The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-12-24

Iotal. S9l 265 ~
The Message of the late Governor of Ilnois to the
legislature Of that State in relation to the public
nsnces says that the loan Of 81 900 for tie canal
has been completed the lands and canal property have
been conveyed in trust for the pay of the canal
debt board Of trustees has been appointed and orga
NEEDS the work on the cansl for fifteen months past
has been progressing rapidly could have been ex
pected considering the general sickness which has pre-
vailed on the line; and there almost certain pros
psct that this important enterprise will be completed
and In successful operation within year from this time
In sluding to the former condition of the State 6nan
ces the Governor says that upon coming into Office four
years ago. the State in debt about fourteen millions
OF dollars for moneys squandersd and wasted upon in
fsrns improvements and banking the domestic treasu
ry Of hs State in three hundred and thirteen
thousand dollars for the ordinary expenses Of govern
ment Auditors warrants were freely selling at dis
count Of 6y per cent? ihe people were unable to pay
moderate taxes to repenish the treasury in which
n5rons dollar was contained, to pay postage ON let
tiers to and from the public oces the great canal which
was than twothrds finished, alter expendng Ave
millions Of dollars IL, about to be abandoned
both Of the banks, upon which the people
had relied for currency, had become insolvsnt;
their paper had fallen SO low to csase to cir.
culate money; yet other money had taken it,
place. leaving the people wholly destitute Of circu
asing medium, and universally in debt almost every
was indebted to the merchants, who again in
dsbted to tho banks or to foreign merchants the banks
owed every body and able to pays emigration
to the State had almost real estate unsalea
the people abroad terrified by the prospect Of high
taxation, refused to settle among them and their
own people at home were less alarmed and terri.
8ed at the magnitude Of their debt then apparently
much exceeding any known resources Of the country.
Within the last four years. there has been vast i'm.
Ia l. NIL
debt hiss been reduced from three hundred and thirteen
thousand dollars to $sllla and there is 1853 in .he
State Treasury. The payment of very considerable
portion Of the public debt has been provided for
three millions Of dollars has been paid by sale of
the public property, and by putting the banks In
Liquidation, and Eve millions have been ehectually
provided for after the completion of the canal being
reduction of eight millions Of dollars In the debt
This ID q very favorable exhibit, and must satisfy
every interested that the credit of Illinois is rapidly
reaching the point II fell from. The exact amount
Of the debt Of Illinois is not known, but will
be taken probably during the present session of the s
gsature to arrive the correct amOunt and place the
evidences Of debt in such posi- Con as to prevent any
farther imposition. BY re-fundng the bonds and scrip
the debt will be converted into uniform transferable
stock For the Of interest due upon the bonds
is suggested that deferred stock Of similar character
might be issued differing only in hst ii bears interest
for number of years. BY adopting this line of policy
the debt will net be increased, while the government
will be able to ascertain the prec ise amount of the pub
lie liabilities with certainty and the amount annually
quired 10 meet the interest
The energetic and ndefatigabls Treasurer Of Pennsyl
vania. Colonel snowden has issued his usual semi
nual circular to the Of the respective
ties calling upon them to collect and pay up at the
earliest moment the taxes due, o. q prompt payment
will enable the treasury to meet the semi annual inter-
est due In February.
The annexed statement exhibits the receipts and
psnditures Of the treasury department. from the Let Of
December, ls46. to the soth of November, ls4o.
FINANCES PEHSsrLvAsIA-REcKIrrs AND ExPENDr
rURIs.