The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-05-12
A BIG SCHEME IN ILLINOIS.

The Chicago Tribune sounds the alarm bell
against big stealing scheme which is about
to be launched into the Illinois State Legis-
iature. 1t consists OF q lot OF rotten old cansl
claims. amounting to the frightfal sum of
s2,o00,000. AZ the Republicans are in
slight majority now, the lobbyists think.
perhaps, that the times are propitieus to
push the scheme through the Legislature.
We are glad to record that the Tribune OBJ.
pcses this vilisinous raid on the State Treas
ury OF sister State. That paper explains:
Illinois, under the internal improvement
excitement of nearly fifty years ago. en-
bs,ked in the enterprise of constr ucting a
canal to connect the waters of Lake Mchi-
gan, through the Illinois River, with the
Mississippi. Congress granted donation of
land to aid in this purpose, and tho State,
without other maternal aid, startsd some
banks, whose special province was to issue
currency and lend it to the State to carry on
that and other grand works of internal i'm.
provement. The banks issued the money
and loaned it on The credit of the State, until
finally the bank paper became worthless and
the State credit ceased TO exist: the works
were suspended, and all the improvements
except the canal were abandoned. During
the last year OF the existence of the system
the contractors and other creditors OF the
State endeavored to carry on some portions
OF the work. The only currency in the State
was script, and though tnis script was legal
tender for all debts, and was receivable for
State and county taxes, and WAS exchange
able for State lands and for State bonds it
deprecated TO such an extent that the whole
system collapsed"
Afterwards the contrac tors made claims for
indemnity for losses sustained by the depre-
cation OF the scrip. until finally commits.
sion was appointed which reported that the
aggregate of the claims then presented was
3 2SS 100. OF this whole sum the commits
sion rejected all save portion amounting to
S149, 097 As, which, under q peculiar condi-
ton of circumstances, they found to have q
slight equity. This sum they
advised 10 be paid and it was
paid, all the claimants accepting the
award in full payment and satisfaction
OF all demands, and especially of all the re-
iected claims La concluding the Tribune
cays LILO Icputi VI tus CDuEliSSlS1 - u
final and complies answer to all pretenses Of
any equitable demands against the State
The indebtedness whose depreciation is the
prstext for these claims was evisently by
outstanding obligations. 1t was accepted by
the State for all State and local taxes, and was
received by the State, and was q sort OF cur
rency in general uss. 1t was paid out by the
original holders. and paid by them to their
creditors ard back again to the State Much
of it was paid to the State in exchange for
land through the counties along the route Of
the car al and for lots and lands in Chicago.
This scrip and other Sta'e indsbtsdness was
all paid to the State at par. Finally it
passed through various hands. and evsntu.
ally was redeemed by the State in exchange
for State bonds, which bonds have long since
been paid at par with interest. Tho State
had done all that coald be asked of it. 1t
had as soon as possible redeemed all Its out.
standing paper, with interest, in State bonds,
and these bonds making one enormous
State debt. have since been pa ID off with
interest, much of it compounded"