The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-12-27

ducemcnt within the ability of the state
has been offered, The canal, upon which
S5,000,O00 have been expended the
whole canal property, including 100000
acres of valuable land the entire tolls and
revenue of the canal after completion, and
the right Of peaceable possession unul
they were reimbursed the whole principal
and interest of the canal debt, were all of.
iered to the bond.holders as security fol
loan Of 81, 100000. Yet they have de.
cIlned accepting the proposition Of the
state, and have evincGd an unwilingness
TO advance the whole sum required tc
complete the canal, without some evidence
on the part OF the state, that she will no.
repudiate that she will recognize the
principle of taxation as a means of salts.
flying the Just demands of her creditors
1t is true that at one time they consented
to make an advance of twelve and hal
per cent. upon their amount of bonds
for the purpose Of recommending the
works upon the canal, and would have
undoubtedly done so, had il not been for
the ill-advised conduct of the Boston com
mittee and Gov. Davis. But even in tina,
agreement they exacted the condition,
that the legislature, at this session, should
provide for part of the accruing interest
upon the public debt; or they would not
agree to advance the remaining nineteen
and half per cent.
The want Of provision for the pay
mcnt OF interest, may, therefore, be re-
garded, as the principle objection, that
has prevented the bond-holders from ma
king an unconditional advance of the mon.
ey required to complete the canal. There
could have been no other. They could
not have distrus,ed the right and title they
would acquire to the canal and canal pro.
perty, and the power they would possess
of controlling it; for Chancellor Kent
had, after full and careful examination
OF all the canal laws, given his opinion,
shat by the &C, Of 1913, (lhe canal law
after the trust is duly created, and the
loan effected, the creditors can enforce
the execution of the trust as agains, the
trustees, and by process in rem on the
equity side of the circuit court of the Uni
ted States. No interference with the
trust, contrary 10 its provisions under any
legislative authority of the State of Illinois
would be available or permitted. ltwould
be as secure and sacred as any grant
whatever, from the state to private indi-
viduals in trust for lawful and meriloriuus
purposes, and would be equally entitled
to protection by the Judicial power
They could have had no doubts abou,
the value of the canal property, or TIE
ample nature of the security; for their
own agents. after a very close and care
lul examination of the line of the canal
and the situation and condition of the pro-
perry, had reported to them that the pro-
perry proposed to be pledged was salts
factory security for the proposed loan of
100000, and would reimburse the
same with interest.
Then why have not the creditors ad-
Vanced the money without requiring fur.
Their conditions; when the title to the
property, the ample nature of the securi-
ly, and the pecuniary advantages to be
gained, were rendered so clear and appa-
rent! Does ii require explanation Is
not the cause sufficiently EVIDENT Are
we not compelled, however humlialng
the conviction may be, to acknowledge
that there was a total want of confidence
in the honor and integrity Of the state ?
Else why the requirement tina, the legis-
laiure should make some provision, for a
prompt and continuous paymen, Of part
OF the accruing interest upon the state
debt Why was there not full reliance
upon the moral sense Of the people, and a
generous confidence in their professions
of honesty =! The reasons are obvious.
The state had failed to fulfil her contract.
She has allowed years of unpaid in,cres,
TO accumulate, without making any pro-
vision to pay any part Of it, or without
Issuing debentlres or obligations to her
creditors, as a guarantee, that her inlen-
tons were TO pay when she became able.
She had passed no revenue law-adoptcd
no udiclous measures calculated TO in
spire confidence.
1t was notorious tina, she owed large
debt, and that the accumulation of unpaid
interest was increasing the amount of that
deb, a, the rate of 100000 per annum.
And it was equally notorious tina, the last
Legislature, instead of meeting the emer-
gency, with the firm and settled detcrmi.
nation of fearless men, resolved to do JUS
,ice to their creditors, and restore the ere.
dit of the state, as far as lay in their pow
or had actually reduceI tho r,,o ,c 49,,