The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-14

MONEY MARKET
Wednesday, Oct 1875

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da, prices Reading Railroad fell off per cent? Far
mers Loan, u Canton !, and Harlem 4.
AT the second board Reading Railroad advanced Il
per cent? Farmers' Loan, "; Harlem, u. slo SO q
Foreign Exchanges settling down steadily. ster
ing bills are now held at 9 q 1< per cent premium
Bills ON Paris 5f22K 6f2o There has been yet
activity in the market for the next steamer q :'
IA anonymous writer in Wall street paper has, for
SEINE purpose best known himself put forth state
msnts relatve to the funding the Internal Improve
msnt Bonds Of the State Of Illinois, calculated to mis-
lead those who little acquainted with the matter
a the writer himself Is The individual referred to s
either fool or kuave, and disposed 10 believe
more Of the last than the first. We should judge that
he was one Of that class Of pigmies who continu
ally picking flaws in laws when their pockets
oerned but who have very little respect for the laws
when is for their interest TO trarple on them We
do not intend abiding TO the article referred to- any
further than necessary to give all the Information to
those interested which they require. a's ID ,'a e 1
Tine Legislature Of Illinois passed the funding law
entirely for tue benefit OF the bondholders The people
Of Illinois had just emerged FROM state Of extreme
poverty and dres ocessioned by the general crash of
isao aud 1910 Within these two years, and mp to 6as
there specie enough in the State to pay the post
ago on letters These difficulties have been removed,
snd the stAtsis making effort to meet her indebted
far beyond her present Dsaus; notwithstanding
hich there those who base enough to censurs
her rulers FOR not doing that which IL uttoy their
powef Tho state mas offered everything THAT it pos
sssssd and the best arrangement for the pay
the interest the debt her present prospec-
tive would permtss,- mae =.
q The lands belonging to the State, which given In
payment the State bonds and interest scrip of fund
cd bonds the best lands In the State and APP
praised In fact, much below, instead Of above
their ACTUAL value; proof Of which, 1t is only
necessary to state that during the past two years.
about 500 900 in bonds have been invested in
them, and now that there Is another evidence
Of State Indebtedness in the mArket-nterest scrp-we
have no doubt but that the purchases for the next two
years will be double that amount and that before the
pse Of I'VE years tho whole Of the scrip issued for
of intsrsss the public debt will be absorbed
by the purchase of these lands. Nearly the whole Of
the amount named above hsvng been paid for these
bonds within tbs past two yea was invested by actual
settlers who satisfied that they could do better
by purchasing bonds, and exchanging them fer lands
ownedby the State, than by purchasing government
isnds at one dollar aud twenty i've cents per acre
The advantages of funding the internal improvement
and other undabs bonds Of the State three fold
In the rst place. it enables holders they wish to dis
poas the scrip and keep their bonds it gives them
opportunity to realise something at once for the
ulated interest In the second place. it will enable
the government to fud out the actual amount of
the public debt and place 1t not only in better posi-
ton but in fact place it in the process of qudation
and in the third place reduces these evidences State
indebtedness to uniform stock. 80 ~ ft ..t
The sale of lands belonging to the State Of Illinois
has been very much restricted within the past years
by the most ridiculous laws An attempt made last
winter these restrictions, but of
the opposition from the bondhodsrs trustees Of the IL
linos and Michigan Canal it failed Under the law as
at eta da tho bA int
the market for SALE until three months after the canal
finished the opposition Of the bondhoders trustees to
modification Of this law that these lands could
have been brought into the market at once and the
State have received the benefit of the high prices which
have ruled for some tins past, has created feeling
against the canal bondholders which bodies no good.
The opposition of the bondhoders trustees to the
teration of the law relative to the canal lands the
SCRABBLE bad management In the construction of the
NAL and the distractions placed In tho way Of its rapid
completion by those foreign trustees had very impor
tant influence in the late Constitutional Convention OF
Illinois, and excluded the canal bonds from any psrtici
patton in the two mill tax which the constitution
provides Those trustees and those they represent
will whom 1t is too late to retrace their steps
that it would been much better to conciate the
people Of the delinquent States and not abuse them
wht they are stranipg every to meet their obi
cations w. "fs Il
The old board ofbrokers have adopted the Following
report OF the committee appointed to revise the stock
list with respect to Illinois Bonds- ~ ~ .,rt-.e II
CLAssIrIcArioy OF THE BoNDs OF THE STATE OF
ILLISois. - -..t II
All the Bonds Issued by the state Of Illinois previous to
LIST July. ls47 now outstanding, are as follows :: II
lst ILLINOIS and Michigan Canal Bonds OF 1900 and
1870, dollar and sterling ~ .--s-- +-.- t-t b..
I'd Illinois aud Michigan Canal Scrip. 't-- II
3D. Internal Improvement Bonds of 1870.
4th lnterDal Improvement Scrr. II
5th State House Bonds payable In 1851. II
9th Bends payable In 1850, issued to the State Bank
and Bank OF Illinois. ,is.... ti.l -. ..Itt II
18th Manchester stebbins' Bonds. Il
sh Loan Of cocoon dollars for the completion ofthe
Illinois and Michigan Canal fi4ifS 1rr drf II
By law Of the state of Illinois, approved March LIST.
l8ft holders OF Canal Bonds Scrip who subscribed
to the loan FOR the completion canal allowed
10 register the with agent of appoint
ed for that purpose, and all bonds and scrip
ant entitled the ity Of any revenues proper
ty belonging the canal after the loan of 81 600 is
paid his law gives rise to two nev denominations Of
bonds viz.- W. T. itfN1fr
Canal Bonds registered. |
Canal Scrip registered f..s fS ~ I
By law approved LIST March, 1547 holders Of unregs-
tered csual scrip allowed to the and
receive therfor new obisstcns, bearing date July n
1877 viz: l'F !
For the principal canal bond with per cent coupons
attached, t..t i,-i st-.a 81. ... i.,. ...1. @
tlra. .~fsri '9. -f''""'r e. te ~ rv-,.e .-4