Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1843-12-21
l,1iNnfs srArr nFnr

.,s,,ed q partial devefsnce that noW awaits
safe. 10 view Other penaing negotiations with (
r,..-a hollcn 81 hof caaal bonds II win b.
.aes lhsi Mcssn. Oakley snd Ryan have
u, iesn 10 Iosdon 81 the purpose Of making sr.
,.,-sai, ~ut the Engli.h holders Of these bonds, 4
.s,,a la~ passed ., the last session The llnois 4
,,-,isiute o. sisese agents Of Illinois sa5 the
.,,s II ten ,isi. We esnaoi DO better than 10 \
y, ,ie r,msiks Of Londvn'psper. as giving The
-. pson which ibis suanaernen, Is asked, and IN |
,,,an ,ima furnishing what We conceive tn be !
i. ,p8 reliable statement OF the situation and /
.ysi Of The dob, Of this State.
4. announcing the arrival Of Mcssrs Oakley aud |
t,s ,ae London Morning Chtoalcle SAYS
Their obleci s 10 make arrangements Tor the |
-relsion Of the Illinois and Michigan Canal,
h will unac the waters Of the northern lakes
,.b .ho waters Of the Mississippi, and greatly
,al.a,s the transportation Of Illinois produce 10
New Iofk and To Canada To complete this ca.
ii ulll sill require about & GOO, 900, and is pro-
r.sa shat the holders of the Illinois and Michigan
anal bonds ammouniiug 20 81 600, 000, should
.raace thefcon 80 per cent, receiving as security
n Tia, advance, and FOR the principal and inleress
!, On the oil bombs, the assignment Of the canal
al o,hcr property together amounting 10 50, 29s,-
30 Ga this bisIs the commissioners have OBJ
sncd subscriptions in the United States for abon,
oat.hih the amount required, and expect 10 mise
hnbcr smoun, there, EQUAL TO one fourth the 10.
n amoun, Of canal bonds held in the states, being
from twelve TO thirteen hundred thousand dollars.
TIE following is an extract from the circular
s3iresscd by tho commissioners 10 the holders Of
lnois stock -
81 We may form some idea of the influence the
n.
,ice Of property IN Illinois, by reference to the
r,mplsied in 1895 The amount Of taxable prop.
ny in the State at that time was 1868 427 $40
Ia 1885, 1t was 52s,576,379. Increase in ten
ytars, s265, 1903 The amount Of taxable
properly in the city OF New York in 1925 was
|sl0i, 1890 in 1895 is was 81 lS,273, 703,
nd the population had increased from one hun
red TO three hundred thousand From the fore.
gong facts, we draw the following conclusion: -
81 That Illinois has made laudable effort
. reduce her public deb,s that she has offered
all that she has 10 her creditors that the canal
sw will give the bond holders the absolute and
adsurbed possession OF all the canal property
ualil they are paid the whole amount Of the debt
aalhe canal property is ample and sufficient be-
yond all doubt to pay the whole amount Of the
. anal debt,
49, That the canal forms a very imporan,
connection, and will be the channel of an immense
trade when completed that il will yield large
revenue, that it will greatly enhance the value
property OF the state and increase the ability Of
the cilizens TO pay their debts, and give increased
security to the creditors
"'3 Tha, the ability of the State TO pay her
debt depends greatly upon the completion Of the
canal that without immediate aid, her unfinished
canal will be going 10 decay that her unpaid
interest will be swelling the amount Of her debt
and her citizens dishcanened and discouraged.
"'4 That If the bondholders will now complete
ihe canal it will make the canal property avalla
bic provide for the payment OF the canal debt
and leave the remainder Of the State debt (ony
about 1000 000)wi,hin he ability of the citizens
TO pay the interest, which they will cheerfully do
aud thus restore their credit and inspire conf
dcnce, and give a noble example TO the other in
debted States
"'We therefore appeal to the creditors Of tn
safe TO aid her now IN her efforts TO cXtrlcate her
SELF from the embarrassments. We ask the hold
ers of the real estate in Illinois, whose interest
arc to be so much benefited by this arrangement
10 lend us their influence We call upon the car
i,as,s and merchants OF this city, to know If the
had no, learned from the history OF the Erie cana
that their capital and their business and trad
will be greatly increased by opening n chann'
through which the immense trade OF the Missi
sippi valley will flow directly to this city, and
they arc no, willing 10 give their support 10 met
sures calculated 10 effect their interests mater
ally
ISL the present canal law goes into effect, ii
following will be the condition of the state debt
BY the settlement with the banks, the
debt reduced $4,000
By sale of internal improvement prop
ety, deb, reduced l72OOo
BY settlement with Mac Allister and
Stebbns, deb, reduced 10000
BY provisions Of the canal law, debt
reduced 100000
sl0,42o,Ot
"'This dccuc,ed from the original amount
State debt, si4,4o7, i7i,9i, leaves only SAW