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

funds, sos 0S5 90
" due State Bank for warrants 29i 100 90
Total debt upon which interest ac-
crues, Sl3S36,3I9 90
Annual interest upon which amounts to
the sum of $S30,lS2 II.
To meet these liabilities the state has
the following resources, at present una
valuable:
Land remaining unsOid of canal
grant, 23S,9S5.0I acres.
Lands granted TO the state I'M
der the provisions OF an &c, en-
titled AN act to appropriate
the proceeds OF the sales of the
public lands and to grant pre-
empiion rights, approved Sep.
4th, 1911, Flo 1872 So acres.
Land purchased by state for in
lernal improvement purposes, 40.332 acres.
Amounting to 4s9,45O4G acres.
Amount due canal fund from salesot
lands, town lots, stone, timber, &c, SOL ,964
AT the date Of my last message the fol-
lowing named purchasers of bonds
had failed to pay for thcm according
to contract, viz:
John DoIalield, in the sum Of $4,000
A. II. Bangs, 30 600
Bank of Commerce ut Bullilo, $1,000
Commercial Bank at Buffalo, 10000
Erie County Bank, GzjC0
Amounting to $780, 500
| have, however, been informed by the
fJnd commissioner that part of the above
bonds has since been paid for, and that the
remainder has been additionally secure.
If, however, payman, should noibe made,
they will remain, presume, in the same
attitude as at the last meeting of the le-
gislaiure, and the opinion then express
ed remains unchanged: that the state is
under no equitable or moral obligation to
redeem them. The same reasoning would
apply to the II bonds of $1,000 each left
by the fund commissioner with Macalis-
ter and Stcbbins on deposit, and BY them
sold, for which no payment has been
made. Not having been furnished a copy
of the contract between the fund commits
soner and Macaliser and Slebbins, by
which they advanced Sl72 ,405 upon 724
interest bonds Of $1,000 each hypo;hccat-
ed to them, am, therefore. at a loss TO ar
rive at the true condition of said bonds
|, however, infer that interest does not ac-
cruc upon the bonds, as the statement in
the preceding table, furnished me by the
secretary TO the fund commissioner, shows
that interest from the LIST of July, 1871 at
the rate of seven per cent. per annum, ac-
crues upon the money advanced, to wit,
on l72, 405. If this view Of the case be
correct, then the interest upon this last
named sum is all that can he chargeable to
the state on account Of said contract.
The contract made in 1899 by the
agents of the state with Messrs. John
Wright 81 Co., of London, by which 1000
canal bonds Of R225 each were placed in
the hands Of said Wright & Co., with au.
thority to sell for the benefit of the canal,
and the contract made by the fund com.
missioner about the same time with the
same company by which 1900 internal
improvement bonds of 1925 each were
placed in their hands, to be sold for inter.
nal improvement, purposes, remains unad
lJusted in consequence of the Insolvency o
said Wright g. Co., which occurred in the
latter part of the year 1910 or early il
llsil.
| In the spring of 1871, the fund com
missioner found it necessary to 90 Il
England for the purpose Of adjusting tn,
unsettled affairs, growing out of the nego
iiations made in tina, country by his pre-
decesso.s.
With a view Of saving expense to tht
state, empowered him, associated will
Samuel Jandon aud James Morrison o
London, to adjust and settle the accounts
Of the canal.
On ms arrival, il was found tia; Messrs
| Wright & Co., PRIOR q their bankruptcy
Z. /. .