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


THOMAS FORD.
To his ErcellenSy. THOMAS Ford
SIR: respectfully beg leave to submit,
to your excellency statement of the con-
dition and prospects Of the negotiation,
which has been for some time pending,
relative to the completion of the Illinois
and Michigan canal. am preparing,
and shall as soon as practicable, lay be-
fore you full and minute detail Of all the
circumstances, and facts, which have
transpired from the inception, and during
the progress of this negotiation together
with all such letters, papers aud docu-
ments as have been written, communca-
ted, or published by the bond.holders,
their agents, or Col. Oakley and myself.
But as your excelency NAV desire to
know. at an earlier period, the present
condition of the negotiation, and the prob
abilities Of final success, that you may be
enabled TO make such recommendations
10 the legislature as you may deem desi-
rsble, think it proper to make this COM
muncation, at this tine, TO put you in
possession Of the desired inform alton with
out further delay.
Subscriptions have been obtained upon
50 100000 Of canal bonds in Europe, and
upon about 100000 canal securities in
the United States. A considerable in
crease has been made to the latter sub
scription within the last two months. The
rate of the subscription was first fixed at
30 per cent, upon all the canal bonds
held by each subscriber but il was sub
sequently ascerlained that it would be ut
terly impossible TO obtain subscriptions
upon all the canal bonds, and it was there
fore decided to increase the rate from 50
u 40 per cent, to enable us to obtain the
required sum TO complete the canal. The
subscribers in New York consented TO
change their subscriptions To 40 per cent ;
and have no reason to doubt that the
European subscribers will do the same.
Assuming that they will do so, there will
still be deficit of 5000 600. TO obtain
the subscriptions Cor this sum, it was pro-
posed that MIR. David Leavtt, president
of the American Exchange Bank, which
holds S25O,OOO canal bonds and has sub
scrlbed 100000 to the loan, should pro-
coed to Europe with the increased sub.
cripions made in New York, and it was
believed, as the foreign subscribers had
expressed willingness to increase their
subscriptions, to correspond to any in
crease made in the United States, Mr..
Lcavitt would be enabled to obtain sub
scripions for the balance Of the sum re-
CURED to make up the 81 100000. This
opinion was strengthened by the consid-
Grafton that Mr.. Leavit was large bond.
holder, and liberal subscriber to the
loan; and that he would approach the
foreign bond-holders as one of their own
number, having the same intere.t at stake,
actuated by the same motives, and des.
rous OF accomplishing the same objects.
lie would go entirely independent of the
state; not connected with, or responsible
for any Of her defacalions. lie would
be enabled to avoid the many unpleasant
issues and disagreeable topics tina, would
be liable to arise between an authorized
agent OF defaul,ing state and her credi.
tors.
Mr.. Leavllt expects TO return IN the
first OF January steamer, and we shall
learn, towards the close of that MONTH
how far the favorable an,icipa,ions. form.
ed of the result Of his mission, have been
realized. have also been informed tina,
Col. Oakley has gone to England.
The terms upon which the subscrip-
lions to the loan have been made are con.
tanned in the printed circular copy Of
which | herewith transmit you. Tha,
part more Immediately concerning the