996

WISCONSIN BECOMES A STATE.

1848.

space for particulars. From 1835 to 1840, the popular mind through the United States, passed through a species of mania. Men, who were shrewd, clear-headed, and safe calculators, became incapable of reasoning correctly in financial matters. The Legislature of Illinois, as did other legislative bodies, labored aud acted under a singular hallucination.

A minority resisted; a prominent leader of which, the late General Hardin, was among the number that opposed the "splendid project." The law passed; ten millions of dollars were to he loaned and applied to various lines of railroads, and river improvements, and appropriations made for the same. The railroads extended like checker-work over the State; every one of which was planned, and estimates made by the committee on the copy of a sectional map of the State, just published, and which had reached the seat of government.

The whole length of the railroads to be made, was one thousand three hundred and forty-one miles. Extravagant as was this scheme, loans were negotiated to an amount exceeding five millions of dollars, and the money thrown away. The whole system went down about 1841, increasing the demands against the State, (including accumulations of interest due,) to an amount exceeding fifteen millions of dollars. Great as this burden may appear to others, Illinois has resources, and has made provision to liquidate thii heavy debt.

The canal stock includes a moiety of this debt, and its resources and income will absorb that portion. The State has other resources. But in making a new constitution in 1847, which was adopted by a vote of the people, in March, 1848, a section providing a special tax of two mills on the dollar of the civil list, was adopted by a separate vote of the people, by more than ten thousand majority. This income is applied to the extinguishment of the principal of this debt; and it is probably the first instance in which the people, by a direct vote, have solemnly declared they will tax themselves to pay an old debt.

A Convention was held at Madison, October 5th, 1846, for the purpose of drafting a State Constitution, which was adopted in Convention, Beceniber 16th, 1846, but rejected by the people at the election held on the first Tuesday in April, 1847. A second Convention was held December 16th, 1847, and a Constitution agreed to February 1st, 1848. which was approved of by the electors at the election held April, 1848, aud Wisconsin was admitted