T"tJL"yj"- - ifw Btvokb to IpoRtirs, literature, Olgrintta, Same, iWcraI an General Intelligence. VOL 20. STROUDSBURG, MONROE COUNTY, PA. JANUARY 23, IS62. NO. 52. I Published by Theodore Schoch TERMS. Tworiollars ncrannumin advance-Two dollars and a quarter, half yearly and if not paid bc fora the end of tlie year. Two dollars and a half. No papers discontinued until all arrrcarages aro paid except at the option of the Editor. IOAdvertiscmcnts of one quaie of (ten lines) cr less, one or thiee insertions. $1 00. Each additional insertion, 55 cents. Longer ones in proportion. JOB PRINTING. H.tvins a general assortment of large, plain and or onicnt-.uTypc, we arc prepared to execute every dc scription of Oirl. Circul.irs, dill Heads, Notes, Clank Receipts, JiKtir.c. Le5.1l and other Illanks, Pamphlets, ice, prlu ted with neatness and despatch, on reasonable-terms at this office. Dirge for the Year, BY PERCY B. SHELLY. . Orphan hours, the year is dead, Come and sigh, come and weep! Merry hour, smile instead, For the year is but a leep, Sec, it smiles as it is sleeping. Mocking your untimely weeping, As nn earthquake rocks a coarse, Injts coffin in the clay, So white Winter, that rough nurse. Rocks the dead-cold year to-day. Solemn hour! wait aloud For your mother in her shroud. As the wild air stirs and sways The tree-swung cradle of a child, So the breadth of these rude days Rocks the year; be calm and mild, Trembling hours; she will arisn With new love within her eyes, January grey is here, Like a sexton by her- grave; Februnry bears the bier, March with grief dolh howl and rave, And April weeps but, O ye hours, Follow with May's fairest flowers. Important Correspondence. The Worcester Palladium prints the following as "Official:" Complaint of John Bull to Brother Jona than. Brother Jonathan: My goose-pen stands in the road. Two of your go-lings got into it in a storm. Your son Wilkes came muttering a.ong-iurew a none to- ward, the pen-burst open the door- j got in and tookput your two ceilings, and nnrrinfl rriom nit nir .Innftfhnn I fltn pn, 1 II ei nrc 10 your uaru auu ium all your buildings! lours with Hl be as folloWfl: for the rural di5rictSf consideration, John Bull. j02 aUy, anJ for Alegheny 92 Rcspo?ise of Brotiirr JonaOian to John T!ie (aspnyCrs Bro, of course, greatly dis Bidl. j tressed at tho prospect before them. Brother J. Ball, E-q : What my son ! This great debt was incurred by sanguine Wilkes did, was all on his account. I official, who believed that the dividends didn't tell him to throw a stone at your on tho railroad bonds would so far ex-goose-pen, or get into it. Nor did I tell eeed all expenses thot a surplus would him to take out the goslings. But," John; , flow into the county and city treasuries as you seem to determined to "pick a sufficient to meet the current expenses of fuss" about the two goslings, you tnny both, and thus do away with taxation al- take tham in wclcomel lve got aplenty more at aomef Yours to serve, Brother Jonathan. Scene in an Irish School. Class in Scripture History will Uke the flure. Now then, .lira Murphy hould up yer bead and be afther lookin sharp to the questions 1 11 ne ax:n : , t Master-What dumb baste was that apake when the angel of the Lord ap- peareu 10 -'lainaun Tim Saro an' 'twas n whale! Master Well, what did he say! Tin Thou almost persuadest me to be a Christian! Master To whom did ho say this! Tim To Moses in the bullrushes. Master What was Moses' reply! Tim Thou art the man. Master That'll do; now go and cut some torf for the fire. Bovel Contrivances in the Churches of Boston. j In the new Methodist .Episcopal Unurcn , on Tremont street, Boston, the organ I small stream of Cocbituato being intro duoed, which does the work admirably, without getting the "sulks" and quarrel ing with the orgaoist. All that the lat ter has to do, is to turn on a stop cock, whioh lets on the water, and the organ bellows are put in motion, and supply all tha wiod desired. Io the new church pire of Rev. Dr. Grannett, also in tho ci ty of notions, there is a fino chime of bells whioh is to be played upon by means of electricity, so that the performer may cause them all to sound exactly