The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-09

The subject of making further advance
to complete the canal has been under dis
cussion recently in New York and | I'M
derstand that they have offered to make
such advance, if the State will secure them
BY the canal, its lands, and tolls, i'll the
hands OF trustees to secure.
l. This advance with six per cent in
terest thereon and, 2. The canal debt
now outstanding, including the amount
due present contractors for all just claims
upon the State: these demands being paid,
the canal, its tolls, unsold lands, &C., TO
revert to the treasury of the State.
They require, however. that the State
should lay permanent interest tax suiil-
ccnt to pay 1.-TWO per cent. upon the pres
en-; Indebtedness ofthe State. Estimating
this Indebtedness at eleven millions, this
would require tax of 100000 dollars
per annum, or something less than 80
cents each, to every inhabiant ofthe State.
Indeed it would be considerably less; as
the pyesen: population exceeds 100000,
and very considerable portion of this
tax would be paid by nonresident land
holders.
1t has been suggested that a great pro-
portion Of this tax could be obtained, by
transferring portion OF the county to the
State tax, without prejudice, and without
adding to the burihens of the people.
Should such tax he laid, it would be i'm
poltant, that ratio shcu!d be agreed
upon, so as not to be increased or dimin-
ished within a blank number of years. If
the people make the sacrifice which an
increase Of tax will require, they should
feel assured that it will not be increased;
and feel ccnfden. that if any scheme of
finance can be adopted by which it will
be clear, that by paying a reasonable tax,
the State can complete the canal, and get
ont of debt, the people will cheeriully pay
it. Such a law would encourage emigra-
ton. Every mechanic, every farmer, and
every emigrant would then know precisely
what tax he would have 10 pay, and he
could easily compare the rate Of taxation
in this and other States, and the taxes of
Illinois will admit OF very considerable
increase before they will equal those in
Wisconsin and Michigan. The great
mass of emigration which is diverted
from this State, is carried away, not by
the actual amount of taxation paid here,
but by fears of what it may be, or by APP
prohension of future reputation. Let a
reasonable rate Of taxation be agreed upon.
and their fears will be removed. The in
crease of revenue would sill be very
rapid from the increase Of taTajic proper
~, and not by an increase in the rate OF
! taxation.
A distinguished inancier Of New York,
familiar with the subject, has estimated,
that the canal lands including town sites,
will be worth, on the completion of the
canal--on an average $50 per acre. This
estimate would give upwards Of seven
millions OF dollars. Intelligent contrac-
y. tors and engineers have assured me, that
the canal, by re-letling, and by rigid
economy, may be completed on its pres
ent plan, for one and a half millions o.
dollars. While many intelligent gen
tlemen, think the plan may without! pre-
judice be SO changed as to diminish The
amount necessary to complete it to les:
than one million Of dollars. Should thu
work be re-let, the contractors must bt
settled with by the State: what would ht
the amount Of their claims, have NJ
means Of estimating. But the canal lands
on the completion of the canal, would,
judiciously sold, nearly or quite eXtn
guish the canal liabilities Of every charac
, ter, and leave its large revenue to flow
into the State treasury. These estimate
i, may not be entirely correct, and | vii
. not now commit myselfto the plan of tn
bond-holders above detailed; but, | en-
i terrain no doubt, and speak advisedl
u in saying, that if the State will be honest
i and do what she can by way of paymer
and security, the bond-holders will ad
" vance sufficient to complete the cana
II Any plan Oh such basis, results in tn
} early completion Of this work, relieve
y the State from providing for the caui
. debt, and preserves her faith and reput,
! ton.
There would still remain the Intern
;, improvement debt. 10 provide for tn
/, the State has considerable amount {
!, railroad iron. 10000 acres internal in
"a proyement lands, selected along the lint
" OF projected railroads; 100000 acres {
\ II