The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1843-12-08


pcra "a the Shawncciown Gazette aud BclIcyiIle
Advocate join hands with the Alton Telegraph
and kinlrcl prints to thwart the noble effort that
- now being made 10 restore the credit and honor
Of our state. We earnestly invoke those papcrs,
before they proceed too Ear in their present course
10 examine the ground they are on a little mole
closely, and are confident they do SO, they will
entertain different views from those they appear
10 hold at present. We can assure the Gazette
and Advocate that there never was a more mista-
ken notion than the one they appear to entertain,
that the arrangement Of our commissioners with
the European bondhodcrs is "au attempt to sad
die the state with an additional debt" or that it
proposes to obtain the funds for completing the ca
nal on any other security than that given in the
csnal law The main provisions Of the canal law
are briefly these. The governor is authorized to
enter into negotiations with the present holders Of
canal bonds for loan Of 81 100000 TO complete
the canal. II they agree to subscribe the loan,
the canal aud canal property are then given into
tie hands Of three trustees, one to he appointed
by the state and two by the bondholdcrs who are
u go on and prosecute the work to completion.
After the canal is completed the trustees are to
80 on and sell the canal property, and with the
proceeds o. such sale, and the tolls realized from
the canal pay, Grst, the advance OF 81 600 OO0 Tor
which To canal property only is given in securi-
", and next, the present canal debt amounting
10 about four and half millions. After these are
paid the canal is TO be surrendered into tho hands
Of the state. The arrangement made by our com
missonors with the bondhol,Icrs coaaicls with
none Of these general outlines Of the canal law
Only, the bondholders, after making the first years
advance Of $500 coo, reserve to themselves the pr
vcse Of Withholding the rest, unless the state, eli
Their by Icyying small tax, or otherwise, pays at
least portion (no matter how small) of the nlc-
rest on her debt, and shows disposition to be ho-
neat This is the whole sum aud substance Of
the arrangement, and the Gczotte and Advocate
must therefore that all their fears about an in
crease OF the state debt &C., are groundcss.
In relation to thc proposed tax we shall say lit
,lc at present. The reason why tho bondholicrs
ask /: is simply this: Our state for the last
few yeas has made no provision whatever to pay
the interest on her debt. Not a cent Of interest
on our debt has ever been collected from the pco-
pie. The bondholdcrs, in view Of these facts, aad
through the Misrepresentation Of the enemies of
Illinois, have been led to believe that the people
here have no intention 20 pay their dcb,s-,ha,
they aIe dlshoncst-rcpudiators. 1t is therefore
TO remove all grounds for such belief that thew
ask this tax; for they believe il the legislature c
Wy tax on tho people to pay interest on the state
debt, aud that tax would be paid /, would amour,
TO such an acknowledgment of our debt by the
people AS could give room for no misuudcrstand-
ing as to their disposition, when able, to pay it,
The object of the tax, it will hc perceived, then,
is not to aid IN completing the canal, but it is sim.
10 restore confidence in our sta,e-to retrieve her
characterize wipe out that damning stain of re-
pu1iGiiDH ihat has of late backcned her esculch.
con, and the wllhcrng effects Of which have Grip
pied her energies more than all other causes com.
bined. And in an effort so hudaLlc, may we
not safely count ON the aid Of the Gazette
aud Advocate Those papers should remember
that our state debt, principal and interest, must be
paid at sometime or other, and at least portion Of
II, too, by taxation. Then, why not hcgia now.
when 30 much is to be gained BY paying a
merely nominal interest now, the money can be
raised TO complete the canal aud then the whole
canal debt will at once be taken from the shout.
dors Of the people, for no man in his senses doubts
but that the canal will be obundlnty able to pay
Itself But refuse to pay small interest now, let
the canal lay aud rot aul wha, will be the conse-
quenee : The canal property will DO worth lit.
tie, and here will be the whole canal debt, for the
payment Of which the faith and honor of the state
are pledged, and in addition to this there will be
the Internal improvement, debt all TO be paid by
taxation. And this debt will 80 on accommodating
as fast as the state increases in wealth, Gripping
our energies aud diyer,ins emigration from our
borders for all time to come. DO those papers
wish TO bring about such n state oClhingsl
Blu, !, is grsyey urged the people asssbnoblc to
pay the required tax now. Well, let 81. examine
the matter liulc. In 1871 the ,axp,s property
Of our state was assessed at $40, O00.Ooa 10 round
numbers, and, as tina, was year6r tStrcmc de.
preston, our taxable property may how be safely
put down at F9Oo0o,OOo. Upon thu there il now
state tax levied Of 10 ceals On ihs SEQ and this
Is considered sufficient TO ~ 4 rcsenus large