The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-06-15

msrcially important. There has been no nvorslls
change In the markets the slight variations realized
having been towards decline Cotton continued In
active so far sales concerned but the arrivals
had bee large in the face Of which prices fell "a an
eighth but recovered before the close OF the week
The favorable appearance Of the growing crops had de-
pressed the grain markets and quotations for -four and
corn ruled lower than previously reported. Consos
had experienc need no change Money was abundant,
but there demand from the commercial classes
and the complexion of things generally nearly the
at the departure OF the previous steamer.
On the Continent all doubt aud confusion POti-
ca affairs were in unsettled condition, with very
little prospect of any improvement.
The actual amount Of specie shipped by the steam
ship United States, for Southampton and IIayre.
$4O7 ,444.
The funding of the public debt Of Illinois and State
scrip progresses slowly for reason holders
present their bonds for conversion rapidly Is de-
sirabe By the first section of the authorizing the
refunding Of the State debt all bonds, scrip, Sc.,
which may not be urrendered up In conformity with
he provisions of the act within eighteen months after
notice given of readiness the part of the State
exchange them shall not be entitled to the benefit Of
any law which may be passed to pay interest the
State debt. This notice given In the month Of
September last, and there is yet large amount of
bonds scrip, &C. not surrendered II Is true there
nearly year longer in which they be refunded,
before the expiration of the time named in the act
but as very important movement has been made
since last September relative to the liquidation Of the
State debt it will be well for holders of unconyerted
bonds TO make the exchange early possible. We
allude to the adoption of the constitution, and OF
the perate section authorisng tho levy of tax of
two mills upon the taxable property of the State for
the payment of the principal of the internal improve
constitution the Legislature will prepare for
levy and collection of this tax and all bonds not
funded converted within the time stipulated by the
act of February, 1s47 will be excluded from the pay
ments made from the proceeds of that tax. In the
event Of other laws being passed. in the for
the payment of interest all unconverted bonds will be
shut out, and further interest paid than provided
by existing laws, until the full six per cent
paid upon the refunded.
For the purpose Of aIording all necessary informa.
ton to holders of State scrip give annexed the act
passed during the session Of 1886 and 1s47 -
FUNDING OF ILLINOIS STATE SCRIP.
Sec. l. That all such contractors a may have
eeved scrip certificates Of canal indebtedness other
evidences of canal indebtedness from tho board
missiOners of the Illinois and Michigan canal and
from the Governor shall have the right to surrender
the amount which they have received aforesaid
and the and surrender Of said scrip
aud Indebtedness the Governor is hereby authorized
and required to issue to said contractors Illinois and
Michigan canal bonds bearing six per cent interest
the principal thereof and shall make computation of
interest all such scrip and indebtedness, from the
date of the same and issue certificates Of canal in
debtedness without nterest for the amount Of back
interest thus found to be due which certificates shall
be received in payment for oil canal lots and lands
heretofore sold and for all dues to the canal fund The
bonds to be issued under the provisions Of this act
shall be of the same denomination, the principal and
interest of which shall be payable at the time and
those heretofore issued Those who furnished powder
to contractors under contract made with the board
of commissioners, and received canal indebtedness
from said board in payment therefor shall be entitled
to the privileges conferred upon other contractors for
such scrip as they may have received under such
tract.
Sec 2. When any scrip or canal indebtedness not
bearing interest its face and which shall have been
registered under the provisions of an entitled An
act to provide for the completion Of the Illinois and
Michigan canal and for the payment of the canal debt
approved February twenty first eighteen hundred aud
three and all acts supplemental thereto, shall be
presented to the Governor by said contractors, as
aforesaid it shall be the duty of the Governor to COM
pute interest thereon, from its date until the time
when the shall have been registered aforesaid
and shall issue to said contractors certificates of canal
indebtedness for such interest which shall be receva
BILE for all debts and dues ewing to the canal fund for
lots and lands heretofore sold and the Governor shall
also compute the interest the said scrip and canal
indebtedness from the date of the registry aforesaid
and shall issue certificates therefor aforesaid which
lat ter certificates shall entitled to all the benefits
advantages and preferences given under the acts aore
said to the interest registered canal bonds and
shall be paid in the MANNER and the bonds to be
issued by the Governor in exchange for registered
effect and be entitled to all tho advantages and pre-
ferences and shall in all respects stand in the place
Of and be substituted for the scrip and indebtedness
surrendered and exchanged therefor and it shall be
the duty of the Governor to provide for the registering
the bonds ndscrpt issued and entitled to such
preference in place Of the scrip and indebtedness
rendered The interest registered canal scrip and
Indebtedness bearing interest til face shall be
yuted up the time when the shall be presented
to the Governor for exchange and certificates shall be
issued therefor which shall be registered aforesaid
and shall be entitled to ali the adva ntages and pre-
ferences given by the canal laws to interest regis
tered canal bonds.
The movements of cotton in the United States, this
up to the latest dates, compared with the
responding period last year, annexed