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

over and above the amount of money they
had advanced.
The sum Of Gl0,776 IS. Sd. was pro-
ven on accoun: of the canal, and g33,9
9s. Sd. on account of internal improve
menls. Since then, final settlement OF
the estate of said bankrupts has been
made, and the assets will yield to their
creditors, as | am informed, a dividend OF
about 70 cents on the collar.
In MAY last. received letter dated
London, March 9th, 1912, from Messrs.
Morrison, Sons & Co., informing me tina,
they had received from the assignee of
Wright & Cos. estate, through Amory.
Sewell, and Moores, solicitors. 742 canal
bonds Of yg225 each. whic! would be de-
livered upon my order,
In August list, | empowered the fund
commissioner. who then expected to start
Immediately for England, to receive the
dividends as tel,ore stated, due from the
estate of Wright d Co., and also to re-
ceive and cancel the 7i2 canal bonds.
then in the hands OF Messrs. Morrison e
Sons, and instructed him to apply the mo,
ney thus received to The payment of inte-
rest due upon the canal debt in London.
| have, however, since understood that
the fund commissioner has abandoned his
contemplated voyage to Europe for the
present.
It the dividends of the assets of Wright
81 Co. equal my expectation, the loss in
Cured by the state, in consequence OF
their bankruptcy, will be comparatively
snail, falling only sixteen per cent. on ac-
count of the canal, below the prices origi-
nally stipulated to be paid for the bonds,
and a loss of fifteen per cent. will be sus-
tanned on account of the internal improve
ment bonds disposed of and unaccounted
for, prio. to their bankruptcy.
The residue Of the internal improve
ment bonds, which were not disposed OF
by said company, | have no account Of,
but presume they have been recovered by
the solicitors of the fund commissioner, To
remain in the hands of the assignee OF
said company.
Having said this much in explanation
of the items and accounts that could moi
otherwise be exhibited, by recurring to
the table. YOU will perceive that the whole
amount of our public debt, upon which
interest accrues, is $l3, S36,379 G5.
Assuming, however, that the dividends
Of the capital stock owned in the banks
will equal the iniercstupon the bank debt,
or that the stock will he Withdrawn, aud
deducting it from the above amount, the
sum chargcabc with interest will ihcn be
5Il,l7l,370 %, the interest upon which
at SIX per cent, per annum, amounts 10
@670,292 II. Forlhe payment of this sum
annually, the faith and credit of the state
are soIemnly and irreyocably pledged.
it therefore becomes your duty. rs the
guardians Of the character and reputation
OF the state, to provide, if possible, the
means of paying this sum. There are
bat two resources upon which YOU can re.
~ for this purpose. The first is The lam
dcd property Of the state, and second, u
resort TO direct taxation.
The state now owns AS0,450.42 acres
o! land equal in quality and location to
any within her limits. This amount in.
cIndes the land appropriated for town pur-
poses on the canal line.
Although this land must ultimately al
tain great value, it will be impossible to
render it available at present This OPT.
Mon will be confirmed Ivy a reference Il
the attempt that was made to pay the in.
tcrest upon the canal debt by a sale o
land.
An act was passed during the session
the legislature Of 1910, authorizing TIT
commissioners to sell so much Of the ca
nal lands and lots, as would be required
to pay the interest that would accrue lha
year.
Notwithstanding money was more plcn
ty at that time than at present, and the dis
position 10 investii in land much greater
and Notwithstanding the lands then o1crc
were as valuable as any owned by tn
state, yet only a small portion could b
sold, and the policy had to be abandone
as unavaIIlng.
This serves to demonstrate the impraC
,icabilty Of realizing funds from the Ian,
resources of the state to pay the inlere:
upon her debt.
1t now becomes necessary to conside
! tho only rpm,inino rpsnrt vithin yn,i