The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1857-03-07
Illinois Redeemed ,

We publish below the act passed by the
late legislature of this state, to fund the Ar
rears of interest due and unpaid upon all
portions of the recognized Indebtedness Of
this state.
This important measure, as the st.
Louis Republican remarks with equal justice
and force, removes the last stain upon our
credit, and from this time forward Illinois
will take her rank and proper position
among the interest paying States of the
Union.
1t is more creditablc to Illinois from the
fact that the debt was incu,, ed in dark and
gloomy days, when the resources Of the
State were small and unavailable. Within
the last few years the progress Of the State
has been unparalleled, and its income has
increased beyond the most sanguine hope Of
its most ardent friends.
Governor Matteson in his late message,
states that during his administration, Pc
riod of four years prior to the first Of Janu-
airy, 1857, Il, 564, $40 40 was paid in extin-
gushing the State debt, over and above the
. accruing interest. The rapid increase Of
her two mill tax, already large, 1923, 16o 25,
for 1856, and increasing over thirty per cent.
per annum, which by her constitution is to
be applied exclusively to the cxtnguishment
of the principal Of her Indebtedness, will in
less than ten years extinguish the entire
debt of the State.
The State Of Illinois may well be proud
of her enviable position among the States OF
the Union her credit now unsullied, rail-
roads and other communications affording
facilities for transportation and intercom-
munication with almost every portion of her
extended territory, a soil unsurpassed for
fertility, and a climate SO congcnial. with
mineral resources to great extent yet IN
developed still extensive, what may she be
in the future.
We hope soon to sec her example follow
ed by the few remsining States that are
there is not one State in this Union that is
not only able but willing to recognize their
past Indebtedness, but pay the interest
thereon promptly as it becomes due.
IN act TO fund tie arrears Of interest &C.
erued and unpaid on tile public debt Of the
State Of Illinois.
WHEREAS, the State of Illinois has now re-
sumed the payment of the accruing inter
est upon her public debt; and whereas,
there is an amount Of arrears Of interest
that has accrued upon her Indebtedness
that row remains unpaid, which il is ne
cessary should in some way be disposed
Of, to enable the State to take her proper
position among the interest paying States
of the Union; therefore,
he AZ enacted by the people Of the STATE Of
Illinois represented an the General assembly,
That the Governor Of the State of Illinois
is herrby authorized and is required to take
up all arrears Of interest now due and un-
paid that has accrued upon the first day Of
January, eighteen hundred and hfty-seven,
upon any portion Of the Indebtedness Of the
State, and issue TO the holders Of the same
when they shall bring to him the sum Of
one thousand dollars or more, bond Of the
State the same as those authorised to be is
sued on account of funding the Internal I'm
provement and Canal debt, dated 1877, but
the interest shall not begin to run upon said
bonds until January 1st., 1866, and on and
from that date they shall become and be
deemed principal bonds, and shall be re-
deemable at the pleasure of the State.
No bond shall be issued for a less sum
than one thousand dollars for arrears Of in
terest due and unpaid. When such bonds
are issued by the Governor to the holder Of
such arrear of unpaid interest, he shall re-
ceive from the person holding the coupons
or interest certificate upon which the bend
is to be issued a receipt showing upon what
the bond was ISSUED It'll the coupon or in
terest certificate attached. On all bonds
that do not have interest coupons attached,
the Governor, before issuing the bonds due
udder this law for arrears Of interest upon
the same, shall issue certificate to any
holder, for the amount Of interest due on
any bonds such holder may present, and
said certificates shall be taken as before sta
ted, and bonds issued therefor as before stat
ed. Any holder Of canal or internal i'm
provement script, holding less than thous-
and dollars, may present the same with in
terest certificates enough to make thous-
and dollars or more, and the Governor shall
issue bonu az before stated for such amt
so presented.
This act ~ take effect on its passage.