, 1861-07-20
Gbitaan Gributtf
SATURDAY, JULY 20, 1861.


TIE 11LINQIs wAH LOAN.
:. W. understand that Treasurer Buuer
has prepared, and is now ready to delivert
The bonds Of the State to the amount OF
Se5o,oo0 in sums Of $100 EACH as authori
lied by the Legislature at its recent ses;S
sion. The bonds hare coupons attached
for IS each, for each half year during
which they run, and will of:course be re-
ceivablc for taxes and al other State dues
al the Treasury A conslaalahle number
Of ;hese small bonds have already been
subscribed fer by our own citizens, and it
is believed that the whole amount will be
taken at par without recourse to Wall
street = =
We hare heretofore expressed the opin5s
ion that but for the collapse Of our vicious
currency The wh lie $2,ooo,oo0 authorize
to he borrowed would have been readily
subscribed by our own citizens, and III
the Treasurer would not have BEEN T.
PEELED to leave his Office to find any Ysr-
tisn Of the required sum. We have re-
counted the facts which ought if there be
any such thing as public credit left, to
give par value TO Illinois bonds in every
stock exchange in Christendom - the
strictly speoie basis upon which all the
business Of the State is conducted, the in
variable tax accompanying every increase
Of our public expenditures, making the
revenue Of the Treasury always keep pace
with the drafts drawn upon it by honest
collections from the people, the great and
: increasing resources Of the State, and final
II the weN:nttested ahho1renee Of our peo~
pie for Reputation. It is hardly necessary
that these things should b again discussed
in detail. What success Treasurer Butler
NAV have had in New York with the
$l0o0,0o0 for which he advertised NE are
not precisely informed, but We infer that
The rate at which it was proposed to be tac
ken was unsatisfactory. We thiuk he did
right in refusing to make any considerable
sacrifice On the bonds which he was EN-
powered to sell. It money is worth no
more than per cent per annum on long
investments then are Illinois bonds Of 1870
worth one hundred cents on the dollar.
Ifmcncv is worth more than 6 per cent
we might properly accept less than par.
The necessities of the State will Of course
count for something at inducing sale at
some kind Of discount. The question il
one requiring the exercise Of s careful
Judgment, and ne are sure that the people
will repose entire confidence in alr. BIT
lera management Of the business.
The present proposition to raise $25o,00t
among our own people by the sale ofbonas
of the smallest denomination, is unQues'
tionahly the best method Of strengthening
the credit Of the State either in New York
or London. II it. be shown that our OWL
citizens have sufficient confidence in tht
securities, Notwithstanding the crippled
condition in which OUT capitalists arr
placed By the currency explosion, to take
one. fourth the whole amount offered a
par, character will be given to the bond!
which can be attained in 20 other way
and will render the negotiation Of the re
mainder at high figure quite easy. VI
believe that so small q sum-an amour
which might be added to any annual ia,
without being se9sib]y felt-cannot lonl
remain il u 1ess:ai office withou
hkesasa eVTs> -