On the 10th of May, the New York banks suspended specie payments, and two days afterwards the Bank of the United States and the Philadelphia banks did likewise. From these the stoppage and the general ruin, among business men and speculators alike, spread throughout the country. Nevertheless, the Fund Commissioners of Illinois succeeded in placing a loan during the summer, and before the end of the year work had begun on many railroads. "Money was as plenty as dirt. Industry, in place of being stimulated, actually languished. We exported nothing, and every thing was paid for by the borrowed money expended among us." And this money was bank-paper, such as a pensioner upon the Government of the United States scorned to take in payment of his gratuity, after the deposit banks had suspended or broken, with thirty-two millions of Government money in their possession. The banks which had received such generous legislation from the Legislature that devised the internal-improvement system were not disposed to see that batch of remarkable enterprises languish for want of their support. One of them took at par and sold nine hundred thousand dollars of bonds; while the other took one million seven hundred and sixty-five thousand dollars, which it used as capital, and expanded its business accordingly. But the banks were themselves in greater danger than the internal-improvement system. If the State Bank refused specie payments for sixty days, its charter was forfeited under the Act of Assembly. But they were the main-stay of all the current speculations, public and private; and having besides large sums of public money in their hands, the governor was induced to call a special session of the Legislature in July, 1837, to save them from impending dissolution. This was done by an act authorizing or condoning the suspension of specie payments. The governor had not directly recommended this, but he had most earnestly recommended the repeal or modification of the internal-improvement system; and _that_ the Legislature positively refused. This wise body might be eaten by its own dogs, but it was determined not to eat _them_; and in this direction there was no prospect of relief for two years more. According to Gov. Ford, the cool, reflecting men of the State anxiously hoped that their rulers might be able to borrow no more money, but in this they were immediately and bitterly disappointed. The United States Bank took some of their bonds. Some were sold at par in this country, and others at nine per cent discount in Europe.