The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-05-24
NO. 40.


doubt, that the work may be accomplish
ed within three years from the lime,
when it shall be recommended, without
resort TO extraordinary measures, or any
violation of sound economy. The requi.
site skill and experience, 10 60 on with
success in all the departments, is at hand,
and could with little delay be put into &C.
live operation.
| Fourth, The commissioners a,lege,
chat the estimate of its annual income
would be, at least. sutIicicn, 10 meet the
interest and principal of the loan Of Sl,.
600,O00."
We took an early opportunity 10 sp.
prize Mr.. Ryan. tina, we considered the
phraseology Of this proposition ambgu.
ous, and that we understood by "es,ma,o
CT its annual income." the actual income
and revenue to be derived from the canal,
and other property pledged for the REIN.
burscment Of tina, sum and interest.
Under this construction the proposition
involves the enquiry, whether the propo.
sed pledge is an adequate security for the
loan, and will yield sufficient funds to re.
imburse the principal and interest. with
in reasonable time as no period Of lin.
itation is agreed upon.
The property proposed TO be conveyed
to trustees for the benefit of subscribers
to the loan, consists of the following DIES.
criplions, TO witt
First, Two hundred and thirty thou.
sand acres Of wild uncultiva,ed lands,
granted to the state, by the Uuiled States,
TO aid her in the construction of the canal,
with such Improvements and hei,erments,
if any, as have been made thereon.
Second. All town lots laid out upon
canal lands. belonging to the state, with
the buildings thereon, and the appur,enan-
ces and privileges thereto belonging.
Third, All hydraulic power, which
shall be created by the construction of
the canal, It's branches, and feeders,
whatever the same may be.
Fourth, The canal itself, with its fran.
chise-lolls, income, and privileges Of all
description.
Such is the general character Of the
property proposed TO be conveyed, and
10 place upon it a reliable estimate TO
ascertain the revenue and income which
may be derived from it, and TO fix the
time when given amount will be realiz.
ed, is task surrounded with obstacles
difficult 10 surmount.
The canal is one hundred miles long,
sixty feet wide and six feet deep. Near.
" FIVE millions OF dollars have been ex.
pended upon its construction; and, unless
rash and erroneous councils prevailed
where the enterprise was commenced,
this fact alone would seem to warrant the
belief, that the work, when finished,
mus, he worth 81, 100000.
But it mus. he remembered, tina, tho
region of country in all directions from
the canal is new, being ten years ago
chiefly possessed and enjoyed by the abort.
gincs and that the work was not begun,
to relieve tic wants ofexisling population.
wealth, and industry but in anticipation
Of these essential elements Of commercial
activity. and with the hope Of combining
them rapidly, by union Of extraordinary
advantages,
The enterprise was not, therefore, I'M
dertaken with a reference 10 present.
but a prospective state of things. which
was to be created to considerable ex-
tent, by the influence Of the work itself.
Population, it was hoped, would flow in,
The land be purchased, industry follow.
aud prosperous community be created.
which would I'll the territory with wealth,
and load the canal with the abundant pro.
ducts Of fertile soil.
These results, notwithstanding the
embarrassed condition of the state, and the
suspension Of the work, have to a limited
extent, been realized; but the popula.
ton is still sparse, and the land only be-
ginning To be cultivated. Things are pro.
badly as promising as could be reasona-
bly, anticipated; but this aspect Of the
country proves very clearly, that coming
events res, so entirely upon things future
and contingent, that our estimates Of the
value Of lands, hydraulic power, town
lots, and the income of the canal, must
he derived chiefly from Hypothetical prem.
ises, for signs rather than clear manifesto.
tons, are open 10 our limited vision.
Guided thereby, such facts as exist, and
such light as is shed upon the future. We
will communicate our views upon the
several classes Of property proposed 10 DO
pledged, beginning with the
LANDS.
The United States, to encourage the
l e n