The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-02-21

/ an nan yearly dividend on lNe IlFSt Oh July,
1916, Of one-half of one per cent. on the
whole existing debt to amount to eleven
millions Of dollars, would require annually,
! $4,000.
| That the interest remain at one per cent
till the LIST July, 1913, when a dividend of
one per cent. be paid, making annually,
| two per cent.
That the interest should remain at . per
cent until the list Jaiy, 1850, when divi-
dend should be made of one and half per
cent, making annually, three per cent.
That the interest should remain at three
per cent till the first of Juy 1852, when a
dividend should be made of two per cent.
making annually four per cent.
That the interest should remain at four
per cent ill the first of July 1854, when a.
! dividend should be made of two and a half
per cent, making annually, five per cent.
That the interest should remain at five
per cent till the LIST of July, 1885, when an
half yearly dividend OF three per cent should
be made, making annually, SIX per cent.
That the arrears Of iuteres up to the LIST
of January, 1856, rs well rs the difference
between the interest due and the interest
paid up to the LIST Cf July, 1856, should
be funded in a State stock, 10 begin bear
ing interest on The lst Of July, 1886, at
the rate OF SIX per cent per annum.
| All the canal bonds TO which the priv-
lege of priority OF payment from the canal
and canal lands is to be conceded must be
registered within one year from the appoint
ment OF the trustees.
That distinct bonds be given for the ar
rearages and difference of interest To the LIST
Of July. 1885, and when any payment of
part OF these shall be made by the canal
trustees. bonds should be issued by them for
the remainder till due.
When the amount due for arrears and
difference OF interest on the registered bonds
IS extinguished the turn ought to come of
the unregistered bonds, on which, new
bonds should be issued distinct from those
issued for the internal improvement bonds.
Il is suggested by the subscribers that
the sinking fund of the canal will thus work
for the decided advantage of the registered
bonds, but relieve first the State from that
portion of the deferred debt arising from
the canal loans, which would otherwise be-
gin bearing interest in 1856.
They also suggest Il provision to be in
serted, that in case the Treasurer has funds
on hand for more than years interest be.
yond the coming half years dividend, the
surplus should be applied to buy up the de-
ferred bonds, without distinction at the mar
Ike price; or if they are ever above par to
pay them off by lottery.
They suggest also that the votes for trus-
tees ought to be regulated by the amount
of subscription by each party, viz: one
vote for each subscription on one bond, in
other words each subscriber to have one
vote for each $500 subscribed.
Authority ought to be given, they sug-
ges', to pay out of the first proceeds of the
Canal and canal lands, all preliminary eX-
penses incurred, if no other provision is
made by the State for their repayment.
And they are willing that whatever tax
law which may be passed should not come
into operation until the Governor is satisfi-
ed that the sum of $ 100000 will be at the
command of the trustees.
! do not understand that the foregoing
terms are propounded and intended TO be
insisted on in every particular as conditions
| upon which the advance will be made
On the contrary, in making these sugges-
tons the bond-holdcrs disclam any inlen-
ton OF debating, even in appearance, to the
General Assembly. 1t is not to be disguls-
! cd, however, that they expect from our JUS
lice that a provision should be made for the
relief Of the public creditors, having it to the
wisdom of the Legislature either to adopt
! this plan or some other which may be con-
sistcnt with its spirit, and which upon con.
ference, may be found to be satisfactory
Deviallons will not be objected to which
will substantially give full security for the
new advance of 81 100000, the advantage
proposed by the law to the subscribers who
may register their old canal bonds; and the
adoption of the new dcben,ures for that
purpose, the subsequent benefit contained
in The law for those holders of canal bonds
who may not have registered, and the in
surance to the creditors of Illinois. of all
classes, the engagement of the produce of
such tax for the payment of some dvi-
dend on It's debts as may be fairly required
from the Stale without being too burdensome
for its resources.
1t is also expected and insisted on by the
subscribers that the law ought expressly to
provide tina! majority OF the trustees
should bind The whole; and that the provi-
so of the 2lst section of the canal law of
the las, session should be so amended rs to
make it clear that the subscribers will be
entitled to a priority in the payment of
their advances, and the bonds TO be register
ed by them, and the interest thereon.
! lam most respectfully,
u Your obcdent servant,