The importance of this coal field to the interests of Peru and La Salle can scarcely be over estimated. When it is recollected that this is the extreme northern edge of the Illinois coal fields; that the country all north, to the forrest's of northern Wisconsin, is but sparsely supplied with timber, and that growing "small by degrees and beautifully less;" that this country is already interlaced with Railroads, all having a connexion With the Illinois Central, upon which the coal can be "dumped" directly from the mines; that the iron mines of northern Wisconsin are within easy and accessible distance; and that the locality itself possesses extraordinary advantages for manufacturing; its importance can be partially comprehended.

One word as to the advantages for manufacturing. One of the most considerable of these is the cheapness, excellency and unlimited supply of fuel. To this must be added the acknowledged healthiness of the locality and salubrity of climate; and the facilities for drawing supplies and distributing manufactures, by river, canal and rail road, which diverge in every direction, and penetrate a country which, for hundreds of miles, has a greater capacity for production, and consequently for sustaining population, than any other country of the same extent on the surface of the Globe. Laborers, mechanics and artisans can purchase the same degree of comfort here as in Chicago or other commercial and crowded centers, where of necessity rents and provisions must be high, for one third less price. This, it will be perceived, is a very important element to be taken into account. It would seem as if these advantages, combined with other and important ones not enumerated, would soon become so convincing, as to make resistance to the establishment of manufactories much longer impossible.

The present debt of the City of Peru is as follows:

Chicago and Rock Island Rail Road bonds,40,000
Market House bonds,12,600
Current expense bonds of 1855,5,000
Interest bonds voted for in June,5,000
Outstanding Scrip (about,) 1,000
Total.$63,600

There is enough uncollected, (or in the officers hands) revenue of the year 1857, which is reliable, to pay all outstanding scrip. The revenue of last year, from all sources, was $8,582,34. The whole amount of taxable property, real and personal, as appears, by the assessment roll, was $1,752,306. It will be seen that the financial condition of the city is by no means desperate. When the rail road shall pay its dividends regularly, if the issue of no more bonds be authorized, and prudence and economy are observed in expenditures, no difficulty will be experienced in meeting all engagements, and gradually reducing the debt.

On reviewing the census and other statistics, connected with the growth and present and prospective condition of the city, there will be found no cause for despondency and discouragement, but much for congratulation and hope. It is true that no such rapid increase of population has taken place as was anticipated, or as has been the case in some other western towns. But there has been no decrease, even temporary. On the contrary, there has been a steady and gradual increase in population, business and wealth, from the recommencement of the work of building the canal in 1843, to the present time. That this increase has been no more rapid, may be accounted for, partially by the influence which the sudden and nearly simultaneous construction of such a net work of rail roads as covers Illinois, exerts upon all interior towns. There are here no mountain barriers to obstruct the construction of a rail road in any direction. With the exception of the Central, they all cross the State from east to west, connecting the Lakes with the Mississippi, and run without much reference to the location of existing towns. The consequence has been, that nearly all the towns upon the river have had their trade temporarily diverted, to a greater or lesser extent; and "prairie towns" have started up, to compete for the trade, at almost every station. These have enjoyed an ephemeral advantage, from their supposed superior healthiness. That this is a mistake, the mortality of Peru, as exhibited by the census table, for one year, 1857,—which is a fair average of every year except those when the cholera prevailed—abundantly shows. That these towns, while they have in no instance wholly stopped the increase of those on the river, but only divided their natural accessions, will shortly react upon their older sisters, and, in their turn, contributed to their advancement and prosperity, is inevitable. This is already manifest in the relation which Peru now occupies in reference to Amboy, Sublette, Mendota, Arlington, Tonica, Wenona, and other towns on the Central, Chicago and Burlington, and Rock Island Rail Roads, none of which had an existence before the roads were projected. That this is, and must continue to be the case, is obvious from the fact, that while she has all the advantages of rail roads which any of them possess, she has in addition the superior facilities which the river and canal afford. That considerable accessions to her population have taken place the present season is proved by the fact, that only fifteen tenements, little and big, are vacant, while over fifty have been erected.—The foreign element in the population, it will be perceived, is quite large. This is the case with all western towns. If, from the number set down in the census tables as "born in the United States," be subtracted the number "born of foreign parents and counted as Americans," there will be left only nine hundred and seventy-two who are Americans by birth and ancestry. But the amalgamation of interest and feeling is so complete, that society moves harmoniously, and the subject of nationality is but little thought of.

