The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-12-06
THE OTTAWA FREE TRADER.

great care, and are as near perfec-
ton as they could probably be
brought during the hurry of a ses-
sion of the legislature. There are,
however, occasional laws passed
since, which might be amended
with advantage; and such amend
ments would seem to be required
before a general republication shall
be authorized.
In pursuance of authority granted
to me by the latter part of the 2lst
section of an act entitled {" An act
to provide for the completion of the
Illinois and Michigan canal, and for
the payment Of the canal debt |
appointed Michael Ryan and Charles
Oakley, commissioners on the part
of the state, TO proceed to the east
crn cities, and to Europe, with in
structions to open negotiation with
the holders of Illinois bonds; and
authorized them to pledge the canal,
canal lands, and other property per
tanning to the canal fund, for further
advance of one million six hundred
thousand dollars to complete the
canal and |, also, advanced to each
Of them, to dcfray their expenses,
the sum of fifteen hundred dollars,
from the moneys received by me
from the United States, under the
act Of congress, entitled " An act to
appropriate the proceeds Of the sales
of the public lands, and to grant
presumption rights" this being the
only money, at the time belonging to
the state, and there being a suiii-
cheney besides, to pay the entire in
tercst on the school fund due, for the
year 1912.
At one time great hopes were en-
tertaincd of Il successful negotiation.
The bondholdcrs in Europe and A.
merica agreed to advance the sum
of four hundred thousand dollars, to
be expended on the canal in the
year 1914, upon certain conditions.
One of which was, that it should be
proved by the examination Of COM
petent agents, to be appointed by
them, that the representations made
by Mcssrs. Oakley and Ryan, in re-
ference to the canal, the amount OF
the canal debt, and the value of the
property proposed to be pledged,
should turn out to be correct. Ac-
cordingly Governor Davis and Capt.
Swift, of the state of Massachusetts,,
two gentlemen of high standing for
integrity and talents, were appoint
ed by the authority of the bondhold-
ers, to make the required examina-
ton. These gentlemen did make an
elaborate examination and report,
highly favorable to the statements of
Messrs. Oakley and Ryan-and the
bondholders themselves acknowl-
edged that all the conditions, on the
part of the state, has been complied
with. The security offered by the
state was found to be sufficient; but
owing to some cause, at present I'M
known to me, the money has not
been paid the subscriptions have
not been made up, and the negotia-
ton may possibly fail.
Great hopes were entertained,
that by means of this law, without
further pledging the faith ofthe state,
or borrowing any more money, the
bondholders would take the canal
property and complete the canal
This property honestly belongs to
to our creditors, for money already
advanced. 1t would, however, be
of but little value to them in the
present unfinished condition of the
canal. If the law had simply propo-
sed to turn the property over to them
in its present condition, without
power to finish the canal, | appre-
bend that we should have done both
them and the state the greatest in
| justice. 1t was sincerely believed
that the provision for finishing the
canal, was no less beneficial to them
than to us; as it is provided for in
creasing and giving an active value.
to the pledge, for the payment o
precedent debts.
The probable failure Of the nego-
tiations under this law, will leave us
| il a condition in regard to the canal
/ in which it will be easier to foresce
the failure, than to predict the sue.
cess, Of any new project.
Some persons have proposed tC
solicit another donation of land from
the general government; others al
appropriation of money direct b!
| .o,-.a., n.l all n,s ,r,,, vols nun,