The Van Buren press., 1877-10-30

Banks were funded nurv
u per cent bonds, leaving
out tho new hpHds given
for the Hollord bonds.,,. 2.S4i,alo 90
''1he Real Estate Bank uN.-
tually received, on the hy-
potheeated Holisfd bonds
sl2i, 1856, which, with inter
est, now amounts tG..,..... 81, ,gsl2 US
"Making, in all, uu undis-
puted debt ot,.-...t,..,, 50, II, 81 0S
'fhe legality of this debt, or ofany
part of it, has never been disputed
by any one, SO Far as we know.
"Now, we propose to settle the en-
tire debt of the State, excepting
that part of il due TO the United
States, the outstanding scrip, and
the 10 per cent and Loughborough
bonds, in new per cent bonds,
having thirty years to run. for the
aggregate sum Of 81 ,00O, 900.
"This will be the amount of new
bonds to be issued, which will nom
inally exceed theamount Of the un-
disputed debt by the sum of S272,-
l72 81.
"But the real amount of the new
bonds, estimating them on a basis
Of & per cent bonds, will be less than
the amount OF the undisputed debt
above mentioned, for we propose
that the new bonds shall moi draw &
per cent from date, but that the in
terest for the first years shall be as
follows: For the first year the in
terest shall be ut , per cent, for the
second year 3 per cent, and for
the third year per cent, which will
be an annual reduction from the in
t"rest Of the first three years, of the
following amounts:
For the first yeaf.ta.............s...s 600
"For the second Northumberland. 100000
"f'or the third year...,...,......,...,.. 10000
"ln all.,."......4... $500 900
(Which will make the new bonds,
estimating them on the basis ol 6
per cent bonds, for an amount less
than the old and undisputed debt
above mentioned, by the sum of
SS7 ,s27 0S.
"As it is desirable for the good
name and prosperity Of the State
that all the paper outstanding, haV-
ing her name and official seal on it
shall be withdrawn and cancelled,
zee propose 10 get up ami depoTH, a
tie time Of tie issue QfMe HeH b9Hls,
and WithoW daB further cdfb'7e or
realame1ution HdH the .fiWaiag II
tie Hadispuied debt a. above men
toned, Me .}otfo#'i33g GatStdHdiag
d0adS, he kegdiiB Of which has been
disputed, that is to say:
"i.ailroad Aid Bonds, with in
terest to July /, 1877 7,l57,1i5
"ievee Bonds, With interest to
July !, lS7T".......#.,....,.,.,.... vol lis
"t,xeess of llolferd bonds.
with interest 10 July /, 1877 .566, Us
'Making, in all,-...........sll,47 IA. .5OI
"of a disputed debt which the State
viii get in without payi g a cent
therefor.
"This will remove every ground
OF reproach against the State, and
viii give her as good standing as
that of any State iii the Union.
I'VE propose that the first semi
annual coupon shall be payable
J lily |, 1878.
"No new bond shall be issued un-
der this plan until we deposit in the
Slate Treasury one-half of the nomi-
nI amount of each of said kinds of
bonds above mentioned, both the
disputed and the undisputed Las they
are above designated; and for every
new bond of 81, 900 issued, there
shall first be deposited in the State
Treasury the following amounts of
each of said kinds of bonds. That
II to say:
"Dfthe old bonds issued to the
Real Estate and State Banks,
and ofthe bonds funded under