The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-12-27
Legislature at the present time, reads as
follows:

and half per cent on the amount of the
canal debt of five million dollars I've now
paid, and that, provided the legislature
shall at its next session adopt and cs,ab-
fish a system of revenue, by which pro.
vision shall be made for prompt and
continuous payment Of part of the ac-
crulng interest upon the whole state debt,
and shall also provide for the gradual pay
mcnl Of the arrears Of interest now due,
and Of such arrears as shall hereafter nc
crue from her present inability to pay the
whole interest al lis exact maturity, then
each subscriber shall be bound 10 pay, on
due call of the canal trustees, Of when
timely notice is TO be given, the remain
ing nineteen and a half per cent. Of his
subscription, or forfeit all claim to the in.
terest upon, or reimbursement of, the
twelve and half per cent. On the other
hand, should the legislature fail to make
the stipulated provision, then such por-
ton Of the twelve and half per cent. pre-.
viously paid, which may no, at the close
of the next session of the Illinois legisla-
ture have been expended. shall be either
retained by us or returned TO us by the
trustees, and divided, pro rata, amongst
the subscribers; and such portion there
of as may at tina. time have been expen-
ded, shall be secured on the canal and ca
nal property, and rank pari pasSu for its
reimbursement and claim TO interest, with
any other sums which may be afterwards
raised for the completion of the canal. not
exceeding in all one million six hundred
thousand dollars. in the right Of priority
Of payment stipulated for in section six
teen of the law of February, lSi3.'
This agreement bears date the 25lh of
June last; and a. the time it was made it
was supposed that the whole sum OF ST.
coo, 900 would be subscribed and twelve
AMI half per cent. paid in, and expended
upon the canal, before the meeting of the
present legislature. But we have been
disappointed in procuring subscri p,ions
for the whole sum, and consequently no
money has been expended upon the canal.
The bond-holders, in their recent letters,
have expressed willingness to continue
their liability for the sums subscribed,
until the adjournment of the legislature.
The New York subscribers have bound
themselves to continue their subscriptions
until the Is, of May.
This is the present, condition of the ne
COLLATION., and it will be for the legislature
to determine whether they will rely up.
on the present plan for the completion of
the canal or whether they will resort TO
some other method TO consumale that i'm
portant object.
Should the Legislature adopt financial
policy calculated to restore confidence, |
feel warranted in giving the assurance
that the remaining subscriptions to the
loan of 81 100000 could be readily OBJ
tanned; if, indeed, they are not before the
end of the session. The bond-holders
have already subscribed seven-eighls of
the required sum, conditionally upon the
passage Of a revenue law. |, must, there
lore, be evident that if such law should
be passed. they would readily subscribe
the remaining eighth. You will perceive
by the tenor of tina. part Of the agreement,
which have quoted, that the payment OF
the money, and the completion of the ca
nal, depend enilrel y upon some provision
being made by the legislature, during the
present session, for The payment of some
portion of the interest upon the public
debt. This has been sine qua non with
The bond-holders, from the commence
ment OF the negotiation. No pursuasion
on our part; no reasons we could assign
no facts we could adduce, were sufIicien,
to prevail upon them to waive this con-
sderation. 1t was in VAN that we urged,
on behalf of the state, that she had been
greatly embarrassed; tina, our citizens had
sustained grea, losses, by the depreciation
of the bank paper that had formed their
only calculating medium; that the sus-
pension of the public works, and the re-
WILSON'S in the country, had taken place
at time when the people were not pre-
pared TO meet them that all the public
works in the state, were unfinished, and
consequently unproduc,ive; and tina, the
unavoidable expenses attendant upon the
settlement of new country. were very
great. That the construction OF roads and
bridges; the erection Of public buildings ;
the payments to the general government,
for land, and innumerable other nceessa-
ry expenses, had been constant drain
upon the limited resources of the people.
We met with as little success in en-
deavoring TO induce the creditors to re.
gard the offer of the state to surrender all
the canal property, and the control OF the
canal into their possession, as an earnest