Reports Made to the Senate and House of Representatives of the State of Illinois (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1841 edition. Excerpt: ...and sell bonds, if possible, to the amount of $'1,200,000, (for canal purposes, and for the completion of the Statehouse, ) provided sales could be effected at par. We accordingly proceeded to New York; but, so far from being able to effect sales at par, we could not at that time have sold our bonds at 75 cents to the dollar. See, also, your letter of March 26,1840, (No. 11.) on the same subject, and requesting us, in the event of our not succeeding in making sales as instructed, to deposite $1,200,000 of the bonds in my possession in New York or Philadelphia, subject to the order of the Board of canal commissioners. These bonds were deposited with Messrs. Nevins, Townsend & Co. in New York, and subsequently passed into the hands of General Thornton. I beg leave, also, to refer to my letter to you of May 15, 1840, (No. 12.) and especially to the latter part of it, in which you were urged, as a last resort, to approve the contract made with Wright & Co. and the reasons assigned why such a course had become necessary to save the credit of the State. The'next letter I received was yours of the 1st of May, 1840, (No. 13, ) in which you say that you have concluded to confirm my contract with Messrs. Wright & Co. for $1,000,000 of canal bonds, provided they will agree to promise all the money within the current year, &.C.; and that, although you cannot persuade yourself that it is a par sale according to the letter of the law, yet still you believe it is at par according to the meaning and intention of the Legislature by which the law was enacted. I will only remark, that such was my own opinion and understanding when I accepted the agency to sell, and that in conformity with that belief 1 acted. I communicated the new terms proposed to.