New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-07-21


sl6} eco. against $l.J COO June. lS,s Al ncrss,s
c:so.0G0
We leSru By Telegraph thai tie Toledo Log ansport
snd Burlington Rsilrosd Ccmpsay coumsrced laying
track on the 10th inst. This Company has already
received from glaId shout 5000 ;uns Of iron, ard
have bills Of laditg fer the balance necessary to
firth the roed contracted for They contemplate
makir the connection with the Psoris and Oqus~ka
Railroad at tie State lire b. the l5ti Of Septenber.
and With the Toledo and Wabash q, Logansport by
the 18th Of October next, when they will have IN
view of the Large crop Of wheat already secured IA
Illinois a very large freight business 70 Toledo.
The rev Company which have bought cut the
Brooklyn aud Jamaica Road. FOR the purpos. OF
making horse railroad Of L, have commented
la,iog new rails in Atlantic street, preparatory 10
breaking up the tunnel
The Rome and WATERFOWL Railroad Company have
taken formal possession of the Watertown and Potts
Jan read rs endorscr Of the latters hrst mortgage
bonds TO tie amount If some $4,000. Mr. MeBnde
sss been appointed Superintendent of the Pottsdam
section.
The Ncsc.TondoR Ciroateie states that second
dividend of III z cent has been declared upon tho
estate Of Perkins II Smith, payable IN the ID Of
August.
Tie Boston Post thus notices the money marke, Of
that city:
"New.York funds were exceedingly scarce until
Saturday. when there was good supply. Tnis sud
den change is the result, proosby, Of cash payments
for purchases at the Trade Sales We trust n.y be
the beginning Of a Ing period in which New York ex-
change will average in favor OF Boston. For our
bank specie has declined to four and half millions,
aud further dminuton of 500, coo would put stop
to all discouUting provided the banks complied with
the legal reQuiston not 10 lend when the specie on
hama had declined TO IL cent Of the circulation and
deposits.
''As money is row much easier in New-lork than in
Boston il is 10 be hoped that market may improve
somewhat until nearly the same level be- reached in
the two cities. With the trade.ssle payments, with
the California tmitisncts aud the proceeds Of loans
obtained in New-Nol<, there Is good ground for be-
evipg that or bank specie will henceioh increase
little. ard make credit more easy.
Upon the whole, however Il seems as If money
rates would rather increase than diminish through inc
Autumn although may reasonably expect not 70 ba
stringent here with an abundance SO near as New
York
The Chicago IT. ibaae gives the annexed statement
in gard to the recent settlement OF certain bonds Of
that STATE:
When John ID. Whitesides, OF the Fund Com
mssioners of Illinois was in want of $4,000 with
which TO discharge accuing obligations of the State,
he applied 10 McAlster 4 Stebbins OF New.iork, for
loan offering to pledge 100000 of bonds as security
therefor. TIE firm accepted his proposition, aud
getting possession of all part Of the bonds In ad-
varce OF the completion of the transaction, hypohe-
Gated few of them, say Sl2OOOO for funds that they
lacked in making up tie amount. The State failed to
pay McAllister \ Stebbins what MIR. Whtesides had
borrowed; and McAltter 4 Stebbins failed TO redeem
the bonds which they had hypothetical. The holders
of these bords 70 the amount above sta ed put the
on the market and cold them az public auction to the
highest bidder a part were bought il by the Me
ohsncs' Banking Association, Apart by the Bowery
Insurance Company, and the remalnder-some seven
or eight bond.-by other parties, at prices; so tney
say ranging from y to 20 cents on the douar' Inc
bsta-id aafa astia an Qi-nU
bonds which be had pledged, though II had received
and pent the money that was obtained tor them For
eight years nothing further done in the premises
In 1917 funding act passed, from the Dement'S
of which those bonds were expressly excluded. In
1919 another act pa.sed for the settlement OF the
whole matter. The law was a tardy acknowledgement
of the claim of McAlster and Stebbins, and was the
very least tia, the state could then have done. IL
perpiited tie holders OF the bonds 10 fuod them ut
Is % 100 cents on the dollsrhs being the amount,
principal and interest that the state had received for
them. Under this law, nearly all The bonds came IN
The holders of most OF them choose 10 accept what
the Legislature willing to give rather than hold
claim tor d larger amount, the validity OF which was
disputed But the purchasers of the bonds which
McA lister and S.ebbius had hypOthccated refused to
accede to the terms offered. They said I'VE are In
nocs ut holders Of this paper We bought 1t a. part
Of the public debt Of the State Of Illinois, openly ut
public auction We Deither knew nor suspected that
i did not represent just and honest debt. Wepad
for il much than you Oiier us and we Will not
submit to the shave. We cannot you ~ We could
al individual or corporation but VS. will wait your
pro perty and your returning sense oi Ju tce That
was the language tia. they have invariably used. In
ISL another funding law passed, which has been
Construed by Gov Bissell to the McAlister AMI
SebbiIs bonds as well a. ysnOIs other forms OF the
State Indebtedness and he, IA the Executive, being
made the Judge OF the validity Of the obligations out
standing decided upon the case that was presented "
him that these particular bonds-hypothec ated and
sold az We have described-were Just AMI honorable.
and ought To be paid. -
Convinced Of the mora! ard legal obligations Of the
State 10 lBy these particular bonds, be permitted The
,ran,fer fond them other bonds were funded.
This u.rnis.ion was exercised and all the bonds OF
the McAster and Sebbins issue IN the hands oi inno-
cent purchasers-S l20.WO In al-were surrendered,
ard new bonds issued This coming ~ the ~ the
Auditor and Treasurer, made At once serious dsa-
gre ment in the Executive councils. To give his adj
mnistaton the unity which II should have, the Gov
error recalled his psmssion but too late. The work
wes done. The new bonds had been gwen up, and the
Old were returned to the Auditors office.
five are correctly informed, the Governor yet be-
eyes that be acted with due regard Tor the honor a.
well as for the dollars Of the State and his only regret
IT, that what TO him clear an act O Justce, should
By any reckless men be charged upon him a. Sn
attempt deraud tho Treasury. But II We understand
his position he is wiling 10 suspend further action, 10
decline the payment Of the interest and 10 lay the caAe
before the t. slaiure for such final disposition as tho
members Of that body may believe 10 be consonant
with the public policy and public justice.
We extract the following from the Circular Of VIM
p. Wright Co., in regard TO the movements Of Cot
ton:
CsoP-Tke ports from the South continue " be fsyorsb~
REcyPrs By table, to-day amount % $500 bAiss.
There little dOub tina crop val result In slightly uoss
than 5 100 900 bars.
RFxFozTs-To Britain, the week 10 no bales sssnss
, oors.pJnoDI las' the oompare1
SS u 00 the total 20 Great Britain that year
bales. To France f0r the there has cleared
500 bsl.s go last aid ., otS-r
tosH prt' 5000, against 1000 The SICK on hand i'
TIE following Il he movement In Cp.,on nhee
,be H. a. s.r, ~. !. compared With he previous for