in the re spective order he may desire, while seat ed at a kejboard similar to that of an or- JJjA charcoal pedler, who was taken from his cart near Newburyport the other day in an insensible etato, and apparent ly dead from cold, on being thawed out at a neighboring bouse, Bays the Newbu ryport Herald, opened his eyes, and with s rnn fnnfld look asked if anvbodv wanted tn hav eharooal. That was probably the last thought in his mind beforo bo lost onseiousness, and on coming to himself he commenced just where ho left off, and was ready for a bargain." flonrlir nhpprved that he had out a plate of brass upon bis boots to keep . . ' t 1 1 bim upright. "Veil palanced, by jing!" said t Dutchman, "prass at both ends." Cotton and the Negroes. A correspondent of the Philadelphia Ledger writing from Hilton Head, says: It is estimated that at least 82,000,000 worth of cotton has been secured and ta ken care of already, aq.d the negroes aro every day busily employed in piokiog, baling and shipping moro. On the dif ferent islands where cotton aboonds, they are set to work in gangs of tcD, twonty Gvc, fifty or a hundred, collecting the cotton in baskets or bags, whieh they car ry in one hand, or slung from the shoul ders. They empty the cotton in other re ceptacles, where it is weighed, and each picker is credited at the rate of one oont per pound for his work. Thus tbo ac count ia kept with the nogrocs. The cot ton from each plantation is marked with the initials of the owner of the estate, and the fact noted in the account; so that if it can ever be shovrn that the property belonged tc a loyal man, the oxaot a mount of carnage can be ascertained. Perhaps tie idea of loyalty may oause the readei to smile incredulously, but it will be onoeded at any rate that tho prccautioi taken is a prudent one, and generous, if more than just. -Tho ne groes nnnifest the greatest interest in collecting all the cotton they can find. However dull of understanding many of tbcra miy be, every one can sec the pe- j cuniary reason for getting cotton for tho ; "Yankcis." Mirny tiroei they havo led small pirtics to distant plantations, se cured lost loads of the article, and ro- ' turned in triumph, demonstrating their exultaton by extravagant gestures, songs, ' shouts of hi, i, and rapid successive ele- . Yotioo,' of heels. Let mo say here that we bate almost found tho negroes truth ful in ho t-tatecents thoy have made to us, aui consequently we have sometimes relied in their guidance io making quite cxtcnd;d explorations of the country. . -The county of Allegheny, Penn sylvania,' is struggling under an enorm ous railroad debt, which, added to that of the cities of Pittsburg and Allegheny, is sufficient to ruin any community less for tunate in the possession of mineral wealth and indu-trtal resources. The county debt is $3,3jl,06l; that of Pittsburg 84, it 4 1 j r aii 1 n: -i , - - o part of which was' , fnr rAA nnrnnsps. Th en- 1111, UiU, iJU'l lllilb Ul illlUgUL'UJ Ultjf 1,' , . - - r . . . , , , - f . ; together. When this dream vanished and the roads were found incapable of j meeting the simple interest on their cost, I the general indignation was great and le ! gal quibbles were resorted to in order to evade the payment of bonds. Suits were I 1 t 4 . L III. iL . 1 un3niajous result of a verdict a. . gt hQ c flnd cUieg Tbc CouQ. CoQmif:sioacrs refused to obey tho or- der of the court, and were put in prison where they reained till the expiration of their tcnag Bnt a, thU wag cruing and cost increasing, eo that now . the interest in arrears amount to S1.45:, 390, and tho costs unpaid to S5,935. A Sharp Eoy. Two boys of tender age who went by the nameB of Tom and Jack, became members of a district school in a certain New England town. On making their appearance, the teacher called them up before the assembled school, and pro ceeded to make certain interrogatories concerning their namee, ages, &o. "Well my fino lad," Paid tho teacher to the fir6t ono, "what is your name!" "Tom," promptly responded tho ju ve- "Toml" said the teacher, "that does not eound well. Remember always to speak tho full carao. You should have ' said Thorn as. Now my son," turning to j tnc