The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-09-19
Public worL.nnd state Credit.

Public Northumberland,
Its singular fac ,b,, o, ,,,y. ,,,,,.
which undertook n oons,.n,, Ill.
works by means of IN, i..pe ~, s,n.l an
state responsibility Gie1 IN their ot;..,
and became involved in s,rios l,nir,,i.s
When we say G,l.I , l,.,, ,L;oo,
we exccat the Erie canal ,.,.;,i, .,..-'.,
inenlly successful. bu, ,,e 4, .r.,,. .,.an,
New York. which has ,.r.,ol aaJ
will vet suffer intensely. l,rJ,- ,,,,,,.,
deuce for li,,cnino IN he svr,,, ,,;cs &C
the stock brokers AJ,.s,-n,s.,s !, -
true, lent some money tor ,bo consume.
lion Of the Western R.,lr,,l hm,. ,L.,
was controlled bv men whose owp l,rco
means were more in,eres,eJ :, tho ,nc.
cess of the work than !, shaving the
state stock issued to aid in lis cors,ruc.
ton. Wherever else we INN onr oves
we find nrorrse oxror,h,r,os ,.oc,js.'
works, state bankruptcy and national dis.
honor In the south and west Louisi.
ana, Florida. Missi.,jppi. and Arkansas
issued S3l .OOO. eco for hanks The
banks failed, and the states are disboror.
ed. Alabama issued Sll 200 o0o far
banks which failed, but Alabam, r,vs
the money. At the west lour states il.
Iinos, Indiana, Michigan. and Pennsvl.
vania, have issued S75, 900 OOO nr tho
construction of public works. canals and
railroads, none of which Weld any ode.
quate revenue, and the states have failed
in consequence. \. York and Ohio
have issued $4,000. 600 for canals al.
most value,ess in point Of revenue. These
make SllS,OOO, 900 issued cor worL ,b,,
will never paw the interest, and if Maid =,
all, at least $4,000, 600 INNS, be ,,;d
by the people of these states nv direc, Tow
ton. This is the general rosrI, If ,Lo
whig policy of government aid ,o nr;y,,o
works.
Now a very LARGE no,t;on n ,his emo,
Of money was lost and wasted IN enrich
those through whose hands the stool
passed. This was The c,so !, al ho
states. For instance. in Now Vol "a
OOO,O were issued to Tho Er;o r.,pro,l
in a e per cent. stock mn, ,o be so,J nm
der plr. The stock wos n,cl,oJ e..
money. and then sold NJ On nor cen, di..
count in the omen market NV the lcr,o,s
of the money. and the difference cL,rrol
to the company. Tins was hold NO, ,o
be a violation of the law sl,boroh b, ;.s
means capitalists cot stock =, so CO..
which they now demand 40. The is.
sues of Ohio stock were pusbcd IN tho
same reckless manner. and over . non i
600, for which principal and interest, tho
people Of that state are now ,o nav SO .
100000 in taxes. was sunk in dnapcior.
ing. Indiana los, some 5000. OOO in
similar manner, Michigan three and =
half millions, and Illinois also very largo
sums. In this latter state. the coptrac.
tors and others charged incredible sums
for their work, to be paid in state nromi.
ses. The result was that the debt grew
very rapidly, while the works moved but
slowly. Each and every state was prev.
ed upon by bankers, brokers and contrac-
tors, who enriched themselves under the
glorious credit system, which "deyelop-
ed the resources of the country" The
end came, and, among other states. Hi. /
nols was left with debt of Sl3 900 900.
for which she had two broken banks and
a half finished canal. Her army Of con-
tractors was as hungry as ever. and ioin-
ing with the same class in all otker states,
sought TO draw in the Federal Govern
ment TO sustain the expenditures hule
longer. In this state Of affairs, it was
to procure from the bondhold-
ers as much money, sixteen hundred
thousand, as would, by strict economy.
complete that great work, the Illinois and
Michigan canal, by "shallow cut"
This the bondholders agreed TO do.
'lessrs. Oakley and Ryan, the commits
toner's 70. the state, had brought mat
ers to that point, aud every thing looked
veil. Unfortunately, however, the Pres
Dental election was coming on, and for
LIMOS to get out of debt, wiihoul'help,