Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1836-12-17

Hath. o. trample On vested or psivate rights;
bat on the contrary, that they are = all times
ready to respect and sustain Tie ceostitLtlon
jaad taws, and proeect The rshss Of Individuals.
! lay before yoa letter from the Secretary
Of the Treasury q ths United States, with a
copy Of the late law Of Congress regulating
the deoosises Of the public money in the State
Banks and providing for the depositing
Of the surplu . money Of the Treasury
among tho States upon the basis Of fed
eral representation. From that act you will
perceive that as condition precedent, each
state is required to pass a law accepting the
dividend and pIedging its faith for the return
Of the money when called for, by the Secre-
tary Of the Treasury.
From the vast accumulationS OF the Treas
|ury Of the United States, as exhibited by the
monthly report Of the Secretary, it is proba-
bic the surplus to be apportioned among the
States will allot to Indiana about fifteen hum
drcd thousand dollars, the hrst instalment fall.
ling due the first day Of january. Whether
it shall be accepted or not, according to the
conditions presented by law, will be for the
sound discretion Of the legislature to deter
mine. nv own convictions are that il will
be the better policy to receive the money,
and rely upon the future wisdom ind justice
Of Congress for the surrender of any further
claim to the fund.
1fyou determine tho question nflirmativcly,
then what disposition shall DO made Of the
money to render il productive and safcf
Twoplans present themselves to my mind,
either 81 which would be acceptable. Tho
one il to increase the State stock in equal
proportion in all tho branches Of the State
Bank, and tho other, TO distribute II equally
nmong the counties Of tho several bank DIS.
tricts, to be loaned for n term Of five years,
in sums from $500 to $500 by tho officers of
the banks, secured by mortgage on lands ut
half their vnluntion:--thS morigagcr to pay
Tho officers such foes NJ wi COM cnsntc them,
cxcmpting the nccruing interest from any
chnrRo Of the expense Of lonning. Taking
into view tho amount carried Ia the surplus
fund, our bunk stock for tho last year has
yielded dividend IT more than ten per cent
and supposing tho condition of the bank 10
remain ~ prosperous for The future, we may
calculate upon nm interest al ten per cent,
should you dispose Of the fund upon the plan
Iirst named. II you adopt the second mole.
The rntc Of interest will be az you inay direct
into cnsh, whenever good policy
pr The cxigcnccs of the State shall make II
desirable. 1flOnhed on mortgage, u viii fail
INTO the hands of Those who cannot comply
with bank regulations BY making payments
II short periods. IN either way The fund
VIII be ssis and productive, and the benefits
" ~ circulation W; he GENERALLY felt BY The
,eople. The, annual ihletss. eai, be applied
~ That AeerUinA IN our l,hhs, and VIII meet
I on one fourth PAft NJ our eOhlempluledI
,ubllr debt NJ i've per cent. Should tho Uenr |
'fal Government fslin1uish iis claim, il viii
" fuF true policy ~ pledge ,he fund lof ,he
uppWt y! toWh'hp. schools after We Rre
hieugh with our publie works,
In ths R0nth VI July last, from three ~
pur hundred delegates, from The nine states
aost directly interested, assembled IN con.
enll0n NJ Knoxville, Tennessee, IN consult
pom the faetleabllliy. the eSpedieney, and
lon Of the projected National Railway, from
'harle stown, South Carolina, 10 the Ohio
liver. and from thence by a connection with
no works Of this State and Ohio to reach tho
axes. Several OF our public spirited citizens q
we're IN attendance, and participated in its {
II is proposed where other {
revision has not boon made by the States
aterested, that the surplus to 10 distributed I
y the General Cover nment shall be set apart 8
, an amount sufficient for tho accom- lish- Y
'cnt Of tho work. Our public works will 6
onsti,u,s important links in the great chain e
communication, and with the provision we I
ave already made, nothing more will be re. !,
hired Of the state. J
To the West, the South, and the Union, il =
a work OF great value. BY it's completion r
e will acquire, in the choice ofmarkets, all .
q can desire, and in the reasonable certain. c
: Of its success we find much to stimulate
nd urge US onward in carrying out our plans. v
or your information, lave been furnished O
18th several printed copies Of the proceed d
gs Of the convention, which now Law be- s.
re you. o
The Governor was requested by resolu- c
on OF the last legislature, to open a cores Il
,ndcnce with the executives of Kentucky j
Id Ohio, and with distinguished individuals C
the science Of theology, on the subject Of
Geological survey Of the three states; and to Il
certain the probable expense, the time it 8,
ouid require, the manner in which it should II
. done. &c. That duty received the atten- m
m due to it, and lnow lay before you the ii
pertaining to the subject.
From the Governor of kentucky.f have 4,