otocr ooy, woose iaco suaaeniy ngot ed up witb the satisfaction of a newly comprehended idea, "now, then, you tell me what your name is?" "Jack ass" replied tho lad, io a tone of confident decision. No Danger. A "whang doodle" hard shell preach er wound up a flaming sermon with this magnificent peroration: "My brethern and sistorn! ef a man's full of religion you can't hurt biml There was the three Arabian children; tbey put 'em in a fiery furnace, betted seven times better than it could bo hct, and it didn't singe a hair on their hcadsl And there was John tbe Evaogeler: they nut him and where do you think, breth- I ring and eietern tbey put himl Why, thev nut him into a oaladronio of bilin' ! lie, and biled him all night, and it didn't 1 faze his shell! And there was Daniel; ! they put bim into lion's den and. what, mv fellow travellers and respected audi tories. do you think ho was put into a lion's don fori Whv. for prating three 1 times a day. Don't bo alarmed, bretb- , T 1 fill l f ring and sietern; I don't think any of you will over get into a lion s den! A STEAM BATTEEY. The N. Y. Herald says tbo Govern ment is having built at that port an iron clad vessel, which is to be launchod this month. The following is the dimensions of tho vessel: Length 175 feet, breadth of beam 40 feet, depth 12 feet. Her hull where protected by the water, will be formed of wrought iron plates, five eighths of an inch thick, and abovo the water mark the plate will be six inches thick. But very little wood is to be used in her construction, and the dock will bo pro - teoted by plates one inch m thickness. She will bo fitted up with Eroisson's pa tent stoam engine, which together with her machinery, now being built at Dela mator's iron works, foot of Thirteenth street, North river. Sbo will earry two twelve or fifteen inch Floyd or Rodman m t Ml I . 4 a 4 guns, rncse win do mounted inside an iron fort twenty feet hich. Tbo plates of whioh it will be built are to be eight inch .... ...... " . . . . es thick. I he most peculiar feature con ncoted with tho battery is tbo faot that the guns oan bo brought to bear on any given point, without altering tho position . - . . . . . - - of the vessel. This is accomplished by means of a turn table on whioh tho fort will revolve; it will bo turned by means of gearing connected with her machinery. Tbo steersman will be placed inside the fort, and when in action all the crew will be proteoied, as no man will be required to appear on deck for the purpose of work ing the vessel. Sho is water tight and firo proof, and her deck, whioh is but eighteen inches above the water, may be swept by the waves from stem to stern without any damage being done, as noth ing will bo left exposed cither to tho no tion of the waves or tho shot of the ene my. A GIPSY CAKE. Put a sponge oake into a deep china or glass dish, pour round it a half-pint of white wine and a wine-glass of brandy. Let the cake soak up the wine, and then strew sifted sugar over it, and pour in the dish a rich, thick custard. Orna ment the top of the oake with bits of clear oarrant jelly, or blanch, and split sweet almonds and stick tbem thickly over the top. JjjThe magnitude of Russia is un precedented in tho history of nations. Her vast proportions can only be shown by a comparative statement. The total area of the United States, the North, the South, and the Territories, is 2,936,166 square miles. The area of France (in cluding Corsica and Saroy) is 207,933 squaro miles. Tho area of tho British Isles U 120,H50 square miles. Thus the territorial extent of the United States is twenty-four times greater than that of the British Isles, and fourteen times greater than that of France. Our whole area could be divided into about 400 States of the size of Massachusetts. It is moder ate to say that the territory of our single country is much larger than that which constituted tbo Reman Empire when it was greatest. But Russia is between two and three times larger than the Uni ted States. Her square miles, in Europe and Asia are 7,864,861. From the con tinuity of the Empire, excopt Rusaian A merica, it may be regarded as one great wholo. There is no more interesting problem than that of the destinies of the American Republic and tbe Russian Em pire, which divide between them so much of tho earth's surface and so many of tbe possibilities of tbe futuro, and which, while grounded upon opposite political i deas, rival each other inentorprise, vigor, and rapidity of development. Negroes on this Continent. It is estimated that tbore are some fourteen millions persons of African de scent on this continent. In tbe United States thoy number 4,500,000; Brazil, 4, 150,000; Cuba, 1,500,000; South and Central American Republics, 1,200,000; ilayti. 