The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1843-11-03
LIMA.

| Tho following is the contract signed by IN,
European bondholders. Tho statement" men
toned in the beginning, is we presume The
one that was laid before the hondholders in New
York last spring, containing lis, of the property
belonging to the canal--thc lands, lots, water
power, &c, with an estimate If their probable va.
In" and MS that statement was strictly correct
there will OF course be no difficulty in verifying
It to the satisfaction Of the firms mentioned, cspe.
c'ally ~ The agent Tor that purpose is selected
rom Uoston. Mud there can be no difficulty on
account of tho 7th condiion-that over SiC0 600
shall be subscribed-since the Subscriptions nj.
ready exceed tina, sum. IN addition, we see i,
stated in New York papers, tina. tho holders of
the sI,OOO,OOo bonds IN this country are ready to
advance their whole proportion Of the loan, $50
per cent? It the oonlrac, below can bo carried
INTO elect. The amount thus raised, then, would
DO about 100000, which would hc available for
operations next summer, aud would be more than
sufficient 10 put the canal in operation to juliet
AS 10 the other conditions, it presumed that they
ARC not such as to prevent the commencement,
OF the work IN tho spring but tina, will depend
upon the action Of the governor in the matter.
The undersigned. holders OF Illinois canal bonds
having had under our consideration the above
statement OF the commissioners dcpuicd by the
governor OF The state OF Illinois, and the circular
Issu,d by them, bearing dale May 25,h. 1913, con-
sldcr'ng that the canal bond. were Issued on the
t''lh aud credit ol the state Of Illinois aud not Of
Tie canal alone, and that the state was b, und Ia
provide Tor payment of the interest thereon: and
lha' ~ TACT, ~ provision is 10y the said act mad,
Tor lo,hlnenl OF such obligations, but the credit,
ofs are holt 10 the chance Ui the success of tho
nat, are not prepared 10 subscribe our tespectiv,
proportions VI the sum Of 81 GOO 900 necessary Ia
complete the canal IN the manner contrmul,trd
by the act olthc legislature, but we arc ncyer,he
oss willing, aud hereby agree To advance to the
trustees to bo appointed IA manner pointed out hy
tue SAID ac' the sums Sct opposite To our tcspcc.
uNo names VI me list oi the commissioners Tor the
immediate purpose ct continuing the works M
progress; such sums being at the rate of IN per
cent on The canal bonds held 10y us respectively,
subject to the following conditions.
let That the facts contained in the ptcc,Ain,
statement shall he verified tn the satisfaction of
''sn''' b'i"k bIblUtIh " 70, ana MCRsTs Nnp.
mac, Jard,nc ~ Co, hy an agent to be named by
them on behalf OF The bundholdcts; and tina, m,
said Barring Brothers * Co. and Naenisc lar.
dine " Go. shall also be- satisfied of the power oi
The governor to carry this proposal nlc effect.
:. That the governor II the state shall enter in.
to contract under the provisions of the 2ls, sec.
ton of the net Tor securing the rcpavmcn, of IN,
moneys 10 be advanced by US, with interest, ,h,,e.
on, At the rate OF six per cent. upon the canal and
lands, IN manner pointed out in the said act Of the
legislature of Illinois, and shall for that PURPOSE.
yes, the said canal aud lands IN trustees as there
mentioned.
| 3. That the sums to be advanced hy us. in pu,.
suancc OF this agreement, shall rank mari p,ssu
with any other sums to he contributed towards
the completion of the canal, and in pursuance of
the said vet or otherwise, so as TO constitute p,r,
Of a sum not exceeding ~ 100000, which shall
have precedence over, and shall be paid, together
with the interest thereon. before any other claim,
now existing, or hereafter to be created upon the
said canal and lands, and tho tolls and profits
thereof, and the trust 10 no created in pursuance
Of the said act. and shall continue until our 70.
l'pec,'c advances ore fully paid aud satisfied with