Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-12-11

Bat the enumeration OF The causes which pro-
5aced our present embarrassmenis does not step
here. particularly relates to the non-payment
Of Interests. Tho legislature at The last session
made PROV iSjoas for the payment Of Interest, and
the redemption ot Treasury notes by authorizing
The sale - bonds, II bear not exceeding seven
per cent. interest, and by directing The levy of
OF forty cents on each hundred dollars OF
the grand assessment. As Is we'll known tho
Fund Commissioner could not dispose Of bonds
the terms required by tho legislature, Nothing
could be realised 10 the collection Of taxes soon
enough to meet the July instament OF interest.
Bat ihs Is not all. The net Of 1910, authorizing
tho issue Of Treasury notes, mado them rece,ia-
bic for taxes, aud ii viii be found when the
enuo Of The present year shall have been paid in
to the Treasury, that most If not all OF IT, viii
be returned in Treasury notcs-which By law
required to be DESTROYED rs they received
5y the Treasurer Of State. And The amour, of
these notes stii in circulation mus, prevent US,
for several wears, lrum deriving any available
ncaOs tIom the collection # taxes, with which
10 lIqaidate any part of the interest on the State
debt. The condition Of the suspended debt ls SUCH
that although portions OF IL may DO collected,
yet cannot procure ii 10 pay intercs, Us II falls
due.
Such is actually our condition, and condor and
Justice to ourselves, and to creditors, require
TO acknowledge, that we have neither under
contro. nor in prospect, for some time TO come.
the means to discharge the interest on the whole
Of our public debt.
/ II Is true might by the sale Of bonds great.
~ below their nominal value, manage 10 meet
our iiahIlitos for the present but owing To tho
vast 2cpreclntlon of our bonds, the debt of the
State would soon be augmented 10 n sum so large
+ hat II would be Impossible under the most favora
bio circumstances, 10 snstafn It's accumulated
/ weight. Such Inc Of policy must IN The end.
lead failure more disastrous aud oppressive III
It's consoq Houces, than to pause at the present
period OF our difficulties. Heavy sacrifices to
pay interest will add 10 the existing burdens of
tho State, without the most remote promise OF u
tiInate rclICt. although This may not 10 true In
respect ot measures, 10 secure the completion of
some Of The best works. The sum which it would
bo Necessary to loose IN order 20 pay our interest
at the present selling price Of our bonds, II prop
erly and prudenty applied annually, would do
more relieve the State aud calm tho fears Of
dIcIous creditors, than large and continued sac
rfce5 to meet the interest whllo permitting tho
works 20 decay.
NeyerfheIess il becomes 10 leave Efforts
uutrIed 10 recover our former position. Indiana
possesses "a entcrrEtsing and a rapidly increas
ing population. The natural resources OF tho
State az they shali be developed by tho industry
Of her citizens VIII ndd continuity to her wealth.
and this very addition will result IN constant
relative diinlnutIon of tie burdens Of tho public
r dob'. II is misfortune that cannot pre-
, eorvo tho faith Of the 5tntc unimpaired. StIIl
! should not dispalr o. ctirg from diff
cuitl8s while nuy means remain wl'htn our pow
\
means available Al present, Insufficient to
Pay al! tho interest, on our internal inpros enc
debt, vet can not with these, and such other
rcs2urc ca as can 30 reached, properly and pru-
IDENTITY applied, place tho State situation TO
pay her dcbfs, and finally redeem her suukcn
credit. Unless lnftny - te be suoohi in the SUI
cidnl measure cf fepuaIa!tr- tho public debt, md
We Furthermore adopt the destructive policy Of
5an3auing all the public works comprised in tho
act of 1896, thus throwing away al dead lose
forever, all hat has been expended, the State
could not DO better than Ia collect all her scatter
cd means, which can he made available mud with
determined etfirf, cu1eavor TO place some Of tho
most valuable works, ia "a condition 10 become
profitable.
So far rs II can be done consistently with The
public good, md the pledged faith of the Stn'o,
and without granting privileges which may provo
detrimental 80 the futaro interests Of the citizens,
mo State would d. well to tho assistance
Of companies, who may be wiling to contribute
towards the construction Of the public works
That computes can be found 20 embark TO Gny
great extent IN an enterprise of this character,
do not believe. Nevertheless Of tho
!, lines it i currently Understood that associations
Of individuals be Induced to step forward, and
B.. invest funds the shape Of Stock II amount
which VIII afford Efficient assistance IN the COM
peioG Of those works.
J Noah Noble, Esq the Fund Commissioner.
f. has been assiduousy engaged through the pres
ent year IN the duties Of his Office. Your most
earnest attention 10 invited - his very iull re-
port, which wiil be laid before you. lis magn!-
tude and The variety of topics, relating almost OK
ciJslvoly to tho suspended debt, and the cola'er
r al securities taken to secure liz payment, fofhit
J my attempting any particular statement OF ITS
:, contents. You viii perceive from the report TIA I
the greater part Of the suspended debt IS insol-
we'd in doubt and difficulty. Every fair and i'm
4 partial mind receive the impression, iha,
Indiana has been in many instances the vlctim
i Of preconcercd imposition and fraud If broken
banks were be resusciiafed for dishonest purpo-
{ ses, Indiana Bonds were obtained by The rroJec-
D.. tors 20 aid in tho enterprise. IT camofous cred
itors were 10 be satisfied is TO be feared iha:
: they sometimes lent assistance 10 their debtors,
IN cabling agen'E out Of Inc bonds. II heasi-
" operating institutions involved IN extern