2,000,000; British Possessions, 890,000; Dutch, Danish and Mexican, 200,000. Whole or None. 'Miss, will you take my arm!" said an old bachelor. "La, yes, and you too," said the young lady. "Can only spare my arm," hastily replied tho bachelor "Then," said Miss, "1 oan't take it, oTi my motto is to go tho wholo bog or none at all." TA. pair of stockings sent by tho la dies' committee for tbe use of some gal lant volunteer, was accompanied by tbe following vorse: Brave sentry, on your lonely beat, May these blue stockings warm your feet; And when from war and camps you part, May some fair knitter warm your heart." BgT"Shan't I soo you hum from sing in' skull to-nigbt, Jermby?" "No; you shan't du no sich tbm?. 1 don't want you nor your company, Reu ben." 'P'raps you didn't exactly understand what I said!" "Yes, I did. You asked mo if you mightn't see mo bum." "Why, no, I didn't; I only asked you hoio your marm was. nrinoiour Braa.cvu. ui -!. to be standiog-col lar9f stove-pipo nats,j' S?-The four croat evils of life aro said tight boots, ana tobacco. Men of the Time Watchmakers. ANNUAL REPORT OF Henry D. Moore, Slate Treasurer. READ JANUARY 8, 1862.. To the Senate and House of Reyrescnla lives of Commonwealth of Pennsylvania'. ! Gentlemen : In obedience to the re- j quiremonts of the Act of 16th March, '1832, in refercnoo to this Department, I ' herewith submit the following report for 100 nsoal year ending November 30th, 1861 The disbursements and general duties of the Department for the past year have ' Deen largely in excess of those of any pre vious year in the history of our State. An unholy war and rebellion against tho general tfovernmont, upon the part of a numbor of tho Southern States of the U j . 1 . .. ciou, renaerea it necessary lor tho Jrres identto call upon tho loyal States for aid to assist him in sustaining the Govern- roenti maintaining the Union, and uphol ' j : .1 1 . . . -w uiug me uonsmution ana tno laws, in response to that call, Pennsylvania has moat nobly done her duty, as is attested by a hundred thousand of her brave and loyal ona who are now in tho field, sus taining her honor and assisting the Gov ernment in cruflbing out this traitorous rebellion. Tho arming, equipping and sustaining such a large force as this by our State, has necessarily involved a large expenditure of money, and caused the vast inorease of labor and expenditure of this Department to which I have alluded. Presuming thai it will be more aatisfao tory to have the ordinary receipts and dis bursements of the Department shown sep arate and distinct, from tho war expenses, I reepectfully report: Available balance in the Treas ury at the close of the fiscal year ending Nov. 30, 1861, $681,433 08 Receipts into the general fund for the last fiscal year, 3,017,045 57 Total, 3,699,078 65 Payments of the ordinary appro priations and general expen ses of the State from Decem ber 1st, 1860, to November 30th, 1861, inclusive, 3,144,480 34 Available balance of the gener al fund, November 30, 1861, $554,593 31 By comparing the receipts into tbe gen eral fund for tho last year, witb tbo re ceipts for the preceding year, it will be seen there is a falling off or deficiency of 8461,611 74. This deficiency is mainly on the follow ing items, viz : Tax on bank dividends. Tax on real and personal estate. Interest on railroad and canal bonds. Tbo deficiency on aocount of taxes is to be attributed to financial embarrass ments and great depression of business, caused by tbo war in whioh our Govern ment is engaged. On tbe 12th of April last, the Legisla ture by "An Act for the better organiza