strings: that of hypothecating the State bonds. By this course we could get along till the next meeting of the legislature, which was of great importance. To the objection which might be urged that these interest bonds could not be cashed, he replied that if our other bonds could, much more could these, which offered a perfect security, a fund being irrevocably set aside to provide for their redemption. To another objection that we should be paying compound interest, he would reply that the rapid growth and increase of our resources was in so great a ratio as to outstrip the diffculty; that his object was to do the best that could be done in the present emergency. All agreed that the faith of the State must be preserved; this plan appeared to him preferable to a hypothecation of bonds, which would have to be redeemed and the interest paid. How this was to be done, he could not see; therefore he had, after turning the matter over in every way, devised this measure, which would carry us on till the next legislature.