The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-02-24

The extract from the ueTald also shows UP IN !
a proper light the wild scheme Of assumption of
the state debts by the general government, which |
has become such flyofite with the wing leaders
oc this state, and for the advancement of which |
they have been and still sirainins every nerve
to plunge our beloved state into the lowest rit OF
degradation. Surely there can be nothing more
contemplate or Infamous than the character Of the
politician who would resort 10 such means to pro-
mote his unholy ends.
The position which Illinois has assum-
ed in regard to her debt, will be probably
Of infinite service to the credit Of the Uni
on. Without looking for relief out OF her
own resources or claiming assistance from
the citizens of other states to help her out
of the difficulties in which the folly of her
own rulers involved her, she has calmly
investigated the extent Of her indebted
ness, looked up her resources, and pro-
iected plan by which those resources
may be turned to the best account for the
benefit of her creditors. This is a manly
and straightforward course, and one from
which her creditors will derive more than
from any paper scheme that can be devils
ed. She boldly faces the consequences
of her own errors, and endeavors TO reme-
dy them without shutting them off on The
shoulders OF the prudent citizens of other
states. What contrast is this TO the con-
duct Of Maryland Plunged in debt, she
makes no effort to meet the claims upon
her, but her politicians employ their time
in getting up schemes of assumption, by
which the citizens Of New Hampshire,
Connecticut, and other states, which have
uniformly opposed the contraction Of
debts, are to be made to pay for the mo-
ney squandered on the Maryland bitches
t Vast attempts have been made to manu-
\ facture public opinion in relation TO this
$ matter Of assumption but only those who
e expect to derive some direct pecuniary be-
\ neGl from its operation are attracted by it
I and its Elusive nature is too papable Il
0 fix the attention of reasonable men. II
. relation to the practicability of the matter
we may turn to ,he speech of Daniel Web
ster, Esq, made in Wall street, Oct. 2
1910, Just before the election of Gen
Harrison. On that occasion he remarke,
II rs follows
:. But then it was said that we desire to make a
assumption by the general government of all thes
state debts. Now, there is not a particle OF four
y daton for it-nothing in the world to justify II
o and don't hnolO man an congress hQt entertain
i, The opinion, or eUer did, that congress has the cOn
sttuiondi poiccr 10 assume tie stGie de5s coul
: exercise it if it had the power. Why, congress
1t might as Justly assume the private debts of all il
Il dvidual--she may as well assume the bonds {
Mr.. Astor as the bonds of New York.
left this country in the latter end of May, SO!
u and at that time had seen in no one newspaper
Il nor heard from tho lips Of any living being, th
" least suggestion about this thing, went TO Eng
- land, and it was a most gloomy time III Englan
as to every thing respecting American commere
) and the state debts; but tell you upon my he
h nor that no English or European bank, no Eng
o lish or European holder of American state dcb
ever said one word, or suggested to me, or, in m
hearing, expressed the remotest idea or notion
L the assumption Of that debt or any guarantee
rs them. (Appausc.) Once abroad did hear
If mentioned by an American citizen; told him n
n project ,cas ,choiy unconstitutional andnecer cou
F" be accomplished; IN short, The consent 81 the poop
y 10 make ne,c constitution for the Uaited Sal
r ,couM be necessary. (Applause)
t This being the publicly announced op
h Mon Of the great "expounder Of the cor
stitulion" on the subject of the legality {
i the measure, it is sufficient to sci the ma
n ter at rest on that head, independently G
y the financial error of such scheme. Th
&c only reliance that the bondholle rs eve
had or ever expected to have, was the put
10 lie faith and ability to pay of the individ,
: al states tina, issued them. The publ
faith in no one instance is wanting. III
inability to pay in many cases is palpabl'
In such cases, a prompt and ready con
:. promise, By which the creditors may
: through trustees, succeed 10 IN State pre-
perty, is the only just settlelheN, that ca
\ ever be made.
. U. s. Loan.--1'he n. Y. Journal of Commcrt
. states that the u. 5. loan, which has been hawl
" ed about everywhere since July last has at engt
u n l.D,, ,,la, h, Non, Nnrt nnnitalieta