The New York herald., 1850-10-26

1t will be that there Las been very
variation in quotations fer the lsssag securities In
the list while others Of more speculative ehsrset~r
have nuctusted considerably. Although the prices
current ct the dates given abovs % not sho- ssy
change OF consequence, there have been within ths
period between tn dates the usual sustustons at
tending extensive speculative movements In the mar
kst Government and State securities have bsss mere
uniform and steady, and the operations have been
limited. The absence OF an active demand from
Europe has prevented any movement here sni the
difficulty experienced In making nves,msnts giving
than four FIVE per cent aterest dstsrs holders
Of good public stocks from parting with them NJ pressn
prices Any advance Of consequence would doubtless
bring out considerable stock but there very little
prospect at present OF much activity In that class Of
stocks In the event OF difficulties or hostsies grow
ing out Of the unsettled state Of public affairs 10
Europe we should soon ind market abroad for al l
the real good securities We have TO spare.
The Agent of the State Of Illinois, Julius wads-orth
E.q has addressed circular to the creditors Of that
State in relation to the recent grant OF public lands
by Congress for the construction Of several railroads
through the State Of Illinois. The snrexed extracts
n ON the circular, will give those interested all the
Information upon the subject rccearyfor their sui
dance.
TO TrE CREDITORS OF TIE STATE or ILLINOIS.
recently closed granted to the State Of Iisois the
right of way through the public lands, for the con-
struction of a railroad from the southern terminus
nesr the junction of the Ohio and Mississippi rivers
with branches Of the to Chicago, Lake Miehi
gan, and to Gaens the Mississippi river, aud do
mated every alternate section Of land for sx sections
In width each side Of raid road thereby provitng
for the con,truction Of nearly six hundred miles OF
donation Of about two and hall million OF land
upon the condition that the State construct the said
road or cause 1t to be within the term Of
ten years.
It is therefore, q matter OF great i'm portan,e as
well to the creditors of the State as to the State It.
self that some means bo devised for the purpose Of
constructing the road In such that the State
or the creditors, may derive the advantage OF the
value Of the lands the road itself when pleted
to apply In liquidation OF the State debt.
The Legislature of the State Of Illinois assemblies
already being made by individuals for the purpose OF
organizing companies to apply TO the Legislature to
be for the purpose Of oonstru asns said
to aid In the construction.
What terms may be proposed, or how advantageous
to the State any proposed arrangements will prove
remains to be learned but IL Is in degree probable
that any terms proposed win have for their object the
sole interest Of the State the creditors OF the state
and Is highly probable that efforts will be made
procure free afr of the lands, by the State to
company who will undertake to construct the road.
vsntages OF the grant by Congress will be almost en-
tirely lost TO the State and the creditors.
have therefore, conceived Ii to be a duty to the
holders Of Illinois securities, to place the existing
state Of affairs before them in order that they may IL
CONSIDER III their auopt eoms
plan OF action which will enable the State To construct
the entire line ofread and secure the same together
with the profits therefrom to the creditors, for the
payment OF their claims.
A plan similar to the arrangement made with the
State by the holders of Canal Bonds for tho compile
top OF the canal would probably meet With favor from
the Legislature, and wosd II adopted. furnish = safe
and profitable investment Of money to the extent re-
qured. By this arrsng. msnt the lands granted by
Cong and the right of way together with the road
tsof and the profits would be placed In the
bands Of trustees selected In part by the creditors
and In part by the State to secure hrs the payment
Of the money advanced by the boudholders with the
interest thereon, and next the bonds OF the State,
which may be registered BY the holders advancing
the money.
the Illinois and Michigan Canal Bonds registered. and
not including Of interest or the styled Iu
terest Bonds does not vary much from eight million
dollars and cash advance Of twenty nye per cent by
tie btldtrs of tbese securities, the amounts held
ty th,m respectively, would produce the req uired
smeunt of two million dollars for the construction Of