State Debt.-The debt of Indiana, on the 1st January, 1847, principal and interest, is. stated by the auditor at (exclusive of original bank bonds*), This is composed of the following items:

Interest due on same from 1st January, 1841, to 1st January, 1847,

$15,271,250

$11,068,000

3,326,640

$14,394,940

These treasury notes are receivable on the face of them for all state revenues, and, making due allowance for the annual receipt of these on account of revenue, till they are absorbed, limited the ability of the state to four per cent. on the state stock, up to 1853. For the five per cent. treasury notes, there is a specific fund adequate to their redemption. The public debt is, by the terms of the act adjusting it, to be equally divided between the state and the Wabash and Erie Canal, and stood thus on the 1st January, 1847 : 1. State stock, one-half principal, bearing interest four per cent. till 1853, and

The principal, bearing interest at five per cent., and the interest two and one-half per cent. from that date. Amount of annual interest to be paid by taxation, from 1847 to 1853, say $221,360; and after that, say $326,337.

2. Wabash and Erie Canal stock, issued for one-half principal, 1st January,

1847, bearing interest at five per cent. from 1st January, 1847,

Half back interest to 1st January, 1847,

1st January, 1847, Wabash and Erie Canal stock,

*There are $1,390,000 of original bank bonds, on which the interest is regularly paid by the bank. Above $8,000,000 of the state bonds had been surrendered, at the latest dates.

The revenues of the canal, after paying repairs, and six per cent. interest on advances, are to be applied to the completion of the canal to Evansville, on the Ohio river. All back interest, and all arrears of interest on canal stock, to be funded on the 1st January, 1853, at five per cent.

Wabash and Erie Canal. This canal extends from Toledo, at the head of Lake Erie, in the state of Ohio, south-westerly, through the state of Indiana, to Evansville, on the Ohio river, and will be (when finished throughout its entire length) four hundred and fifty-eight and three-eighth miles in length, of which eighty-four miles of the eastern end are in the state of Ohio; and the residue, being three hundred and seventy-four and threeeighth miles, is in the state of Indiana, and the property of the state to be pledged for half the debt. It is now finished, and in operation from Toledo to Covington, in Fountain county, Indiana, two hundred and eighty-five miles, of which one hundred and seventy-four belong to the state of Indiana. There remain two hundred miles to be finished from Covington to Evansville, on the Ohio river, on which part about $1,200,000 have been expended by the state, and considerable portions of which are finished. It will cost, according to the estimates, the further sum of $2,000,000 to finish the entire canal, and it will take four years to do it. To cover this amount, the state is to transfer to the trustees certain lands and property which have been heretofore donated by Congress to the state for that purpose; that is to say, about nine hundred and sixty-three thousand one hundred and twenty-six acres of land lying adjoining to, and in the neighborhood of, the canal, and of which the largest portion has been selected with the utmost pains, under the personal supervision of Governor Whitcomb. There is also a considerable amount due on contracts for lands already sold, which belongs to the fund.

The value of the above property, viz. the lands and contracts, is estimated, at this time, at about $2,408,998. It may fairly be expected that this fund will cover the cost of construction. The completion of the canal will give additional value to all the land remaining on hand; and it is necessary to finish the canal to make it fully available, as a source of revenue.

Net Revenues of the Canal, as estimated by Jesse L. Williams, R. H. Fauntleroy, and W. J. Ball, Engineers, provided it is finished.

In consequence of re-building some structures this year.

Bondholders who subscribe to the advance for completing the canal, are entitled to a priority of payment of the principal and interest of their canal bonds over non-sub

scribers.

The means for finishing the canal are supplied as follows, viz. :

XXVII. ILLINOIS.

This country was explored by La Salle, an enterprising French traveller, in the latter part of the 17th century; and French settlements were formed at Kaskaskia, Cahokia, and some other places. Though these settlements flourished, in some degree, for a time, yet they never became very important; and at the peace of Paris, in 1763, the country to the east of the Mississippi was ceded by France to Great Britain.

Almost all the settlements which have been formed by the citizens of the United States have been begun since 1800. In 1809, Illinois was erected into a territorial government. In 1818, it was admitted into the Union as an independent state.

GOVERNORS.

Ninian Edwards, appointed, 1809, Governor of the Territory of Illinois.

ABSTRACT OF THE CONSTITUTION,

Done in Convention, August 26th, 1818.

