The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1841-04-09

Ottawa, Ill., Friday, April 9, lsil.
State Regis,cr---Ex,ru session.

The editor of the Register at Springfield has
the efIrontery to say he sees no necessity for a
called session of the Legislature, and attempts to
convince the public that all the means necessary
for the payment Of the interest and the prosecu-
ton Of the canal have been provided. Now one
Of two things is evident either that the editor of
the Register is ignorant of the true intention Of
the legislature and of the present condition Of the
canal affairs; or else he means wifully to msrc-
present facts.
In all past legislation, the public debt and the
canal debt have been kept separate, and all bonds
for the public works, and for the canal, have been
distinct, and differently wordcd. The public debt
has always been understood TO be the debt incur
red on account OF the internal improvement sys-
TEN, and the debt incurred on account of the ca
nal has always been known as the canal debt
Now the revenue bill that the Register pub
. fishes says nothing about the payment of the
interest on the canal debt, nor it designed to
apply to that when passed, and the attempt of the
Register now is a mere bubble, which, instead of
raising, will only sink our credit still lower. The
truth is, that no provision has been made for the
payment of the interest upon the canal debt. The
means provided will not even pay the interest up
on the internal improvement debit and, even if
the fund commissioner felt himself auth rz ID to
pay the whole inierss, upon the state indebted
ness, he would be compelled TO sell bonds as low
as fly cents on the dollar, and probably less, to
raise the means. Is this the Kind Of inanciering
that the Register wants? Does he wish us to
lose one half on all bonds we are compelled to sell,
rather than to meet the cxigency by prompt and
salutary legislation
How long must we sec this shutting policy
pursued How long must we wait and see our
credit sinking at home and abroad because we
have not the independence to resort at once to the
only means to save u.s. How long must we look
on patiently and see the faith and credit of the
state hampcred and trihed with Other states
have resortcd to the true and only means to save
them, that's direct taxation, and we now see them
marching on in the great march Of improvement
willis, Illinois is increasing her debt and supincly
sinking into inlamy and disgrace.
Again. the Register says, in his wisdom, that
the canal can go on without any difficulty. Now,
had the editor published moon story, or said
that the English had sacked New York, or that
the state OF Illinois had been annexed TO Texas
I we might have been inclined to credit it as among
the possibilities But for an editor to say to the
world that the Illinois and Michigan canal can
progress farther without Legislative aid, is so su.
premely ridiculous, that we must think that the
$ man was either cOrned or that he was attempting
to get up hoax. But he grasely asserts that the
canal has million and half Of bonds and there.
fore Il can 60 on without any difficulty. And
2sv.ll he be kind enough to tell his readers what
those bonds are 7 Not word doeshe say about
the nature Of these bonds. Now, the truth is
they are six per cen. bonds, and the law requires
that they shall be sold at par. The last sales o
Illinois bonds in New York were made at SO ant
L SO per 100. gHow then, sageeditor will you real
ize any means upon the present bonds, when thu
law allows them to be ssi& at par only, and TN
/ market price is fifty poi Gent. below part No
we must have other msehs provided--we mus
have other bonds, Of df&fent rates, or the cana
can never again be revived.
Way the Register gAPuld be SO much against Q
called session we arc Unable to say. II he fears
xhat . cali Of the legislature would amount to q
esn,urs upon the last one, and he desires TO white
wssh IL acts because il was democratic, we say to
II, .