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

But was there any sacrifice made in putting tins
new work under contract The journal knows,
or ought to know. that this work, now let for
S3SG,676, was let for about S222 co., or nearly 10
per cent less than the cash estimate made IN 1886
Admitting that prices of every thing were much
higher in 1896 than they are now, yet Is not 10
p,r cent. very considerable deduction from those
prices By consulting his files We think the edI-
tor Of the Journal will fin that, taxing all articles
into consideration. merchandise As well as bread
stuis, the difference bctwccuthc prices Of the two
periods referred to will hardly average 20 per cent
# is clear, then, that this work was let for very
little if any more than fair cash prices.
Butthc Journal cannot see how the contractors
can take state bonds at par when they arc worth
but 1 per cent. in New \ ork. And must itnccds
follow tina, because this wi,eacrc cannot see bo,c
they can DO it, they therefore caraoi do 1t! The
contractors are men Of capital can 20 on and fin
ISL their work withou, receiving dollar from the
state, and, regarding the investment as perfectly
safe, are willing to lay out Of their money for some
time if thereby the canal can be completed, in
which they as citizens and owners Of property
along the line, feel deeply interested.
The journal has, however, for once caugh, Us
mapping. We recommended that the contractors
should dispose of a part Of their bonds in London
at so per cent, and hcrcat the Journal cXclaims
with an air of triumph, oitaPpcars that the con-
tractors must at once submitto loss Of TWENTY
pcrct on their bonds, which are to be received by
them as cash. And Is this luminous editorquItc
sure that he has not found a mares ncst} He
tells US in his last paper that exchange Is now,
and has been for long time, at lOPcr cent. be-
tween Illinois & New ork;' he also says Il bonds
worth n per cent. in New Y ork could be sold in
London at so per cent, 1.-THE brokers in \. York
would realize nearly 50pcr cent on them Com
scqucn,ly he must estimate the exchange between
London and New York at NEARLY" II per cent.
Taking then the Journals statement of the rates
Of exchange and allowing 1t 7 per cent for "elon-
CATION of ycracity,' and still bonds worth so per
cent in London will yield par IN Illinois, But
the assumption that Illinois bonds now find a
ed" says the Journal and proves it by saying if it
were, the bonds in New York would be immcdi-
atcIy sent to London. Does not the Journal know
that the bonds in New York are dollar bonds and
that none but sterling bonds will sell in London
We made the statement on the authority Of let
ter received by a citizen of Peru, in this co., from
a gentleman in London, who said che rc0uH not
sell Illinois bonds at so cents" We saw no rea-
son for dsbeIeying it. But whether the contrac-
tors are going to send an agent to London or not
is their own business. We merely made the sug-
gcstlon.
The Journal thinks that ''thc fling at the state
bank is entirely grntuitous." Let him but read
the c1positions that have been made in relation Ia
the couueSiou existing between the state bank
and the brokers of New York, and if he is an no
nest man he will no longer doubt of the ueiarious
schemes Of the state bauk. The bold aud impu.
dent assertion that the state bank is under the con-
troll of Gov. Carliu and the democratic party, is
worthy only of its source. Is the president Of the
bank democrat the cashier are any of the Of
fcers democrats None, we are informed. On
are all those wing officers mere tools in the hand.
Of the democrats The idea is absurd. Every
body in the state knows better
One word more and we have done. The Jour.
nal has all along pretended to be friendly to the
canal, and at time the people Of the north were
even disposed to think it sincere. But since the
present board of commissioners have been in of.
flee, there has not been step taken by them, or
by the Governor in favor of urging on the work
no matter how wise or proper in ITSELF but what
had IN its turn to be strcturcd and distorted by the
Journal. Such is not the course to be expected
from friend of the canal, nor even from friend
OF the real interests of the state but Is the course
of the dcmagogue, whose motto is "rule or ruin.
We have more than once had occasion to notice
the Misrepresentation Of that sheet, and to show
up its hypocrisy and mCanncss. and for doing 50
we are now taxed with "abusc." Well, call il
whatyou will The Journal has ended the tissue
of mendacity quoted above by expecting another
shower of it, When Mitchell the forgcr fled from
justice he also expected such a shower aud vet
the world would perhaps Just as likely accuse the
press OF treating him too enienty as with too much
abuse