Friday, June 24, 2016

Channel Cat Tales: Levee Bonds in 1899

Channel Cat Tales:  Levee Bonds in 1899
(Also note the price of land on Allison Prairie and the population of Lawrenceville in 1899.)

AUGUST 9, 1899
The Russell and Allison Drainage District, of Lawrence County has sold $21,000 worth of bonds to improve the Wabash levee.

 John Nuveen & Co, of Chicago, purchasers of the bonds, have the following to say of the district to be improved: This issue of bonds is for improving the 17 mile levee or the western bank of the Wabash River, Lawrence County, Ill. This levee was originally built and paid for in 1884, and is a direct benefit to about 2,800 people. Lawrence county is on the eastern border of the state, a little south of center. Lawrenceville, the county seat (with a population of 2,600), just borders the district on the west, and the village of Russellville is a part of the district.

The district taxed for this improvement comprises 32,600 acres of some of the choicest land in Illinois, which is conservatively estimated to be worth at least $60 per acre, or about $2,000,000 in all, thus making the security about 100 times the amount of the bond. The land is taxed a total of 62 cents an acre for these bonds.