Why is Peru Illinois named Peru?

The Origin of the Peru, IL was the founding fathers admired the industrious nature of the inhabitants of Peru. An early act of the legislature set aside Section Sixteen in every township for school purposes. Therefore, when more settlers came to Peru in 1834, the School Commissioners laid out and sold the southwest quarter of Section Sixteen, and called it "Peru." This is said to be the Inca Indian word for "wealth."
Peru, Illinois (population 10,295 2010 census) was settled because it was the starting point of the Illinois & Michigan canal. Before the railroad the preferred method for long-distance travel and shipping was by boat. Travel between St. Louis and Chicago could be done by taking the Illinois river to Peru and then taking the lock & dam canal to Chicago. A series of Illinois cities were named after other waterway cities in New York: Peru, Utica, Seneca, and Lockport. Others say that Peru, the Inca word for wealth, was adopted because in the 1500's Spain colonized the South American country Peru forcing some of the Incas as far North as Illinois. The city was named after these native Americans.