The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-07-27

have troubled you again with any further communities
ton the subject, did net think that continued
defence Of the course of this State particularly is any
thing but fair II Is indeed very honest the part OF the
State to give her most valuable lands TO the canal bond
holders .that they may be able to pay themselves in
full" (Whpn y But the very fact OF the State officers
not being able to manage the property think is suf
cent reason why private individuals and foreigners par
cuary should shun proposals similar to those made ny
the state IN question. Suppose the canal bond helder
have thus bee paid in full what will become ofthe clam
othe other bond holders when you yourself admit 'hata
on the canal debt n You the present debt OF toe
state to be SlI7is7s And that after canceilng me
the people would submit to small tax upon the remain
ing debt which, when the Illinois Commissioners a s we IRE
aoGnt starting for London put o SSW o"o "
Pray hov is the canal debt to cancelled Is by OF
ferng the lands pledged, to the bond hooers &
canal is completed II would not be surprsngi tney
resored to such trickery. seeing how utterly mpossoe
il will be for the State to pay for it IN any oneT
Should any part Of principal interest be PAID oy
taxation the people must pay heavy sums and we can
not reasonably look for emigr alton TO state thus s
uated when so many other States and Territories offer
better You say that the debt of Illinois
nevec meant to be paid by taxaonths then accounts
her having this day paid one cent of interest
except from borrow ed money
The increase of roguery and rascaty in the country
ought to cause no surprise when the manner In which
this State proposes to settle her debts De made pos oil
and be called an honest one.
have always conceded in the views previously ex.
this instance differ from you toto and think that your
present statements regarding this State made against
your own good judgment PRUDENTIAL.
*The writer confounds the canal with the improve.
men debt IF the canal and its lands pay the canal bonds
there will be need of taxation for that debt We al
legged that if the people relieved of the canal debt
by the completion of the work. they will pay small tax
for the improvement debt.
The debt of Illinois time counting its outstand.
ing liabilities $1,000 900. It then admitted
on all sides by all parties in and out of the State that the
debt could no, be paid by taxation The stock in the
market fell to IL cent strong party in the State al
vocated thorough reputation, and at time it was
thought that such would be the result not only in that
State, but in others The example OF Illinois would
great way in efectng it, Now il the people of Illinois
do not pay their debts themselves they @ be paid
at ALL and the State will be able pay than
atpresent because the debt compound interest will in
crease as fast perhaps faster than the of the
STATE How is the debt situated has all been spent
lot incomplete works The people have got one
dollar, and never will unless those which 60
ing rapidly to decay promptly completed To com
pete the canal requires 81 900 00 The State is without
credit and in its present isolated and depressed state
unable to pay dollar of taxation. The only possible
way to get out of the difficulty to complete the canal
that will throw 81 eOOOO hard cash into the State drain
the whole lake trade through hundred and sixty
miles OF the most fertile land in the world and bring
active cultivation 100000 of choice land situated
the edge Of the canal of 100 miles, with valuable wa
Ter powers and mill Sites That land she tenders as
eury to those who will lend the money complete the
cana' with power to sell the land the canal IS
IN operation Choice land so located will sell for more
than enough to reimburse the loan principle interest
The canal will then be in full operation and revenues
applicable to the canal debt only until it is paid If
the original project of the canal utterly futile
and senseless-ts revenues must surely be worth
thing when the State shall have advanced ten years in
population and resources The people Of the State relic
we'd OF the canal debt, and supplied with noble liue OF
navigation crossing the State and communicating with
Buffalo on one hand and New Orleans the other will
be able and willing to pay tax for the debt
which even then will amount to s42o 900 per annum-
This offers an outlet whereby the creditors will get their
money and the people the benefit of its th canal
is not completed the work is suffered to go decay,
the money lost and the people abused and derded as
knaves and repudiaors they will pay dollar
either for Improvement canal debts and hey uiH b
justified in reu'tns to pay Their example will go
great way in influencing the other indebted States If
Illinois is forced into repudiaon, it will be in vain to
seek payment in Pennsylvania any other State. It
not matter of honor honesty in Illinois, it purely
one of ability and expedency. There no other means
getting out of debt The project about government
stock is too ridiculous to mention. The proceeds the
public lands not sufficient pay the present debt of
the federal and whether the debts of the peo.
pie OF the United States to be paid collectively by the
federal government, which is conutonally impossible,
by individual States, must be done by direct tara.
lion at all State that is unable to pay tax levied by
State ocers will not have means because the
tax gstherer is appointed at Washington.