[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.
Collected Works of Abraham Lincoln. Volume 3 [Aug. 21, 1858-Mar. 4, 1860].
About this Item
- Title
- Collected Works of Abraham Lincoln. Volume 3 [Aug. 21, 1858-Mar. 4, 1860].
- Author
- Lincoln, Abraham, 1809-1865.
- Publication
- New Brunswick, N.J.: Rutgers University Press
- 1953.
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- Link to this Item
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http://name.umdl.umich.edu/lincoln3
- Cite this Item
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"Collected Works of Abraham Lincoln. Volume 3 [Aug. 21, 1858-Mar. 4, 1860]." In the digital collection Collected Works of Abraham Lincoln. https://name.umdl.umich.edu/lincoln3. University of Michigan Library Digital Collections. Accessed June 16, 2024.