The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-01-17


ed and given TO counties that had not had
an equal share in those AIRY castles, to buy
their peace. Owners Of lands and town
lots expected TO realize fortunes from the
rise of property, and had added their ex'
uavagance and folly to increase the evil,
until the mania of speculation had niest-
ed the whole mass of our population, and
driven them wild with frenzy to their
own destruction.
Thus (said Mr.. L.) had we got into
difficulty, and now the only question was,
how to get out. lie had shown that all
were equally chargeable with the errors
that brought us into the dilemma, and all
should be equally active in extricating us.
Yes, all were equally interested in the re-
demption of our young and beautiful state
from her financial embnrrassmens but
how could we do il? We had been igur-
ed into debt, but could not be figured out Of
it. By mathematical demonstrations we
had been assured that borrowing millions
of money would enrich our state. We
had been induced to believe it, thinking
that figures could no, lie but the result
had proved it sad mistake. We were
now involved. We had got the money
and squandered it, and must pay it back.
1t must be paid in money or property.
Such property as we had our creditors did
not want it would avail them nothing. So
it was reduced to the simple proposition
of direct taxation or reputation. Yes,
this was the issue. All the projects for in
cooperating companies or surrendering our
vacant lands and unfinished public works
to our creditors, must sigually fail. RAJ
ther than resort 10 suberfuges like these,
he would go for open and avowcd repud-
alton. They would amount to that in the
end. They would effect nothing towards
the payment Of our debts, and, If we never
intended to pay them, he was for saying
SO at once; for passing our resolutions and
placing upon record our determinations
for telling our creditors they had nothing
TO expect; and for showing to the world
that we were dishonest, and held in utter
disregard the sacred obligations Of public
faith.
1t was said we were poor. Taxation
had not made US so, for, comparatively
speaking, we had never paid any taxes.
Some counties even now drew more mo-
ney from our state treasury than they
paid into it. Nor had our public works
made us poor for, up to this time we had
not paid one dollar towards them, but, on
the conratry, millions of money had been
brought into our state and expended here,
of which not farthing had ever been re-
turned. And as for our banks, they were
broken for the reason that the people had
got all their money TO speculate upon, and
complained only because they could get
no more. No, the true reason OF our be-
ing poor was, that we had looked too
much to government for aid had vainly
imagined that we could be enriched by
legislative enactments and when we be-
gan TO experience the natural results Of
our folly, had vainiy resored for relief to
the same delusive source, instead Of seek
ing il where alone il could be found, in
industry and economy.
Ii was the business Of government TO
make equal and just laws, and men should
depend upon their own eXerIlons--thelT
own resources and irugality-lor success
in their undertakings. We were naturally
Il generous people, and spent money free.
ly and even prodigaly, and why should
we withhold 1t from the public treasury
when every principle Of honor and justice
demanded it in payment of our honest
debts -! lie (Mr, h. knew it was said
we were unable TO meet our engagements
but was it becoming (he asked for a
young and vigorous state like ours TO sink
down supinely beneath the weighl--relax
her cnergies-violatc her faith---dishoner
the name of republic-bring disgrace up
on her present ana coming generations
for the paltry consideration Of a few dol.
lars and cents
We were able to pay our debts. What
were our resources We had large ex-
tent of territory, easy Of cultivation and
rich in It's productions; saluhrious eli.
mate the best internal navigation afford
ed any country in the world; great hy-
drauic power; immense beds OF coal,
and inexhaustlbc mines of lead and iron
ore 100000, 900 Of taxable property !;
coo, 900 people, remarkable for their in
dus,ry and enterprise and our capital and
population are rapidly increasing, and will
continue to increase, outstrlpplng the ina
gination of the widest visionary. This
was our woallh-lhese were our posses