The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-09-10

{ Howard, the internal improvement commissioner
LII nov held BY them, and Issue to them new osrtt
s o. Stock - herein before provided instead Of tn
law 10 scrip which he Is now directed
sec. q The Governor ID hereby authorised and EN-
his judgment a 20 n Aid such sgen: or .sSnts may
Of this act; and the faith Of the State ia here
ops and sne ofths both prn
ing ssouons OF this act All certificates issued under
Of al Ins act shall be Transferable and book.
~ snau De Kept in the cities OF Springfield and
new respectively by such persons as the Governor
Sec . The holders Of any ststs scrin b.ox the sum
OF one thousand dollars may present said sorp to the
Govtrnor VINO snail register and mark genuine and
the time and times provided by provisions Of this
act Tor the payment OF the State debt.
Approved, February 20, ls47.
1t is the object OF the State under this law to conso
date the internal improvement bonds scrip into one
uniform issue and change the present form Of its obga
lions for the purpose Of sscsrtaning with greater
tainty the actual amount Of existing indebtedness in
order that more full and adequate provision may be
hereafter made for the payment Of interest.
The stock certificates to be- issued under this Law for
Of interest will be receivable at par for any pu
chasss OF lands from the State exsept canal lauds
which there are about two hundred thousand acres
favorably located, and Of the finest quality.
The funding Of the original debt Of Illinois, and the
issues Of stock for the Of interest will bring
about division Of the two interests included In
one bond For old bond Of $1,000, s,s holder will
cevs bond bearing interest at the rate Of six per
cent per snnum and bond for $780, bearing interest,
after ten years. ct the rate Of six per cent per aDnum
This interest scrip be called will be worth in
the market from twenty to thirty per cent, and can
after the old bonds funded be Sold Independent Of
the new bonds for the original State debt The new
bonds be bought and sold in the market alone with
the interest paid up to the LIST Of July 1877 This will
be very advantageous to those who wish to purchase
sell tie bonds with without the of interest
The time stipulated by the above law, within which
the old bonds will be received and registered IL eighteen
months which, with the notice heretofore given, Ii sum
cent time enable holders any part Of the world to
avail themselves Of It, All those who do not present
their bonds within the specified timew not be entitled
to tho benefit OF any which may be passed to in
forest the State debt Some OF the London papers
call this reputation and ind fault with the arrange
In their usual style and tone Had they looked
deeper into the matter with honest intention of dis
covering the of the time being limited they would
have found the motive not only really good but the
cessity of such to the object In
view would have appeared plain even to their diseased
minds. There Is no reputation in this. There is
intention the part of the State to avoid acknow
lodging every bond outstanding and the writer's
alluded to know that well we de. 1t
gave them an opportunity to give vent to their
Spleen and they were not slow In awaiting themselves
Of it. II the government and spectators Of Great
Britain pay up their debts honorably aid - fully
the rspudiatsg States, (as they are disposed to
call thsm) there will not be mach Of complaint.
We shall quidAts every dollar long before they pay up
the they have cheated their creditors out
Of. Their grumbling does not however, amount to
much, can afford to let them growl.