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