The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1843-10-13
Sale of Canal Loisim Chicago.


The sale of forfeited canal lots in Chicago took
place in that city the 81 inst, according to adj
ycrtisement. The result of this sale has been ia.
vorabe beyond all anticipation, and has taken
every one by surprise, All the lots offered found
numbers of eager bidders, AMI went at from double
to quadruple their appraised value. The lots
sold were appraised at little more than $4,000 /;
'hey brought s2S ,S75 By the law under which
this sale was made ten per cent. only is required
to be paid down, the balance, with interest, in
twenty years; and canal scrip and Indebtedness
is receivable in payment The ten per cent. was
promptly paid on all the lots sold, and on many Of
them much more was paid. Canal scrip went
readily at 81 cts. cash, and not much to be had
al that, owners generally demanding 10 cts
When it is taken into consideration that it was
by no means certain, when this sale took place,
whether the loan for the completion Of the canal
would be taken or not, the result cannot be other
wise looked upon than as favorable in the highest
degree. The lots sold, it may be fairly assumed,
brought little more than what they would bring
effort to raise the means to complete the canal
And If this assumption be correct, what would not
these lots have brought, had the work been resum-
ed on tho canal with a certainy of its completion
within two or three years
How idle and unfounded this salo proves the
assertions of tho Alton Telegraph, the Sangamo
journal, and the rest of the popes in this state OPP
posed to the canal, relative to the canal property /,
These papers, with the mos, unblushng impu-
dencc, asserted las, winter that the whole canal
property was not sufficient to pay the loan of one
and half millions authorized by the canal law
and week after week they "warned" foreign capt.
.dlsis not to loan the state any more money, as
they inevitably would lose it, All must rcmcm
Der how these papers ridiculed and abused Mr.
ARNOLD, of Chicago, when, as chairman of the
finance committee, he submitted to the legislature
report in which he estimated the canal property
at six and half millions. and hazarIcd tho state
ment that the canal property, on the completion
OF che canal, if properly husbandcd and judicous-
ly sold, would oxtingush the entire canal deb,
and even persons who were thought friendly to the
canal were heard to give their opinion that Mr..
Arnulds estimates were "a little cxtravacaat."
But were these estimates really cx,rayagant
II the prices brought at the recent sale may at all
be looked upon as an index to the value Of the res,
OF the canal property, Mr.. AS estimate, 50 far
from being extrayagant, will be found far below the
mark. The lots sold at the late sale were ap-
praised at very little less than Mr.. A. though,
they would be worth after the completion of the
canal, and yet they brought more than quadruplc
their aPpraisemcnt. And this before it is certain
that the canal will be completed!
We are curious to see what sort of remarks the |
Sangamo Journal and the Alton Telegraph will
edliy their readers with in relation to this sale
Wonder whether tho Journal wont favor them
with another hadey to provo tina, the canal debt
cannot he paid unless Henry Clay is elected pre-
sdent and congress adopt his distribution scheme
and whether the Telegraph wont again demon
strltc to US that we are ruined beyond hope un-
less Cost Johnson's assumption scheme is adopted
b. congress