Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-04-10

the passage Of the act. One OF these
distinguished lobby members was mem
Der Of the next Legislature; and tied
his best to get taco hundred thousand lol-
lars more OF these bills of credit issued :;
but happily for the state, he did not
succeed.
Now, it did SO happen, that these
bills of credit greatly deprecated in the
market; and the state having obliged
herselft to receive them al par in payment
OF taxes and debts due the state, aud be-
ing compelled to pay them out again It
IA great discount, it will be readily per
eived that these bills of credit had
most pernicious effect upon the finances
of the state.
1t also happened, that these bills of
credit became due in February, 1881,
under the administration of governor
Reynolds. A portion of the revenue
had for some time been applied 10 the
redemption of these bills of credit.
But 100000 dollars is no small sum; and
II was deemed better to borrow the re-
qulSitc amount, al a moderate interest.
to complete the payment in an honora-
bic manner, than to suffer the state TO
be sued, and her credit aud respectable
lty destroyed. The sum of 100000
dollars was therefore borrowed at six
per cent. being the same rate Of inter
est now paid by the general government
upon several large loans effected by the
post office department.
0. P. asks "Would not 10000 dol
lars have been sufficient.?'
Not would not. 1t would have
paid the members Of the Legislature ;
but would not have began to redeem the
bills of credit sin gold and silver coins."
But who would have lent 10000 to the
state, had she refused to take steps for
the redemption of these bills of credit?
W ould the money lender have had any
better right to expect payment from the
state, than the holder of these bills Of
credit? What would you say Mr.. 0.
=. if a man should ask you to lend him
a dollar TO buy sugar and coffee for bis
family, and should add. al the same time
II owe one of my neighbors ten dollars
which is now due, viii, | can only pa,
by borrowing the money AT six per cent.
but ! mean TO cheat him out of his ten
dollars rather than ran in debt?. Would
you not reply-"Get on, of my sight,
you swindler-I would not lend such d
fellow cent?"
0. P. talks of "paying six per cent.
for money to reduce state paper, which
ny its face could command but Two per
cent. making to the state clear loss of
four per cent. Does D. P. think tha'
after the state paper became due, the
state could still prolong the time OF pay
ment by paying Two per cent. interest?
Would not the state have been sued.
judgement obtained, and interest AT SIX
per cent paid upon the judgement?
o. p. asks-"Could it not have been
procured al IA better rate of Interests to
the state?"
.Ansver.-No person offered to lend
at a lower rae. The general govern
ment has since borrowed much larger
sums at six per cent. in New York and
other eastern cities. One would natu.
rally suppose that the credit of the gen
eral government was greater than that
of this state, and that money could not
he delivered at Vandala on as cheap
terms as in the city of New York. YET
we have scribblers among us pretending
to support the administration of the
general government, and denouncing
the state government for borrowing
money at the very same rate of interest.
The same guilty grumbiers would de-
nounce Gen. Jackson and MIR. Barry il
they dared.
Will o. P. be good enough to tell us
hozu he would have redeemed the bills
of credit without borrowing SlOO,ooo?
Would he have levied tax sill heavi-
err than the present, and oppressed the
people, many of whom were then pay
ing fifty per cent. interest for money 81
Would he have returned to the SYSTEM
of paying our state paper at two or 81
dollars for one? In short what would
he have done?
o. P. grumbles because the govern,
or did not recommend to the legislature
to legislate part Of the resident land
tax into the state treasury. But he
ought to know that an Illinois legisla.
ture seldom pays much attention to an
Illinois governor. To have thrown one