The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-11-22
BY HISE & OSMAN.
The Canal I.oau...Mr. syau's Letter.
From the n. Y. Journal Of Commerce.

your paper Of Thursday, is SO liable to
mislead, that deem it due TO the citizens
of Illinois and myself to give to the pub
lie The facts as they have actually trans
pired during this negotiation.
After long, unpleasant, and tedious
negotiation, Col. Oakley and myself sue
ceeded, towards the close of last year, in
settling the details Of an agreement which
was in every respect satisfactory to us,
honorable to our State, and agreeable TO
the wishes of our creditors. The latter,
alter a preparatory statement, bound
themselves as follows: but we are new
ertheless willing, and hereby agree to ad-
vance TO the trustees, to be appointed in
manner pointed out by the said Act. the
sums set opposite to our respective names,
in the list of The Commissioners, for the
immediate purpose Of continuing the
works in progress, such sums being at the
rate OF ~ per cent, on the Canal bonds
held by us respectively
This subscription was to become bin
ding upon the parties, if on examination
by competent agent, Of the Canal and
Canal property, and if other facts, therein
set forth should confirm the statements
made by the commissioners.
The Boston Committee were selected
by some of their London friends, as suit,
atIc persons 10 appoint On agent or agents
TO make The required examination. They
appointed Gov. Davis and Capt. Swift.
who examined and reported upon the facts
as they found them. This report con-
frmed The statements of the Commission.
ers, 10 the entire satisfaction of the Euro
pean subscribers, as shown by the follow
Inc extracts from the Circular issued by
Barring Brothers q Co., and Magniac,
Jardlne & Co., after the report of Gov.
Davis and Capt. Swift had been received
by them and published. After giving n
synopsis OF tAe report, they say: After
thus shortly stating the substance of this
very able and elaborate report of Gov.
Davis and Capt. Swift it remains for us
10 add, that their answers to the various
questions which were referred to them.
and upon the satisfactory solution of
which the payment Of the sums subscribe
Ell was to be depended, are of character
to confirm the statements Of Col. Oakley
and Mr.. Ryan Then again: From
the satisfactory nature Of this report, and
from the entire confidence which we place
IN the parties from whom i; proceeds, we
are prepared after the fullest considera-
ton, to give effect ourselves as fas as the
amount of our own Subscription, and to
recommend TO all who are interested in
the Illinois State debt, to give eilec. to the
plan OF raising the necessary amount
&c.
From the foregoing the natural inquiry
will arise, why have not the subscribers
advanced their subscriptions as they
agreed? They bound themselves to do
so If the examination and report of the
agents proved satisfactory and after hay-
ing received the report, they publish to
the world the fact that the examination
has been satisfactory one; the state.
men,s of the Commissioners, they &C.
knowledge, are confirmed; and all has
been done, they admit, that was expected
from the State or her agents. Then
what has caused all this delay! If the
bondhoders received the report last
March, why is j, that November has come
round without their advancing the money
The following statement will solve the
mystery.
When the Boston Committee sen, the
report TO England, they wrote to their
friends in London, urging them in the
strongest manner to delay all steps in the
negotiation, until they had sent for Gov.
Davis. The importance of this step was
urged in such terms, and enforced by such
language, that it created alarm and dis
trust; and gave rise to the supposilion,
that some great danger lay concealed, or
that much better plan would be recon-
mended. When applied to the subscri-
bers for the money they had agreed to adj
vance, they informed me OF the contents
OF the Boston letters; and at the same
time frankly admitted, that they knew of
no good reason for delaying the nego,ia-
ton three months, to send for Gov. Da.
Wis; but, they said, the contents of the
Boston letters had become public, and had
created the impression tina, some very i'm
porsant communication might be expected
from Gov. Davis in person, which he had
not thought proper or expediens 10 pu, in
his report. The Committee farther said,
1t they should advance the sums subscri.
bed without waiting 10 take the advice Of
their Boston agents. thew mlght he HAM.