The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-04-28

ExgcoTIvE DEPAnrMExr.
Springfield, March 9TH 1919

GENTLEMEN have seen with regret
that some enemy Of the state of Illinois,
probably resident among u.s. is endeav-
oring by publications in the Atlantic
newspapers to make the impression, that
'he legislature and public authorities of
lhis stale, are not to be trusted for a fur
ther advance of money for the Illinois and
Michigan canal, although the state ten
ders as pledge that which all admit to
be ample security.
The late canal law grants the canal. the
canal lands and some thousands Of ,o,y,
and city lots, the water power, and all the
aPpur'enances of the canal, to trustees for
the security of such subscribers, as will
advance the further sum of one million
SIX hundred thousand dollars. for the
completion of the canal and ultimately
for the payment of the whole canal debt
heretofore contracted. But j, is pretended
by the writer's before alluded to, that the
dominant party in this state, in whose
hands the political power now is, and
where it will most probably continue,
profess to believe, and do believe, in the
right OF the legislature, at a subsequent
session, to repeal at will all such contracts
and solemn engagements, as may have
been invited and entered into at previ-
Gus session. That consequently, the
subscribers To such loan, would be en-
dangered in their security by hayward
and tickle legislation in future. There
can be TO imputation more unjust than
this; and there is scarcely a colorado
ground for putting it forth. No citizen of
this state. with whose opinions am ac-
quanted, believes in any such doctrines.
nor does any one within the compass of
my knowledge believe, that where capt.
talists arc invited by an act of the lcgisa-
lure 10 expend their money here, in ma
king internal Improvements, and where
they actually do make such an expendi-
ture upon an express pledge of property,
that such an act can be repealed, or that
there is any power known TO the cons,i-
tuition capable of resuming the grant, or
annihlating the pledge.
These writers, for proof of their asser-
ton, produce the acts repeating the char
ters of the banks Of Illinois and Cairo,
which at first view and without explana-
ton would seem 10 sanction this inputa-
ton upon the late session of the genaral
assembly. But when the matter is pro-
perly understood, it will be clearly per-
hot ,s r,I,, hcr
rible aspersion which the friends OF those
rotten and swindling banks, have endeav-
ored 10 iaslen upon the authorities of this
state, merely for the purpose of revenge
upon the friends of the canal who voted
for those acts Of repeal, and for the ac-
complishment Of Interior political objects.
And now propose TO give you this ex-
PLANTATION in an authoritative and authentic
form, so that in distant country, where
proof of the ialsity of this SANDER may
no. be easily obtained, you may no, be
embarrassed by it in your negotiations.
The truth then is, that both of those
banks were created by the legislature OF
the Illinois Territory, the first on the 2Slh
day of December, 1916, and the other on
the 9th day Of January, 1918.
In the month of August, 1918, the ter
ritorial government was abolished by the
adoption of a state constitution and the
subsequent admission of Illinois into the
federal Union, upon an equal footing with
the original states. The constitution then
adopted and still in force, contains the
following provision There shall be no
other banks or monied institutions in this
state, but those already provided by law,
except a state bank and its branches,
which may be established and regulated
by the general assembly of the state as
they may think proper" The banks of
Illinois and Cairo came under the descrip-
ton contained in this article as "being
already provided by law" and the char
ter of the bank of Illinois would have ex-
PRED by its own limitation, on the first
day of January, 1887, if the general as
sembly of the state had not, on the 18th
day of February 1885, renewed and
heightened it out,
There have always been many intelli-
gent persons Of both political parties who
conscientiously believed that under the
constitution, quoted above, the general
assembly had no power to extend that
charter They believed i, to have been
the intention Of the trainers Of the constl-
tuition, to have but one bank and its BRAN
ches in the state, and that the provision
in favor of such banks as had been sal.
ready provided by law was inserted
merely by way of protection to existing