The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-10-24

/ SIshdl' nuDIlsheu IN Your paper on Sa-
lutday, 1t is stated By permission, that
"Nessrs. Leaviu and Swift informed
Gen. Fry, the state trustee. of the Iii.
nols aud Michigan Canal. tina, the bond
holders had made arrangements to pay
them each $4,000 per year, provided
they would consen, 10 serve as trustees.
and they were willing to vote the same
amount 10 the state trustee out of the ca
nal fund, in order that he nigh, be on an
equal ioolirg with them !" that "Gen.
Fry replied that he would no, accent,
sucl! salary, and did not think the neople
would be willing 10 pay it"-and ",hey
then voted him $500 per annum, to be
received on. of the canal fund, but look
ed wholly 10 their arrangements with the
bondhoders for their compensation.
do not know what Arrangement, Mes
srs. Leayllt and Swift have made with
the bondholders in Europe and other
places in the United States bu, certain
II is, thai no one of the bondhoIdeIs in
Ihls city with whom | have conversed
: has been party TO or heard Of the Ear.
engagements which are sad In have been
made. or course. those who are moi
parties to it, viii not he looked to for
any portion of those salaries, nor can
they have any objection to the payment
ct such by others. But If it is true tina,
Messrs. l.eayil, and Swift offered to vote
Tor $4,000 per annum, to be paid out of
the canal fund to the state trustee, i,
manlIcsts disregard Of the interests of
the bnndholders, and of the state of Hi.
nois, and of all who hold property there /;
and calls loudly for a promp, action, TO
prevent contamination of spirit of ex.
iravagance in the management of the
trust, that may be fatal TO the completion
OF the work, if carried out in other de-.
partments Of the service. So unfortunate
a course would be the occasion of inf.
nHe regret, not only for the interests of
that state, but on account of the unavoid.
able influence it would exercise on the
other states which have delaulled in the
payment Of their debts.
! If Messrs. Leavil and Swift have vo.
ted $500 per annum to The state trus.
ice on, of the canal fund, it is not war.
ranied by the law creating the trust, and
IS, imagine an amour, of salary entire.
y unprecedented in that country of chear
living; unless to persons of high grade
Of professional talent, whose time is
tchoAyyRaged in the duty of their en-
ploymen
In the laws Of February, ls43, and
March, lS45, under which the trustee
are acting, no provision is made for com.
pensalon 10 them and | understand i,
is only by supposing tina, the 9Th section
OF the act OF February, ls43, authorizes
1t, that the trustees have presumed TO
take any Thing for their services more
than actual expenses. II iha, gives any
authority for compensation, i, would be
in amount, tina. sum only which was
given 10 the commissioners of the Illinois
and Michigan Canal, per ac, of 9th Jan.
uary, 1886. and which, understand, al.
lows but $1,000 per annum for each
commissioner.
l DO not, however, believe that the leg.
lslalure intended such construction of the
Sih section OF the act of Feb, '43, and
am strongly inclined TO the opinion. that
1t any thing more than expenses was in.
tended 10 be allowed TO the trustees, there
was an accidental omission 10 provide
for it.
The subject of compensation is too
important a matter TO be left TO construc.
ton ESPECIALLY so, if the decision is TO
be made by the interested parties. am
confirmed in this view Of it, by the well
known fact that $500 would be greatly
more than an adequate compensation. if.
as is the presen, case, the trustees do no,
give their whole time TO The service: and
II is equally true, lha, it would be too
small for those who did give their whole
time 10 it.
If any Of the bondholders have arrang.
ed 10 give Messrs. Leavt, and Swift the
enormous salary which is stated in the
Joliet Signal, they no doubt expected of
those gentlemen, that kind of service
which would most promote the Interest,
of the bondholders. and which unuues.
,ionably could be obtained for tina, salary.
or Tor less. Sach service can be render.
ed only by permanent residence in ILL.,
nols during the progress of the work.
II is the general sentiment, SO far rs
have learned, of the bonhholders in this
quarter, that for the faithful application
of the trust fund, and for proper super.
vision of the work, one "a, leas, of the
trustees appointed by the bondholders
should be constantly in the state Of Iii.
nois, and most Of his time on the line of
the canal. Unless This is done, impro.
violence, extravaganza, aud disasters are
almost sure TO attend The efforts to save
the interests of the bondhoders, and TO
redeem the credit of the state.
A BOND AND LANDnoLDER IN ILLINOIS.