins bonds, amounting, principal and in
terest in the aggregate to three hundred and thirty
three thousand dollars, in payment of that amount Of
stock in said Bank, belonging TO the Stste. By the
terms of that contract, the Legislature to repudate
it by the ao.h, the day the report was presented,
or it became obligatory on the State. majority
of the committee reported favoraby TO the ratifca
ton Of the contract and introduced preamble
and resolution to that effect. The report created
part in the debate were that the stock and the
certificates equally worthless, and that the Sata
would make clear gain Of the value Of the bonds by
ceving them member who hnd been director OF the
bank five years. stated that the whole stock Of the bank
good for nothing that its affairs rotten and un
sound to the core; that the liabilities Of the bank amount
ed TO 57s 2a7 while the whole amount of nominal assets
only $685. 000 ond that he should vote in favor Of
the resolution, as reported by the Committee on Banks
hoco half ovad he he
amount Of the value 1915 900 OF the Macalister Seb
bins bonds with the interest the for two three
years. The resolution passed the House by vote OF SO
to and sent to the Senate, where agreed to by
vot Of IS - IL The State, consequently. by this BILL
remains sockbolisr in the Shawneetowu Bank to the
amount Of five hundred thousand dollars
Later advices from Springfield state, that there had
hern effort made prevent the Governor from issuing
The warrants in pursuance of bis contract with the Prss
dent Bank resolution Of this nature passed the
Senate, and would probably, the House, and sup
posed that the would be compelled to accept
the bonds and thus final separation between Bank and
state take place. We the clause in the contract
that the matter may be better understood
1t is therefore agreed by the Governor behalf the
ths 'a Bank and agent Of ,hs private sspchoSers o.
the second pat That the Governor will receive the three
deposit and unless the General Assembly shall
before the Goth day Of January next by law joint
solution repudaie the contract end authorize the issuing
OF Auditors warrants to the said James Dunlap agent
for the said stockholders for their proportion ther.o
before provided for &- then the said interest bonds
the interest thereon is to be considered having been
duly receiveiby the State of Illinois. &c"
From the above will readily be discovered that by the
terms the contract not only necessary for the
Legislature repudiae the contract by the goth instant
but to have also made provision for the issuing of the
Auditors warrants And having failed to comply with
the most essential part Of the contract so far as the p
vae stockholders concerncd-ihe issuing CT Au.
ditor warrantsthe plymcnt Of the bonds became con-
elusive and binding upon the State, with tie expiration
Of 10. dr. In