The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-01-31


man holds, are TO influence us. He calls
The requirement of the bond.holders. tina,
we should pay par, of our interest, die
tation. Has the gentleman never felt dc
lstion from another source! Has con-
science never dictated to him 10 DO right
Does the gentleman forget that the bind.
ing force Of contract depends upon law
which neither States nor people can re-
peal! That law comes from that eternal
Being who created and fashioned us, who
sustains our life, and Judges our actions.
1t was enacted by His will it is enforced
by His power; and the united will Of the
whole human race cannot influence il.
That which is unjust will remain SO,
though all mankind should call it just and
try 10 believe it, He who enacted this
law will surely enforce it; and they who
disregard their solemn obligations. and
break their plighted faith, and repay con-
iidence with deceit, and trusting Deepen.
dence on their honor with open injustice
must come to know and feel bitterly, that
the high qualities they have set at naught
are essential to their own prosperity
that without them nothing is secure; that
embarrassment and loss, undeveloped re-
sources which produce only discomfort,
and energies unexercised which create
nothing but res,lessness, are the inevita-
bic destiny of a people guilty of bad faith.
The gentleman complains also because
the bond-holders have not accepted our
property in payment of their debt. But
let us reverse positions for moment, and
see what our feelings would be under sim
liar circumstances. Suppose that when
the bondholders purchased our bonds,
they after paying an instalment, had said
TO US that they were embarrassed and had
met with losses, and instead of paying us
money for our bonds, had offered us
farms. houses, and city property in Eng
land, what bounds would there have been
to our Indignation! Would we not have
fell insulied, injured! And yet, we are
now complaining that they have hesita,ed
a moment to do that which if offered to
US, we would have spurned with inGgna-
ton.
Again, the gentleman from ST. Clair
says, that 10 pay Sl50,0OO per annum in
interest would draw all the specie from
the state. But he forgets that the paying
OF this sum secures the advance of the
money to complete the canal which would
bring 81 ,600,O coo into our state, to be dis
trbu,ed amongst our cllizens. VIII the
people complain at paying Sl50,O00 a
year, if by SO doing they secure the com
pleion of the canal, and bring 81 600 900
into the state and turn the tide OF emigra-
ton and capital, which is tending west
ward into Illinois; and restore at the
same time our character and credit.
Mr.. X. then referred to the amendment
offered by the gentleman from Scoo,. He
said he regarded the amendment the true
and only measure which we could adopt
with any certainty of success. lie said
ii was highly creditable to the mover, and
of the utmost importance TO the state.
lie believed that all the hopes of the peo.
pie now depended upon the lovying of
tax to pay some part of the interest. If
this was done there could be no doubt
about obtaining the money to complete
the canal. The agreement with the bond
holders reads as follows: Provided, the
legislature at its next session adopt and
establish a system OF revenue, by which
provision shall be made for a prompt and
continuous payment of part of the ac-
crung interest upon the whole state debt,
and shall also provide for the gradual pay
ment of the arrears of interest now due,
and Of such arrears as shall hereafter ac-
cruc from the present inability to pay the
whole interest at It's exact maturity, then
each subscriber shall be bound 10 pay on
due call Of the canal trustees the remain
ing nineteen and a-half per cent. of his
subscription, or forfeit all claim to the IN
icrest upon, or reimbursement of the prin-
cipal Of the twelve and a-half per cent.
now paid This is the agreement, $780,
600 dollars are already paid in as for
felt if the rest is not paid if we levy a
tax and efforts are now making to OBJ
tain the balance of the $685. dollars.
| have no doub. of their success. If,
therefore, we are in favor Of carrying out
the presen, plan we have only to show a
disposition to pay according TO our abili-
" and we can secure its success, But
we are told that paying 100000 or $780,. !
600 dollars year will not exsricate us
from our difficulties. believe can
a. go, ,l., :, ,,;ll and nv ntnn If opor, !