Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1847-10-05
>Phe Slats Deht.


The money article of the New York
Herald of the 10th uit., announces the
arrival of Gov. French in the city. Il
publishes the laYD6f the last session pro.
vlding for the funding of the debt, upon
which the following comments are made:
/, III is the object Of the state under this
law, to consolidate the internal improve.
ment bonds and scrip into ono uniform
ISSUE and change the present form Of III
ooligations, for the purpose of ascertain.
ing with greater certainty the actual
amount OF existing indebtedness, in order
mat a more full and adequate provision
may De made for the payment ofinterest:
The stock certificates to be issued nm.
der this law for arrears Of interest will bs
receivable at par for any purchases .of
lands from the state Except canal LANDAU
of which there are about two hupdred
thousand acres favOrably located, and Of
the finest quality.
"rhe funding Of the original debt Of
Illinois, and the issues Of stock for the ar.
rears OF interest, vii! bring about a diyis.
ION OF the two interests included now in
one oend. For an old bond of $1,000 the
tnoioers Will receive new bond, bearing
interest at the rate of six per cent per An.
mum, and a bond for $3.50. bearing inter.
test, after ten years, at the rate off s;v ma,
cent per annum. This interest, scrip as
1t can be called, will be worth in the
market from twenty to thirty per cent. and
tcan, after the old bonds are funded hs
Fsold, independent of the new bonds for tba
original state debt. The new bonds can
be bought and sold in the market alone.
with the interest paid up to the Ist ofJuly:
El647. This will be very advantageous
ITO those who wish to purchase or sell tba,
bonds, with or without the arrears of in.
terest.
"Ihe time stipulated in the above law:
within which the old bonds will be receiy.
ed and registered, is eighteen monihs;.
which, with the notice heretofore given:
Is sufficient time to enable holders in anY
part Of the world to avail themselves oft:
All those who do not present their bonds
within the specified time, will not be en-.
titled to the benefit of any law which may
be passed to pay interest on the state debt.
Some otthe London papers call this repu.
dIation, and find fault with the arrange
Fment in their usual style and tone. Had
they looked deeper into the matter, with
an honest intention of discovering the
cause ofthe time being limited. they would
have found the motive not only good, but
the necessity of some such measure to en-
sure the object in view, would have ap.
Peared plain even to their diseased minds.
There is no reputation in this. There
is no intention on the part of the state to
avoid acknowledging every bond outstand.
ing, and the writer alluded to knows thai
as well as we do. 1t gave them an op.
portunity to give vent to their spleen, and
they were not slow in availing themselves
oft lfthe government and spectators
of Great Britain pay up their debts as
honorably and as fully as the repudia,ing
states, Gas they are disposed to call them
there,will not be much cause of complaint.
We shall liquidate every dollar long before
they pay up the enormous sums they hava
cheated their creditors out of. Their
grumbling does not, however, amount To-
much, we can afford to let them growl.