tion of the Militia of the Commonwealth," authorized the Governor to negotiato tem porary loans to tho amount of five hun dred thousand dollars to carry out the provisions of that act. Under this act temporary loans were obtained from the banks in Philadelphia to the amount of 8475,000. On the 15th of May follow ing, another aot was passed, "to create a loan and to provido for arming the State." By the provisions of this aot the Governor and State Troasurer were authorized "to borow on the faith of tho Commonwealth any sum not exceeding three millions, of dollars, and to issue tbe bonds of tbe Commonwealth for the same at six per ocntum interest per annum, and reimbur sable at any time after tbo expiration of ton years' from their date : Provided, That no certificate should bo nogotioatad at less than its par valuo." There being doubt upon tbo minds of somo of the mem bers of tbo Legislature, as also of the of ficers of tho. Stato government, whether a six per cent loan could at that timo be negotiated at par, the Governor was au thorized by tho sixth section of the Aot of 16th of May, "for tho payment of mem bers, &c, to advertise for proposals for tho loan or any part thereof, and allot the loan to the highest and best' Udders." On ex amination of these two acts by gentlemen conversant with financial matters, as well as by the Hon. Attorney General of tho Commonwealth, it was deoided that they did not confer any power to negotiate tho loan atlois than its par value. In this ituation of things, with a civil war exist iog against the Government, its very ex istence, as well as the capital of tho na tion threatened, and Government sixes under tho panic then existing, selling in tho market at 15 per oont below par, it seemed almost useless to undertako tho negotiation of our. State loan at its par value. In this emergency, by the on ecnt of tho Governor, I called npon two'of tbo prominent Banking Houses of Phil adelphia, Messrs. Urcxcl, and jay oooko & Co., and after consultation with them, thoy agreed, with the assistance of this Department, to undertake the negotiation even in tho face of all the difficulties sur rounding it; and to the credit of Pennsyl vania be it said, that in this dark hour of our country's trial, and in tbe midst of an excitement such as the country had never beforo known, with the credit of I . i rs -.1 Hnnnrnm nn t mnirllc fnlUnrr i "T" ' . 7 rr.l "r 7Ci ': lh markefc aa it thcn wa, the citizens cororat0 in8litotions of our Com- and corporate monwealth most nobly responded to tbo fervent and patriotic appeal of thoso gon- tlemen, and vindicated the lojalty and patriotism of our people by subscribing to this loan at its par valuo, and setting a most noble example for her sifter States, who were to follow her in liko appeals to their own citizens. Id this connection I; cannot forbear expressing tho thanks! which arc due to the banks of the Com-j collectors among our people would be dis. monwoalth for tho promptness and liber- j tasteful to our citizens, who would n ality with whioh thsy responded to tbo j doubtedly much prefer to pay the tax to call for this loan. But for their subsorip- our own collectors in tho usual manner, tions the loan never could hsvo boen ne-i Secondly. Because tho adoption of that gotiated, end I deem it but an act of jus tice that this acknowledgment should be made of their valuable assistance to tbe State in tho emergenoy then existing. I conceive it also to be my duty to say that in consequence of a doubt existing as to tho power of tbe Governor under tbe Act to pay tbo gentlemen who rendored such eminent service in the negotiation of this loan, thoy have never received any com mission or remuneration for the expenses or servioes. In view of these facts, and in consideration of the invaluable servi ces rendered tho State by them.it is to be hoped that tho Legislature will make prompt provision for the payment of their commission by authorizing the Governor to draw bi warrant for the same. Tbe receipts and expenditures for mil itary or War purposos up to the end of tho fiscal year, November 30, 1861, are as follows, viz : Amount received under tem porary loan, Act of 12lh April 