Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-03-08

tae company a. deal with the state IN suca ulsu-
uer that the whole # the D zlrd incurred. 5 thrown
on the State, and the whole of the profits made
20 the company. Whether engaged IA purchasing
treasury notes state bonds the lines from con-
tractors, paying OFT bonds 70 them, all tae pro-
its OF t.s operation 20 q the company, IA the haz-
ard f any is borne by the State IAs is sn..i-
cleuily manifest in the case before noticed ~ y er-
~hen SIr. King Is suffered 10 hold state bonds
a ten. Sapps agent, up 10 the hour % q 5ursing
them, the company mourning no risk % their drprc-
citation. rs soon he is ready 10 d.s5ursc them at
profit ct twelve per cent. with vcrsa'iy trlls
admirable, Mr. King appears IN a tniuklnT 10 q
aaw ckaraatcr. lie is 20 longer the agent Of the
state hat the agent of t4e company &c carries over
20 the credit of the company pront based avoWed-
: no capital, no labor no risk. And ten. Stapp
Is kind enough 10 see Mr. h ing III al. ls cAa.a,con
like changes of character Just as Alr. King chooses
to appear 10 him, the agent Of the State m one
instant and the agent of the company IN the next.
These facts induce your committee % believe that
there existed between Gen. Stapp and the compa-
ny, not only community OF loss but ct profit a. 20.
Ii this was not the case lac WAS certainly tAe most
dactle dupe ever known. On view OF the whole
facts your committee think that the company and
Gen Stapp should be both made the defendants %
bin in chancery and their caths dispensed Wl,h
under the practice act. That they should both
be held responsible for the % GOO dollars due the
State, and for the ll-got.cn gains Ct tie Company
IN their operations on the Madison railroad.
Gov. Noble, BY a written agreement in March
last, extended the old contract with the company
for a longer period and a subsequent date
ployed Mr.. John King as his agent, 10 disburse on
the railroad. Although Gov. Noble may have been
wholly ignorant of the nature of the transactions
previously had between tie company and Gen.
Stapp land many Of them were o. such nature as
not 90 be understood without invest, CATION, being
covered up by false reports and deceptive appear
ances) yet your committee can by no means hold
Gov. Noble blamcless. The renewal of this con-
tract was not only without the sanction Of law but
in direct violation Of at least two Statutes OF
these statutes prohibited the sales of State bonds
except for cash aud &C Their per value. Tins act
was passed Just before Gov. \ Obie came INTO Office
as fund commission What right had he to sell
bonds al = cents to the dollar under such a law ,
II may be perhaps said that lie only continuing
an old contract. In answer to this your committee
would state that Gov. Noble admits himself, that
the contract had expired by its own limitation. Tie
most subtle casuist would fad himself puzzled IN
the effort to take and maintain stincton between
the making Of new contract aud the renewing Of
an expired contract.
The new statute under which Gov. Noble acted
prohibited sale ofState bonds for 4 less price than
their face. the Madison company had not closed
with the terms offered them under the old com
pany, we are at loss to perceive how Gov Noble
had any right to extend them tie provisions OF
that law which had been repealed. We Do not per
ceiYe that the company purchased any bonds under
this extended contract. but the fifty nine bonds
cb0Fe spoken OF, were suffered 10 remain in Mr.
John Kings hands agent for the fund commission
er, and were dIsbursed on the Madison and Indian
apols railroad during the past year, at heavy Joss
u the State, varying from % 70 90 per cent. Tn
m0dHS opcrdtdl OF these disbursements may be sc-u
by several cases proven before the committee B.,
the Testimony Of Mr Thomas 4. Morris, Engnc
IL appears that laying down the track the VI NJ