The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-04-28


3 each each 1890: S ,s s%' ,,: s:s$:$
1874 223s,OOo 10000 ls.slsooo
We annex to-day synopsis of the canal law of Illinois
long and complicated Its general features good,
and it clearly the interest," not only of the illinois
nal bondhoders but all holding claims on the State that
the work should be completed canal tsefs ofhe
most important in the whole country nasmuch as 1t cuts
the strip OF land dividing the great chain from tho
valley Oh the Mississippi with a channel navigable for
boats Zoo tons burthen. Thus completing a circle of
water carriage around the Union Its to Eng
land and Canada is also immense 1t has been justly
siderd as continuation Of those immense works pro-
gress in Canada foi facilitating the trade of the Great
West with England. When the Canadian ship canal Is
completed vessel may load Chicago with the pro-
duce poured into its BOSOM and continue her course to
Liverpool without breaking buk-naturalizng, under
the new British law its cargo OF Quebec. The canal IT,
self 100 miles long, SO feet wide the surface and
feet Deep 1t has cost hitherto 1000, and requires
sl,eOOOOo, making total cost of s6oOOOOO The geo.
graphical position Of the work is follows -
The general government the original proprietor of
the whole territory, and directed tract 100 miles in
length and 10 wide to be surveyed and divided
lengthwse Of this Slip dividing it in the middle The
federal government granted in aid OF its construction
each alternate section miles, either side Of the canal
amounting to 4S0 600 acres. The intermediate sections
were sold to individuals by the federal government and
in progress of cultivation Ofthe 100000 acres
the State has sold acres there rem aims $780,
900 acres, which given the creditors under the
new law Theseland the most valuable because
lands within half mile of the canal either side
been allowed to be sold. There also lots in Chicago
one of thriving cities of the West, on Lake Mi
chgan-on line OF the canal the cities of
Julett Duhsge, Norris Marsees, Ottaws and La Sale
-four of which county towns. The water powers
created by the canal invaluable. They are immed
ately the canal boat Of 100 tons loaded with grain
may have their freight sraned Toured and returned to
the boat almost without delaying passage Chicago
where it will meet vessels from Europe with merchan
disc and passengers that have passed up the St. Law
renee.
The State of Illinois contains eoa acres of land
rich and fertile to be without rival. The popua.
ton in $780, 56 in ls4O 47627s. These are ex.
clusively agricultural people; and their wealth and
ability pay depends upon the sale Of their pro-
duce That sale depends upon this canal through which
the trade Of the lakes in addition will pour down the
Mississippi. With the increased Sales it is evident that
the canal property will rapidly rise without it the
people be expected pay taxes You get
" blood from turnip" Now, the law proposes that
those who have hopeless claims upon the people of
Illinois should "tap their wealth" by giving it vent. For
this purpose the State gives up to them property which
cost 0OO commanding 100 miles of the finest
try in the world and also, $2,sOo worth virgin
land in consideration Of their advancing 81 900 to
Complete the canal in three years. at the expiration Of
which time they may sell the lands, and reimburse the
loan principal and interest," and then the
the completed canal until their old, and otherwise
hopeless debt is paid principal and interest. This being
DONE the holders Improvement bonds will be paid In
addition to which, the next session Of the Legislature,
the difficulties existing from a disordered currency,
will have passed away, prices will have improved, the
prosperity of the State much dvanced and the people
disposed to pay small tax towards liqudang the after
debts, which is now impossible.
Much disappointment has been expressed that a tax
levied the late session. The effects of sPecua
ton the the finances Of q country war.
When the United States to settle its old debt
Alexander Hamilton voted to pay 81 in specie fer SIS OF
Government bills on the ground that most Of the paper
was held by spectators, who bought at low prices II
linos, in the situation. does not initiate this
ample but proposes pay all her just debts when she
If she paid per cent interest on her debt
of the holders would realise to 10 per cent their
investments and get possession Of all the State property
after all.
SYNOPSIS OF CANAL Law OF ILLINOIS, Passed FEBavAav,
ls43.
PaxAM,LE.-Certan bondholder of the State have ex
pressed willingness to advance funds to complete the
canal On certain conditions.
srcl Empowers the Governor to raise 1000 oo0 per
cent for six years. the pledge the canal its tolls and
properties be granted to trustees The lean be
mbursed of the first moneys realized from the canal
or its property, at such place and currency may be
SEC Provides that the holders Of Illinois and Michi-
gan canal bonds, shall lie first entitled to subscribe
loan the proportion the amount held together.
Should they not subscribe the holders Of other State in
debtedness may be next entitled to take up the loan II
they neglect to reasonable time any other per-
companies may dot
SEC Provides that when the loan TAKEN there shall
be appointed board Of three trustees by the Cover
two by the subscribers to the loan Vacancies
shall be filled by the Governor or andhodsrs the case
SEc L. The first election of trustees to be held at
Lockport, ILL., under the direction Of Judge Of the gu
nor. The trustees to hold their Offices two years.
SEC Every $1,000 & sock hs, vote either by
SEQ Elections by to be designated
sre g. The boar, Of Trustees shall possess the same
powers the commissioners Of the Illinois and Michigan
Canal, under act Of jan, 1885
file description af their bonds with the Governor VINO
shall deposie with the Auditor in order to discriminate
the subscribing from the non subscribing holders.
SEC 10 Pledges security the loan and grants
10 the trustees the canal the land which it passes
sns a the o unS
after received from the federal government together
with buildings and erections thereon The board to
joy absolute property therein, much the Stat,
can for uses and purposes herein after mentioned ex.
empng all such lands and lots have sold by the
commissioners. Any officer having management OF the
canal now is required to settle all accounts due con-
tractors and others, by issuing certificates which GER
tifcates shall be receivable for land by the trustees
Sec IL Provides for an agreement between the SUB
scribers and the Governor.
SEC 10. Whenever subscription is paid to the loan.
the trustees shall issue certificate for the amount WIN
years interest added thereto, and leaving per cent
interest," payable semannualy of first year IRON datc
Principal pay able out ofhe nrst
lied from the canal or its property Inc cerncate 10
be signed by the Governor under the seal OF the state
Sic Ia The trustees may take possession and make
such changes in the original plan Of the canal as are con-
ss,eut rigid economy without reducing its capacity
or changing the location. No lots. water powers.