1861, $475,000 00 Amount received under Act of 15th May, 1861, 2,612,150 00 Cash refunded by Paymaster and others, 32,229 45" Total, Expended un der Act 12th A pril, 1861, Expended un der Act 15th May 1861. Expended un der Act 16th May 1861, Amount of tcm poray loan of 12th April, 1861, re paid, 83,119,379 45 474,873 85 1,708,462 63 170,535 51 375,000 00 -$2r723,87204 Bilance on hand unexpen ded November 30lh, 1861, $390,507 41 A detailed account of receipts and ex penditures will be found in the report of tho Auditor Go'neral. Amount outstand ing agoinst tho Commonwealth, Novem ber 30tb, 1861, of tho war loans, viz: Temporary loan, Act 12th April 1861, " S 100,000 00 War loan.Act 15 May 1861. 2,612,150 00 $2,712,150 00 Amount of public debt fun ded and unfunded, November 30, 1861. 37,969,347 50 Amount paid during the fis cal year ending November 30, 1861, 101,331 42 Amountof public debt exclu sive of war loan, Nov. 30th, $37,863,516 03 By reference to the roport of the Com missioners of tho Sinking Fund, it will appear that S:00,801 01 of the publio debt was paid during tho year ending on tho first Monday of September 1861, at which time thoy are required by law to report to tho Governor. On tbo tbe 12th of September an ao count was presented to the General Gov ernment of expenses incurred by our State for war purposes, op to tho 1st of that month, amounting to about SI, 515, 000 00. On tho 25th of November following S606,000 00 was refundedto the State, being 40 per cent, on tbe amount of ac count thus presented. There was therefore in the Treasury on the 30th of Novomber, 1861, as follows, viz : , Balance of general fund Unexpended balance war loans, Amount , refunded by General Government, Cash from the society of Cincin nati, 554,590 31 390,507 41 606,000 00 500 00 Balance in Treasury, $1,551,605 72 Tho semi-annual interest on the State debt, which will bo due and payable on tho 1st of next month will amount to nearl one million of dollars. It is gratifying to know that tho Stato will bo ready and prompt as usual to aeet tbe interest on her obligations. How much of tho balanoe in the Trea sury may yet be required to meet expen ses of our military operations is impossi Btblo to say, but the probability is .that tbe unexpended balance will bo sufficient for tbe refunded balance in the Treasury will then be applicable to the defences of our State, the redemption of our loans, meet ing the direct tax of the General uovcrn mont nr atinn nthr nnrnoaes as in the B.i pr". f " Ti p:: ! an aot was passed "to chango tbo na took vn ft fntnrfl TRnmsitioR from the uen-, u v" . , . a.. . .11 .1 -n.r. ..nlnoa ko Kinln nhrinlrf I .v-w..- ;yi T 'of the Snoburv ana liirio JKaiiroai u eral Uovernment lor more iraopa. no, aQd tho C0ln lotion of further requisition Bhall be made upon us, . . Qu. wisdom of the Logialaturo may scorn most peotivo parties, and the Stato now holds proper. jail the bonds of tho oompany as spocified By an act of Congress, approved Au-jin said act, exoepting one million of tho oust 5th 1861, a direct tax of twenty bonds authorized by the second section, million of dollars was levied against all 'which were delivered to tho Philadelphia States' of tho Union. Tbe quota of Penn- and Erie Railroad company on the 9th sylva'nia, under that Act, is $1,940,719 of May last, under a warrant of tbe Gov 33. Two modes of payment of this tas' crnor as authorized by tho sixth section to the Goncral Government are presented of tbe aet as aforesaid, by tho provisions of the Aot. Ono is, that; My experience in this Department for it may bo paid by tho eitizens of each the 4ast year has satisfied mo of(tbe neees- Stato direct to collectors to bo appointed hv tho Gonorul Government: and the oth - j ; or mode that the Stato naay assume sad j pay the taxand collect it herself from her own eitisens. I would respectful urgo upon the Le gislature tho assumption and payaent. of tlii tax by our State, for two reasons:- First. Tbo innovation of Government Uz course will save about three hundred thorn- sand dollars to the State, as an allowance of fifteen per cent. Is made by the Act to all States who will assume tbc collection, of said tax. Under .tbo