, 1862-06-14

McALLfSTER AND STEBB1NS ].
BONDS.
DfshoneKt Attempt to Defraud the
S1ate Of Two and a Half Millions OF
Dollars.
We wish the attention Of tax payers for 8
few minutes, On subject Of very great impor-
tauce. The sccessionists and their ssiberty and [
economy ally are 1aboring hard to coax the
people to swallow the proposed constitution.
They have base and corrupt purposes to sub
serve, We will point ont one Of them.
Dy the SD section OF article of the new !
constitution, snits rnaJ be brought against |
the State in the circuit court OF Saugamon I
county upon the bonds Of this State, and the /
interest thereon, heretofore issued, OF hereafter
to be issued, By or under the authority Of this |
State.
The so-called Mc:a]istcr and Stebbins bonds !
are an old claim. Some time during the year !
1887 or 'sss, agents were sent to New York to
nego:iate 3 loan for this State.
Not being able to borrow money On salts
iactory terms, they hypothecatcd million Of
dollars Of bonds for $3.50 600: that is, they left
that amount Of bonds as security for the pay
ment Of the principal aud interest. It was
the understanding that the State would re-
dcem the pledged bonds within specified
time.
When the money became due, the State
offered to pay the amount, and Interest; but
the holders Of Inc bonds lad fraudu1ently |
transferred and assigned them to other par
ties, who Lave, tim: after time, presented
them for payment. At most every meeting
Of The legislature attempts hare been made
to obtain ar appropriation to pay the full face
of these tondE; but the parties hare never
succeeded. The legislature appropriated
aud rendered to tho bondholders the
SEC .Q5t With interest, Which they absolutely
r:fuscd, but claimed the full amount
Of the bonds with interest; claiming that
they arc innocent ~ purchasers, and any
defense which the State may have against
those bonds should not he cinterposed as against
thsm- Under the old Constitution, these
spectators cannot enforce the payment Of
1hcse bonds, because the STATE cannot BE- sued
Int, it seems, sufficient influence las been
brought to bearupon the Constitutional con-
rcntlon By these boudholders, By bribery or
otAtruf*c, to insert the CLAUSE above stated,
ard allow this State to be sued, by the terms
Of the new constitution.
If the new constitution be adopted jadg
nent will bc obtained in court agoinst the
State for the whole claim, principal aud inter
est, bceause it will be impossible for the State
to prove according to technical law rules that
these bonds were LEFT with Mcillistcr and
Stehblns, by the agents Of the State, as col
lateral security for the Payment Of the $3.50,
COO and interest only, and that the present
| holders had notice Of the fact when the bonds
| were assigned 10 1hcm bs McAlIister and Stcb-
bins for The reason that the parties trho acted as
agt7,ts for the STATE il. tie matter, arc dead.
| As tlt5e bonds have been issued twenty-five
| years, the interest alone will amount to .
million and !, half of dollars, making total
Of So 500 900 that would be collected from
the people. To ray this Judgment, q tax equal
to ten t.ar: tstyy totcr IN tie State must be
| levied. Taxes, already burdcnsome, will be
t more &C when the Federal var tx il to be
| collected, and intolerable, if this constitution
is adopted, which will be the ruin Of the State.
Bow much was paid to certain members ot
:1c convention for managing to get this Nc
A1lister and Stebbins sTindlc incorporated
into the new constitution, VIC cannot posi-
: lively state. 1t is reported that they are tt
1.c paid onc-third of tue clalm if itsucceeds
The father-in-1aW Of one Of the members O
tic convention Owls half million of thoss
, bonds, which explains Lis extraordinary con
duet. Protesting to he q radical Republi
can,'' he is found hand in glove with the seces
eiepi=ts, urging upon ignorant people 10 yot
fy:s >..::s swindle.
i Tax-1ayers Of 1llinois. are ye1 :rady to in
oo'+c this gigantic swiadlc: 1t not, the.
turn cut Oh next Tuesday aud vote agains
:he proposed constitution
Il Farnssrorth:s Rcstmeat.
At the ba.tle Of Fair Oaks, Cap. Clcye!and'
cor1pauy Of Co1, FarnsWorth'8 cavalry, acte;
as the body guard Of Gen. Reyes, Tnc re
raaindsr OF the regiment was held in reserr
1t MechanicsVil1c, about two miles to t;1
| right and rear Of the ecenc Of struggle. Ta
! tnen stood by their horses ail day. waiting f.
Tic order 10 advance. They saw the smok
: Of the battle rise above the tree tops, ao'
f heard the cannon roar from noon till uight
: At times they could hear the troops c4ecr =
: tsey advanced to the charge, and they SAW
stream Of wounded men borue to the rear.
/. Tie regiment has been doing picket dut
Tor = fortnight past. 4 few days ago the rel
els undertook to cut off and capture compau
5 C. They managed TO throw battalion Of il
iant13 into the rear Of the boys lin the woods
i before being discovered. They charged upo
il them and fired volley, but aiming too hig'
t. their bullets went over the heads of Ii
, troopers. The Captain ordered the couapsu
- to charge ripht into The rebel hushEhackcr