The Illinois free trader., 1840-12-25
Illinois Legislature.
JDluag Interest.

The 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. Ia the House the vote stood--ycas So,
nays J6 in the Senatc---ycas 81, nays H.
The bill is given below, by which it will be
seen that the bonds of the State, in amount not
to exceed s3OO,O are to be hypothecatcd
This measure, as an erpea'enf, appears to have
been the best remedy proposed, and was rcsorcd
to 1t the last moment in order to sustain the
credit Of the state. The justice of the measure
can only be sanctioned on account of its impor-
tance 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
Barrctt,) 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
the subject of procuring money upon the January
interest, he transmitted letter from Mcssrs. Ne
wins 81 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 he cllected--thc
letter makes many suggestions in relation to the
hat D. III,
and among others, that direct tax ought to be-
levied, &c.
The following is ,ho bill
An Acr to provide for the payment of the interest
on the Internal Improvement debt.
Be il enacted, &C., That the Fund Commissio-
ner is hereby authorized and empowered to hy-
pothecatc any amount of State Internal Improve
ment Bonds which may be necessary, not cx-
cecding 100000 to raise a sufficient sum of
money to pay the interest which will legally fall
due on the Internal Improvement debt on the first
Monday Of January, lSll said money to he
borrowed shall bear an annual interest at a rate
not to exceed seven per cent per annum, said
bonds hereby hypothccatod shall be redccmable
at any time before the year lsi3: PrOuided, That
interest shall not run on the bonds hereby hypo-
thccated, unless said bonds shall be forfeited by
the State.
Prosecution Of tie Caai-Southern Jeaiousy
Present appearances indicate any thing but
agreeable consequences relative to the prosecution
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 the consideration that the State will be
greatly benefited by fsvorng the improvements
OF tho North, which are of more importance TO the
inhabitants OF the State generaly--so ach3iotpE
edg by aN--tll,n the combined contemplated i'm
of the South, which they wish to
prosecute, even TO the disadvantage of the North
and detriment of the State and for the accomp-
used against the executive branch of the govern
mcnt or the personal feelings entertained for the
Governor by nine.tcnths of the inhabitants of the
State.
The following remarks of Mr.. Gatewood, n
Senator from the county of Gallatin, eyincc dis
position unbecoming that gentleman. They can
not but be viewed as selfish aud disorganizing in
their tendency, and if persisted in, must cause
injury to the best interests of the State.
In order to show the tdlng pretext offered to
Mr.. Gatcwood to exhibit his "tccth," we make
the following extract from the proceedings of the
Senate Of the 9th instant;
Mr.. Writ from the joint select COM
mittee 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 Legis-
lature, but would respectfully refer the