The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-05-24

-7.-.=. .:,,=...z,,... -.
Which hay. 100 rnJaomoJ Ic,Lo.,-,o
man, orJoJ ho.o :, Ill ho ,a., .I,o
Ill.,, IT,, .;,;. ~.
OaLIev would M, be main,a;rej NV !,
Ce,oro1 Er,. howoror .lIs ho, 600
sol an or tho ,oror co,loa ..oo,,l ;,Job,
edross- ;s i, II 70 c,r,;,coc, Gorl nm,
sl0.3I3 o. is in the treasury ,b,, il =,
VOC rpde,.,a,J Two s,o,.,o.;,, u,o nbor,
amonr, which ,,s hoo, ;ss,od :. .Loroo,
upon the hooks. and goes IN make nm H..
cross amouni If daht villa tho ahoy,
sums coo,l 10 slO2 ono 40 Lsye hoo, 80.
deemed and are in possess;on or ,hs
stale. lis. therefore nronerlv credited
and. if added IN tho borLs ,cJcemed will
make the sum Of $3.50 900 81 70 bs de.
duc,ed from So 400 cor ~ leovi,, the
onoun, Of Liabilities =, 81 o.O a2--i
Further credits are no, claimed 10 NEE,
the excess which remains. I'm, the com-
missioner represen,s. that tho state has
certain valuable assets. apnlicabln ,o tho
reduction Of This debt. which if allowed
as credit will reduce !, below 81 OOo =
900
The nronosi,;,, j. tho, ,ho dob, o,I
Liabilities do M, exceed Ga non mn
statement IF the commits sinner i
that a LARGER sum Than that 10 ou,s,And;ng
and unnaid after deduc,;nc all tho croL'
lis. which are claimed.
We did M, fran tho ,arms or tho r.o-
position. an,icioa,c mee,ing the oues,;or
which is here raised namely wbe,hcr the
possession of certain assets. which are
annlicoble ia the reduc,io, or
this debt is eouival,n, ,o. and leaves !, nm
as favorable footing. as if !, were redu.
ced NV actual navmen,s IN So con oOo
The commissioner alleces. that sale
of certain canal lands has been made and
,hat pavmen,s wore made ror,lv ~ ouch
advances. and parlIv in securities navable
ON lone credit with interest, These GO.
curi,ies arc the nromissorv notes or tho
purchasers. but n, tile is n be ,,,u;red
to the land uu,il they are maid and ronse-
ouen1v = failure IN f,IfI tho ,ro,,ise
will involye n C,rCa,,ure :, wb,, has hoo,
advanced. and If ali -,i,b, ~ tho land
The state will. therefore. hold the land
under anv circumstances. and c,,ro, sur.
fer material loss unless the nurcb,sers
have agreed 10 nav exirovacan, prices
The amour, Of securities ,hus hold !.
1913. O3I0l The debtors are numerous
and we have not, nor could we have
without great expense and labour any
KNOWLEDGE Of their condi,ion and ,esnon.
siblli,y. The value If This na,er INNS,
be- estimated bv the c,c,s stated
nv The commissioners tina, the debtors
have made advances in mar, in cash Will.
the state holds the land for the balance
If the amoun, s393 O34 o. he deducted
from S5.2.o.437 "a which ;s ,ho ,.m,i,.
irr omoun, after deduc,;pc ,bc credits
tle balance will he ga 94G -s7 mr.
INA 90 I3less than an ooO 0oo WLo,I
err this state cc facts is more ar less "a
yourablc 10 the bond.holdcrs. than if the
amount Of canal liabilities were absolu,oI,
fixed at 5000 ,OOO is not = matter erer.
red TO our indictment. We, unon tho Wow
we have taken Of ,hcse assets. and cC ,be
.nroocr,v held ,o socpro tho ro,mo,, wa
shnI,ld supnosc. that there il l,,le nroho.
bili,y of n loss equal 70 SI532l2l3
Our on;n;on Then. rnnn tho o,os,;or
raised for our consideration no mo Gee,
nr,pnsit;on. ia
First. That in onr belief tho sto.o,or,
made by the commissioners, in regard 10
the canal deb, and Liabilities is substantial.
" accurate, and
Second, Tina, the assets held bv the
state and represented hy the commission.
4. =.