, 1859-01-21
MR.. LEAVITTsS CANAL CLAIM.
LETTER from The State Trustee...The
Documents and Proof,

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In the year ls45, Michael Ryan and Charles
0akley, Canal Commissioners Of the State Of
Illinois. returned to New York, from England,
where they had unsuccessfuly attempted to ne.
go,iatc loan Of 81, GOO. 900, for the completion
Of the Illinois and Michigan Canal The credit
Of the State was utterly Frustrated. The inter-
est on her bonds, Of which there we're large
amounts on the Market WAS unpaid. Mississip.
pf hsd Just repudiated her obligations; and the
reputation Of all the American States. in all
the money centres Of the world, vas, if not
wholly ruined, so injuriously affected that bor-
rowing Oh their good faith IVES impossible.
Hence the Commissioners he'd failed to accom-
plsh the purpose for which they were aent-
Many millions had been spent on the
work that they represented, and the money
Was at that time 50 much capital sunk and uu-
productive. The energy, if not the hope Of the
people Of Illinois. wss exhausted. The schemes
Of internal improvement long before projected
and then partialiy completed, were at dead
stand; and there seemed no possible way in
which they could be RECOMMENDED. All parties
locked forward to long period OF depression,
md the fear Was universal that Reputation was
the only practical relicf. At this time, and un-
der such circumstances, the Commissioners
sought the services Of David Leavitt, Esq, an
ouipen. tinaucier Of New York, and to q small
amount {s14. .0oo) the holder Of Illinois bonds
lie was fsvora5y known BY his connection with
matters appertaipiag to the State; and WAS gen.
orally recognized as her friend. After long en-
treaty, he consented to aail for Europe, depend.
ing upon his reputation With the capitalists Of
England aad the Continent, and his skill in mon.
etary sdhirs to do what the officials Of the State
had (ailed to con.ummate. The assertion har
ing been made that Ar. Leavitt went without
authority. copy here q letter from Mr. RYAN,
now dead, which puts that matter ut rest:
NLw TuRE. Ja1. 4. 1919.
Mr. DAVID LEAvr7r:
DEAR sir: In answer 10 your inquiry as to
INF recollection OF the understanding ubnu& your
compensation for going TO England 10 negotiate
tbe loan To complete the Illinois and Michigan
Canal, ! can say, TINT though ny colleague and
myself bnd no power or authority for fixing the
amount OF Euur compensation, we both under
stood and expected that you would be paid, aud
veil pHid. if you completed the negotiation.
Seitber the State nor the bond holders could
with any propFlety, usk You to leave your tus.
nesz and spend some time in England to further
their interests. without liberal compensation.
trust you will be allowed ample compensation
Tor your valuBble services.
Truly yours,
MICHAEL RYAs.
This ti1es The authority under which Iii. LEA
WITT made the attempt, and proves that COM
nissions we're looked for by his employers, COL
tingent upoa bis success.
Mr. LEAv1r7 set out, and on his arrival in En-
gland applied oil his energy and skil TO the &C.
comp!ishmeut Of what he had undert- ken. The
old subscription had been thrown up, and aban-
doaed, aud though many Of the subscribers re.
newea their obligations upon his solicitation,
it WIS not until Mr. LE4r11r himself had taken
portion Of the loan. ia his own name, 10 IN
amount equal 10 more than four times the sum
OF his entire interest in canal stock, that Re
could 30 fsr convince others Of the earnettness
Of his belief, that they would second bis plans
After visit to the Continent, aud q some Hhat
protracted stay in London, be was caa bled to
sail for home, bringing With him the evidences
ofthat SUCCESS which enabled illinois to complete
her Canal, and which, more than any other one
eFcnt in her history, has made her what she this
day ls-1he fourth State in the Union.
1t is not necessary for mo to recount The
events which followed tie resumption Of the
work on the C4nal, OF to describe the effect
which the completion Of th.t work had npon the
reputation aad prosperity Of the Slate. These
ore matters Of history With which all are fam,l.
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