The New York herald., 1845-01-31

ttmaed TO amount 70 $2,Oo0 6lO 49, showing deficit OF
Sso 9al 81 Were the entire balance in the Treasury
the lst Of December 1884, to be applied to the reduction
OF this deficiency, there would still remain deficit OF
06o 40 The apparent balance in the Treasury on
the Goth inst was $90 70a 81 of which SGT S67 % were
nnavaiable-this leaves balance Of 1884, 1885, which
with receipts to the lst Of February will make an avas
Bile balance on that day of Ss49 being $l22 96l
than the amount OF interest then due The balance esti
mated to be in the Treasury applicable the pay Of
the interest on the ls of August, provided the Legsa
ure make no special appropriations to be-
paid prior to the st of August, will amount to only
Sisss9 &c. The Governor says that the question may
De regarded as simple alternative whether all the mo-
neys which will be in the Treasury the s of Februa
ry shall be converted into funds and paid out as far as
they will 60 in discharge of the interest then due, OF
whether such rate of interest shall be paid on the lst
February with reasonable certainty be again paid
on the LIST OF August We have from the commencement
oi the agitation OF this subject placed great confidence in
the sound judgment present Executive this ques
ton We felt satisfied that nothing would be done at pre-
sent unless there good evidences of ability
TO continue the payment The Legislature may needless
y pass BILL authorizing the payment Of the interest in
iui but we trust Gov skunk will nterpose his Veto and
prevent the Legislature from plungng the State still
deeper into the depths Of bankruptcy.
The movements Of those entrusted with the negotia
tions between the State of Illinois and the foreign bond
holders watched with much anxiety, and the aoings
in the legislature of that State, in relation to the public
debt possess much interest Messrs Oakley and Lea.
witt have taken their departure for Springe the Of
Government in Illinois, to advance any movement that
may be made towards passing tax law providing for the
payment Of the interest the canal loan recently obtain
ed upon certain conditions Negotiations this loan
have been going for nearly two years. and the pre
mnaries wereal settled by Commissioners Oakley and
Ryan, their first tour to Europe The first proposition
made to the commissioners by the hondholders that
tax should be levied to raise certain sum-$4OO OO0hs
bondholders subscribing for the balance$ 200 900 The
second proposition made by the to the same parties
was that tax should be levied pay the interest on the
loan-$ 800 00othey the bondholders subscribing 10,
the whole The commissioners returned this country
and patiently waited the filling up Of the subscription list
which progressed rather slowly To accelerate the bu
sness, Mr. Leavitt of the American Exchange Bank Of
this city, was induced partly of the interes,
the Bank had in the stock Of the State accompany Col
Oakley to Europe to close the business a once if DOS
sble SO as to report to the Legislature now in session
Mr Leavtt has accomplished than Messrs Oak.
ley and Ryan did, He may have induced some parties to
subscribe who Otherwise might done so but the
conditions OF the loan are no favorable than those
settled by the commissioners The bank Of which M,
Leavitt President will probably be as much benefited
by the success Of the negotiations any other party In
'Oiccu e oUJeCt pcinS uuuouDtedly, 10 get rid OF s
Illinois stock at as high prices possible bill is now
before the Legislature of the State providing the con-
dtons exacted by the foreign bondhoders but is be-
coming law very doubtful There are two great par.
ties in that Stateone in favor the other against the
completion of the cana-each have bill before the two
houses, and is at present impossible to tell which will
succeed Mr. Ryan, OF the commissioners is in the
Senate actively engaged in carrying through the bill in
favor foreign bondhoders while his opponents
as actively engaged the other bill. Something must
be done this session. The Legislature only every
two years, and unless. something decisive is done now
the whole concern must be given up The portion Of the
canal partly must 60 wreck and the indeb
ednes of the State rapidly accumulate until eventually
It must become the most nsolvent State in the Union II
highly important that something should be done before
the Legislature now in session adjouns-either pass the
bill lsvying tax to obtain the canal oan and finish the
canal pas the bill introduced to dispose OF the canal
the canal lands, the public lands, and levy tax su
cently orge to pay the full interest the public debt