The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-07-08
COMMERCIAL.
From our Commsre,.l Corr,..ona.n,
NEw YoRK. July 6-Wedns.a.v :

NEW YORK. July b-Wednesdav A N m
The markets. usual for the season ARE vs AN -
the demand for money United yet The value ba 49, III
sustained by of the loan operations of the sa
federal governments. and the collection of sums on the
part Oh me governments as we'll companies meet the
dividends payable the LIST These payments haye
oeeh very considerable reaching not far from x5 600
Including the payments of the State New York
and interest," and estimating that Of the 400 900 payable
oy the federal government the LIST inst half is dis
bufsed in this city Among the gratifying payments
by States at this moment the dividends paid by Illinois
and Indiana the stocks which SO many years were in
state OF partial reputation The State of Illinois promises
very encouragngy for the FUTURE and she has affairs
such train as must ultimately place her among the most
hourshng OF States in point of finance. The debt of Iii
nos not far from OOO and there was nothing 10
show for but unfinished canal meant to connect the
Father OF Waters via the Illinois, with the great lakes
This canal 100 miles from Chicago Sale on the
Illinois, $50 miles above ST. Louis There is belonging to
900 Of the finest land gift of the federal gov
eminent in aid Of the work To complete which, the bond
holders subscribed 900 in sE3 and the work is now
open Tor navigation, laying open market OF richest
tracts OF country in the world These canal lands will be
sold in September reimburse the AIDE to finish the
works The revenues of the canal will then be applied TO the
payment OF the dividends the old bonds OF those creditors
who subscribed to finish the canal other classes of deb,
WIN then be paid In succession In the mean time the
State levied direct tax the proceeds of which were to be
divided pro rata upon all the outstanding debts This paw.
nlent was made on the LIST, and SO on each
bond of 900, in other words oneh of the coupon
oI lalnR uuo AS nese OOnds nave been sold
H. and still at As cent? this payment affords perhaps
average of per the investment. Its chief
value however, is in its acknowledgment Of the whole
debt, which will finally be paid by the increasing produc-
lions of tho tax according the clause of the
constitution, recently adopted by the people by large
majority, and which provides for a of mills per
cent? to be set apart for the payment Of all debts
cept the canal, which is supposed amply covered by
the of that work. The State Of Indiana
situated in regard her canal but through mis-
management Of the bondhoders agent half the State
debt is virtually epudiaedha is say, 500 900
borrowed to complete the Wabash canal to be rem
bursed from that ork The whole debt then divided
four leading socks that is the principal divided
into State and canal the latter depend upon the canal
for payment, the State being released from obligation for
that half but pay the interest the other from taxation
The arrearage interest divided in a similar manner,
the interest not commence till after 1851 These stocks
known State preferred" which the q per
cent. semiannua paid on Saturday by the agent Mr.
Collins State deferred" being those which interest is
paid until 1851 also "canal preferred" and " canal
deferred - the former be paid the work yields
the money
The actual payment Of the interest these stocks by
well the position of Pennsylvania, Maryland. and
Michigan must have a beneficial influence abroad, par
ticulay this uncure, when the credit of European
cures is falling into decay and the safety of stable gov
eminent resting upon popular will is attracting attention
The late news from London shows advance Off per
in United States stocks according to the circular of
the Messrs Barring. The quotations were as follows: