Lincoln, Abraham, 1809-1865; Presidents -- United States -- Biography; United States -- History -- Civil War, 1861-1865
But this was the last paroxysm of a fever that was burnt out. The
market was glutted with Illinois bonds; one banker and one broker
after another, to whose hands they had been recklessly confided in New
York and London, failed, or made away with the proceeds of sales. The
system had utterly failed; there was nothing to do but repeal it, stop
work upon the visionary roads, and endeavor to invent some means of
paying the enormous debt. This work taxed the energies of the
Legislature in 1839, and for some years after. It was a dismal and
disheartening task. Blue Monday had come after these years of
intoxication, and a crushing debt rested upon a people who had been
deceiving themselves with the fallacy that it would somehow pay itself
by acts of the Legislature.
[Illustration: "COLONEL E. D. BAKER."]
Many were the schemes devised for meeting these oppressive obligations
without unduly taxing the voters; one of them, not especially wiser
than the rest, was contributed by Mr. Lincoln. It provided for the
issue of bonds for the payment of the interest due by the State, and
for the appropriation of a special portion of State taxes to meet the
obligations thus incurred. He supported his bill in a perfectly
characteristic speech, making no effort to evade his share of the
responsibility for the crisis, and submitting his views with
diffidence to the approval of the Assembly. His plan was not adopted;
it was too simple and straightforward, even if it had any other
merits, to meet the approval of an assembly intent only upon getting
out of immediate embarrassment by means which might save them future
trouble on the stump. There was even an undercurrent of sentiment in
favor of repudiation. But the payment of the interest for that year
was provided for by an ingenious expedient which shifted upon the Fund
Commissioners the responsibility of deciding what portion of the debt
was legal, and how much interest was therefore to be paid. Bonds were
sold for this purpose at a heavy loss.
Public-domain text, read in full here on John Shaqi.
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