The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-09
LONDON, Oct. 30, 1912.

LoNDON' WI ~, iof~'
Charles Oakley, esq, fremont, III.
Ny Dear r;-I had the pleasure to
receive few days ago, your letter of the
10Th ult. The plan you mention, of sell
ing the public lands of Illinois, some
100000 acres, payment for them TO be
made in state bonds, appears to me, TO
promise great advantage to the state and
to the bond holder. As this arrangement
at the same time that it lessened the debt
of the state and promoted emigration,
would enable the bond holder to improve
his situation, by his own exerIlons. But
great care should be taken by the leglsla-
,ure, not to propose terms, which might
be misconstrued, and appear inconsistent
with the high character, which 1t Is I'M
portant the state should bear, at home and
abroad. Credit being essential to the de-
velopment of their resources, and the COM
petion of their public works. And state
credit, at this time, resting mainly, on the
opinion which is entertained OF the char
acter and the government and the people.
This is most clearly evinced in the failure
of Mr.. Robinson. No man Of common
sense and information can doubt the I'M
mense resources of the United States, and
her ability to pay debt, a hundred times
as great, as that which Mr.. Robinson was
authorized to contract. There is more
capital lying unemployed awaiting invest
ment, than was perhaps ever known.
And if the credit of the United States was
now, what it was few years ago, Mr..
Robinson might have borrowed all the
money he wanted, about Il million ster'
ling, at four per cent. But with the I'M
preston which prevails, in respect TO the
extension of reputation, he was not able
to borrow at six. A circumstance which
the linanciers of Illinois should always
bear in mind, is this, that much OF then
stock is held by capitalists OF great power
and influence. One house, intimate
friends of mine, hold a million OF dollars
These capitalists ought and will assist The
state; when the grounds of all pubic
credit, are made manifest; namely, goot
faith, with an adequate and certain income
| think your idea of establishing lane
Office in this country, very good one; !
might materially promote emigration ant
the liquidation of the debt. Such al
office, should be under the direction OF
person, well acquainted with the Unite,
States, conversant with stock business
and known to the principal holders of tn
Illinois bonds; so as to be able to obtai
their cooperation for the liquidation
the debt, and the re-establishment of Ill
nois credit. You say nothing about tn
rate at which it is proposed to exchang
the land for bonds. | can offer 10 opinion
being unacquainled with the value Walt
or situation of the land. For the reason
have already mentioned, respecting L!
importance Of supporting the character
the state, and in order To make the pli
! for Iiquidating the debt of the state, woI
, well; it is desirable the rate fixed for e
= changing land against bonds should
, fair and reasonable. And at this rate Il
5 agency here, should be able to give smj
= paroles of land, go as to settle with Il
5 small bond holders; who are in me
cases, the parties who suffer the create
, Inconvenience and distress from the no
: payment of interest.
! | shall communicate to some genleme
: in the corn trade. what You state abe
!. Illinois and Iowa wheat. And am
5 duced to give you at foot, the firm OF
c respectable house, at Toronto, in case a
:. of your friends shonld wish to consi
e wheat to Canada. | shall take The llheI
e of addressing you shortly on the subj
y of another part Of your letter, in whlcI
n feel very deeply interested There
N buyers of small amounts Of Illinois ste
j. at about 20; of Indiana at 81 .
N Pennsylvania tives are in demand at
but there is nothing doing in the hi
as priced stocks, such as Ohio, New 70
in and Massachusetts. You will smile
in the idea Of repudiaiion having so strlou
o. affected their currency. In spite oil
nd representations, some of my partici
TO friends have bought English stock late
he which does not yield "a, instead Of n
ll) York. which yields nearly z.
he hono van will let mo have the e.