, 1863-01-06

fUfG.-t0 4IQH tGletNAAtY ANkA@AoE ~ HotA4A
dey11ye uuon me q: :judscial duty to determine !
what the discount actually had been, from !
davto day. In the fluctuations of value The /
report Of the President ID required by the
i charter to be verified by affidavit, and think
it would be inst to the Central Railroad, if
the power to settle with thf company, allow
It the discount actually sustained, as verified
By the oath Of the president. It wonld be
proper, Think, also, for the General Assem-
bly, to pass declaratory law, authorizing the
company to-reccfve the common currency Of
be kept from day to day Of losses actually
Sustained, verified by oath, and that the State
should collect seven per centum of the
amount received In dollars, first deducting
the amount Of such Losses.
:. It is to be Eaid, in behalf Of this company,
that they have most promptly, willingly, and
uncomplainingly responded to all the calls OF
the Government in the transportation OF
troops, and very many cases have come TO
my knowledge, In which they hare transport
cd our sanitary stores, and nurses, and money
deed, ftpm the best information can get, It
may be said. Of all the roads Of the State, that
they have promptly met the calls Of the Gov
ernment Id Its present emergency So ar IS
abuses may have occurred, In al cases, sup
tLeir G1iief officers. .-.e..
IT Is proper to state, that In no event can
the State lose it's seven per centuno OF the
proceeds of the. road, because the 44ln
ssston ae stafe f 1hs tsn efsf hase len
upon said road and branches and al the ap-
purtenances aud stock thereof, for al penal
lies, taxes, and Dues which may accrue 20
the Slate from sid as sNp ths
precedence Of MI demands, Judgments, or
DEGREES against said corporation"
THE RnANEs-UTRRExCI. ''
The outbreak of the presentunprecedented
rebellion found Us with circulation Of. bank
notes under our banking law, Of over SE5,tV,
| Geo; secured bY State md United States stocks
| to the amount ofoEer $1s, COO, CO. About three.
fou1ths Of this sum IVES made up Of stocks Of
the Southern States. OF course, 60 fast as
these States threw off their allegiance, and ar
rayed themselves under the banner OF reoel-
lion, confidence in their credit, In great
measure, WAS destroyed, and their stocks rap,
one hundred cents on the dollar, they soon
tell to forty anu n{ty-=...a :s,.-.- = $
Whenever The securities Of any bank, BY
this depreciation, fell below the amount re-
|notice, requiring the owner to make up the
defic1ency, and FILLING to do this. 1t WAS at
once placed in liquidation, and the assets sold
This result could not hare been foreseen or
provided against. The direct consequences Of
war, in any country, are, to disturb Its f11an-
cjal operations. The channels Of trade are
ohstructed and changed, speculative feeling
and new demands produce revolution In
prices and exchanges, and general derange-
ment in all the great interests Of trade and
business Is sure to follow; regularity and per.
mancnce are succeeded By BY tiuctuation and
The loss fat the time, to our citizens, from
this failure of securities, was immense; but it
could not have fallen upon them at q time
when they were better able or prepared to
sustain It. Uninterrupted prosperity, IN
equalcd in the history Of any State or nation,
had characterized and attended all the mate,
! rial interests Of our people. Unparalleled
harvcsts, the rewards Of their Industry, bad
filed their graparies, md brought to our farm
ers rich rewards. As great as the loss vas
which the bonds sold,) that those who have
been able hold their bills until this time
will be able to rca1ize their par value, in many
cases far In excess Of 1t.
Tie amendments which were made to the
tgeneral banking law, at the last regular ses
sion Of the Lcgislature-dcsigned to preven
tie Issue Of anY more circulating notes to tht
banks, exceeding three times their actual casl
| capital, and absolutely prohibiting any lssn!
except in cases Where m an aetuai and conc 20
answered the intended purpose. It Is believed
that the circulation Of our existing banks l.
