, 1863-02-03
THE mAOALEETER de STEHHINS
K0NDS.

We print below an interesting and sat
isiactory communication from 11r. Charles
Manchester Of Philadelphia, formerly the
senior partner of the New York house Of
Manchester and Stebbins, to which the
bonds Of the State Of Illinois known as
the Manchester s. stebbins bonds were
issued. It will, We arc sure, attract
the attention Of such legislators at
Springfield as may have fallen into
the belief that the bill for the payment
Of these bonds is equitable and just, and
should pass. They will learn from it that
the state is really and honestly indebted
to the holders Of these bonds In an amount |
equal to the sum Of money that the State |
received, and interest, whatever that now
is; and they will learn, further, that
legislation providing for such payment
was had as long ago as 1910, and
that if the parties in interest have not
availed themselves Of its provisions, the
fault is not the fault of Illinois, and she1s not
now to be convicted by making her the
sufferer. We understand that the parties
before the legislature asking the passage Of
Mr.. Fullefs bill, contend that they could
not accept the tender made by the State,
by its act Of 40, because they paid far
more in open market-at an auction sale
than the State is willing to allow. The
argument is one that proves their own
folly; because the agent Of the 6tate-one
OF it's Fund Commissioners, John D. White
side-gavc notice through the public
papers Of New York City, before these
bonds, then hypothecated, seere so1d, that
tho State would pay to each holder
the amount that had been advanced. That
notice ia bur to any claim over and above
that amount, that may now be set up. It
was full, timely, and, if Mr. Whiteside had
the power to hypothecate the bonds origi-
nally, Authoritative. The bonds were sold
with that notice staring the purchasers in
the face. It was their duty, il they wanted
to buy, to find out what advance had been
made-wl,at these bonds had been pawnod
for to Manchester s. 6tebbins, the first hold
ers; and if they failed to do that, they, not
the State, must suffer.
VIC have no opposition to make to any
equitable and just measure that the wisdom
Of the Legislators may devise to get this
matter cut Of our politics and out Of the
: General Assembly If the law Of 1849 is
not right, let it be amended 1fa new Law
is required, let it be passed. Let the STATE
be more than just; she can afford to bt
generous; but she cannot afford ano
should not aecede to the extraordinary de
maud that these men make.
. TIE MAcA1RsTEn AND STKuB1ss' Doxps.-M1
Fuller having introduced bill in the Lcgis1atur1
tofpay the outstanding bonds OF the State, know,
hy the above title, It becomes matter Of great in
tescst to the people Of the State while these pub
tic men disposed to do justice to the holders Q
= these bonds, That they do not tufae themselves II
be deceived By the representations OF intcrcste
parties. Ipsopote to chow that no legislation !
necessary in regard to these bonds; but that the
arc provided for By the act pabsed February Il
19<9 entitled A bin for an act to prevent 1oss t.
thcState upon the Naealcstcr md StebbIns' bonds,
The second section Of that hill IL a. follows: II
shall be tho duty Of the Governor to obtain fto,
Manchester and StcbbIns 4 statement, verified nj
&te1 0A~u Qt Inc N0lQcFH o. Inc AiQf
raid securities, other than themselves, and to ri.
notice through one paper publiahed In Illinois, an
two in the city Of New York, that he is prepared
ray the same in compliance with the provisions
this ad, and In conformity with the amounts re-,
dcred BY Maealestcr and stcbbins. and notifyin
: said holders to appear within s1 months to accc,
the samc or dispsoye the amount 70 rendered by u
eacster and Stebbins, and they falling 80 to do, Il
falanccwh1ch may remain after retaining an alnou1
OF uou1dation bonds Sufficient to MEET these on
standing liabilities sgainst the Et2tc shall be pa
TN the eaId Maca]cstcT and Sebbins to receive Il
SAME by furnishing an amount Of other lIabiliu
Of tho State EQUAL to that outstanding IS afo1
sa1d."
The statements required were furnished und
oath. the publications required were made. II
account as rendered never disprorca or objected
and this was all done under the supervision
Governor French aud the agents Of the Stato
/. NeW 4osk onecEeditor James Ho1ford ct Londo
surrendered s5a, a,Cooos bonds, and Sc sis ~ ecrI
ant Hcel7ed new Liquidation Boads-lcarine OF
.staao'ns s!'s"V OF Manchester i Stcbbins Bond
Upon thteh shtre 'rd* *441es due. which the bel
cEs could hnvc then received, and can now With
=, tcrast from January !, 1sb0, which was the a.tc
:: tic statemcnt referred to. There il no renua
tion in the transaction, nor the shadow Of it, for
the 13th Of .Ianaa,y 1sia, which was before auv
- the present holders Of these Bonds, became
.otr,it4s Of fh<n'. the Fund Commissioners Of
Slate published tie following notice:
CAnD.-Obfervins tltst number Of lots Of
Illinois Internal improvement Bonds ef 1866. h.
been advertised forfale, ut public auctlon, on N
=, .day the 16th inst, and having been called upon
state what amount would be required BY the ST
Of Illinois in its future consideration Of the g
dcct,: bare felt 1t my duty to give this public
dec thzt Us soon as nrran:cIntute be made,
State w ay nGldef It nigs an"l
accrued thereon. Signed
IL JOHN D. WnIrKs1nE.
-n=5 -, Fund Commissioner Of flint
- Hcrc WIS roticc TO all subsequent purchase
ard cyc,ypoud row outstanding waa ps'fcha
Fybfeoutnt to talis notice. The hcpresentloldcrsi
orseips'y advanced money upoo them to Mac.
;tw:a stcbbine, bat rot being willing to rely III
~ the promises Of the Fund COMMISSIONS OF "
-, ID 1rorc probable. being disposed to snee'!
,po. tic II cess:tirt Of tho St1''" as "s' IS ii
lss,a,,stys 4 s,epa;-s, Ro:a 1ao bp1as at aust