The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-09-12

they could not be made out in time
for me to take them with me, but
that they could be prepared and sent
by the next steamer. Is it likely
that this would have been consented
to, if they had not considered the
subscription filed? Again, the a.
greement was made between us and
the bondholders, TO be binding upon
seven conditions therein named be-
ing complied with. Six of these
conditions were depending upon the
examination to be made in Illinois,
and the seventh, which was that the
S;400, 900 should be subscribed, was
to be settled in London. Now, ] ask
if it was buSincsslike, or character
istic of such men as Earrings, to first
send four thousand miles TO deter
mine the other conditions, when the
whole success of the plan depended
upon condition which could only be
determined in London, without first
knowing whether that condition
could be complied with or not? Why
incur the expense of sending agents
TO Illinois, when all might fail for the
want of the subscription, which must
be made up in London? Was it not
rational to suppose that the parties
would first ascertain whether the
subscription could be obtained, and
if SO, next to take steps to settle the
other questions, which could only be
determined by an examination four
thousand miles distant?
The Governor of Illinois was re-
qucstcd, also, to draw a contract to
be signed by the bondholdcrs, and
to prepare a trust deed for con-
veying the canal and canal pro-
perty to the subscribers. Was this
all a farce, or was it done in good
faith E? If the latter, does it not af-
ford additional proof that the bond
holders considered the money sub
scribed, and were ready, upon the
close of the examination, to sign the
contract with the Governor, take the
nal, and advance the money? Or
why ask for contract and trust
deed Of the property?
Upon these facts ! rest the asser-
ton that the 100000 were under
stood to be subscribed ; and | have
no doubt that ~ per cent. upon all
the bonds held by the different par
ties who subscribed that amount up
on all the bonds they controlled,
would considerably exceed that sum.
| know that it has since been asccr-
tanned that some of the subscribers
held more bonds than were put down
to them in our list, and from the
wording of the subscription they
were bound for l24 per cent. on all
the bonds they held.
Again-at an early period in the
negotiation, we onquired of Mr..
Smith and others to know what assu-
rance they would give us, if we con-
sented to the terms proposed, that
we could succeed in getting the mo-
ncy subscribed? He made the fol-
lowing reply: off we engage in this
business, we expect TO carry it
through" This assurance was often
repeated, and led us to suppose that,
if the Inscription should not be en-
tirely filed, his, and ono or two OF
the other wealthy houses, would as
sumo the balance. This conclusion
was the more reasonable, as the
whole sum required in Europe was
only S25I,000, the rest being sub
Scribed in the United States. These
facts are sufficient, | think, to prove
that the question about the subScrip-
ton was an afterthought, and that a
doubt would never have been raised
about it, had it not been for the de-
lay and final defeat of the plan, caus-
ed by sending for Gov. Davis.
Then, if this sum was in fact sub
scribed, and this seventh and last
condition was complied with, car
there be any doubt but that, upon
the receipt of the report, the bond
holders would have advanced the
money? Or, even admit that the
subs cription lacked a tribe Of $780,
600, would there have been any diff
iiculty in obtaining the balance, after
the examination had satisfied then
that the canal and canal property
was ample security? If the parties
had been induced to subscribe near
ly the whole sum upon our state.
ments, can there be amy doubt but
that they would have made up any
triIling deficiency, after our state.
ments had been fully confirmed by
their own agcnts2 SO that, in any
event, it is clear that the money
would have been advanced in tn,
spring of, 1914, if the Boston Com
mittee had not been DESTROYS of SEN
ding Gov. Davis to London. Wha,
could possibly have prevented it:
All the conditions had been complied
with. The only one about which