The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1840-12-04

meet the July interest In LONDON " PIC
vent n forfeiture of good faith on the part
Of The State, at once determined to con-
frm tho contract. The residue OF the
bonds, after deduciiag the 93o'oOo au-
vanced. still remain in the hands oil
Messrs. Wright IL Co., and are as YET
to the canal fund. II they are
not sold prior to the lst day OF April
next. the contract ceases by its own stpu-|
lations, and, in thai event, no means are
provided for the prosecution OF the WORK
on the canal for the ensuing year
Subsequent to being informed by ven
Thornton. that canal lands could be
sold to meet the Jelly interest upon .he
canal debt, he communicated to me- mat
in lime last the Board effected sale To
the amount of 10000.
Whether the money is available or not
| am uniformed, not having been furnish
ed with the proceedings or report Oh SAID
Board during the year, which prevents me
from laying before you as full ana com
nlete statement in relation to the pro-
gress and condition of the Canal, as de-
sired.
About 1926, GOO of canal stock has
been sold under the act Of 1899, leaving d
balance authorized to he sold by sad act
of Sl,755, 900; but the present dePrecIa-
ton of American securities does not ailoiu
reasonable expectation that sale can be
made of the residue of the stock at par IN
time to meet the wants Of the canal. The
great amount already expended upon tins
slupendous work, and the vast sum YET
required for its completion, portion oil
which must be Immediately had, presents
a subject for your consideration wen Wor-
Inv of mature deliberation. The accrulng
interest upon the debt which has already
been incurred, the delapidatlon OF the work
which has been done, and the destruction
of fixtures and other preparations Tor It's
prosecution, the loss Of which must Tall
upon the state if it is abandoned, seems 10
forbid its suspension. 1t Is, therefore,
submitted to your wisdom and discretion
what means are to be provided for its lu-
ture progress. In view OF the difficulties
to be encountered in obtaining money, |
would renew my former recommendation
of selling so much of the canal lands rs
will be sufficient TO pay the accruIng m
ierest upon its debt.
Rigid accountability beng essential to
the fidelity of public officers, feel 1t my
duty again to recommend thorough and
rigid scrutiny into the conduct OF all those
connected with the management OF our IL
naEcos.
1t again becomes my duty TO call your
attention TO the suspension OF specie pay
mcnts by the State Bank, and the Ban.
of Illinois at Shawneetown. The fire.
quent failures of institutions of this cha
raclcr to meet punctually their engage
ments, solemnly admonisl us that they
can never be of any permanent utility, UNI
til the security to the public that their
notes will be redeemed upon presentation,
is increased, and they arc thrown entirely
upon their own resources, instead OF Le-
gislaiive indulgence. Twice, in the short
space of two years, have they violated
their obligations, and twice has that viola
ton received legislative sanction. 1t is to
be hoped, however, that a similar occur
renee will moi take place, and that our
banks will prepare for resumption of spc-
Gle payments at an early day, and at
least take care of themselves for the fu-
ture.
Having found no cause to change my
sentiments in relation TO the banking sys-
tenn generally since the date of my last
ii is unnecessary that | should
enter upon that subject at length on the
occasion. The pernicious con-
sequences inflicted upon the country by
the operations of Banks, within the last
few years, is too indelibly stamped upon
every department OF business to be mis-
by the most sceptcal. The
nuctuation in the prices OF labor, proper
ty, and trade of every description, have
kept pace with the alternate expansions
and contractions of their issues f; and who-
Their the injuries thus sustained are atlrl-
butable to their guilt or innocence, the ell
feet upon the prosperity of the people is
the same. So interviewer have the al
fairs of our citizens become with those IN
stiutions, that it cannot be denied that
they control and direct the circulating me-
dunn, commerce, and wealth of the coun-
try; and not only 50, they frequently
wiring from Legislative bodies an acknow-
ledgmeuk of their utility, and exercise an
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