The New York herald., 1845-02-17

effect uponheir actions in relation to the financial position
oftheir State. Reputation is rapidly going out Of
fashion 1t is true the legislatures Of Indiana and Arkan
sas have adjourned without providing for the payment
OF the first dollar Of their Indebtedness but on other
hand the legislature Of Alabama made before adjourn
men ample provisions for the prompt payment CT the
interest the State debt and for rapid liquidation Of
ths suspended banks the legislatures of Maryland and
Louisiana will without doubt before final adjournment
perfect some plan through the operation of which their
credit will be redeemed In connection with the effects
OF legislatures of these States is expected that the
legislature OF Illinois will not adjourn until some feasible
plan adopted providing for the payment of the interest
on part the whole OF the State debt Should an
adjournment take place without providing for the pay
ment Of any part Of the interest the State debt the
public inds bedness Of Illinois will be increased nearly
one and half millions of dollars before another meeting
of the legslaturewhich takes place every other year.
The amount OF the debt now is $ll 4S4 no. two years
interest would swell the amount to S2 s2S 60 the in
ters6 OH which would amount to $769 TAO per annum
being increase Of nearly 500 600 per in the
amount of interest alone 1t is necessary that this
mutation of tsrest should sourcs Of the
State not sufficient pay the full per due prompt
ly the payment Of portion would keep down the debt
and prevent what we have to lear accumsla
tcn of the public debt Of the delinquent States beyend
their ability to control. Parties so divided in the
fate OF any bill introduced to levy secure the loan
from the landholders for the completion Of the canal
The representatives from the northern section of the State
are in favor of the completion OF the canal and would
without doubtvote for any bill levying tax for that pur
poses but the representatives from the southern section
the State are almost to opposed to any increase
the rate OF tax alton to finish this canal The question
will not therefore, be made apolitical sHar but will be
disposed Of according to the strength of the representa-
ttwaa frrro ao1L mi
pears very little probability Of the b introduced to levy
tax to pay the interest the loan of 81 negoc
ated, becoming law general revenue bill, levyipg
taxes to pay the interest the whole debt of the State
without any distinction, will probably pass Whatever
is to be done must be done quickly the Legislature
contempates adjonrning the st Of March Governor
Ford has signfed his intention Of visiting New York
immsdiatey after the adjournment of the Legislature
the purpose OF arranging matters here connected with
the Anances Of the sate but suppose his
will be governed by the movements of the Legislature
previous to adjournment. The Improvement in
the value of Illinois Special Bonds in this market has
been caused by the belief general among holders and
operators that the Legislature of that State will adj
journ without making provisions for the payment
of the interest on the State debt. We have doubt
something will be DONE but present it i'm ossible to
tell what.
The finance committee of the lower House Of the Le
galaurs of Louisiana having Investigated the finances
the state have made report. The liabilities of the
State, account of the property banks burden
from which there appears prospect OF immediate re-
lief The debt proper of the the slst of Decem
ber 1874 amounted to 81 6s4 o. OF which there &C
tsa!ly due but 81 $3.50 6s4 s0 leaving balance Of
600 So maturing in series Of years from ls47 to 1882
The assets Of the State which be applied to the ex
tinguishment of the above debt valued at 1856
So which is $7s,ssl 64 more than the total debt
In accordance with the suggestions contained in heo
vernor message of last year. and crherance Of the
views set forth by the Treasurer in his annual report
for the year s4s passed provaing for the i'm
mediate liquidation of the debt proper But this act had
been made dependent upon the will Of the creditor banks
and those nsu deemed It their interest 10 withhold
their assent to the arrangements contemplated Other
wise the State might have, this lqudaed the whole
OF iss matured debt proper and considerable por
lion Of its unmatured obligations, leaving it perf city
free Of protested liabilities those incurred through
the Citizens Bank and Consolidated ssociation
The oh gations issued by the State favor OF the pro-
perty banks, originally amounted to. SI9 $50 900
ia ths 3lt OF December lS44, they amount
Gu 70. ....-s ........... l4,Oa6,226
Decrease. .......... $53s4774
The amount outstanding the sls. Of December
1874 was on account of the following Institutions
Bonds to tee Union Bank of Louisiana. SIS $50 600
Bonds to hs Citizens Bank of Louisiana. $500 226
oohus 70 TIC SOnsoIldated Assocatlon. 2OU5 OO0
Total. .$l4, 4,O45 226
The Union Bank has always met punctually the nte-
rests the bonds issued in its behalf The State holds
- Ct mortgages furnished to guarantee 900
Of bonds originally emitted OF this amount the bank
has redeemed 81 100000 due the lst November last
wha its securities have been largely increased by its
accumulated profits This responsibility of the State
may be therefore considered altogether nominal The
Cisizens Bank has furnished of mortgages
guarantee the State for the bonds issued the crler of
that institution, the amount originally contemplated
being Sl2 0q0,00o The amount in circulation llth
JAM 1915 was SO s which paysble from 1850 to
1855 The bonds originally emitted in favor Of the Con-
soldacd Association amounted to 50 o0O for the
guarantee Of which 50 of mortgages on real e,-
'se, were furnished. The amount Of bonds in crcula
tion 81 0oO Of which 1896 600 have matured in
and the balance is due n le4s This bank WILL in all
probability give loss but be that loss what it may it
mare likely to fall the stockholders alone the
State holds mortgages to the amount of nearly So
TO her against the deficit that NAV utimatev