Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1825-11-05
FOR THE SPECTATOR.
MeS8rs Lihtincou q Abbott,

1IeSSTS LlNIlHCoH = .4OooIEi
Finding that The General Assembly is
required TO convene again on the hrst
Monday of January next, and belieV ing
it TO be OF vital importance TO the state,
that the " act to incorporate the Illinois
and Michigan canal company" should
be repealed, take the Liberty, through
the medium of your paper, to suggest
the proprity of SO doing, 10 that body
AS nothing has yet been done under that
la " to impair The power OF the Legisla-
ture to act on the subject, hope there
will be no hesitation in repeating 1t. can
not doubt that the act was passed with
the best intentions, and from sincere
desire to promote the prosperity OF the
state. But il does not follow that every
act SO passed, will, in its operation, pro-
duce that result. On the contrary, IN
this case, | think it demonstrable in a
few words, that this will not. In dong
so, however, shall mainly rely on the
arguments propose to urge in proof OF
the great value OF lhe canal; and ii sue
coed in showing that, satisfactorily, the
fact, that the State is, for long time, to
De deprived OF that value, will be a suHi-
cient demonstraiion,to meet my promise.
Ii, from the terms proposed by that ct,
there be Sufficient prospect of advantage,
10 induce individual capitalists to EN- bark
| in the work, it must follow that, as the
state may realize the same advantages,
it might as we'll commence it, itself ;
and any postponement of the right OF the
state TO enjoy those advantages, is to that
extent public injury: and II, Gas shall
undertake TO show will be the CASEY the
slate will have 10 pay under The existing
law, an unreasonable sum in order TO
possess itself of the work, the sum so to
be paid will constitute an additional in
jury.
OF the inducements that exist, to com
mence this work, shall speak, alter ex-
| planning in a brief manner the operation
of the law, in relation to the right OF the
siaie to possess Itself of it, after it shall
have been completed by the company,
incorporated by that act. The provi-
sion on that subject is in the following
words:
! " Sec. 8. Be il further enacted, That
at any time from and after the expira-
ton of fifty years from and after the en-
tire completion Of said canal, this state
shall have The right and privilege to be-
come possessed OF said canal, together
with all the privileges and emolnments
thence arising, also OF all the grants, ces-
slons, and privileges, granted and made,
aud created by this act, 10 said corpora
ton, by refundiDg 10 the President and
Directors thereof, III lawful money OF
the United States OF America, the abso-
Lutte cost and charges incurred by them IN
and about said canal, together with interest
computed Oh the whole, semi-annually,
from The time Of expenditure to the time
Of payment by SAID state, at The rate oil
SIX per centum per ahnum."
According to this provision, and as
Stunning the hypothesis, that The cost OF
the canal wall amount to 100000, the
state in order TO possess itself OF 1t, al
the time specified by The acL will have
to pay the company
/ For principal 100000
| For interest thereon Tor
SO years, 100000