In 1838, a governor (Carlin) was elected who was thought by many to be secretly hostile to the "system;" and a new Legislature was chosen, from which it was thought something might be hoped. Mr. Lincoln was again elected, with a reputation so much enhanced by his activity and address in the last Legislature, that this time he was the candidate of his party for speaker. The nomination, however, was a barren honor, and known to be such when given. Col. Ewing was chosen by a plurality of one,--two Whigs and two Democrats scattering their votes. Mr. Lincoln kept his old place on the Finance Committee. At the first session the governor held his peace regarding the "system;" and, far from repealing it, the Legislature added a new feature to it, and voted another $800,000. But the Fund Commissioners were in deep water and muddy water: they had reached the end of their string. The credit of the State was gone, and already were heard murmurs of repudiation. Bond County had in the beginning pronounced the system a swindle upon the people; and Bond County began to have admirers. Some of the bonds had been lent to New York State banks to start upon; and the banks had presently failed. Some had been sold on credit. Some were scattered about in various places on special deposit. Others had been sent to London for sale, where the firm that was selling them broke with the proceeds of a part of them in their hands. No expedients sufficed any longer. There was no more money to be got, and nothing left to do, but to "wind up the system," and begin the work of common sense by providing for the interest on the sums already expended. A special session of the Legislature in 1838-9 did the "winding up," and thenceforth, for some years, there was no other question so important in Illinois State politics as how to pay the interest on the vast debt outstanding for this account. Many gentlemen discovered that De Witt Clintons were rare, and in certain contingencies very precious. Among these must have been Mr. Lincoln. But being again, elected to the Legislature in 1840, again the acknowledged leader and candidate of his party for speaker, he ventured in December of that year to offer an expedient for paying the interest on the debt; but it was only an expedient, and a very poor one, to avoid the obvious but unpopular resort of direct taxation. "Mr. Lincoln moved to strike out the bill and amendment, and insert the following:-- "An Act providing for the payment of interest on the State debt. "Section 1.--Be it enacted by the people of the State of Illinois represented in the General Assembly, that the governor be authorized and required to issue, from time to time, such an amount of State bonds, to be called the 'Illinois Interest Bonds,' as may be absolutely necessary for the payment of the interest upon the lawful debt of the State, contracted before the passage of this Act.