Every white male inhabitant, 21 years old, resident in the state for six months next before, and in the county at the time of, the election, may vote. Representatives shall be citizens of the United States, 21 years old, have paid a state or county tax, and have resided in their district or county twelve months next before the election. They shall be chosen every second year, on the first Monday in August. Senators, in number not fewer than onethird or more than one-half of the representatives, shall be citizens of the United States, 25 years old, residents in their district or county of one year's standing, and have paid a state or county tax, and shall be chosen for four years, one-half every second year. The General Assembly shall meet biennially, on the first Monday of December. The governor and lieutenantgovernor, who shall be speaker of the senate, shall be native citizens of the United States, 30 years old, and for two years residents in the state, and shall be chosen for four years (but not more than four years in every eight) by a plurality of votes. If the office of governor be vacant, it shall be filled first by the lieutenant-governor, and after him by the speaker of the senate pro tem. The governor, and the judges of the supreme court, form a council, which may veto a bill; but a majority of each house may pass it, notwithstanding their veto. The supreme court shall have appellate jurisdiction only, except in case of revenue, mandamus, and some cases of impeachment. The justices of the supreme court and the judges of the infe

J. B. Wells,

Horace S. Cooley,

Thomas H. Campbell, Auditor,

Milton Carpenter,

rior courts shall be elected by joint ballot of the General Assembly, to hold office during good behavior, but removable upon address of two-thirds of each house, and shall have salaries not diminishable during their term, Slavery is prohibited in the state; and no indenture of a negro or mulatto. made out of the state, shall be valid. Except a state bank and its branches, no bank can be established after the date of the constitution. If two-thirds of the General Assembly deem it fit to amend the constitution, they may recommend to the people to vote for or against a convention, at the next election; and if a majority of votes be in its favor, it shall be called.*

Government for the year 1848.

Salary.

AUGUSTUS C. FRENCH, Governor (term ends 1st Monday in Dec.1850),$2,000 Lieut.-Governor, $4 a day during the ses

sion, and $3 for every 20 miles' travel.
(including clerk hire,
do.

Secretary,

of Hamilton Co., Treasurer, do.

800

1,600

800

Total internal improvement debt, including $2,248,372 arrears of interest,

Total canal debt, including interest,

Deduct amount paid as interest on public debt,

Fees and 200

$8,165,081.00

16,009,187.57

14,174,268.57

131,550.35

$14,042,718.22

* A convention to revise the constitution met at Springfield, June 7th, 1847, and adjourned August 31st. The new constitution is to be submitted to the people in March, 1848.

† This is exclusive of $1,600,000 of the canal debt, which is so secured as, it is supposed never to be a charge upon the state.

February 28, 1847, the legislature passed an act to authorize the refunding of the state debt, with a view to ascertain its actual amount and character, preparatory to a more united and vigorous exertion for its payment, and to enable the convention about to assemble to amend the state constitution, to make some adequate constitutional provision for the payment of the principal when due, the accruing interest, and interest in arrears.

The act provides that the governor shall receive from holders willing to surrender the same, the internal improvement bonds and other evidences of debt outstanding against the state, except the Macalister and Stebbins bonds, and canal bonds and scrip; and shall give in exchange therefor other certificates of indebtedness, equal in amount with the amount surrendered, bearing like interest, and payable at the same time with the evidence of indebtedness surrendered. This stock is to be called "New internal improvement stock of the state of Illinois." No certificate is to be of a less denomination than one thousand dollars, except interest certificates. Holders of scrip below $1,000 shall present it to the governor, who shall register it and mark it genuine, and it shall then have the benefit of the other provisions of this act. For interest in arrear on the evidences of debt surrendered, certificates are to be issued of a denomination not less than $500, bearing six per cent. interest from Jan. 1st, 1857, and redeemable at the pleasure of the state after 1877.

The new certificates, signed by the governor and countersigned by the treasurer of the state, are to be made payable in dollars and cents in the city of New York; the interest to be paid semi-annually. No interest coupons are to be attached to the new certificates, but the rate and time of payment are to be set forth in the body of the certificate.

These certificates are transferable, and books of transfer will be kept in New York and in Springfield, Ill. Evidences of debt not surrendered within eighteen months after notice of the state's readiness to make the exchange, shall thereafter not be entitled to the benefits of any law which may be passed to pay interest on the state debt.

XXVIII. MISSOURI.

Missouri formed a part of the extensive country of Louisiana, which was purchased of France by the United States in 1803. Though French settlements were commenced at St. Louis and St. Genevieve as early as 1764, yet, at the time when the country was purchased, this portion of it contained but few inhabitants.

In 1804, this country was separated from the rest of Louisiana, and erected into a territorial government, by the name of the Territory of Louisiana, afterwards altered to the Territory of Missouri; and, in 1821, it was admitted into the Union as an independent state.