Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-03-09

mains Zen upon the property uni, II,
debt is cancelled. The law reaches ~
Judgments which may have been repds,os
heretofore, or which may be rendered l..
fore the first of Nav next: also al
tracts now existing, and those which ,n.,.
be entered into before the lst of Mavco..
All judgments rendered or contracts ma.
after the first of May next, will no, be- or
fected by the operation Of the law. Th;.
law will operate as virtual suspension Of
the collection Of debts in Illinois, espec;oI-
ly during the embarrassed state of the conn.
try. Its wisdom and justice may very inst.
ly be questioned. While it will prove
relief TO the debtor, it will, in many case.
prove ruInous 10 the creditor, and il ia
bad principle IN government, which inter.
poses and shields from the law the debtor
at the expense and ruin Of the creditor !,
is but little better than The Agrarianism Of
the ancien; Romans, which sought the bol.
der of lands TO divide with him who had
none.
Bank suspension 1egaA@ed. Tho Iegis.
lature have passed bill legalizing the sus.
pension of the state bank of Illinois fer
t~o gears! The bank is also authorizedto
issue notes Of less denomination than
live dollars. In return for these Legislative
tavors, the bank has agreed TO loan tho
state $500 GOO, to enable the state to ex.
trlcate Itself from some Of its most jmmo-
date necessities. The length of this 10.
galIzed suspension, we believe, is almost
unprecedented, and however great the nc
cessity which may be Headed in its favor
II would probably have been far better Cor
the bank and the people, had the suspen.
sion been for less period of time. The
effect which the suspe nsion will have upon
the value of the notes Of the bank durjpr
the two ensuing years, We cannot pretend
to predict.
Canal BiH.-A bill providing tor the fur,
Their prosecution Of the Illinois and Mich.
gan canal was lost in the Senate. To the
people of northern Illinois, this was by far
the most important measure before the I3
gstature. The canal itself, is projected
vast Importance TO the whole west, and IFS
abandonment, though perhaps an act Of ne.
cesslty, IS a cause Of regret. Aside
from the consideration Of It's general i'm
portance, 1t will prove calamitous to hun.
dreds whose affairs were intimately con.
nected with the progress Of the work. Pro-
perty Oh the line of the canal will be deDre.
clated, and business will flag. The CITY
OF Chicago especially will feel the effects
OF suspending the work Of the canal. mora
senslbly than any other portion Of Illinois
Relief BW.-A bill providing fer tie
rebel of settlers on the canal lands, has
become law. ltprovides thatcyery pur-
chaser of canal lands, who has made pay
ment on the same, shall. be allowed 70 So
lect so much of the land originally purcha-
sed rs the said payment will cover, deduct.
ing from the original stipulated price, thir-
ty three and one third per ccn,um.
Rerenue BiH.-The provisions Of this
bill we have not seen, and whether il is
sufficient TO pay the interest on the state
debt is matter of conjecture. The inter-
est accruing on the canal debt, is not folly
provided for. This is certainly great
misfortune, as the faith and credit of the
state must be Frustrated and disgraced, un-
less the interest is promptly met. Such
dilemma we apprehend would be too humi-
hating for the young and spirited state Of
Illinois, and great pecuniary sacrifice,
should be submitted 10, rather than forfeit
the honor Of the state.
A tax of ten cents on every hundred dol.
lars, is to be levied on all taxable nronortv
Tor the purpose of meeting the interest on
the state debt. An act has also passedro-
curing every practising lawyer in the state /
10 pay twenty-five dollars annually for
license to pursue the business Of his pro-
Iesslon. Physicians are also required to
pay ten dollars per annum for a license 10
practice, The sums raised from these
sources are 10 be paid into the state trca.
'ury' and applied to the expenses of the
government. Lawyers and physicians will
probably care but little for this species Of
taxation, inasmuch as they will take spccia
care to make it out of their employers
THE Mountaineering thing pertaining