, well secured. suggest, however, to the Leg
/ fslature the expediency OF further Legislation
t in relation to the custody. of the bonds. Il
% t. f 1sgaas it S5Pt SSPtfq
: vision be made agoinst Illegal transfers or re
! moyals Of bonds from the custody Of the Stat
Treasurer, By the use Of d stamp or seal, o
, ether identification, which would nreycn
, their being Negotiated" As this Is the onl,
8 great risk the bi1l:holders run, I sogges
:. whether it would not be well to require a
6 absolute transfer, BY indorsel1ent upon th
: bonds, Of the securities deposited for circula
= tion, to the State, and q provision fol-. thel
4 cancellation. and the Issuing Of new bond
+ when said securities should be taken up b
I the bank or Auditor, for purpose Of sale
stand 'such provision exists in some Of tf
: i States-fn one, where I am told TINT, prey
L ously thereto, securities had been abstracte
+ from their depository. So great has been th
e injury to the people Of this State from 1osse
r / am happy to fay, no loss has occurred /
j. this Stnte, from the falt Of any custodian Q
Y such eecuritfes,) that no precautfon tor th
4 protection Of the public Should be omitted.
l. The subject Of the currency is one Of th
), lie State. The circulating medium control
= nnd regulates all our industrial interests. /
= war and peace it Is the great engine tha
mnycs both men and merchandise. dlstribu
r ting, as it does, the yery likelihood ofthe bod
commercial and industrial. Any sudde
:, change In tie currency Of the State or natio
u Is to be deprecated, because its effects are te
8 through all the ramitications Of commerc,
T and even society itself, for good or evil
l the results be beneficial, they are most gent
e ed on some portions Of the community 3
2 some branches Of business. II they be eyi
q the whole community suffers to such d.
>, gree as to completely Paralyze ever
T branch Of industry: ! wonld const
Z IL 1n,,. Nat;,s tont;.,.. 1a tIi. ~ -
2 important subject, as the interests Of the er
d tire State are involved therein. We are ais
living in times Of great political cAanges, til
T. like Of which had not before been experienced
and such as lave in Ill times involved great t
C I nancial perturhatfons, The. secession of th
i revolted states cost our people millions (
# dollars through the depreciation Of their stock
g. held as security for the circulation OF OF
= hanks: Now, however, am happy to STATE
T. bnly the stocks Of our own State are uset
d Of interest, but from The instructive feeling
g. loynlty existing in the breast Of every trn
:, patriot, that we should take especial pains
e. preserving the currency Of our State on sue
r. q basis Of solid security us will make 1t th
8, pride Of our OWL and the admiration Of ever
y other people.
e, UNIFORM CuRRESCT BETWEEN TIE sTATR
u do not know of more appropriate perio
Z than the present for calling your attention
~ the propriety, and indeed necessity, Of a moi
~ uniform sy5tcm, as between the states, In I,
70 spect to matters Of currency, and many otht
40 subjects Of general legislation. Such uniform
a 1ty would tend to more closely knit the state
= tcgether-; :.
~ ~ Il will strike any person at all conyersa1
-, -, with monetary afiatrs, TINT currency OF m
~ ~ form ya}ue throughout the country Is great
~ TO be desired. It tends to the more perfet
i: regulation Of our system of trade and con
= merce, obyiates ruinous differences in IL
n rates Of exchange, and makes It the lntere
- Of the whole people to uphold and protect Il
~ ~ representative Of value, whatever itmay b
= Every man who hold q five dollar treasul
- - common country. have no doubt had aun
te Is form currency existed throughou the Un1o,
~ previously to the breaking out Of therebellio
=. cur relations would hare been so interTove
IL rs to have rendered 1t difficult for the traito
to have consummated, to the extent now,unfo
tunately existing, the secession Of the reyoltt
lc states. The initiative upon this subject cou
rs be happily by our State In recommen
1e ing to other state legislatures some basis fol
1e currency to be adopted as nearly as may
ue with view to bring about the uniformity
L. much to be desired- q *T
st srA1E :pEBT.
le Since the 1ast regular meeting Of the Legi
70 1ature, in addition TO the payment of i1teres
Z the following amount Of State indebtedne
IS 1ae been Nquidated, viz:
!, With the State debt fund, principal .
20 with he Illinois Central Railroad "o
% Interest stock paid under Governors 'i~
le proclamation, aince January 1851. 124oo0
~ ....., $1,000
- - The amount and specifications Of the +
II naming debt on the1 1st day OF December, fsd
~ were as follows: