The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1840-12-25
Illinois Legislature.
.JBu0lU Interest.

Tho bill providing for the payment of the in.
tcrest on bonds due in January next, passed both
Houses of the General Assembly on Tuesday,
Dec. 10. In the House the vote stood-ycas SO,
nays J6 in the Senate---yeas 81 nays H.
The bill is given below by which it will be
seen that the bonds of the State, in amour, not
to exceed $500, 900, are to be hypothetical.
This measure, as an erpcaient, appears to have
been the best remedy proposed, and was resorcd
to ri the last moment, III order to sustain the
can only be sanctioned on account of its impor-
lance to the credit Of the State Notwithstanding
many reasonable objections might be urged
against the measure. 1t is supposed that the
bonds can be disposed of in the city of New
York to advantage and answer the purpose for
which they are Intended notwithstanding a com
munication from the Fund Commissioner MIR
Barrett, renders it rather uncertain. The Senate
having passed resolution calling upon the Fund
Commissioner for any recent information he may
have received from New York or elsewhere, upon
WV N'JNN'o VI procuring iiOi'N hPo' tht Jdhuhly
interest he transmitted letter from Mcssrs. Ne
wins & Townsend, N. Y. to himself, relative to
the prospects of the sale Of State bonds; they
state that unless capitalists can he shown the
means by which they are to be paid their interest,
a further sale of bonds could not be cllected-the
letter makes many suggestions in relation TO the
course that Illinois ought to pursue, at this time
and among others, thata direct tax ought to be
levied, &c.
The following is the bill
An Acr to provide for the payment Of the interest
on the Internal Improvement debt.
Be IL enacted, &c., That the Fund Commisso-
ner is hereby authorized and empowered to by
pothecatc any amount of State Internal Improve
ment Bonds which may be necessary, not ox-
ceedlng 100000 to raise sufficient sum of
money to pay the interest which will legally fall
due on the Internal Improvement debt on the first
Monday Of January, 1871 said money to he
borrowed shall bear an annual interest at a rate
not TO exceed seven per cent per annum, said
bonds hereby Hypothetical shall he rcdcemable
at any time before the year lsi3: Prouidtd, That
interest shall not run on the bonds hereby hypo-
thocated, unless said bonds shall be forfeited by
the State.
Prosecution Of the Candi-!Southeyn Jeaiouy.
Present appearances indicate any thing but
agreeable consequences relative to the prosecution
Of the Canal. In addition to the embarrassed
financial condition of the State, there appears to
exist determination on the part of a portion Of
the Southern members, to defeat every measure
which may tend to benefit the North, indepen-
dent of tho consideration that the State will be
greatly benefited by iavoring the improvements
of tho North, which are of more importance to the
inhabitants of the State generay-So achlo,ot-
cdr by ai--th,n the combined contemplated i'm
provelncnts of the South, which they wish to
prosecute, even to the disadvantage of the North
and detrimcnt of the State and for tie accomp-
lishment Of which, no violence too great can be
used against the executive branch of the govern
ment or the personal feelings entertained for the
Governor by ninc-tcnths of the inhabitants of the
State.
The following remarks of Mr.. Gatewood,
Senator from the county of Galla,in, evince dis
position unbecoming that gentleman. They can
not but he viewed as selfish aud dsorganizng in
their tendency and if persisted in, must cause
injury to the best interests of the State.
In order to show the trihing pretext offered to
Mr.. Gatcwood to exhibit his "teeth," we make
the following extract from the proceedings of the
Senate ofthe 9Th instant
Mr.. WITT from the Joint select CON-
mittec to wait upon the Governor, &c.,
reported that the Governor returned for
answer that he had no further commune
cation to make at this time to the Iegis-
lature, but would respectfully refer the