[2]   The McCallister and Stebbins [Charles Macallister and Henry Stebbins of New York] bonds were hypothecated in 1841 as a guarantee of a loan of $321,600, to be applied on the interest on the state debt. Upon failure of the state financial system in 1842, the bonds dropped to thirty cents on the dollar. In 1859, under a misapprehension of the law for refunding old indebtedness, Governor Bissell gave instructions which resulted in the issuance of new bonds for the old.


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