The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-06-30

United States. No interference with the
trust contrary to its provisions, under any
legislative authority of the state of Illinois
would be available or permitted. 1t
would be as secure and sacred as any
grant whatever from the state to private
individuals in trust for lawful and meri-
torlous purposes, and would be equally
entitled TO protection by the judicial pow
er.
A. am also Of opinion that the legis-
lature of Illinois had the competen, pow
er, not to be legally questioned.,i TO grant
priority in the order of pay,neM to the
subscribers 10 the now loan raised under
the act of 1913, over the existing and
nonsubscribing bond-holders under the
former loans. am farther of the opinion
that under the existing and extraordinary
circumstances of the case, the legislature
Of Illinois acted for the hes, interests Of
all concerned, in creating that preference
in the qualified mode in which it is CIV
en-. am strongly of opinion that such
a measure was an act of commanding ne
cessity, and that without it the loan could
not be effected, nor the canal completed,
and in that event all the previous expen-
ditures would be fruilless, and the prior
debts put in extreme jeopardy, or the
payment thereof grievously postponed.
The act itself strikes me as exhibiting
satisfactory evidence that the state of Hi
nos is SINGER and jealous in iis efforts
TO finish the canal, to pay its debts, TO
bring into action its great and growing
resources, and to restore the state from
as present melancholy depression, to
credit and prosperity. The new loan
seems to be essential to this result.
j liken the case, as to the question of
preference, to the doctrine of the marine
law thai second Botlomry Bond or a
Bill of rerairs of foreign ship, or the
lien for seanen's wages, are all preferred
in the order of payment TO prior Bot
tomry Bond or mortgage and that is on
the ground that without such subsidiary
aid, the property itself, and the previous
expenditures thereon, would be los. to
all concerned. 1t is also analogous in
principle TO the case OF an unfinished
house, which in that condition was sold,
and mortgage taken TO secure the pur-
chase money, and yet the claims of the
workmen who finished the house or fur
nished the materials under the Older of
the purchaser, after the mortgage was CIV
EN- and recorded, were preferred in the
order Of payment 10 the debt of the mort
cages. e Serg. & Rawle II. 1889
The qualification annexed TO the pro-
vision for the priority of paymen, of the
new loan is fair and reasonable. The
bond-holders under the former loans have
the option in the first instance 10 take the
loan in exclusion Of all others, and they
are the persons most essentially interest
ed in the completion Of the canal. If
they omit to avail themselves of The pro-
vision in their favor, there is still pro-
vision in the trust for The payment of
their interest; and when the new loan is |
redeemed and the trust created for the
special purpose Of the new loan is fulfil /
led and ended, the prior bond-holders re-
main with their existing rights in full
force. They havethe SANG public faith
of the state remaining pledgedfor the pay
ment Of their debt, and which must re-
main of binding obligations so long as the
debt exists. They will be justly entitled
to the application of the canal revenues
for that purpose, and with the assurance
that the canal revenues. will be produc.
tive, and the ability of the state to pay
them rendered more strong and certain.
JAMES KENT.
New York, May II, l843.
+ A Lille Soul AIN one of Dr. Jewett's TemDe-