•February 8, 2017•

By Ellen Ferrera
for the News Progress

Abraham Lincoln is celebrated on President’s Day in February but also on his birthday Feb. 12. He is remembered locally for his years as a circuit court rider and for the many clients he served.

What is less known is that he was the first corporate lawyer for the Illinois Central Railroad when it was one of the largest corporations in Illinois. To properly tell this story we have to begin at the beginning with Land Grants.

Land Grants were started in the U.S in the 16th century for the purpose of establishing settlements. There were several kinds of land grants - for veterans, universities, etc. and the Land Grant of 1851 granted 2.5 million acres of Illinois public land to the Illinois Central Railroad - ICRR. This was the first railroad to receive a land grant and when finished, it was the longest railroad line in the world. But there were restrictions and financial burdens with the land grant so the ICRR received a charter from the state of Illinois which freed it from all the responsibilities of the land grant - but were required to pay seven percent of gross earnings annually as a charter tax to run from Galena through Springfield to Cairo.
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Photo by Mike Brothers
State Treasurer Michael Frerich visited a Sullivan Chamber round table at Cathrine’s 5 West Feb 3. John Hindman of Mattoon (right) was among interested citizens attending.

•February 8, 2017•

State treasurer Michael Frerichs gave visitors to the Sullivan Chamber of Commerce round table a chance to find out how he does his job in a state with no money.

“As the chief investment officer for a state without money, we were able to generate $68 million in interest for Illinois last year,” Frerichs explained to community leaders gathered at Cathrine’s 5 East Feb. 3.

He explained that if the state had a balanced budget, that would have grown another $30 million.

“We try to help provide tools for families to help invest,” he continued, noting programs such as the College Savings has grown to include 440,000 participants.

“A new investment program involving 14 states now allows people to save on behalf of persons with disabilities or blindness without jeopardizing federal disability benefits,” Frerich said.

He reported that the National Achieving a Better Life Experience (ABLE) Alliance allows for tax free investments when funds are used for the person with disabilities utilizing a pool involving 14 states. Read More