The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1841-02-12
THE ILLINOIS FREE TRADER.

of the committee on finance to which
committee had hcen referred sundry re-
solutions touching the general financial
condition OF the stale. Ii is a document
of great interest, and developes more fully
the actual condition of our finances than
any document that have yet seen. Mr..
Gatewood looks our financial difficulties
boldly in the face, and with nil deSperaa-
dem for his motto, instead of folding his
arms i'll despair, goes for efficient mea-
snres. He strongly urges an increase of
the banking capital of the state, TO meet
the wants and necessities of the commu-
nifty and of the times. There are many,
probably, who will be found opposed to
some OF his views in relation to banks
His principle is to regulate, not destroy
local banks. On this subject he remarks
in his report: "Ow population is increas-
ing with such rapid strides, that we are
amazed, and we would he inclined to
doubt the fact, if we had not witnessed it,
The increase of our commerce and trade
in amount is in greater ratio than orr po-
puation. All dealings are heavier; and
the minds Of our people, as we'll as
every operation Of business, is continually
expanding. Odious as banks may appear
to some, yet, in the contest, your commit
tee can see nothing to be gained by their
overthrow and there has not yet been a
substitute even limited at. We are so far
advanced, not only here but throughout
the Union, and over the world, that Sc
verence, sudden and violent, would pro-
duce disasters not now easily imagined"
Mr. Gatcwood also presents view of
our state debt, much less discouraging
than what is generally entertained.
The amout of the debt as announced by
Gov. Carlin in his message at the com
mcncement of the session, is Sl3, 613, sol.
The mere statement Of this debt is appal
ling. But of this debt, Mr.. G.. says, that
we should deduct 81, 073, 0iS, the canal
debt as not likely to embarrass the state
at all by taxation, the canal lands furnish
ing the means of payment. The banking
capital owned by the state is SO, 10000
and this constitutes a part of the state
debt; this always has, and probably al
ways will, pay more than the interest
There are also other items to be deducted,
such as lands entered and now owned by
the state-bonds sold and not paid for
bonds likely to be collected, rail road iron
actually delivered, and much property ac-
tually owned by the state, and which pos
sesses great value and when all these de-
auctions are fairly made, we have a debt
Of only SO, S3S,s7S. This is the unavail-
able Indebtedness, on the superstition that
the work done on roads and rivers and now
abandoned in an unfinished state, should
be lost. 70 meet and overcome our diff
licuties he suggests economy in our pub
lie expenses, the encouragement of CAPT
tai, &c.
lie urges that the faith of the state must
be preserved, that we must not only meet
our engagements to foreign creditore, out,
also, to those at home. The maxim, he
says, should be, let us act honoraJW
ubroad and nObiy at home - a sentiment
worthy of the honorable senator from
Gallatin. But | have not time or space to
notice this report further, but dismiss it
with the concluding remark of the report
Itself: IF the principles (of the report
De wrong, no argument for them can
make them right; and if right nothing
from others can make them wrong