The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1857-01-17

W. UO, provided for the inStalmcnt Of Jan
uary, 1896, was yet unclaimed, and added
4 to make up the sum of 1928, ,0S3 90, beins :
The amount required to pay the installmen;
OF July, 1856. Cat the rate of five per cent
per annuln, with the balance Of interest due
upon the liquidation bonds. On the 2Gth
November, 1856, balance of 1922 90,
provided for the instament of July, 1856,
was yet unclaimed, and added to make up
the sum Of S274,5l5 05, being the amount
| required to pay unclaimed instruments and
interest in full, at the rate Of six per cent.
per annum, upon the entire amount Of out
standing interest paying Indebtedness.
/ The payment interest in fun upon our
State debt, as will be done on the first Mon
day in January. 1857, has been errncsty
desired by both debtor and creditor, and is
! at length accomplished, for the first time,
from the collection Of taxes; and although
/ our interest paying Indebtedness will increase
| in the aggregate over a million and half
in January 1853, yet the full interest can be
| paid semi-annually by the application of the
! large amount Of surplus reyenuc and funds
. derived from the sale Of state lands, which
are now in the treasury.
The interest being hereafter paid in full,
no good reason seems to exist why the ar
rears Of interest accrued upon our bonds
should not be funded and interest certificates
issued therefor.
In connection with the subject of paying
interest beg leave to say, that the require
mcnts of the act Of last session are entirely
Incompatible and seriously conflicting with
the duties OF the Treasurer's Office; both
duties cannot be performed at the same
time by one individual. In the month Of
July, when the Treasurer is required to be
present in New York, very large payments
are being made in the State Treasury. In
the month of January the persona! atten
ton Of the Treasurer Is absolutely required
in his of ice to pay out the very large amount
tnow ov y $500, 900 Of two mill tax, which
IL paid YIr0 yGta upon such bonds as are pre-
seated annually to the Auditor. If then,
the personal attention Of the Treasurer is
required in Springfield and New York Sim
u,taneods'y, aud cannot DC had at both pa
oes at tie same time, | ask If there might
not b. u niger Of pecuniary loss by cntrust-
ing the large amount OF funds under his
care to The hands of agents al either point,
who are wholly Irresponsible 20 the people
Of Illinois?
With regard to the duties above al,uiel
TO, experience convinces me that they ca-
tireIy conflict with each Other, and that the
best interests Of the state require them TO
be separated. The fact tha; have perform
cd them to the best Of my humble ability,
without any compensation whatever does
not induce the suggestion for a separ ltion;
il is that the interests Of tie State and the
responsibilities of the treasurer may not be
placed in jeopardy, but that both may be
more securely guarded.
The case Of MessrS Thompson & Forman,
iron merchants Of London, who have lien
upsn :l0O, 900 Of our State bonds-bes!dcs
about S92, 600 in bonds in their own right,
but by contract are not privileged 20 dispose
of-may bc presented to the legislature for
adjustment.
The interests Of the State require that
those bonds should be relieved and cancelled
and as the claim is merely an adjustment,
and not an increase Of our liabilities to them,
the true policy would be 10 authorize set
t,erncut OF the claim.
Daring the year 1855, information was
received at this office from 4. Chartrain
Esq, advocate Of the imperial cour: Of Paris
that 4 sum of money appeared 10 be due the
State Of Illinois from the assets Of a bank
formerly in existence in that city, Mr. Char
train proposing 10 attempt its collection for
tie consideration Of one half the amount re
covered.
As no information concerning this inlcbt-
edncss was at hand, either IN the Fund
Commissioners or Trcasurer's Office, q let
ter concerning it was forwarded to Mr..
ChaTtr@in, and in February last an answer
was received from him at this Office.
About goo sterling appears 10 be due the
State, and, in Mr.. C'S. opinion, with fair
prospect of recovering that sum.
Therefore, believing that the State Of Hi
nois could not be injured by the transaction,
on the 9th day Of October last, ! forward
ed a letter Of attorney, duly executed by
me as Treasurer Of Illinois, empowering Mr..
Chartrain to collect, and to place one-hali
the amount. when collected, to the credit of
the Treasurer of Illinois, in deposit with the
American Exchange Bank, IN the city OF
New York. JOHN MOORE,
Treasurer.