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

ell ana given 10 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.
lravagance and folly to increase the evil,
until the mania of speculation had iniest-
ed the whole mass of our population, and
driven them wild with frenzy to their
own destruction.
Thus lsaid Mr.. L.) had we go, into
difficulty, and now the only question was,
hnw 10 get out. He 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 embarrassments ; but
how could we do it, We had been ligur-
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 il, thinking
that figures could not lie but the result
had proved it sad mistake. We were
now involved. We had got the money
and squandered it, and must pay il 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
il was reduced to the simple proposition
Of direct taxation or reputation. Yes,
this was the issue. All the projects for in
cooperating companies or surrcndering our
vacant lands and unfinished public works
to our creditors, must signally fail. IA
ther than resort to subleriugcs like these,
he would go for open and avowed repudi-
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.
Ii 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 con'ratry, millions of money had been
brought into our state and expended here,
of which not iarihing had ever been re-
turned. And as for our banks, ihoy were
broken for the reason that the people had
got all. their money TO speculate upon, and
complained only because they could &c,
no more. No, the true reason OF our be.
ing poor was, Ihat We bad looked too
much to government for aid had vainly
that we could be enriched by
IL lsih'i'S NuHNtHShNS anu NhCIl VIC UC-
gan TO experience the natural results of
our folly, had vainly resoy,cd for relief to
the same delusive source, instead Of seek
ing il where alone it could be found, in
and economy.
1t was the business Of goycgamcn! 20
make cqua! and just laws, and men should
depend upon their own eXerilons--their
own resources and frugalty-ior success
III their undertakings. We were naturally
a generous people, and spen, money free
Iy and even prodigally, and why should
we withhold It 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 supnely beneath the wcighl--reax
her energles-violate her faith--dshoner
the name of republlc-bring disgrace up
on her present and coming generations
for tho palry consideration of few dol
lars and cents
We were able to pay our debts. What
were our resources We had large cx-
tent Of territory, easy of cultivation and
rich in its productions saluhrous eli.
mate /; the best internal navigation afford
ed any country in the world great hy-
draullc power; immense beds Of coal,
and inexhaustiblo mines of lead and iron
ore O0,O00,00O Of taxable property;
10000 people, remarkable for their in
dustry and enterprise and our capital and
population are rapidly increasing, and will
continue to increase, oulsiripping the ina
gina,lon Of tho widest visionary. This
was our wealth--these were our posses
sions and should we, in view of them,
say we were bankrupt, and 90 before the