The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-02-15
From Springfield.
Correspondence Of the Ottawa Free Trslsr.
SPRINGFIELD. Wednesday, Feb. s, 1851

SPRINGFIELD Wednesday, Feb s, 1851.
Tho SENATE at an early hour resumed the co,,.
sideration Of the Central Railroad bill
Mr. Morrison offered a substitute for the bill
now before the senate, and proceeded TO explain
in detail its various provisions. He said nothing
could be more apparent than that the bill before
the senate was defective in many essential par.
ticulars, and would not answer the purpose unesa
very materially amended. Entertaining such
views, few Of them had got together yesterday
and prepared new bill, which 50 far as the de.
bates in the house and senate had developed
them, appears 10 accord with the general views
Of members, and hs had the authority of Mr..
Rantoul himself for saying that the substitute il
adopted, would be accepted by the Company.
The new bill leaves ont all point. except Cairo
and Peru but confines the company within II
miles OF the old route. The Chicago brsnch
must diyerse .. Or south Of Shelb, Vile Tia
lieu Of the state on th- laui4 until the road i.
completed Is secured rs to leave uo ambiguity
about it /; aud the company pays seven per coi...
Of the gross proceeds uf TIE road W. eu compile.
ted for the lands. The b,ll WAS discussed all
day--numcroGs propositions TO ur. end by insert
ing points, DC, were made snd voted down, uu-
I'll finally proposition made to amend ~
that the company should pay the usual taxes in
addition to the ! per cent, This was opposed
by the friends Of the bill On thc ground that i,s
adoption was equivalent 10 the deteai Of the
measure, for the company had said over and
over most distinctly that they would not pay
more more than per cent, and TO insist on more
must end the negotiation. The amendment was
however adopted II to TO- and then. amidst con-
siderable excitement the senate adiourned
In the Hou,r, after the presentation Of peti.
tions, &c, on motion Of Air. Dyer, the bank bill!
was taken up in committee Of the whole, Mr.
ili,e in the chair Mr., Singleton submitted
substitute for the I'LL which was now before the
house, and moved It's adoption. lie said the sub.
stitute was the bill originally reported with such
alterations and Improvements rs had suggested
themselves to the real friends of the bill since
its first introduction. The substituted was adopt
ed, and then the committee rose and reported to
the house. whcro the real fght on the bill WAS
then commenced. Very strong and able speeches
were made against the bill by Me.srs. Caldwell,
Haynie, Shaw and Lindcy, and it was defended
by Dr.. Maxwell, by Lnder and Norton Tho
debate w2s very able one on both sides, and
was continued until the adjournment. In tho
course Of the day, an amendment wa. proposed
by Mr., Bise to strike out So much Of the second
second section as allows the auditor to issue
bank bills on deposite Of Illinois stock at 90
per cent. below their market value, and insert
that the stocks shall be valued according to the
rate Of annual interest that is paid upon them.
Thus when one per cent is paid Oh our state
stocks, they can be pledged for lo cents on the
dollars, when . per cent. is paid, for SO cts on
the dollar dc. DC Mr. II. said there was some
thing solid and reliable about such basis Of val
uation. Oeo dollar per annum secured was al
ways worth Si6 hut nothing wns more unstable
and iluctuating than the market price of Illinois
stocks. The correct principle was TO take them
their iop ratsr mark which he believed would
be attained by adopting the basis Of valuation
proposed Mr II. protested that he had otersd
the amendment in good iaith, he was
friendly TO the bill and should support il. tbv
momen, he could satisfy himself that it secured
tho bill holder
Thursday, Feb 9Th.
The sgSAr, was again engaged all Of to-day