The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1857-02-28

The great question with our people now
is, how soon and by whom is the Illinois
river bridge to be rebuilt, What steps are
being taken in the matter? What are the
present prospects,
That its destruction involves a daily loss
to our business men of serious magnitude,
and that this loss goes on accommodating eve
~ day the bridge remains in its present
condition, is unquestionab!e. The trade of
large region on the south side Of the river,
that had been attracted to our city by the
bridge, will again seek other points, the value
of property on both sides will be affected,
and every kind of business must suffer to
some extent. Nothing is palmer, then, than
that our people cannot afford to be without
the bridge, and that they can we'll afford to
make pccuniary sacrifices to have it prompt
~ rebuilt.
We do not understand, however, that any
Cratu;ty from our citizens is contemplated
by the company. The directors, We believe,
have had meeting, and the plan they pro-
pose to adopt is, to raise the greater part of
the means to rebuild the bridge either by an
assessment on the present stock, or by the
issue of new stock. The towns adjoining
the bridge, in pursuance Of the power grant
ed by an act Of the late legislature, will be
asked to loan their bonds to the company to
aid in raising means, and if this resource
fails, the company must rely wholly upon
themselves.
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need be told, the present stockholders have
met with serious pecuniary loss. Their
stock, which cost them dollar tor dollar, has
fallen to so or 60 per Cent. To the holder
of four or $4,000 Of stock, an assessment of
SO per cent. is a serious matter, and it will
be many days, Gf ever before this stock
will be worth $50 per cent, which it will
then have cost him. For the last two years
the company charged but about half the
amount of toll that their charter allowed
them. But if the stockholders are compell-
ed to rebuild it wholly at their own expense
it is apparent that, to get their money back,
they must put their tolls up to the highest
paying point. This may affect our business
tion whether some pecuniary aid on the part
of the city, having in view q mitigation Of
the tolls, may not in the end be more profit
able than to east the whole burden upon the
company.
There is at least one matter that suggests
itself as simple justice. Our city at present
owns $40, 600 Of stock in the bridge, upon
which it has received dividends with the
other stockholders. But while the stock
holders paid for their shares dollar for dol
lar, the company realized from the bonds of
the city, in which her stock was paid, but
90 cents on the dollar. The company have
heretofore complained, and they complain
now more loudly than ever, that this loss Of
$1,000 on the city bonds fell unjustly on the
balance of the stockholders, and it is a mat
ter that now appeals strongly to the sense Of
justice Of our people, whether, in their pre-
sent reverses, the city should not make good
this loss. Equitably, there can be no ques-
tion but the city ought to pay it, and in
view Of existing circumstances, we submit
that such An act of Justice amounts te an
obligation. The matter, doubtless, will be
brought before our city council, and whether
any further aid to the company shall be
deemed advisable or not, this, at least we
think will not be denied.