The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-16
NO.2s.

1 "
due, our ability to meet our obligations
will be no greater than at present.
Therefore, necessity would seem TO
point out the proprie,y, if possible. Of GO
ing into liquidation now, by placing those
lands by legislative enactment at the OPP
ton Of the holders of oar bonds.
BY this means it is believed that the
interest of the public creditors themselves
would be promoted to very great degree.
as it would afford them the opportunity
of realizing lands upon equitable terms.
for the bonds they hold, which otherwise
must continue unavailable upon their
hands, so long as the interest accrting
upon them remains unpaid.
The adoption of this measure would at
least evince willingness on the part OF
the state 10 do Justice TO her creditors 10
the ulmos, of her ability, and should they
be disposed TO avail themselves Of it,
might enable her to reduce her debt, per-
haps to manageable sum. Should this
policy be adopted, the legislature will see
the proprieiy of applying the canal lands
exclusively to the redemption of the debt
contracted on account of the canal.
In consequence of the depreciation Of
the notes of the State Bank of Illinois, it
became my duty, in conjunction with the
auditor and treasurer, under the provisions
of an act entitled " an act, concerning tho
paymen, Of revenue, and for other pur-
poses," approved January 10Th. 1896, to
publish proclamation. prohibiting the
collectors from receiving the paper OF that
institution, in payment of revenue, from
and after the 10Th of September last. In
order still further to protect the interest of
the state, il became necessary 10 address
the collectors subsequent communica.
ton. admonishing them that the notes of
the Bank of Illinois could not be received
for more than their current value, and re-
qucsting them TO suspend the lnrther co.'s
lection of revenue until after the meeting
Of the legislature. 1t is understood that
this request has been generally complied
with, and in most of The counties no col
! leclons have vet been made. This course
was suggested under the impression that
liulc or no injury woaltresult to the state,
in consequence Of the delay, and that you
would have i, in your power TO relieve the
people from at least a portion Of their
barihcn. Ii was believed by Introducing
proper reform and reircnchmenl, the ord-
nary expenses Of state government might
be reduccd greatly below former estimates.
With view Of this object plan will
be submitted for your consideration by the
officers exhibiting the various items OK
expenditure upon which reductions may
be made. Should this plan prove practi-
cable, the rate OF taxes levied upon the
present assessment may be reduced nearly
one bali. As the revenue now due is de-
signed TO meet the expenditures for lS43,
The proposed reduction may be applied
with great propreiy to the assessment Of
The present year.
Owing to the failure Of both our banks
and the consequent scarcity Of money, the
| produce of The country is reduced TO the
loves! price. and in many places cash
cannot he realized for il at all. 1t will he
difficult i not impossible for the people to
procure current funds Cor the payment Of
taxes. just regard for their interest
dictates that the. least possible amount
should be exacted from them for this pur-
pose at present.
would therefore earnestly recommend
that the rate Of taxes be reduced as low as
the most economical administration Of the
government will Justify.
The condition of our banking ins,ilus
lions demands your mostserious attention.
Slacc the unfortunate alliance between
them and the state was consummated,
HEY have been the constant objects Of lie.
glslalive favor. In order to make that all
lance mutually profitable 10 the banks
and the state, and beneficial to the people,
| the most liberal policy towards them has
been uniformly pursued. Their suspen-
sion Of specie payments was legalized.
and new and extraordinary privileges
, added to their originally liberal charters.
) The state contributed her utmost aid 10
establish their cred, and give currency to
J their circulation. The safe keeping and
: disbursement of her revenue was con6detl
to one, aud the notes of both made recei-
, vable in payment of all her dues.
. Upon institutions thus favored it was ma
5 tural tina, the people should bestow the full