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

United States. No interference with the
trust contrary to its PROVISIONS, under any
legislative authority Of the state of Illinois
would be available or permitted. Ii
would be as secure and sacred as any
grant whatever from the state to private
individuals in trust for lawful and meri-
torious purposes, and would be equally
entitled to protection by the judicial pow
er.
4. am also Of opinion that the legis-
latule of Illinois had the competen. pow
er, not TO be legally questioned, to grant
priority in the order Of payment to the
subscribers to the now loan raised under
the act of lS43, over the existing and
nonsubscrbing bond-holders under the
former loans. am farther of the opinion
that, under the existing and extraordinary
circumstances Of the case, the legislature
of Illinois acted for the best interests Of
all concerned, in creating that preference
in the qualified mode in which it is CIV
en-. am strongly Of opinion that such
measure was an act of commanding ne
cessitY, and that without it the loan could
not be effected, nor the canal -6e6Gim9pleied,
and in that event all the previous expen-
dtures would be fruilless, and the prior
debts put i'll extreme jeopardy, or the
paymen thereof grievously postponed.
The act itself strikes me as exhibiting
satisfactory evidence that the state Of Hi
nos is SINGER and Jealous in its efforts
TO finish the canal, to pay its debts, TO
bring into action its great and growing
resources, and to restore the state from
its present melancholy depression, to
credit and prosperity. The new loan
seems TO be essential to this result.
| liken the case, as to the question OF
preference, to the doctrine Of the marine
law that second Bouomry Bond or a
Bill of repairs of foreign ship, or the
lien for seamen's wages, are all preferred
in the order of payment to prior Bot
tomry Bond or mortgage: and that is on
the ground that without such subsidiary
aid, the property itself, and the previous
expenditures thereon, would be los! TO
all concerned. 1t is also analogous in
principle to the case Of an unfinished |
house, which in that condition was sold,
and a mortgage taken TO secure the pur-
chase money, and yet the claims Of the
workmen who finished the house or fur
nished the materials under the order Of
the purchaser, after the mortgage was Civ
en- and recorded, were preferred in the
order Of payment to the debt Of the mort
cages. e Serg. q Rawle r. 1887
The qualification annexed to the pro-
vision for the priority of payment Of the
new loan is fair and reasonable. The
bond-holders under the former loans have
the option in the first instance TO take the
loan in exclusion of all others, and they
are the persons most essentially interest
ed in the completion Of the canal. If
they omit to avail themselves Of the pro-
vision in their favor, there is still pro-
vision in the trust for the payment Of
their interest; and when the new loan is
redeemed and the trust created for the
special purpose of the new loan is fulfil
led and ended, the prior bond-holders re-
main with their existing rights in full
force. They have the same public faith
Of the state remaining pledged for the pay
ment Of their debt, and which must re-
main of binding obligations so long as the
debt exists. They will be justly entitled
to the application Of the canal revenues
for that purpose, and with the assurance
tina. the canal revenues will be produc
tive, and The ability of the state to pay
them rendered more strong and certain.
JAMES KENT.