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

ket closed with upward tendency in this fancy.
fall OF ten per cent In any fancy stock is sufficient to
break down any bull in this ease however, the parties
very strong and went safely through the ordeal
Many Of these operators must reooect very distinctly
the advice gave them relative to the imitation going
In these bubbles and those who were wise enough to
follow It, have made q very handsome speculation
Those whs pushed bndly forward for something they
knew not Of found themselves before they
of it, stripped of nearly everything We trust they will
learn by experience and put trust In those who
deavor to guide them through tho narrow ways and
winding paths Of Wall street
Considerable sensation created In the street to-
day, by the announcement that Of the most OK
tensve private banking establishments in the city, had
suspended payment. The following circular gives the
fact officially
DEAR srR-Wo regret to inform you that owing to the
recent failure Of some sfour In Europe
whom have large amount Of bills remaining We feel
1t Is incumbent upon both from Of duty and
act of prudence to suspend payments.
Very respectfully, yours,
PRIME, WARD & CO.
This has been addressed to their
ents No failure that has occurred in this city years
created much sympathy and universally much
greet the above The senior partners in this house
are among the oldest and honorable business
In Wall street, and the announcement of their suspen
sion (Which, trust, will be but temporary has
duosd deep gloom in financial circles We learn that
tho stoppage resorted to purely from prudential
motives to give the house opportunity to get
definite and decided advces from the other side relative
the position Of those parties the other sde with
whom they have been connected in exchange operations
Until the arrival of the next steamer it will be mpoes
BILE to tell what will be the result Of this matter Every
thing depends upon the Of prices the other
side We trust the accounts will be sufficiently favora-
BILE to enable those houses embarrassed exrcats
themselves from the difficulties with which they sur
rounded
1t was anticipated in the street to- day that the
pension of Messrs. Prme Ward Co, would compel
other houses to stop payment, but we have heard
names mentioned
Governor French, of Illinois, IL in the city for
the purpose funding the bonds Of that State and is
suing bonds for the interest in We give
below the passed at the last session Of the nsis
Legislature authorizing the funding Of the State debt
STATE OF ILLIroD-FUNpINs THE PusLrc DEBT
Whereas the State Of illinois has, at various times,
issued large number OF internal bonds OF
different classes, yet bearing the same numbers and
having interest coupons attached thereto similar in
number and description thereby causing great coufu-
sion, opening wider door for fraud and rendering it
extremely dcu TO pay the interest to those justly
sd thereto; and whereas also from the want OF full
and perfect of the classes numbers and drscrp
ton Of the bonds issued 1t Is impossible at the present
time to determine precise Of the indebted
the State its character and when paysbe and
amount and character present debt should
actually ascertaned at the earliest possible period
preparatory united and vigorous exertion for
its payment and enable the convention for altering
the constitution about to assemble, to make ado
quate constitutional provision for the payment Of the
principal when due the accruing interest," and interest
in Arresr; therefore,
section Be 1t enacted by tho people of the State of
Illinois, represented in the General Assembly That tina
Governor be authorised and directed receive from the
holders willing to surrender the the insSrnal i'm
provement bonds scrip, and all other evidences Of
hfAdD herof and
ing against the State mot including tho Msosser and
sebbins bonds, any canal bonds, scrip other in
debtednces incurred in behalf Of the Illinois and Mchi
gan cana and shall ther~upon in exchange for, and In
lieu Of such bonds scrip other evidence Of indebted
ness to said holders other certncAt.s
Of indebtedness equal in amount with the amount sur
rendered; which said new certificates shall from tbs
date thereof bear like interest and be made payable at
the time with the evidences Of btedness 40 sur
rendered and shall be d. nominated New Internal In
provement Stock Of the Stste Of Illinois" No certificate
sha be- issued Of less denomination than thousand
dollars except interest oettihcates hereinafter
toned Provided that all boods scrip &c which shall not
I've surrendered up conformity with tho provisions
this act within eighteen months after notice given of
readiness the part OF tho State to exchange sfore
said SMALL thereafter not be entitled to the benent Of
any law which may be passed to pay interest the
state debt.
SEC 2.-For the interest now in arrear certificates
shall be issued at the time Of making the exchange pro-
vided in the foregoing section which said
shall not be Of less denomination than i've hundred
dollars shall bear interest nj the OF six per
per annum from and after the frat day Of January
thousand eight hundred and ifty-sev-u ana shal be-
made redeemable At the pleasure of the STATE any
time after the year one thousand eight hundred and
sev-nty-seven
SEC An tho certificates hereby auth orsed to b.
ssued, shall be signed by the Governor
signed by the treasurer And snail he made pay able
dollars and cents IN tho city of New YORK ne Interest
10 be paid s,m-anuuslv No interest coupons stall be
attached TO tho ecrhestss hut the rats ibtsrsst
-os the time Of payment thereof shall be expressly set
forth in tn. body OF the certificate
See t-B-fore tho delivery OF any cerncatss author
iz-d to BE- issued by the f going Of this aot
the Governor shall to be- prepared two sets II
BOOKS In Of which ne shall the time of
king the enphaDge hersnbeoe provided to be carefully
entered bef and accurate description of each and oil
OF the bonds scrip and other evidences Of
to be- surrendered hersnbsfors provided and in the
other set shall be In like carefully entered pre-
else and accurate description OF the number date AMI
amount Of each certificate the TO vhou and the
purpose for which the issued and whatever
ess be necessary to full and true account
OF the same
SIC. the exchange authorised by this act to be
made, may he effected in springfield, Illinois or In In:
CITY Of New York the Governor shall udgs oest anu
for the purpose Of accomplishing the obsct OF thn
sum not exceeding two thousand i've hundred dollars
Is hereby appropriated out Of money In the treasury
not otherwise previously appropriated
Soc 8. Whenever any bond scrip OF otner ev'oences
descriptions thereof duly entered ~ herein before
provided it shall bs the duty Of tbs Governor 10 Gauss
tho same TO be cancelled and to s the same In tbs Of
hce OF the Treasurer of the state b. be preserved W.
vouchers and be subject TO the future order OF the Ue
sssel Assembly Gks esvssses shall ssssSve bsn hJsa