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

egemen, Of this deb, vas taken from, the olficers
oil the Bank and il has since then become blcn-
Jed with the debts contracted on account Il the
general Internal Impro, emert system.
No correct opinion can be formed Of the Proha-
Bile amount which vii be realized from the sus-
pended debt, o. the value otthe collateral Sc
cnrijles taken 1t different times for us payment,
the securities are as vaViogs Is can well be una
gined and many OF them are doubtless seafccfy
worth the paper employed ~ conveying them To
the state. \ part Il tho debt may be recovered,
bat haw much. or when, nre questions 1t Is IN
possible to answer. One thing, however. Is pref
~ certain, that but very liio OF II be collec
ted in time 10 be used for any Immediate purpose,
,The pubic debt Of the State may be arranged
under three diioront heads.
First That part upon which the interest can
be paid without resort to taxation. This III
clutes the following loans:
lst. Original loans for bank stock. Si131fVou
End, Advanced 70 the Bank In anticl-
patton Of tho 4lh nstalmeat Of the
surplus revenue, 29t,d00
3rd Advanced to he Lawrenceburch
and Indianapolis Il. Road Company, @2l.O0o
Total. SlQo5 900
Second. The Treasury Notes remaining in
circulation, The whole amount issued Up to tho
first of November. lSl0, was 400 900 dollars.
The amount which has not been returned TO tho
treasury is estimated 300 600 dollars. These
bear interests from their date until redeemed, Mt
tho rate OF per cent. per nHnum.
Third, This part of the public deb! consists OF
all those liabilities Of every description exclusive
Of the treasury notes upon which interest Is De
mandable, and for the payment Of whIch 10 odo
quate means are NJ present provided
These NAV TO stated as follows:-
/. Bonds sold for Wabash and Erie
Caral, $I,72I 900
,. Bonds disposed of for Internal
improvement, purposes. 100000
advances on the public works, GIL 800
nnsod. -l,o59oo0
> For Bonds sod to the Morris Ca
nal and Banking Company, to in
State r. PanI. 100000
Total. u,4s7.5ot
This sum bears five per cent. interest, oNcep
100000 dollars Of the Wabash and Erie Cana
loan, and tho amount advanced on the Nuaai'
W orks, hy tho bank, which bear SIX per cent.
aud about sc, 900 dollars Of seven per cent, bonds
recently disposed Of III payment OF interest
/ The annual interest the uboro sum may b.
sot down at So, 40 dollars II we add 70 thi
The amour, to be paid for exchanges, commission
expenses. &C. ilc IttAcA amount HJGtssAt4 - ~f'
| charge the interest on the above part 2s the pub
lie debt, VIII vary bat litto from GIo 200 dollar
ANNUALLY.
20 pay this amount Of interest. the state pos
ses he following means, which may be relied 81
VITA certainty:
Isl. Tho interest on Tho proceeds of sa'es -
tho Wabash and Eric Canal. S2l,00
II. Interest iron surplus Revenue, 200
Total, S5j 90,
Which being deducted from the proceeding
sum of SGI5 goo leaves the annual interest du
under the third head, at the SUN Of S553,Guo.-
TIE pcoceeds from tolls, water-rents, So. OF
the public works, will be absorbed in expense
! and repairs, for some time. And oil other extra
ordinary sources Of revenue brought into The es
Inmates usually made, are too uncertain TO be re
lied upon a, present. But think II may be cal
culatcd safely that in five years, should OH com
plote her portion Of the work as soon as oxPec
ed. the tolls and rents derive ed from the WabasI
/ and Erie Canal, when added to tho annual inter
csts received from the sale Of canal lands, viii b.
sufficient to pay tho interest on the loan foF II
construction
II will be discovered from the foregoing sta c
Iaents that We have a two fold debt pressing heav'
" upon US, from which immediate relief caGHu
! DO expected, namely, The sum actually eEpcHde,
on tho system Of Internal improvements adoptc
IN 1886, comprising works which are not in cit
uaiion to yield any profit, md also tho susPcnde
dobt upon which the accruing interest Is to b
paid, although the State has not received any Pof
uf the principal.
Il Is due ourselves in this state Of our affairs
to examine into some Of the prominent cause
which have produced the presen; embarrassment
The Grst Of these Is doubtless to be found in III
number of large and expensive works, embrace
in the system Of Internal Improvements, an
their simultaneous prosecution. Also the uncN
pected increase in the prices Of provisions, labo
and materials was such tina. sum much create
than the original estimates was required Tor ih
construction 0! tho public works. Two gfea
errors were committed 10 the progress e the sy'
tenn. The first paying the most Of The inter
est on. Of The money borrowed. THIS suhJecte
the State to tho payment Of compound interes
and the people DO, feeling the pressure Of take
to discharge the interest, naturally became mat
tentye 10 the policy which was Porsued la
II. commenced nv levyfuu