, 1860-07-25

pro rata surrender d the cid bonds or sscrfp. i
stgndinr iiabilities" 1t eny given time must |
have BEEN The pro rata gum due on Tue unllqaI'
dated borda. Thus. On tbs 1st day OF January, |
1850. there were orEstanding e5oo,2l a Of The
hypothecnted + onds and sc1ip, ano upon 1oa sneeo
there war '' .:- '65 II ~ .a9 soon rSs *11 ~ n
new bonds would be issued tor them ma me
ent;re cinim set,led in strict accordance Win
the laB. But if Msealister Sseo6lus, or any
persons authorized BY them. should fe.asn .sy sny
number Of the bonds less than t4e "noie' Icy
would be entitled 10 rsse'ys D by
that in. The amount Of new bonds issued 70
then. nust bear 1he Eamc propor1lon 70 tne
amount Of old bonds and scrip snlleaueisu ~
them. that the while amount o1 nc" oonas ~
thorzed to be Issued BY sne ac' n,.3and;nr
ut the date Of The settlement provided Tor IN
the law or a. We have already shown oy prs
v;nue examination of the law IN conneo'4 '4Un
win The account Of Macalister q Stebt*Ls, for
every 81, 900 of old bonds 1eturneu' IL , "oul1
be entitled to $5s1.2s IN aqutoa"o I'll ooao'' ano
70 determine, then, tho amount of cut.
standing liabilities against the state a. any
riypn fine. it il only necessary Tor us to asceF
lain the amount Of hypothecated bonas ana
scrip then remaining ont ana nhnquioaSehL. - ~ ~
the HF4 f4f blE4 A0S -
amount Of "outstanaing liability.
/. .vor.- RETURNED NJ xAcAL1sTEa sTEuBtSs,
BY further reference to the account Is Of Mae G.
Jannarv, 1850. they surrendered OF caused to
be snrrendered, &see, ,2l5 II Of the hypotheca.
ted bonds and scrip, (less II ,56G.45 discrepancy
In their account,} leaving outstanding IN the
hands Of holders, other than themselves. Sls5,-
600.
Upon the $ses, A thus returned by them,
Macni;.ter Stehbips were entitled to receive
in liouidstion bonds, $l67 ,297 81. and not one
dollar more without dlrect violation Of the
tro rata section Of the law, which expressly
prohibits the Governor from Issuing lsquldntlre
bonds, except upon surrender Of the hyposh
coated bonds or scr'p to au amount that should
be in the came proportion to the new bonds
issued, that the whole amount Of hypothecated
bonds aud scrip outstanding at the time OF the
passage OF the law, Was to the whole amount
Of new bonds that might be issued upon the
settlement with Macallster Stebbins.
standing at the time when the law was pussed,
as we have already shown, was 5500.415.44.
{the original amount being $713.215.44, aud
$413. 900 having been returned In 1912 4n1 l844)
aud lhe whole amount Of new bonds that might
be Issued was $500. .765.1l, being the balance re-
settlement referred TO in the law.) Now n
&l57 ,297 81 (tbe amount Of new bonds which
MAca1lister and Slebhins were entitled to re
ceise) IL 10 22.e15 II {ihe amount Of old bonds
aud scrip returned by them) 50 is &200,7G5 II
(the whole amount that might be issued) to
$500, "A, {the whole amount of bonds and
scrip outataoding-) Giving then to Macaister
and Stebbins the amount they were entitled to
receive under proper construction Of the law.
for the bonds surrendered by them, aud there
would be remaining due from the State upon
the xl7s, 900 Of unsut.endered bonds, elo3,-
4G7.79, aud this is the "shen outstanding liabll
isy against the State" referred to in the law,
and Tor which liquidation bonds were to b= re.
tanned.
tMacalister and Stebbins having failed to pro-
cure the return OF these $l73,U00 OF bonds,
within the six months; the holders refusing to
/ surrender 1hem upon the teyma requiEd, up
to the expiration Of this time, by the law, that
| Aacalis,er and Stebbins, the !egisla:n..s IN
this section Of the Act for The purpose Of max
! ing final settlement with Macalister and oteb.
1'n3 anu at the same lime protecting the rights
| Of the non .assentng bondh"lders; proposed to
retain liquidation bonds sufficient 10 take up
the bonds outstanding whenever they were re-
turned, anda to pay Macalister and Stebbius the
balance due on their original advance to .lle
State. upon their furnishing my ''o.her liabili
ties Of the State" equal to the amount due from
the State on the bonds remaining in the hands
Of the non. .assenting creditors. The account
rendered oy Macais'er ana olsbnlns haa noth-
,ng 70 10 Hna tns naola'.5 oi tne o1ate as "e
having fixed the amount to be paid by the State
on the bonds, provided in the law that for a
certain period settlements we're to be made with
the bondholders, only ny return Of the bonds
taFnusu Maca!ste1 ana o1eooans, OF persons
antto1zed oy ,hem- aoy oondnoloer taefe'
lo.e "no saon1o 1e19ss 10 se.ue u aeeoIuanee
,,ha,tar "a s ;,,st a. n,;nst wo,,d hs nrsc11da
from recelslng any penens from the Law unit
tne pefoo haa EXPIRED curing "hch they
tMacal1ster and oteoo'ns} were arrested witt
1hese s1e,us;se ptasnssges M y, Maca,'ster aoe
eboins mao o1sposeu ot an! o. these nonos al
sast.nc, ~ suI.a? nsa sA:' anofoef
them to propose. ior limited tune. to the othel
holders to return me ponds held bT them ant
TO receive the amount which they {the salt
hoiders) had paid toT, or advanced thereon, ant
II this proposition vas accepted md the bond
surrendered Aaealster G and Stebbns wouls
he que
:.e puaos n.e. g'5 .nJ aouns "en u
.he .he o.u 1sarIdt o.herwisr sustain f1om bsr;n,
tney -"outos .:a osns ~ Susthatu lpn' ua'tnl
d1sposea OF pottlon y, .ne oonus y. Fa1e lee
than thelf aosaace on tuem 10 me o'a.e.
alter tne eapltataon ;Ha y. .lH a'a no1tns. no"
ever, tnese EXCUSES parna .t1 a. naeu'1s!e !s;
s.eooins ceas5 ~ ~ T., ..h;ah Jsen. tsm ~.
them was prosloeu lot, ~ Wnlcn tuey we're au
taor1!ea 10 lu1ulsn ny ptuer liaon.ies OF u
/ State" IN inc pace Oh ne hyposheeated bond
they were annn!s ~ ;.h; conilol, equal 70 tnem
! | !.w ~ -. rel. ~ ha no;d H. i.ian.a - - -:
. account. The State having thus settled in In
= with Maca1ister erd Stebbins for their origin,
!. advance upon the ehypo:hecated bonds md scrit
). and Macal'ster aud stebbins On their part hui
:, ing resumed I'LL Of the honda under their cor
!. tret and for the balance furnished toth{
= Liabilities Of the State" equal in amount to tt
9 hypothecatvd bonds still outstanding, the u
p xr7th rrnn1d he c1nard Hri NJ