The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-08-18
FROM EUROPE.
Correspondence of,he Free Trader.
LoNboy, JuLr 18th, 1913.

/ The Illinois commissioners are here negotiating
with the bond-ho'dcrs for thccana loan. A. was
anticipated. the capitalists here have made W
their minds that 40 ore nation Of swindicrs, aud
that there is no safety in lending us money under
any circumstances. The commissioners were told
repeatedly that they had better so home, for they
would get no money in this place Bond-holdcrs
said they had been swindlcd enough and they
would drive the Illinois commissioners home as
they did the L. 5. commissioners, faT they wefe
determined that no more money should go TO
America. But Instead of following their advice,
tho commissioners told them they had better refer
back to their own history and see how much they
had to boast Of. They were reminded Of the
manner in which they had, at different times paid
/ their debts, ana then they were asked to look at
/ the population Of Illinois aud the amour, Of her
| debt, and then determine hoR soon she would
likely be able to pay her interest without assis-
lance. They were also reminded olthe encourage
nent they had given TO the spirit Of speculation
by freely lending to Illinois, and inducing her to
commence public works that would not be rcqui.
red for fifty years; and they were asked how they
could expect Illinois to pay unless they fulfilled
their part Of the contract: the state had commen
ced the canal under the suppositlon that she could
obtain the money to complete it, md after they
had loaned two-hirds enough to complete ii, they
then withheld tho remainder and asked the state
to pay before she had made her works available.
a.,
bic the state to finish what she had begun, in con-
sequence OF their offer to assist her. They were
also told chat Illinois was honest-that it was ina
bllity aud not dsinclInaton that prevented the
payment of her debt Tho canal law was nstan-
ced as an evidence Of the good faith Of the state,
for il the state was not honest, why would she be
willing 10 part with much valuable property as
she offered to her creditors by the canal law
The advantage to their Canadian improvements
(in which they are all so deeply ntercstcd) to be
derived by the completion of our canal, was also
urged. Their attention was called to the compa-
ratiVe periods in which they would be likely to he
paid by Withholding aid, or by advancing the re-
quircd means for the completion Of the canal un.
der the proposed arrangement All these conside-
raIlons, and many more, were urged upon them,
and the result was that instead of advising the
commissioners to return hume, they began to send
for them to come to their counting rooms and cx-
plain the particulars Of the proposed plan and an
evident degree Of interest was manifested in the
negotiation. This. however, was kept down to "a
considerable extent by the constant attacks Of the
public press. Entertaining an inherent hatred for
everything American, they took particular pains TO
discourage every attempt towards producing IA
voroblc feeling in AmcTican securities and when
the bondhodcrs acknowledged the importance Of
the proposed arrangement, they dared not under
take i, for fear Of the odium they would incur from
the public aud the press; and had it not been for
the fear Of censuro from the public, the ncgotia-
ton would have been closed before this and the
commissioners would have been on thor way
back. Ithas, therefore, taken much more time TO
produce the required good feeling, previous to any
definite arrangement being made. than it would to
have made the negotiation at any other time.
could expect. Messrs. MAoNIAc a. SMITH have
consented to subscribe, upon the condition that
81 900, 900 shall build tho canal, and that the
examination oiihcir agent shall confirm what the
no objection and if one or two more wealthy
houses do the same, all will be accomplished that
we desire. The remaining bond, holders are wal
ting to know the decision OF these houses. twill
probably DO known in a few days what course
they will take. by the next steamer you may
expect to hear decisive news
After the commissioners had induced the bond |
holders to give an impartial investigation into the
subject of the proposed loan, the greatest difficulty
that appeared in the way was to convince them
that the state was acting in good faith, | hope
the state hereafter will pursue that honorable
course, and adopt .hr sound, judcious policy tina,
will never again lie Dom to doubt her integrity |
and honesty ofpurposc.
Parliament is still in scsson-cvcry day is con-
sumcd in angry discussions about Ireland, but no
business is donc. no measures Of relief are brought
forward. The lordsand mobiles enjoy their ample |
incomes and feel conlcnied, and they cannot an
dcrsiand why the people of ireland should not ho
as loyal and as conten,ed as themselves. They |
do not witness the starving, wrctched condition of
the Irish peasautry, and therefore they pretend not
to believe 1t. 1.-THE government would he just
il they would adopt measures of relief, all yet
would BIO well, but Sir Robert Peel appears I'm.
equal to the task before him-he has not tho bold
ness TO do right, or the honesty To be just. He
acts like commander who occupies position
where ho neither dares give battle nor retreat, and
whose messengers are constantly bringing ac.
Of the jeieotion Of some parts Of the army
and the deserlon el others.
Sir Rober! Peel has the talents to shine in the |
opposition. but as the leader of the majority. he
appears weak aud mbeciIc The days Of his aj