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Their proceedings are generally in secret, and their responsibilities are divided. And from the nature of corporations a spirit of favoritism must exist. They are associations to which are given the possession and enjoyment of privileges which men are debarred from exercising in their individual capacities. The exclusive powers, conferred on them by legislative action, are drawn from the people, and in proportion to the number of incorporated companies, will the people in their individual capacities be deprived of their rights. I am not opposed to well-regulated banks. Properly conducted, they facilitate exchange, and frequently enable the industrious merchant and mechanic to carry on his business to greater advantage. They also afford a safe and profitable investment for the money of the capitalist, and, if prudently managed, must be useful to the community. It must be admitted, however, that monied associations are not republican in their tendency, and when used for purposes of speculation, have a withering influence on the best interests of the great mass of community. Monopolies of every kind should be put down, and all corporations strictly confined to the privileges plainly set down in their charters. The excrcise of their powers, being in derogation of individual rights, should never be extended beyond the plain letter and spirit of their acts of incorporation. If they are permitted to leave their legiti mate business of banking, and to enter the field of speculation, by dealing in the staple commodities of the country, their capital would always enable them to prostrate individual enterprize, and to monopolize every description of business. While we should carefully guard the rights of associations, we should not forget that the great mass of the community have also rights, and that the welfare of all depends on their maintenance.

The Commissioners, appointed under the act of the Legislative Assembly, approved March 8th, 1839, to superintend the com. pletion of the Capitol, have made a report thereon, which is here. with submitted. It appears there from that a settlement has not yet been effected with the former board of Commissioners and their Treasurer. The present board, however, it would appear, have done every thing required of them, by law, in the discharge of the

duties of their appointment. The appropriation by Congress of forty thousand dollars, for the erection of the Capitol, was a liberal donation on the part of the government, and it is due to the peo ple of this Territory, (for whose benefit the donation was made,) that proper measures should be adopted to ascertain what disposition has been made of that part of the appropriation which has not been accounted for.

I respectfully recommead to the Legislative Assembly the propriety of again memorializing Congress, asking for suitable appropriations for the improvement of the navigation of the Fox river of Green Bay, the Wisconsin, Rock, Pekatonika and Platte rivers, and the River of the Four Lakes. In my last annual message I suggested the propriety of asking donations in land for this purpose. From the extent of the grant in land, made by the govern ment to aid in opening the Milwaukee and Rock river canal, I consider that donation as establishing a precedent that would have a favorable bearing on the action of Congress, in the granting of similar donations for the improvement of the rivers above named. The practicability of their improvement by the means of small appropriations from Congress is very apparent to all who are ac. quainted with the great natural advantages and facilities of the country through which they flow.

The improvement of the navigation in the Fox and Wisconsin. rivers, and the completion of the canal connecting them together, near the Portage, are objects of the first importance to the future growth and prosperity of the Territory. The accomplishment of this would at once open a direct communication between the Mississippi and Lake Michigan. The rich and fertile lands bordering on these rivers, would be speedily settled and cultivated by the enterprizing immigrant, and a direct and sure route to the eastern markets would be afforded for the lead manufactured near to the Wisconsin river besides, the public lands would be greatly enhanced in value, by the formation of extensive settlements, which would materially add to tl e prosperity of the town of Green Bay, as well as to the growth of the whole country lying between the Mississippi and Lake border.

The Rock river has its source near Lake Winnebago, and, running in a southernly direction near the centre of the settled part of the Territory,waters a large extent of fertile country. From the liberal appropriation made by the state of Illino's for the improvement of the navigation of this river, to the line of our Territory, it is confidently believed by those acquainted with the obstructions. above the line of that state, that with a small appropriation from Congress, the navigation might soon be rendered complete from its junction with the Mississippi to that point where it is contemplated to unite its waters, by canal, with those of Lake Michigan.

The improvement of the navigation of the River of the Four Lakes, would open a direct communication for steamboats to the seat of government of our Territory, and afford important com. mercial facilities to that point--thereby greatly enhancing in value the lands of the United States, as well as those of individuals in that portion of the Territory. From the short distance of the outlet at the Fourth Lake to its confluence with Rock river, and from the very few obstructions met with, it is known that but a small appropriation by Congress would be necessary to complete its navigation.

