The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1844-12-06
tried the experiment again in 1885,

greater and more general punctual-
lty, in the payment of private debts,
1T will ever be impossible to admin
lister the affairs of a bank with safety
to the people. If the debtors and
customers of the bank do not pay,
it will be impossible for any institu-
ton, with the wisest management to
maintain specie payments for any
length of time. 1t is perhaps unnc-
cessary to discuss the subject fur
ther. The people of the state have
become so thoroughly satisfied Of
the evils of the system, that if we
obey the will Of our common consti-
tuents, no effort will be made to re-
charter any of the existing banks,
nor to create new ones.
1t will be proper that the repre-
sentativcs of the people should make
thorough examination into tic
state of these banks, and if they
have violated any of the provisions
of existing law, apply such remedy
as may be ncedful; if their affairs
have been managed prudently and
honestly, suffer them to wind up and
go quietly out of existence, accord
ing to the terms Of tie acts providing
for putting them into liquidation.
The state property, directed to
be sold, by the :" Act to provide for
the sale Of public property, and the
payment Of the public debt, APPROX
ed March 4, lS43," has all been APP
praised, ADVERTISED, and offered for
sale, according to the provisions of
that act.
Sales were not effected so readily
as was anticipated. The railroad
from Springfield to Mercdosia, re-
mains undisposcd Of, and without
more repairs than can recommend
to be made on it, at the expense Of
the state, must become useless in a
few years. Isubmit to the wisdom of
the general assembly, in case it can
not be sold during the session, to
devise some mode Of disposing of it,
so as to continue its use to the coun-
| try. OF the two hundred and ten
thousand acres of land, donated by
congress, under the distribution
law; and the forty-two thousand
acres, purchased by the state, under
the provisions of law to establish a
system ofinternal improvements, on
ly seventeen thousand six hundred
and twenty-four acres, and ninety
seven one hundrcdths of an acre,
have been sold, up to November
llth, 1914. These lands were most
ly sold to persons who were, or in
tended to be actual settlers; and
produced the sum of sixty-fve thou
sand and thirty one dollars and
twenty-seven cents, principal and
interest, in internal improvement
bonds and scrip. A general ac-
count of the sales Of this and other
property will be furnished to the
general assembly.
At the time this law was passed,
the scrip and bonds of this state
were selling in the markets at the
rate of about eighteen cents on the
dollar. Soon after the adjournment
of the last general assembly the
bonds ofthe state, rose inprice to be
worth from forty to lorty-six cents on
the dollar which, have no doubt,
was the true cause why no more OF
the public property was sold. Whcth-
er it would be better to continue
the sale of these lands, and thereby
continue faint effort to cxtinguisl
a portion of the public debt; OF
whether it would be better to hold
them up from sale, until the settle
ment and improvement of the coun-
try shall create greater demand
for them, and enhance their value
are questions which | submit to be
determined by the Legislature.
On the one hand, if these lands arc
continued subject to sale, the people
who want them for settlement, may
be accommodated, the settlement o
the country may be promoted, ant
they would, the sooner become taxa.
BILE. On the other hand, if the price
of bonds should fall, these lands may
all be purchased up on speculation
and if they should be withdraw
from the market have no hesitation
in believing that they will increase
in value much faster than the state
debt will increase by the accumula
ton OF interest, on such part Of il
as these lands will extinguish, q
present prices.
There has been no revision, or re