The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1841-05-28

1--WE sec nothing in the explanation OF the Ere
! Ir0tir which induces us TO take back one lot o
| title of our former remarks. 1t Is clear rs noon
day that the project TO carry on new canal con
tracts Inv paying contractors with bonds at par 70
tbework-whilc those bonds are more than 1pf'l
cent. under par-must have for its oblcc> I'ulc'
the SWINDLING of the state or of ''uN'uu'Is
If the estimates arc properly ma no man on
earth can take contracts with ~ ''7' "
more than fifty per CT business, Ttc hin"
9'ca'''' anu a, ne doubt whether any honest
man would ''s''''"O
jummoi
snort time since we noticed the course pur-
Lucd by the Sangamo journal in regard to the
Canal, and, as we think, plainly established the
charge, that it, professions Of friendship for thi,
great work were hyPocritical, aud assumed merely
for the purpose of receiving little popularity in
this part Of the state. The above we give now a.
a specimen ot'ils financial calculation, which
every man who is acquainted with the present
situation Of the contractors will at once see is no
tlung but i lame attempt TO rctari the progrc,,oi
the canal. The remarks bear on their "cc the
scmhloncc Of TRUTH and individuals r-dcluain'ed
with the real state orafairs mial''bc induced to
believe them. But, how stg'ds the cast!
a portion the contrg-tors have alarsc amount
of money invested IN machinery tools, horses,
oxen, &C., and -nlcss they can progress with their
work, mos, of these articles must remain exposed
to dce.y and destruction. TO obyiatc this loss,
a portion of them propose to take state bonds at
par, and the work at tue engineers estimate and
obligatc themselves TO finish it; and for making
this fair and honorable proposition the journal
-"Swlndlcrs,' because they make the only pro-
position which can save themselves and the canal
from ruin, and which cannot deiraud the State
out OF ono cent. II the contractors take the
qucncc that they must Immediately dispose of
them, and suffer the ruinous sacrifice on their
present cash value We think not. If the
contractors can command the means TO complete
their contracts, or take new ones, and receive the
bonds OF the State al par, and keep them in their
possession until they can lavorably dispose of
them, is it "SWlNDIING' the State by doing
so What difference is there between sending
our bonds to London and disposng of them to
British bankers, and paying tho interest to them,
or by dispOsng OF them in this state, and paving
the interest to our own cutcrprising citizens
The latter course has every consideration of wis
dom and policy to recommend it, which every can
did man will acknowledge.
The Journal npprchcnds, however, that the
contractors cannot do an "honcst business if
they take the bonds at par and the work at pro-
per estimates. How is this The contractors
can now procure labor at $40 per monlh-whcn
our bonds sold at par in Europe they paid $50
now they can purchase barrel of Hour for ST.,
then they paid $40, and the same ratio for potatoes,
bacon, corn,&c Does the State Treasury or do the
farmers and workingmeu sutlcrat this rate The
latter mos, unqucstionably,as they always do UNI
der similar circumstances. But how can II be
rcmodicd If we suspend the canal until our
bonds bring par, then Labor and produce will COM
mand much higher prices, aud consequently the