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

|
ry next on the internal improvement debt
, and is the sole cause of your being con
, vened prior to the time fixed by the Con
stilution. A bill has been filed agains
Mr.. Delafeld in the Circuit Court of tn,
United States for the southern District o
New York, to restrain him from negotia
ting the bonds he received, as it is pre-
sumed ne is neither willing nor able t.
pay for them. If this should prove true
the State is under no equitable or moral
obligation to redeem them. While. there.
fore, would admonish you to be scnsbly
alive to, and zealousIy watchful of her in
tegrity and honor, cannot believe she is
in duty bound to fulfil an engagement
where the other contracting party fails TO
comply with its conditions. The princi-
Piles Involved in this question have long
been recognized by the highest judicial
tribunals upon earth, as between indivi-
duals, and it would be difficult to discri-
inmate between case of that nature and
the present.
The same reasons which govern the
case of Mr.. DelaGeld apply with equal
force to the contracts with A. III. Bangs
& Co., and the banks specified, should
they pursue the same course. 1t is,
however, probable that the Bank of Com
mercc at Buffalo will return the bonds
she obtained to the State, and that the
Commercial and Erie County Banks will
discharge their liabilities in scrip.
The amount of $l2s,O0O of bonds was
sold by Gov. Reynolds and Gen. Raw
lings to the Poughkeepsic Locomotive
Engine Company, to be paid for in eight
quarterly instalments Of $1,000 each, at
the Atlantic Bank of New York.
This negotiation was made under an
act to authorize a loan for revenue pur-
poses, to be applied to the erection of the
state house, and the instalments were
transferred, as they became due, to the
Bank Of Illinois for advances made by
that institution for the above object.
Four of these instalments are now due,
but none Of them being paid, suit was in
sttutcd by the bank for their recovery.
Doubts, however, are entertained of the
solvency of the company, and should it
fail, the bonds received by it should be
placed upon the same footing as those re-
ceived by other delinquent purchasers.
Having laid before you the financial
condition of the State, her available and
unavailable resources, i'll comparison with
her Indebtedness, the dictates of sound
policy require at your hands the adoption
OF the wisest and most judicious measures
to relieve her present necessities, and pro-
vide for her future liabilities. 1t may
truly be said, that no former period of our
political history presented questions Of
such deep and absorbing interest. The
future destiny of the State for veal or for
woe depends upon the direction of the
crisis. Unfortunately, at an unguarded
moment, she was allurcd from the path Of
wisdom and economy by the seductive
spirit of speculation, and the wild phren-
ny of popular delusion, which spread
over every part of the Union, and induced
to embark into an extensive system of in
tcrnal improvements, at period when the
country was literally deluged with an innat-
ed crculating medium, which gave the SEM
blancc of success to the most visionary and
chimerical enterprises. But general sus-
pension of specie payments by the banks
following close upon the seemingly emf
nent and rapid advancement of the coun-
try, and the sudden united and continued
withdrawal Of their unnatural circulation,
spread gloom and dismay, instead of per-
manent wealth and prosperity; and so
extensive and overwhelming has been the
change in monetary affairs, that its effects
have operated like spell upon every de-
partmcnt of business throughout the coun-
try, and nothing but prudence and time,
united with the energies and patriotism OF
the people, can overcome its whitening
and dcsolating consequences. With stea.
dy perseverance however, and well direct
cd industry, favored, as we are, with tho
most fertile soil upon the globe with 8
vast extent Of territory, susceptible of the
most dense population, Astounding will
natural advantages, and intersected ant
surrounded with navigation, settled ant
settling with a population provcrbal 70
their enterprise can it be doubted tina
the State will gradually be redeeme,
from her endorsements, and ultimatcl,
complete such portions of the system a
wisdom may dictate, and our interest de
mand, and thus maintain her dignity an
honor unimpaired! Surely her represen