The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-16

Fellow citizens Of the senate and
Lo,tsp Of rpnresejltItlUeS.

the assembled representatives OF the peo-
pie. The meeting Of the general assem-
bly, of the state is an event emlnently cal
culated to awaken interest and solieltnde
in the public mind. The trusts coniided
TO this department of the government are
truly multiplied and important. Upon 1t
devolves the duty of anticipating the wants,
directing the energies, and promoting the
welfare Of the country. In a state, there
fore. embracing so numerous q popuialion'
such a variety of interests, and so extern
sive territory, the business oflegislatlon
must be arduous and complicated. But
coming as you do directly from the mass
of your constituency, in every portion OF
the state, it must be presumed that you
embrace within your number, all the IN
formation and knowledge which is neces-
sary for clear and comprehensive under
standing of the responsibilities which your
stations enjoin. must be permitted to
express the anticipation confidently en-
terrain. tina, as YOU understand those re-
sponsibilties, You will not hesitate to
discharge them with promp,ltude and ii
deity. II cannot indeed be concealed
tina, You have convened under circum-
stances in themselves formidable and i'm
posing. The unfortunate financial en-
barrassmenis of the state present obstacles
to the progress Of legislation which 1t vii!
require your united wisdom and patrio-
,ism to surmonnt. 70 relieve yourselves
as far as possible from the difficulties you
will have to encounter from this cause,
will of course be your first and most i'm
poriant consideration. In order, howev
er. that you may fully comprehend the
nature and extent Of these difficulties, it
will be necessary to recur to that period
in our history when they commenced.
The rapidly with which the banking
institutions of the country were multiplied
a few years since, and the lavish and reck-
less manner in which they issued their
paper, increased the circulating medium
anu SldilNldlti vi NdlhC w ShIii u't SNtS't 90
to give an artificial and fictitious value to
every species of property, to augment the
profits in every department Of business to
an unnatural degree, and to revoIuIionize
the regular and settled laws which previ-
ously governed the trade Of the country.
Consequently the widest and most extra
VACANT spirit Of speculation was engenLer-
ed throughout the entire union.
New and extraordinary schemes were
embarked in, and the success with which
they were frequently crowned, only SER
we'd to encourage others still more visio-
nary and chimerca. Fortunate indeed
would it have been If this spirit had con-
fined itself to the people in their lntivl-
dual capacity. Such however was not
the case; it soon infused itself into legis-
laiive assemblies, and many of the states
were induced TO adopt the most stnpcn-
dous systems of improvement, Influenced
by the same spirit, stimulated By lauda-
bic ambition of keeping pace with her
sister states, and encouraged by the APP
parent success which attended the enter
prises they had already commenced, Hi
nois was in an evil hour lured from the
principles of economy and prudence which
had hitherto so sgnally marked her course.
In 1887, in addition to the construction of
The Illinois and Michigan canal, which
had already been undertaken, and which
of itself, for an inexperienced and almost
infant state was a gigantic enterprise, the
legislature adopted general system OF IN
ternal improvement, the magnitude OF
which exceeded the wants in as great a
degree as its estimated cost exceeded the
resources of the state. 10 realize the
funds necessary for the prosecution OF this
immense system, as well as the canal, re-
lance was had mainly to the credit Of the
state, which was made available by the
creation aud sale of bonds, bearing six
per cent. interest, and reimbursable after
long term Of years. Such was the de-
fusion of the times that it was proposed
to pay the interest as it would accrue
upon these bonds by negotiating them in
foreign markets, and realizing the differ
ence in exchange, by dcposling the money
thus raised with banks until it should be
discussed, and receiving premiums upon
it; and by subscribing for bank stock, the
dividends upon which it was expected
would greatly exceed the interest upon the
bonds with which the stock was purchased.
Thus it was contemplated by the advo-
Gates of this policy to complete these ex-
tensive Improvements without any expense