Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1826-01-14

other way couDteract the rulnous copse- |
euences OF such proceeding. 1 he solVen-
cy OF the institution, and the interest oil
The stale, require the iuliiiment OF the |
obligations 10 the Bank in the mesning !
aid intention OF the parties at the time
they were entered into. The debtors to
the Bank can certainly have no just cause !
to complain al being required 10 pay an
nualy, IN a greatly deprecated currency,
the lRhe OF loan which they had re-
ceived when that currency was worth
nearly par value.
In the month OF June last the sum OF
S5,7o2 o6 was received from the Trea-
sury OF the United States, which lqgelh-
err with S5,955 80 received in the year
1922, make the sum oil S 1857 SO,
which is reported to be the whole amount
0! the school fund derived from three
per cent. 90 the nett proceeds oil the
sale of public lands within this state,
which accrued between the first o janua-
ry, 1919, and the first oil January 1925.
OF the amount received in 1929, viii
be recollecled, that $3.50 "a were re-
expense OF its reception; and $50 IS
were purloined from the Bank, and ex-
pended BY it in recovering portion oil
the fund when the Bank was robbed III
1928. The truly beneiicent object foi
which this fund was granted, not only
ADDS to the moral and legal obligation to
restore is, but renders ii expedient that
not one dollar of i, should be wasted or
diverted from the all important obIec
! for which il was intended. Both The
! Legislature and Judiciary having decided
Nhat the Bank was bound 10 refund The
amount OF an individuals deposi,e, which
was robbed at he same time, II cannot
! be doubted that The Bank, and lis surety
the state, are under an equal II not strong
er obligation to make good the amount
| deposited OF this sacred tund. In COM
pllance with the INJUNCTION OF the Legs
! lature, to invest the school iund III state
! paper or Auditors warrants, the school
commissioners have, with S6,3lS 50 OF
The fund, purchased S2o,282 So OF war
rants al from 80 10 40 cents IN the dollar,
and have now remaining III HE vault OF
The Bank S4 500 40 10 silver, which
have not yet been invested.
The Directors of the Illinois and MI
chigan Canal Company have had several
meetings, but have as yet done nothing
which preclndes the legislature IRON al
terlng or abohshipg their charter. They
! have caused to be printed and distributed
a number OF pamphlets containing tbs
sf.-.,sa- e IT, Canal Goo,n,is sIeners @aie
Engineers, aud The law Incorporating tht
company,togetherwith map deimea'lne
the route of the proposed canal, tor The
purpose of a.lordlng The necessary infor-
NATION TO persons disposed to become
members oil the company. From all the
information which has been received, II
is questionable whether the stock could
be DISPOSED of, unless Congress would
make a donation ci land (: but with a
reasonable grant there is no doubt the
stock would be promptly taken, and the
Canal made by the capitalists OF the At
anuc states. During my la'e tour 10
The eastward, ! took great pains to as
certain the opinion and disposition al Ca
pllslis,s and not only satisfied mysel
OF The correctness OF the foregoing state
ment, but also was confirmed III my be-
lief, that ii The state would make ludi'
cious disposition OF its means, It woul Id
find no difficulty in borrowing the requis-
,ue sum 10 cut The canal. II Will be re-
collected that have on two former &C
casions expressed to the Legislature the
opmlon, that the canal ought to be made
by ME state, and pointed out the means
she possessed OF paying the IN crest on
the sum necessary to do 1t. But as the
General Assembly entertained a differ
ent opinion, consoled myself with the
impression, that il was better 10 have the
canal promptly cut by company, than
10 have It's execution delayed TO very
distant period. 1t is my duty, however,
on this occasion, respectfully to submit to
the; General Assembly, whether the
charter granted at the last session does
not require revision, with view oil rem
dering its terms and conditions more
plain and Ineligible, and more advan-
tageous 10 the state.
\ Immediately on the passage OF the
"act to incorporate the Wabash Navl-
cation Company" copy oil II was Tor
warded TO The Governor OF Indiana, for
the purpose Of being laid before the Lee
gislalure OF that stale, then IN session. l
have been informed by the Governor
that the Legislature OF Indiana had had
the subject under consideration, but had
passed no act concurring, or IN any man