The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1841-10-22

Some weeks ago the Register stated that the
Governor designed to put in the hands OF the ga
nal Commissioners 100000 in State bonds, to
pay the amount due on ON contracts. The
Chicago Democrat At the same time stated tat
the Governor had determined to place in the
hands of the commissioners, for the purpose OF
carving on NEW contracts, u zoe, GOO in State
bonds We have regarded this subject as one in
which ALL the citizens of the State were intercs
ted and have felt no little surprise at the eyi
dent design of the Register to keep the facts from
the people.
We have little further insight into this mat
ter in the article from the Ottawa paper which fol-
lows. That paper has repeatedly asserted that
the new contracts for work, were made at cash
prices and now recommends that the bonds which
are to he received as CASH hy the Contractors
should be sent to London and sold at ElGurY
cents on the dollar So, it appears, according TO
the project of the Ottawa paper, that the contrac-
tors must at once submit to the loss of TWENTY
per cent on their bonds, which are to be received
by them as cash And yet this same paper in
sists that the contracts were taken at the lowest
cash prices.
But the assumption that Illinois State Bonds
now find market in London at eighty cents, is
not well founded. At the latest dates there were
no sales, and the prices nominal. Were the fact
State, which can now be had in New York for ~
cents, would be Immediately collected and sent to
the London market, by which operation the bro
kcrs of New York would realize nearly so per
cent. This, however, Is not the casc,--thc grca-
ter portion of State bonds issued are now held in
New York.
The fling a, the State Bank and its President
is entirely gratuitous. For what purpose does
the Bank want canal bonds She has already
more of them than she has use for. Indeed her
business is cramped by holding State bonds. It
is clearly her interest that the price of bonds shall
rise, in order that she may rid herself of those she
now holds. The Ottawa Trader forge;s in It's
war against the Institutions of the State, that the
State Bank is under the control of its political
fnends-that Gov. Carlin and his friends in the
Legislature have made it a political institution, at
leas, so far as that may be the case from the fact
that it is controlled by the loco-foco party. If,
therefore, land nobody will believe it, the Presi
den, has gone on to New York for the purpose Of
"deprecating the value of our State Bonds" he
has been sent there for that purpose by the Van
Buren, Directory.
We have no doubt for thus noticing the article
in the Free Trader, as usual, we shall receive
shower of abuse from the editor; which, howev-
CT, will hurt nobody.
1t is scarcely necessary to tell our readers that
the above is from the Sangamo Journal. All the
articles in that paper in relation to the canal are
alike. Without the moral courage to come out
boldly against that work. the editors affect high
regard for the interests of the state and while pro-
Tossing friendship for the canal, oppose every mea-
sure, however judiGpus, that may in the slightest
degree advance its interests, under the prctancc
that the interests of the state are suffering That
such is the true character of the Journals friend
ship for the canal the article quoted above itself de-
monstrates. Such misstatcments as are there
made can never proceed from a friend
With its usual ingenuity, the Journal objects
to the recent letting of the work between Dresden
and Marscilles, on the ground that the state must
lose by the operation, and, to prove this, uses for
the 99th time its standing argument, tina, while
the state bonds are not at par the contractors can
not do the work at fair prices and take bonds for
pay. Now, plausible as this argument may seem
at first view the very slightest acquaintance with
the facts connected with the recent letting will at
once suffice to show its faacy, and that the course
pursued by the commissioners was perfectly con.
sistent with the very best interests of the state.
For over 20 miles above and below the new le,
work, the canal is so far completed that il will he
ready to receive the water carly next summer.
and whenever the intervening work is complcted
about G5 miles Of the canal can be put into ono.
ration. The new let work is mostly lgh,, and
in the hands of good contractors land such they
certainly are that have it can be completed du-
ring the course of next summer. Now contracted
as we do consider the journal in many of it.,
views, charity compes us to believe it will admit
that even small sacrifice would be justGablc, il
thereby two-thirds of the canal can, in so short
time, be opened. The tolls it would yield, the
revenue that would arise from watcr-rcnts, and
the increased value the new business along the
line would give to the canal lands would in a
short time make up pretty heavy sacrifice