The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-10-28
THE FREE TRADER.


Every day we are strengthened in the belief
that, If the proper course is pursued by the next
legislature, the means can be obtained by the state
to complete the Illinois and Michigan canal. The
immense Importance Of the work, and the ceIlaln-
ty OF its yielding handsome revenue TO the
state when completed, arc becoming 30 well un-
derstood, that all who interested in the rcsto-
ration Of the credit of our state, are beginning to
look upon it as the only means by which that OBJ
jcct can be effected. The eastern capitalists, the
holders of our state bonds, convinced that those
bonds will never iise in value unless the canal is
completed, are willing to advance the money for
that purpose, provided they have some assurance
that the state will apply the increased means that
the canal, when completed, would place at her
command, towards tho payment Of the interest
upon and towards the ultimate redemption OF our
state bonds They do not doubt our ability u,i-
mately 10 pay our debts, but they doubt our ho'
nesty and therefore, before they advance US mo-
ncy, they want come earnest upon which they can
rely, Of our willingness to meet our liabilities.
That such arc the views and feelings Of cartern
capitalists towards us, we think will appear
from the paragraph which we give below from the
Money Article Of the New York Herald Of the
10Th inst tho suggestions contained in which de-
Eerve the serious attention our legislature though
one or two Of its statements are not correct, and
do the people of Illinois injustice. Tho debt up
On which Illinois Id liable 70: interest amounts to
but about 100000, instead of 100000, as
stated by the Herald Nor is it true that ''Ilnos
was one Of the first states to repudiatc," unless
inability to pay is reputation. The last legsIa-
iurc made wha, was then tn u int sufficient
provision to meet the interest on the state debt
though ittnfned out that they were cgrcgously
mistaken In their calculations. But they never
meant tc rspudiate.-But to the article of the He
ra!d;--
eIllinois owes say sl6,0O0,O0 bearing an in.
tefest Of 5000, or Gpercenl. Ii she cannot pay
6per cent, can she pay per cent, per cent. or
per cent! Whatever she can pay ray at once
show some disposition TO pay let the next legis-
Iaue which meets in December resolve that the
debts shall be paid some time or other ard let
present payment, if it is ever so small be made as
All cifilfbl OF gODu INTENTION. ne NuOlc uiucNl-
ty will then be settled. The damning curse OF an
indlspoallon to pay will be removed, aud credit
will be restored IN all its branches. For, who that
looks at the hardy, industrious, and intelligent
population OF the great west, can doubt their abb.
lily to pay in time This discrimination TO pay
must also be accompanied with firm resolve not
TO borrow any more. In Illinois some funds, say
Si,5O0,000 are necessary to finish the Illinois aud
Michigan canal. This being for useful purpose
and TO assist in paying the old debt, can be goi
Illinois was one OF the first states to rcpudalc.
reformation commenced there, and the whole face
oil tliingsis changed We doubt not but under
ia new rulers Illinois will take some steps Of the
kind. II may now be the more readily done, that
the people are relieved from the burden of bank
paper. The two banks OF that state had capital
Of S54 %, 80, which, in former years, yielded
their propnelors in Wall street and elsewhere, an
average Of per cent. making an annual tax up
an Illinois Of 1919 62l, paid for the privilege Of
ishng bank promises instead of gold for their
wheat. This sum, appropriated to purposes Of
common honesty, will pay half the interest on
their debt"