Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-10-11
From tho Monroe Times.

izng aud directing the Governor oil this
State to negotiate loan of sum not ex-
ceeding FIVE millions of Dollars, for works
of Internal improvement. Soon after the
Adjournment of the Legislature, Governor
Mason went TO New-York to effect the OBJ.
jcct contemplated by the act referred to.
II was MOI expected that this loan would be
Obtained A-the United States; and the act
iseif authorises the Governor to negotiate
It in Europe. Application was made 10 the
Agents Of foreign capitalists in New York,
and assurances were given that the loan
could be effected, upon the suua forms, as
soon as the money would be required by
Michigan. We are informed that that ne.
go:iation was commenced, and assurances
of undoubted success given. by Mr.. Della
field, Cashier oflhe Phoenix Bank. Indeed
offers have been made by American capt.
taists, as we are informed, 10 take part OF
the amount required by the act.
Certificates OF stock are 10 be issued by
the provisions Of the law, and sold, but at
no less price than the par value. BY the
act these certificates bear interest at FIVE
and half per cent. The States Of Ohio
and Illinois have lately effected loans in the
same manner, but heir certificates bear in
terest at six per cent. Most, ifnot all OF
the other States of the Union pay ineres,
NJ SIX per ceni. 0nstheE @ivsns. X would
not be surprising therefore, if tho Michigan
stock should find less ready market than
that bearing higher rate Of in crest
Somethng mo re, however, than par value
can be obtained OF it even at its presenr
low rate Of interest, but the premium mus
ofcourse be less than if il bore the usual
rate of interest. We have no hesitation in
saying that the loan will be obtained in am.
pie time for the u;e of the S ate,
We see in the opposition. papers surmises
and complaints, that this loan is not now OBJ
tanned, the great rail roads located, and the
money expended upon them.
AT the winter session of the Legislature,
il was expected that time would be- required
to effect the above mentioned loan, and
that it would be obtained by negotiation. in
a foreign country. 1t was moreover advi.
sible to prosecute the works of Internal I'm.
provement with as little delay as possible.
BY an act Of the Legislature, therefore the
amount ofthe surplus revenue which by an
act Of Congress fell to the portion of Michi-
gam, previous to the first of January 1888.
was. transferred for temporary purposes, to
the fund for Internal Improvement. This
together with the fye per cent. on the sale
nfpublic lands within our territory, has given
ample means for our works of Internal I'm
provements during the present year.
II will be preceived at once, tn the insin-
uation tina. delay has been occasioned in
the progress of our state works for want of
the loan, it is entirely unfounded. 1t was
not expected, nor has it been reported, TO
our knowledge, that the money would be
obtained under the act of the legislature,
before the first of January next. Indeed
the act itself provides that the interest is to
commesgce at that time. twas not requir-
ed, and will not be needed before that time
probably not so soon as hat. 1t would
have been folly for the State 10 pay interest
on the money before it was required for
use.
The works ofInternal improvements are
in state of progress on the several routes
established by the act Of the Legislature.
The road on the central route is rapidly
progressing. The surveys os the Northern
route are nearly completed--that on the
Southern route is also being prosecuted with
vigor and Notwithstanding the unfortunate
sickness of the whole party on the survey.
"a new company is organized, and the work
-wiltherefore soon be completed. Not a
days delay has yet occurred for want OF
means, but the utmost diligence has been
exhibited on the part Of commissioners
surveyors and agents employed III the great
works.
The location Of the several roads is con.
fided, after the surveys are made and re.
turned, to tho board OF Internal Improve
ment, and not as many seem to suppose, to
the Legislature, As soon as these survey 5
arc completed, the several routes will b.
finally established.
It's difficult TO preceive under what pre-
tence the wing papers inslnuate that thu;
Democracy of the State is in any respec,
disposed TO delay or oppose the system Of
Internal Improvement adopted by the Leg
islature. Who are the authors OF hat noble
system Those who attended the winters
session, can well answer that the Demo.
Gratis brougt it forward, sustained, establish.
ed il. Look at the press in Detroit, the OF.
gans ofthe two parties, now contending in
the election during the controversy on the
Internal Improvement Bill. The Demo.
cratic organ was with the Democratic Leg
.islative majority. The Wing organ was
against it. The Advertiser took the ground
boldly that the Northern and Southern
routes ought not to be established-that
they were not needcd-that the business up.
on them would moi warreni the expense OF
the construction of the roads-tha, nothing
but he central route would do. True, as
il graciously 10 cheer us of he extreme
despised South. they condescendcd to hope
that the time might come distant and doubt.
ful though i; seemed) when something
nigh. be done for us but we must wal
patiently for years. Wemust assist in doing
all in our power to build up one point, and
trust 10 Providence that the time would come
when the North and The South would share
in the favors they were themselves 10 be-
stow. We repeat that an examination oil
shc files of the Wing organ during the dis
cussion of the bill establishing our present
liberal internal Improvement system, will
show the Wing opposition TO that system
at that time, in its true light. Mr.. Trow-
bridge, the Wing candidate for Governor.