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

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the true and only desideratum from midi
vidual and public cmbarrassmcnis; that
uiliou, it those embarrassments, will be
likely to press still more severely upon
the community.
When went TO New York, in the au-
tamn of 1912, to learn if it would be pos
sblc t, make any arrangement with the
creditors of the state for the completion
Of the canal and the payment OF the pub
lie debt, many of them, after mature deli
beralion. signed a general letter express
ing Willingness to advance the money
for the above purpose, upon certain con-
dilions. submitted that letter 10 the
last legislature. and they accepted thc
terms, and passed law complying with
all The conditions, except the most essen
tial one, which was stipulation for the
payment Of some part Of the accruing in
ieres, upon the public debt, This they
struck out, and by so doing left the law
for completing the canal nulllly.
When we frs, applied TO the bondhol'
degs after the passage of the canal law,
they assured us that if the Legislature had
accepted that clause in their letter, stipu-
laling for provision for the paymen. Of
some interest, and had appropriated for
this purpose the mill tax. instead OF re-
pcaling it, they would have given us the
money Immediately, without requiring
further conditions ; that, If for no other
reason, they would have advanced the
money 10 encourage the effort, with the
view Of influencing the other defauting
states TO initiate tie example of Illinois,
and make some provision for the interest
upon their debts. Your Exceilency will,
therefore, perceive that, before the pass
age Of the canal law, the last Legislature
were appraised of the conditions upon
which the bondholders had offered to adj
vance the money to complete the canal.
There was no good reason for Presuming
tina, any of those conditions would be alb
rogatcd or abaled. If the legislature were
to accedc TO the most essential
requirements of the bondholders, they
would have been more likely to have at
tanned their purpose by devlsing some
other plan for the completion Of the ca.
nal and the final restoration Of the credit
of the state, than to have based their ac-
ton upon the unwarrantable assumption
that they could gain the confidence Of
their creditors by refusing TO comply with
cXac,ions tina, were in themselves reason.
able, just, and equitable.
Had the mill tax been appropriated for
the payment of interest instead OF being re-
pealed, at the last session of the legisIa'
ture, it would have ensured the success Of
the canal loan, and would only have re-.
qured the payment Of a sum Of money
equal to one dollar from each voter in the
state. IL the citizens who were TO enjoy
all the benefits, for all time to come, arts.
ing from the completion Of the canal; if
those on whom the odium of dcGalcalion
and violated faith must fall were so supine
and Indifferent! as to refuse to pay dollar
each TO accomplish so imporlan, an ob-
jec,. TO avert SO great an evil, was /, rca'
sonabe or just expectation that foreigners
living at a great distance would advance
$1,000, COO to consumma,e an object that
seemed TO elicit so little interest from
those who were TO be principally benefit
ed! Was itproper or nigh, for Illinois
to ask Of strangers. from whom she had
already borrowed large sums without re-
paying them, the advance of further
sum, until she gave some undeniahle evil
dence of stern integrity and inlexible vir-
tue ! Without furnishing such evidence,
all her applications for further aid will be
disrusted and denied.
If we are disposed to learn wisdom from
the past; if we would prof, by expert
cnco and avoid a repetition of our lolIies,
we must meet the question Of our public
debt with camness, deliberation, and for
titude. We must become deeply impress
ed with a just conception OF the sacred
character of the obligations we are under
to our creditors. We must remember
that, while the observance Of that good
faith which is the basis Of all public Gre
dit is recommended by the strongest in
ducemcnts Of political expediency, it is,
also, enforced by considerations OF still
greater authority. There are arguments
to support it which rest upon the mmu-
table principles Of moral obligation. And
in proportion as we are disposed TO con-
template the intimate connexlon between
public virtue and public happiness, will
be our rcpugnance TO a violation of those
principles. We mus, remember that
due observance Of the maXms that uphold
Is necessary to promote the individual
and auureyote DrnSnpritv of .hp cilizons