The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-02-24
The Canal Ei.i Passed.

Wehavo this week The grai'ncaoioh 10 uh'iou"oe
to our readers that The canal hiii mas PasSeu pom
houses OF the legislature, anu IS now ''e IA" u
the land. II passed The senate hhai'y Oh "loH-
day last, with few unimpoF'aht aI'c"u'iie'''S'
which were concurFed IN ~ 'le mouse Oh inc
same day. Inc pin mas pass'u IA su'" '''P'
ass thought 70 DC pest ca'ou'A'eu ~ ''''
completion OF the canal w"4loo''oo ''iu'A 0pP'.S'
sing those VINO are interested as con"'c'o's ''''-
ers scrip, &c iheeheihi'S VI 'i'e eanu W ''''
senate iousht haFo against '"o '''' " Wv 1.''
u was MOI uhui 'Ae iin' VOC N'' '"'.' ''''' ~
friends were oou'p'e'ey ieiieNeu "o'" '''''' ""A'
e'y aoou' 10 pAssus'
Inc question .'a' now s'ee'' Tue car ~ wv!
su'n 10 - Wv ''''
OF COURSE .. P'ss0''s ''''
question WY" es,'"''v, 49, :" "''1'"s'
~ 10 WIZ " " ~ 49, r.
We nave ~ ou po'As'''''' ''a' may e''1 ''",
uiOa''o' 90 ~ ''''' ''o
.is.o ''"o"5 o'''' .''' ''''
a'u'''s an "os'''aS' y
'o''s'' '"O''' "'''''' -. 80, ~.
'1''s' WY "'o' -,
h'.v" " = ''''','' ,"'''
w. -..-....,c. I'm a,n,,
IVY - So
a"'P'
'oa''' a"1 ''1'0 s1'r IT.
80 ''.,,,
W a'u '9 'an1' p''i'''' '"r ~, '''' 90
OF prudence, me l'oeeeoS VI nS s"e WIN 81 '''y
near nquldalng lie entire canal debt We know
TOO that, if the canal is not completed il win be
o,eo, while hcf,re Tho creditors of our state get
j.
CENT Oh "i''' D'"'S' =" '''sy WV w. "''' "''
therefore, would be greatly to their interest to
avail themselves of the advantages offered By this
I'm m, il "a harIlv n bc sunnoscd INA, ,bev
:,
uie as "c'' aoiu''"'eu WIZ" ''o '"o s'''0 " '''e
case as we are, nor Is II very probable that our
mode Of reasoning is the one adopted by them,
,na ,he,oc,re bec,,so vs tnov !, womb lo IN
40. .,.', -, -,
u'ei' "u'a''uge u "u'auee '"o "'oiey' 10 'o 'ea-
son Tor concluding That they wili advance II.
We have, however, something more than the
,nc,e f,c, INA, {, vou,d he II, tho inte,cs If tho
49, :.
cahai pohunoluers 70 "u'apc' 'ne money W III
ducc the belief that The money will be advanced.
The author Of the "Money Articles Of the New
ya,t IIar,J ,,ho q, noted far tho occuy,cy n hi
statements, IN recent hummer Of mat paper
in commenting upon the canal bill, appears 10
entertain no doubt but tina, the money will be adj
yoncoa Nv. o;vo nj. ,,icle a, tho s,h;e.,
ehtlrc -
In our article OF October olh IN relation TO the
Indebtedness OF the state OF Illinois, we remarked
that the new legislature would probably take some
steps towards compromising the state debt, and to
complete the canal, for which u loan of 81 100000
10 requisite. Two bills have now been introduce
ed, one in each house of the lcgislaiures having
these objects in view. The bill before the senate
was introduced by MI Ryan, and that before he
house by Mr.. Gregg. These bills, which are alike,
require the governor to open q negotiation with
the holders of the canal bonds, for the purpose OF
procuring fiom them loan, sufficient in amount
TO complete the canal. The loan to be made up
on the pledge OF the canal and canal property. II
the loan is obtained, lpe canal bondhclders, af-
ter subscribing the necessary amount are to elect
two trustees on their part, and the governor is 10
appoint one on the part OF the state. These three
trustees, when thus selected, are to be vested with
all the powers now possessed by The canal com
missioners and to have the right of establishing
the rate OF tolls to be sken on the canal, when in
operation. The governor is also required to con-
vey to the trustees all the property, real personal,
and mixed, attached TO- or belonging to the canal,
as, a's,, the canal itself, to be held in trust for
the benefit OF The individuals making the loan.
This conveyance to be made before the money is
advanced oy those suhscrh.ag 1t. Ailer The ca
Toe. Nav d,s ~ uou' Wv =, % ,h " s' nI
md the canal propertv from limo ~ ,ime az thew
may deem proper, aud from the proceeds arising
RON such GALE The individuals making the loan
be- Is 10 be distributed Do rata among The presc n,
holders Of the canal bonds, &c.