The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-06-30

the canal and canal property in trust for the ben
eft OF Those persons who may now come forward
under the provisions of the act Of lS43, and make
advances of money to complete the canal
3. Would the new subscribers, under the act of
ls43, hold the canal property as cesfti que trusts,
under The trust erected by tho act rrevocably by
the legislature, until the trust he fulfilled
A. Had the le ,islature of Illinois the competent
power and right to give preference, in the order
of payment to the new subscribers, under the act
of 1911, over the prior bondhoIders under the for
mer statutes, who do not acccde to the new loan I!
OPINION.
have considered the force and elTec,
of the several statutes stated in the case,
and the, questions arising thereon, and |
am Of opinion
l. That the state Of Illinois has a
clear and undoubted right to the Illinois
and Michigan canal, aud to the lands over
which it is conducted. That title is de-
rived from the act Of congress of 1927,
and is made subject to qualification sta
ted in the act not essentially imparing its
value. and with the reservation Of the
sections of land OH each side of the canal
alternately selected BY the United States
Tor their own use.
2. That the state has the right 10
pledge and convey in trust, according to
the provisions Of the act Of 1913, the ca
nal and the canal property granted by the
United States. The lands were granted
expressly subject 10 the disposal of the
legislature of Illinois, for the purposes Of
tile canal. The grant Of the same pro-
perry to trustees to be created under the
acs of ls43, Sperfect and absolute, as a
grant in trust for the purpose of compile
ling The canal, and it legally as well as
equitably vests :the right, title and pos
session Of the canal and the lands belong
ing to it in ttfe trustees, for the purposes
OF the trust.
8. That the Legislature of Illinois cam
not righlfully interfere with or impair the
trust, until the.declared. purposes of it be
efcctuahy and truly. fulfilled. The trust
property becomes private property, and
entitled to the protection of the courts of
justice. and herein this grant differs es-
, sentially from all the securities provided
fsr the creditor by the prior statutes.
:. Thus the act Of January, 1896, pledg-
ed the faith Of the state and the canal rev.
\ enues for the redemption of the deb! to-
be created under that act. Butihere was
!, ]. no vested transfer of any funds. The
whole remand in.she possession and
under nc control of the state. and lis
..-,T;u.y % pay and redeem the pledge ves-
ted enlirely uponlhe moral obligation of
,sdd faith. and incaseuf state exemp-
stetl from Legal c.,ercion, that obligation is,
sdoublless. to be regarded as ofaihe most
\ imperative. nature. The creditor, in case
Of default of payment. had no legal rem
\ edy whatever, for the Judicial power of
! the United States does not extend to any
suit in law or equty against state by
, citizens or subjects. The same observa-
lion will apply to the loaps underlhe acts
Of March and July 1891, and FEBRUARY
1896. They all equally rested on the
faith and credit Of the state. and not on
specific security which could be reached
blythe creditor on Judicial process. In
the last &C: above mentioned the state did
Sihdeed declare that it irrevocably pledged
! - security for the loan, the canal, its rev.
enues, and the lands belonging .to it, but
ithere was no transfer--ilos grantee--no
: desigRated credi.or-no delivery of the
,sprpperty to aay-iadividual Or corporate
u byay. The state retained the title, pos
(; WESTON, control and. dispositiMn. Of the
Npfopessy in itself. Itsexpressly in and
by The same act reserved the right TO sell
my part Of the lands So pledged. and 10
apply ihes proceeds for canal purposes.
set6as, ron the other hand. by the act,
)h 3H4S, after the trust is duly created and
I: NJ loans effected, the creditor can en-
farce the execution Of shctrast a. against.
\ a!astecs, and bY process. liza rem on
y - \ INV shs eifsnis court of the