The Life of Abraham Lincoln, from His Birth to His Inauguration as PresidentLamon, Ward Hill
History
The Life of Abraham Lincoln, from His Birth to His Inauguration as President
Lamon, Ward Hill
Lincoln, Abraham, 1809-1865
Mr. Lincoln served on the Committee on Finance, and was a most laborious
member, instant in season and out of season, for the great measures of
the Whig party. It was to his individual exertion that the Whigs were
indebted in no small degree for the complete success of their favorite
schemes at this session. A railroad from Galena to the mouth of the Ohio
was provided for; another from Alton to Shawneetown; another from Alton
to Mount Carmel; another from Alton to the eastern boundary of the State
towards Terre Haute; another from Quincy by way of Springfield to
the Wabash; another from Bloomington to Pekin; another from Peoria to
Warsaw,--in all about thirteen hundred miles. But in this comprehensive
"system," "commensurate with the wants of the people," the rivers were
not to be overlooked; and accordingly the Kaskaskia, the Illinois, the
Great Wabash, the Little Wabash, and the Rock rivers were to be duly
improved. To set these little matters in motion, a loan of eight
millions of dollars was authorized; and, to complete the canal from
Chicago to Peru, another loan of four millions of dollars was voted
at the same session,--two hundred thousand dollars being given as a
gratuity to those counties which seemed to have no special interest in
any of the foregoing projects. Work on all these roads was to commence,
not only at the same time, but at both ends of each road, and at all
the river-crossings. There were as yet no surveys of any route, no
estimates, no reports of engineers, or even unprofessional viewers.
"Progress" was not to wait on trifles; capitalists were supposed to be
lying in wait to catch these precious bonds; the money would be raised
in a twinkling, and being applied with all the skill of "a hundred De
Witt Clintons,"--a class of gentlemen at that time extremely numerous
and obtrusive,--the loan would build the railroads, the railroads would
build cities, cities would create farms, foreign capital would rush
to so inviting a field, the lands would be taken up with marvellous
celerity, and the "land-tax" going into a sinking fund, _that_, with
some tolls and certain sly speculations to be made by the State, would
pay principal and interest of the debt without ever a cent of taxation
upon the people. In short, everybody was to be enriched, while the
munificence of the State in selling its credit and spending the proceeds
would make its empty coffers overflow with ready money. It was a dark
stroke of statesmanship, a mysterious device in finance, which, whether
from being misunderstood, or from being mismanaged, bore from the
beginning fruits the very reverse of those it had promised.
A Board of Canal Commissioners was already in existence; but now were
established, as necessary parts of the new "system," a Board of Fund
Commissioners and a Board of Commissioners of Public Works.
Public-domain text, read in full here on John Shaqi.
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