Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1846-12-15

i
is greatly diminished. The Increasing
sales of the public lands, the anexampledl
Increase in the number of our popuiation.
and consequently wealth, a fair markell
price for our produce in comparatively
sound currency--alI furnish unmislaken
evidence of increasing prosperity, and
of our advancement in all the means of |
substantial Improvement and w9alth. To |
these may be added the late arrangement |
entered into with the holders of Canal |
Bonds, by which we have the assurance
that the canal will be completed at an
early day. Ifthe bond holders shall fully
comply with the stipulations agreed upon,
it is confidently expected that the State
Will fulfil all obligations resting upon her.
When this great work shall be completed,
| feel confident that the revenue to be de-
rived from it, with the other means de-
signed TO promote that work, will, in few
years, be adequate to the discharge oftbe
entire canal debt; leaving the internal
Improvement, with some other u1iscella.
neous items of Indebtedness, to he provi-
ded for. 1t is not to be disguised, that
any attempt to make effectual provision
for the payment of our public debt, must
encounter difficulties. It's apparent that
there exists in the public mind a kind OF
vague and painful apprehension. that the
efforts now making by the people to meet
portion Of our indebtedness, are of little
avail, and that they are wasting their en-
ergies to very little purpose. The uncer-
tainty which hangs over the exact amount
OF our liabilities, has contributed mueL to
produce this unfortunate state ofthe public
feeling. and can only be corrected by the
adoption ofsome course which shall elicit
its true amount. 1t is conceived that this
may be done at small expense, and with
no great difficulty. do not feel myself
called upon at present TO recommend any
increase of taxation but it occurs to me,
that, with the exception ofthe canal debt
the best plan we can adopt in the present
condition of our public affairs, is, to make
provision for Immediately rslunding the
residue BY refuuding the bonds and
scrip, the debt will be converted into one
unif rm transferable stock. This will
require but small expense, probably less
than We have already suffered by counter
feits, and will possess the advantage of
reducing the whole matter into clear
and tangible shape. For the arrear of
interest due upon the bonds, deferred
stock ofsimilar character might be issued,
differing only in that it bears no interest
for number of years. By adopting this
line of policy with our State bonds and
scrip, our debt will not he increased, while
we shall be enabled to ascertain the pre-.
else amount of our existing liabilities with
certainty, and the amount required to meet
the interest. To this course, it is be-
lieved our creditors will interpose no oh.
lection, hut cheerfully acquiesce, as it will
relieve them from risks to which they are
now exposed. 1t will also remove diff
culties which lie in the way of the pay.
ment Of interest by any one not familiar
with the character of the different forms
OF our indebtedness, some of which arise
out of the relation which the several issues
of our State Bonds bear to each other.
All our available means ought gradual.
y to be brought into such condition that
they can be applied to the payment of our
debts. As it is doubtful if any appropria-
ton will be hereafter made by the Legis-
| lature to put in repair the railroad from
Springfield to Aleredosia, It may be of adj
vantage to the State to dispose of it on
some terms, with the provision thar it be
kept in repair and operation. The State
lands ought also to be brought into mar
ket. to be disposed of at fair prices; and
all debts due to the State from individuals
or corporations, put in train for speedy
adjustment. An opportunity will soon be
afforded the people, under an amended
Constitution, of reducing the number of
the members oflhe Legislature, by which
thousands may be saved to the State, and a
stricter economy, generally, introduced
into the public service.
At the time of the passage of the law
requiring the banks of this State to put
their affairs in process ofliquidation, there
were those who honestly doubted the
propriety of measure so stringent in its
provisions, and who looked forward with
apprehension to disasters which they fear.
ed would follow from it. But time has
fully justified its object, and the expediency
OF its general provisions and we may
date the commencement of our returning
prosperity to the passage of that law
When its provisions shall have been fully
carried out, banking institutions in this
State will be at an end and it becomes
a question of serious magnitude to the
people. whether sound policy will justify
the establishment of another, when we
may look forward with almost positive
certainty to repetition ofthe same scenes
through which we have so lately passed.
A few years have taught us many things
connected with this subject, which we
were slow to learn. From an habituaI
and unwary confidence in the integrity of
8 hank irlst;fittinns $780,. -. -