I think they'll pay some time; but, my God, they're mortal slow! I'll be dead before the State government will ever catch up on the interest they owe me now." It was true.

The condition of the finances of the state and city was most reprehensible.

Both State and city were rich enough; but there were so many schemes for looting the treasury in both instances that when any new work had to be undertaken bonds were necessarily issued to raise the money.

These bonds, or warrants, as they were called, pledged interest at six per cent.; but when the interest fell due, instead of paying it, the city or State treasurer, as the case might be, stamped the same with the date of presentation, and the warrant then bore interest for not only its original face value, but the amount then due in interest.

In other words, it was being slowly compounded.