cupposition that the Stats will assume the tax, I would respectfallj suggest a mode by which our citizens may be relieved from the payment of it for the coming year. By a proviso in tbe 53i section of tie Act aforesaid, it is allowed that this tax may be "paid and satisfied in whole or in part by tho release of a ay State duly executed to the United States, of any liquidated and determined olain of such State of equal amount agsinit the United States." It is further provided "that in case of such releaso, State shall be allowed tho same abatement of the a mountof suoh tax as would be allowed ia case of tbo payment of tbe same in mon- I would respeotfully prppoao that the olaim of our Slate against tho General ' Government for military expenses be "de tcrtzincd" as soon as it can be done, and that tho Legislature shall authorize a re lease to bo made of such claim to pay the amount of our Stato tax aforeiaid. This would relieve ns from imposing this tax upon our oitizona for the present year, and it is to be hoped that by the time it would be necessary to levy saoh tax for any succeeding year, that the ex isting war and rebellion may be crushed out and the general business of the coun try will have recovered from its present depression and financial embarrassment, and our citizens bo better able to sustain tbo burthen of suoh a tax. In this connection I cannot but express the hopo that our Representatives in Con gress may bo requested by tho Legislature to take suoh aotion as shall put tbo ex penses of this unholy war and rebellion upon the traitors who commenced and are now sustaining it; that they be requested ted to support such measures in Congress as shall authorize tho seizure and confis cation so far as it can bo done constitu tionally, of tbe property of the rebels en gaged in this rebellion, to pay the war debt of the Government, and thus relieve the loyal 'eitizons and their children from tho onorous burden of taxation whioh thoy will otherwise have to sustain for years to come. Tbe State is holder of bonds of the Wyoming Canal Company to tho amount of $281,000 00. Upon the bonds the in terest was punctually paid up to tho 15th of January last. In July the company defaulted in its interest due at that time and it yet remains unpaid. Being inform ed that some action was about to be taken by the bondholders to reorganize the oom pany byasale of the canalsunder tbsmort gage I addressed a letter to the trustees of the mortgage on tho 30th of September," requesting that they would take no aotion in reference to a sale without first notify ing me as the representative of tbe inter est of the State in the matter. They re ferred my letter toC. H. Clark, Eq.f At torney for tho bond-holders, who inform ed me by letter that he was "fully aa thorized by tbe largo bondholder to treat with tho Stato for tbo bonds she holds, and that it was bis and their desire that the interts of the State should be proper ly protected to the same extent as other bondholders." I subsequently had an in terview witb Mr. Clark, and ascertained from him that in oonsequenoo of suits having been instituted against tbo compa ny, a receiver had been appointed, and a plan matured between stock and bond holders to reorganize tho company, and that application woald bo .made to tbo Court to grant a decreo of sale. The ao tion contemplated would result in a sub stitution of stock for the bonds held by the State, and a reduction or loss of a bout ten per cent, of tbo amount of her bonds. I dcolined to act for tbo State in tho matter, for tho reason, that I bad no authority to compromise or mke any settlement which would not realize to tbe Stato tbo full amount of her olaim. Un der theao circumstances, I would respect fully recommend immediate action npon the part of the Legislature to protect tho interests of the State in this matter. At tho last sossion of the Legislature Be om- All tho provisions of this aot binding upon either State or Company relating to the issuing, delivery, and cancellation of bonds, bavo been minucd ny tne res- ty of a thorough aUerfctionaBareyision 1 of our revenue law.. TholUutthea'df
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