It is believed that the mortality, as exhibited by the census table, is unparalleled. It is about one and one third per cent. of the population. This result has been obtained by enquiry in every family and can be relied on as nearly correct. It includes infants and adults, and those who have died by casualty, as well as by disease. It is true that we have not as large a proportion of old persons, whose lives are terminating in their natural order, as in older communities, but it is also true that we have a larger proportion of newly arrived emigrants, whose health is influenced by the fatigue and exposure of protracted voyages and journeys, and by a change of climate and habits. By a comparison with other towns and cities, and with the entire country, it will be perceived that the aggregate mortality is remarkably low. In Boston, according to the report of the Sanitary Commission, for a period of nine years, the average annual mortality was 2,53 per cent; in New York, according to the annual report of the City Inspector in 1853, it was 4,4 per cent; in Philadelphia, according to the report of the Board of Health in 1850, it was 2,29 per cent; in Baltimore, according to the report of the Board of Health in 1850, it was 2,7 per cent; in Charleston, according to the report of the Board of Health in 1850, it was 1,99 per cent; and in the United States in 1850, according to the census tables, it was 1,39. So it will be seen, that the mortality is less, if the year selected be an average one, than it is in either of the above cities, or in the entire country. This comparison, it is honestly believed, presents a fair index to the sanitary condition of the city.

Prominent among the objects which challenge the early and prompt attention of the citizens of Peru, is the subject of a bridge across the river, and a road across the bottom to the bluff, upon which passing shall at all times be practicable. The trade from the north and west which formerly centered here, has been cut off, to a great extent, by the Central, and Chicago and Burlington roads. The most valuable trade which remains is that from the south side of the river. This is sometimes interrupted for months together, as has been the case the present season, leaving merchants to look despondingly upon their crowded shelves, and mechanics to stand idle in their shops. (Most likely they console themselves at Kaiser's—but this is not to be printed.) What means shall be adopted for the accomplishment of this object, is not the present purpose of the writer to enquire. But that some plan should be devised forthwith—always excepting running into debt—is too apparent to admit of argument. There is every reason to hope that the energy, perseverance and financial skill of the present Mayor, John L. McCormick, Esq., who is the devoted and zealous champion of the work, will triumph over all difficulties.

We have now looked at the past and present. What of the future? Will the magnificent pretensions of the "Head of Navigation" dwindle into thin air? Will the metropolitan airs which she assumed and flaunted before the eyes of envious rivals degenerate into the abject cringing of the vanquished and crest fallen braggart? Will the notes of arrogance and defiance which rung out upon the tympanum of an admiring world subside into the moanings and mutterings of imbecility and dotage? Will the hum of trade and industry be hushed in her streets, and be superceded by the fluttering of bats and the hootings of owls? Or will she decline into a quiet suburban appendage of her more fortunate and energetic rival? Or will both places languish in premature decay, while neighboring towns stride onwards in their march to greatness? Will the manufacture of inordinate quantities of gas continue to be necessary to remind the world of their existence? These are questions that must be answered by their own citizens. Certain it is, that if they properly appreciate and energetically grasp the advantages which nature, and a rare combination of external circumstances have placed within their reach, it will be a long time before the antiquarian will have to grope through superincumbent accumulations for evidence of their previous existence. Not merely by the exchange and transhipment of merchandise; not merely by hotels, lager beer saloons, banking and exchange offices, and houses and places of refreshment and amusement, although they may be all prefixed with the word "city," can the destiny which is their inheritance and birthright be obtained. An intelligent and productive aggregation of bones, sinews and brains must be domesticated upon the spot, whose presence and influence will react, with beneficent results, upon each and every laudable interest and enterprise. No folly or madness can be more extreme, than that of those who think they can sit down with folded arms, and realize dreams of fortunes to be made through enhanced corner lots.

We have glanced at the material and political commencement, progress and prospects of Peru. Let us look at the moral and intellectual phases of her existence.