In the Illinois House of Representatives, December 4, 1840,House in Committee of the Whole on the bill providing for payment of interest on the State debt,--Mr. Lincoln moved to strike out the body and amendments of the bill, and insert in lieu thereof an amendment which in substance was that the governor be authorized to issue bonds for the payment of the interest; that these be called "interest bonds"; that the taxes accruing on Congress lands as they become taxable be irrevocably set aside and devoted as a fund to the payment of the interest bonds. Mr. Lincoln went into the reasons which appeared to him to render this plan preferable to that of hypothecating the State bonds. By this course we could get along till the next meeting of the Legislature, which was of great importance. To the objection which might be urged that these interest bonds could not be cashed, he replied that if our other bonds could, much more could these, which offered a perfect security, a fund being irrevocably set aside to provide for their redemption. To another objection, that we should be paying compound interest, he would reply that the rapid growth and increase of our resources was in so great a ratio as to outstrip the difficulty; that his object was to do the best that could be done in the present emergency. All agreed that the faith of the State must be preserved; this plan appeared to him preferable to a hypothecation of bonds, which would have to be redeemed and the interest paid. How this was to be done, he could not see; therefore he had, after turning the matter over in every way, devised this measure, which would carry us on till the next Legislature.
(Mr. Lincoln spoke at some length, advocating his measure.)
Lincoln advocated his measure, December 11, 1840.
December 12, 1840, he had thought some permanent provision ought to be made for the bonds to be hypothecated, but was satisfied taxation and revenue could not be connected with it now.
1841
TO JOHN T. STUART--ON DEPRESSION
SPRINGFIELD, Jan 23, 1841
DEAR STUART:
I am now the most miserable man living. If what I feel were equally distributed to the whole human family, there would not be one cheerful face on earth. Whether I shall ever be better, I cannot tell; I awfully forbode I shall not. To remain as I am is impossible. I must die or be better, as it appears to me....
I fear I shall be unable to attend any business here, and a change of scene might help me. If I could be myself, I would rather remain at home with Judge Logan. I can write no more.
REMARKS IN THE ILLINOIS LEGISLATURE.
January 23, 1841
In the House of Representatives January 23, 1841, while discussing the continuation of the Illinois and Michigan Canal, Mr. Moore was afraid the holders of the "scrip" would lose.
Mr. Napier thought there was no danger of that; and Mr. Lincoln said he had not examined to see what amount of scrip would probably be needed. The principal point in his mind was this, that nobody was obliged to take these certificates. It is altogether voluntary on their part, and if they apprehend it will fall in their hands they will not take it. Further the loss, if any there be, will fall on the citizens of that section of the country.
This scrip is not going to circulate over an extensive range of country, but will be confined chiefly to the vicinity of the canal. Now, we find the representatives of that section of the country are all in favor of the bill.
When we propose to protect their interests, they say to us: Leave us to take care of ourselves; we are willing to run the risk.
And this is reasonable; we must suppose they are competent to protect their own interests, and it is only fair to let them do it.
CIRCULAR FROM WHIG COMMITTEE.
February 9, 1841.
Appeal to the People of the State of Illinois.
FELLOW-CITIZENS:--When the General Assembly, now about adjourning, assembled in November last, from the bankrupt state of the public treasury, the pecuniary embarrassments prevailing in every department of society, the dilapidated state of the public works, and the impending danger of the degradation of the State, you had a right to expect that your representatives would lose no time in devising and adopting measures to avert threatened calamities, alleviate the distresses of the people, and allay the fearful apprehensions in regard to the future prosperity of the State. It was not expected by you that the spirit of party would take the lead in the councils of the State, and make every interest bend to its demands. Nor was it expected that any party would assume to itself the entire control of legislation, and convert the means and offices of the State, and the substance of the people, into aliment for party subsistence.
Neither could it have been expected by you that party spirit, however strong its desires and unreasonable its demands, would have passed the sanctuary of the Constitution, and entered with its unhallowed and hideous form into the formation of the judiciary system.