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.
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