The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-01-11

preference for that contemplated by the amend.
mcnt.
With these views. | took occasion to present
this question to the last general assembly and the
preliminary steps were taken to bring 1t before
the people. 1t now devolyes upon YOU to act
finally upon it, by permitting or refusing to refer
it to the people for their vote, at the next gen
eral election and, IN the meantime with Il view
To their action, such provision may be made
will be suited to meet the result of the popular
vote. Ii the amendment il adopted. no restraint
or embarrassment Is thrown around the public
curIties, but they will b. left ~ now to DC dis
posed OF by the holder as he peases, while as
public measure it will tend gradually 10 raise the
market price of the bonds, besides enable the state
to relieve herself more rapidly from the burth,n
of the public debt.
There has been sold by tie auditor Of public
accounts, since my last COMMUNICATION to the gen
eral assembly, fourteen thousand acres of land
for which there has been paid, in state indebted
ness. sixty,hye thousand nine hundred and nine
tyfour cents, There Is still belonging to the stat
and subject to sale, residue Of one hundred and
thirty thousand acres, appraised at S15S, ,34S So
The large number ui [ Eltcd States land warrants.
sold at reduced prices, and located in this state,
has operated to check, TO a considerable extent,
the sale Of the state lands during the past two
years.
The funding or exchange Of securities, embra-
chg the entire state debt, excluding that Of the
canal is nearly completed, and the object sought
TO bc obtand by this process, mainly accomplish
ed. Among the prominent objects Of this ex-
change were, firstly, to ascertain the true con-
dtion Of the state debt, and secondly, to reduce
the various forms of which it consisted to uniform
ity, aud lastly to furnish n more complete and
perfect record of the same All this has been
very nearly completed, 30 that th. distinctive
portion Of the state debt is represented by bonds
Of n uniform character, and regulated by judic-
ious rules and forms of transfer, thereby present
ing it in shape and condition to be clearly aud
readily understood by all. Not the numbers and
amount Of the bonds only are placed on record
hut under the rules adopted for their transfer
from one party to another, the name of the actual
owner for the time being is likewise retained in
all cases, aud the relation between the state and
each oi lis creditors is preserved Of record in the
usual form of debtor aud creditor. The fractional
balances Of the various kinds Of Indebtedness moi
: yet surrendered up for funding grdualy come
forward for exchange so that II may reasonabl
be expected that the whole matter will soon b,
, substantially finished. From the number Of spu
: rious which are known TO be IN circulation, ant
. the custom which has prevailed among holders, o
detaching the coupons from the bonds. and dispos
ing Of them apart from the bonds and owing Il
the further difficulty Of Distinguishing the spurious
from the true, the entire body of each being prin
ted except the numbers in the margin i; may be
! come necessary to prescribe the manner in whicl
such detached coupons shall be presented to eni
: tie them to b- funded This may be required il
order To protect innocent holders and guard III,
state from imposition and fraud
= In accordance with suggestion IN my commu
nication to the last general assembly a law wa
passed authorizing the governor to invest in stat
bends such sums belonging to the school fund, a
might from time 20 time be received from tl
general government for the benefit Of such fund
Since the passage Of the law there has been re
ceived 10y the school commissioners and dcliVrre
TO the governor for the above purpose, 81 S,O9
% with which there has been purchased in stat
bonds SldS 800 in principal, and $4,000 S5 in IL
tcrest and since the date of the auditors rcpor
} there has also been purchasedS l4,gl7 prnripa
and Sll 7S5 IS interest, making in all $4,000 %
which has been deposited with the treasurer Il,
cordng 10 the provisions of SAID law.
Owing to the great number of land warrant
employed in the entry of the public land, in tn
state, aud upon which the general governmcI
c wi'hholds percentage, the amount added to I'll
school fund for the last two years falls consider
c ably short Of the common average.
) From the practical effect of the law not onl
in the redemption Of state bonds, but in turuln
. the interest due thereon to the purposes Of edit
catoa, instead uf sending ii uut of the state, it
; much to bc regretted that this measure had ne
+ been adopted at much earlier day, when its II
fluence upon the public debt and the cause Of ec
ucaton, would have been much more marked m
: decisive.
The condition of the public debt on the fir.
day Of January, $751; may be stated as follow
! viz:
Principal debt funded
under act of ls47, s5,59o5G5 :
Interest same to
, same date l,020,21S ]
I Arreared interest fun
9 ded l,9i5,4S5 .
h untunded Int. lmpt.
. bonds, slsO,OOo 90
. Other kinds of indebt.
ctlness, l44 $50 90
. Interest on last two
II mounts, lT326l 40
n Virgins loan, princi.
" pal and interest, $4,000 90
n Liquidation bonds, 10000 90
g - 7so9il
f 9,3i6,97O .
From which dcduct-
/ Interest paid from
q mill and half tax, 2IS,S54 40
y Sureudercdby Ma.
p, CalIstcr 4 Steb-
, bins, l0l,319 %
Il Sale Quincy House, 2l,i0l 90
q Purchased for school
p. fund 1850 30
From sale Of \. c.
At Rail Road 1900 90
4 do Alton d
e Mt. Carmel r. r., 800 90
d do AltonG
70 Sangamon X. r., 1000 90
10 Received by auditor
r. on sale OF lands, DC, 9S,26e q
\, Interest, l7,S23 %
I. - 56l,7sS
III -
4 SS,1S4,4sl !
4. The canal debt on the first Of January, lSJ
"a may be stated as follows, to wit:
an Canal debt, exclusive Of the o
m Sl600,000 loan, SI0I9,ll7
q Balance due on canal loan OK
4. $1,000 900, l,O33,Ooo
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