The improvement of the Pekatonika is an object of the deepest interest to the people residing in the mineral region. This river has been navigated by flat-boats, descending from a point within seven miles of Mineral Point, to its junction with Rock river. The current is gentle, and the river susceptible of easy improve. ment; and by cutting canals across some of the prominent bends, the distance would be shortened from the point alluded to, to where this stream unites with Rock river, at least one third of its present length. The advantages that would result to the people resident in the mining region of country, bordering on this river, by having a water communication with the Mississippi river for the transportation of their heavy products to market, in lieu of the present land carriage of nearly forty miles, are very apparent. Great facilities would also be afforded to the agriculturalists of that section in the transportation of their surplus produce to a Southern market.

The improvement, also, of the Platte river, is a work of the first importance to that section of the Territory through which it passes. The town of Platteville has a population of several hundred inhabitants, and the adjacent country is in a high state of agricultural improvement. Some of the most productive lead mines have been discovered in the immediate vicinity of that place. It is believed that the distance on this stream which requires to be improved, would not exceed fifteen to eighteen miles; so that the expenditure necessary would be altogether inconsiderable, in comparison with the advantages which would result from it. After a few years, there will be a large surplus of agricultual produce to be transported from thence to find a market south, inde. pendent of the heavy product of the lead mines. The United States has received several millions of rent lead, for the use and occupancy of the mines on and near the waters of the Pekatonika. and Platte rivers; and it would be an act of justice only, for Con-gress now to make a liberal donation, in land, for the improve. ment of these streams, more especially, as the value of the unsold. lands on their borders would be greatly increased.

By the first section of an "Act to provide for aiding in the con.. struction of the Milwaukce and Rock river canal," approved February 26, 1839, the Governor was authorized to borrow the sum of fifty thousand dollars; accordingly, bonds were issued to that amount on the fifth of August last, executed by me, in the name of the Territory, and under authority of an act of Congress, for one thousand dollars each, bearing an interest of six per centum per annum and payable twenty years thereafter. And, in conformity to the 20th section of the act first referred to above, John H. Tweedy, esq., the present Receiver of the board of canal com. missioners, was appointed the agent of the Territory to make sale of said bonds, and the Bank of America, in the city of New-York, designated as the depository of the funds arising therefrom, in the event of a sale. Mr. Tweedy, in his report to me on this subject, states that stocks of every nature were depressed to a lower point than they had at any time been for many years, not excepting the 'panic of 1837. The seven per cent. stocks of the city of New

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York were selling at 95; New-York state bonds, four per cent., at 77 1-2; and the bonds of most of the other states, least encumbered with debt, were totally unsaleable. Money was commanding three times the ordinary interest in all the larger cities, and in the smaller places of business. As early as may be prac. ticable, the contemplated loan will be effected, in order to enable the canal company to commence their operations.

In the report of the chief engineer, made in obedience to the 15th section of the "Act to provide for aiding in the construction of the Milwaukee and Rock river canal," (and which is herewith submitted,) the estimated cost of the construction of the canal is given at less than twelve hundred thousand dollars. The liberality of the grant made by Congress to aid in the construction of this work, is evidence of the important light in which it was viewed by that body, as forming a great connecting link between the waters of the Mississippi and those of the northern lakes. I will here repeat the views expressed by me in a former message, on this subject:--" -"From the liberal provisions of this grant of land, it may be considered as the commencement of a system of internal improvements under the fostering protection of the government, which will have the most beneficial results in promoting the future welfare of the people of Wisconsin, by opening a direct communication between the waters of lake Michigan and those of the Mis. sissippi, by the Rock river, which is the most practicable southern. route. passing through a fertile region of country, well adapted to agricultural purposes. The completion of the contemplated canal will be the means by which the products of the mining region of Wisconsin can be more readily conveyed to the eastern mark. ets, which now take a much longer and more circuitous route, by of New Orleans."

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I would recommend to the Legislative Assembly the propriety of so amending the act referred to in the preceding paragraph, as to authorize the payment of the salaries of the chief engineer and commissioners of the canal, out of the proceeds of the sales of the canal lands. At present, these proceeds are exclusively applied to the payment of the principal and interest of the loan,

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