During  the  summer  of  1859,  Dr.  Mack  was  sent  to  New  York  to
negotiate  for  the  surrender  of  the  refunded  bonds.  As  the  hold-
ers found  they  could  not  make  them  available— being  inscribed
bonds  they  could  not  be  sold  without  transfer  on  the  books —
tlie  State  department  unwilling  to  recognize  them  or  pay  interest
on  them  either  accruing  or  in  arrear,  they  wero  finally,  in  Octo-
ber, 1859,  surrendered.  The  holders  were  unwilling,  however,  to
settle  by  the  law  of  1849.  Six  years  later,  at  the  session  of  1865,
the  legislature  passed  a  law  compelling  the  surrender  of  the  Mac-
alister  and  Stebbins  bonds,  under  penalty  of  a  forfeiture  of  inter-
est after  July,  and  principal  after  January  following,  1866.  The
amount  allowed  to  be  paid  by  this  law  on  each  $1000  was  $248  13.
The  action  of  Gov.  Bissell  in  ordering  the  funding  of  tbe  Mac-
alister  and  Stebbins  bonds  is  difficult  to  explain.  He  apparently-
disregarded  the  Dr.  Boman  resolution,  misremembered  the  man-
damus proceedings  in  1857  to  compel  him  to  do  what  he  now  did,
and  violated  the  law  of  1847,  under  which  the  funding  was  done,
which  expressly  forbade  it;  while  even  if  he  had  been  legally  au-
thorized to  pay  their  full  value  of  principal  and  interest,  as  only
about  28  cents  on  the  dollar  had  ever  been  received  for  them  by

Letter  of  ^'Inyefltigator^  to  Chfoaffo  Times,  Aug.  laso.
678  msTOBT  OF  nxmois.
