From the New York Evening Post.
ILLINOIS.
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If the creditors of the deeply indebted State:


were willing to take land and its products at tbs


prices they bore when those debts were contract


ed, they would be paid in full but silver and gold
the people have not, nor can they, when all the


natural relations of land. labor, and capital, are
deranged procure them in sufficient quantities to


meet the various demands made against them.


This is especially the case in Illinois The


scarcity ofmoney is there great that nearly all


the trade, in many parts of the State, is reduced


to simple barter. 1t is impossible, in such con.


dition of things, that any large amount of taxes
| should be paid in money. But what the people
have, they willing to give. They are willing
ito give their canal, their canal lands the water
power, and the other appurtenances thereunto at
tached, to the holders of the canal bonds, on the
simple condition of their completing the canal
Of the intrinsic value of what is here offered to-
them, the holders of the bonds may form iudg-


ment from the great anxiety the people of the


State have had to complete the canal on their own
account Spite of all the disasters that have come
upon them, since 1887, they have perscvered in
their efforts to accomplish this object, nor would
anything but dire necessity induce them to part
with so valuable property. Indeed, we know
not but that transfer OF this kind may be regard
ed as payment in full The creditors in the
State may hereby get full as much intrinsic value
as they gave, though not precisely in the form or
iginaly stipulated |


Under the management Of trustees appointed by
the bondholders, the canal will be completed at !
much less expense, and afterwards be far more
productive than it would be if under the control of
the State. Uniting the waters of the great lakes
with those of the Mississippi, and extending thro'


region of unrivalled fertility, few works of inter-
nal improvement promise to be more advantageous
than this Michigan and Illinois canal, if placed
under proper management.


Ef this transfer can be effected, the debt of tire
State will be reduced to about four million dollars
the interest of which, some seem confident the
people will be able to pay. Ofthis we are not so
positive. 1t is extremely difficult to raise large
amount of money by direct taxation, in an agricul
turaT community-especialy when that communi
ty is nearly destitute of money. The Chancellor
of the British Exchcquer could not do it, even
with an army of soldiers to back his army of tax
gatherers. He depends for nine-tenths of his rev.
anue in country where money is abundant, on
indirect taxation. The completion ofthe Illinois
canal will, however: rapidly has:cn the develop
rent of the natural resources of the State, and,
when this is DONE there would surely seem to be
prospect Of the people being able to raise in some
way the amount necessary to pay the interest on
he residue of the debt. Some years must elapse
before this will be practicable; and for the pres
mt it appears TO that the only choice the bond
holders have is to take what the State offers or to
AXE nothing i