The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-02-14
From the Journal Of Commerce.
The 7ilinois Canal E.oam NEGOTIATED.

The 7.linois Canal loan Negotiated.
We take great pleasure in announcing
the success Of Col. Oakley and David
heavlti, esq, in procuring the subscrip-
ton to the Illinois canal loan to be filed
up. This. in our opinion, secures not
only the completion of the canal, but the
redemption Of the State from an over
whelming debt and its restoration to cred
il and prosperity. There cannot exist a
doubt that the Legislature will appropriate
some portion Of the resources of the State,
to be applied in July. 1876, towards the
liquidation in part of the interest then ac-
crued on her debt, and thus render abso-
lutte, the subscriptions made by the terms
OF the contract of loan conditional on such
legislative action. A letter from Spring
field, Illinois, dated January 6, says that
revenue bill is agreed upon, which pro-
poses "to add a tax of one mill, and take
another mill from the county lax and add
IT 10 the State" 1t is thought this bill
will pass. 1t will give the State about
$3.50, 600 per annum towards the payment
of interest on the public debt--a sum
which, we venture TO perdic!, will for the
present fully satisfy both the foreign and
domestic creditors.
We regard it as extremely unfortunate
for Indiana that her legislature should
have adjourned, without adopting any
course calculated TO relieve the State from
the degradation and dishonor of Withhold.
ding from individuals their just dues.
We are assured on undoubted authority,
that if that body should evince a DISPOSE
ton TO do right, by an earnest effort, even
should it resu, in paying but small por-
ton of the interest accruing on the public
debt. the creditors of the State would
gladly cooperate to restore her prospect
ty, by advancing funds sufficient TO COM
plete her public works.
The Illinois commissioners and Mr..
Leayiit must derive great satisfaction, as
they deserve great praise, on account OF
the complete success achieved by their
interchangeable. labors. They have termi-
mated the era of degradation, and laid the
foundation of new era, of honor and of
rapid growth and prosperous development
not for Illinois only, but for all the de-
laulting States, to which the example of
Illinois must extend irresistible .encour-
agement; and they deserve the gratitude
Of their country. The following para
graph from the London Morning Chroni-
Gle of the 3D. instant, is meriIed tribute
to their eXeriions:
1--WE understand that the subscriptions
of the holders of the Illinois state bonds
for the completion Of the Illinois and
Michigan canal is at last full, and that, az
Ter certain cnacimenls shall have been
made by the legislature, now in session.
necessary to the restoration of the state,
the construction Of this canal-so import
AMI to Illinois and the al accent country
will be resumed, the funds raised for this
purpose being now secured. This loan
Tor such it really is, made by few hou.
SEES and individuals in London, Ams,cr.
dam, and Paris, is remarkable as being
the only European transaction of the kind
that has been entered upon with any OF
the States since Gov. M'Nutt, Of Miss.
issippi, first proclaimed the doctrine Of
"repudation. Colonel Oakley and Mr..
Ryan have done for Illinois wha, Mr.
Robinson a few years ago was unable TO
effect for the government of the United
States. So deep and so general is the
feeling Of disrust which reputation ha:
produced Confirmed as it is by the delin
quent conduc, of Pennsylvania that, grea
as the exertions of the Illinois commits
sloners have been, and advantageous a:
this loan-which is the result of them
is expected to prove to the interests o.
the lenders, j, may be doubted whether
the amount, required could have been ob,
tanned in Europe had it no, been for the
presence and cooperation of MIR. Leavi,t
the president of bank in New York, the
ptoprc,ors Of which are considered hold.
ers of these bonds. Mr.. Leavit, gave,
by his subscription, an example Of The
confidence and liberali,y which he strong.
| ly recommended for the adop,ion of the