New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1842-02-15
INDIANA a AwindIer!

,ve look fo. development Uf the secret influences
under which the action of the Legislature has been
shaped We shall wal; no longer. The Legisa-
,ure has adjourned SINE die, and made no prori
sion uhatecer for paying the Principal or accral-
ing Interest Of the State Debt! By this act
Indiana has voluntarily debased herself 70 the level
Of the lowest svindler or thief on the face of the
Garth That we do not speak harshly, let fact.
establish
The State Deb, Of Indiana amounts TO some
Seventeen Millions of Dollars Of which small
portion-sav Two Milons-was incurred in taking
stock in her own Bank, which is probably good, or
nearly So Ten Millions have probably boon spent
on her various and gigantic Works of Internal I'm
=provemcnt: while the balance has been lost by
selling her bonds on credit to the Morris Canal
Company and other insolvents, or wasted through
the ilnprudence and mismanagement of her tnan-
ciers Her losses in these ways amount to some
Three OF -Four Millions.
This indebtedness has been incurred by many
successive Legislatures, Of continually tuctuating
politics We believe the Jackson party was fore
most in the work. and we well rccollect the time
when its organ at indianapolis headed its ticket
:" For Martin Van Buren, and Internal Improre-
ment" But thi. is nothing. There is no pre-
,encc of party action in mourning the debt On
the contrary, the People of all parties have urged
on the work In 1887, two candidates for Gov
ernor were r,ln-alkc in politics-but one in favor
Of continuing the enlarged. extended system of
Public Work. then in progress; the other urging
their classification and the construction of the
most important first, and so on in order. The
candidate tarora6leto pushing on the rholc sys-
tenn mas elected by a large majority. Thus the
People themselves distinctly assumed and justified
the gigantic undertaking.
But times have changed; money can be no
longer borrowed with facility; very much has been
squandered shamcfully; the debt has been swellcd
by interest and charges, while the money has been
SO scattered that nothing has been conplcted-
There is revenue accrling, while the interest
of the debt is near One Million Of Dollars per an
mum. What is to be done The Legislature has
cut the Gordian Knot by resolving to lctMc State
Debt go to the 'ctmds, principal and interest, and
act precisely as # no such Debt eristed. Such
is substantially the course recommended by the
Committee of Ways and Means of the House, and
tacitly sanctioned by tho Legislature. We note
with pride that three members of the Committcc
we trust they were ull the Wings who were on
it-dssented from this Report, and expressed the
opinion that the State will pay every dollar che
owes.
We feared some result akin to Reputation
when we learned that Loco-Foc had triumph
ed on local issues in the election of Members of
the House, yet we did hope that the Wing Senate
would take pattern by Gov. Bigger, and nobv
stand forth on the side of Honesty and Justice
But SO far cun learn, they tatncy acquescod
in the course of the House, least did nothing
to show that they arc of different way of think
ing So Indiana stands before the world disgraced,
fallen, self-confcsscd bankrupt dcfaultcr and
swindlel-and hor Wings, unlike their gallant,
high-hearted brethren of Mississippi, arc involved
in the general ignominy.
The pretcxts on which this black deed has been
perpctrated are alike false and atrocious The
Committee of Ways and Means report that the
People riN net bear a tax above twenty cents on IA
hundred dollars; of which one-haf is required to
dafray the current expenses of the State Govern
ment, and ene-half to absorb gradually the out
standing Treasury Notes. They dscountcnancc
the idea that any higher tax will ever be levied,
and add
I" The Committee hare beer some, chat particu-
al cr IN regard 10 the amount Of tares srhtch It
",cu! be necessary to iecy, that the idea Of oncr-
!" Gus taxation may be rcmored from the minds
" Of the people Nothing can act so injuriously
to any country, the belief that its citizens
g liable to be oppressed by taxation.
We can tell these calculating gentlemen that
there is thing which will Operate more .in-
,luriously than high taxation and THAT is the rio
lation Of Public Faith. No State or People ey-
er yet repudiated its engagement, wAhou, losing
twice much as gained by the process consider
cd merely pecuniarv matter, beyond the loss
OF character. What man of lofty integrity will
identify himself with State so dis:raccdl VIVA,
capitalist will transfer his property 10 its oi?-
we consider every acre Of land in Indiana depre-
ciated ten per by this act of shameless peril
dy and robbery.
lhe pretem that Indiana could not bear the
taxation necessary TO pay the interest on her Debt
is most prcpoS,erous. She ha. a population OF Sc
ven Hundred Thousands of hardy, Industrious
Ercemen, who possess Property actually worth
Two Huadred Millions OF Dollars, on which rho
annual increase is at least Ten Millions of Dollars
She has One Million Head of Cattle. One Million
of Sheep, Two Millions OF Hogs, raises Thirty to
Forty Million bushels Of Corn Six to Ten Millions
of bushels of Wheat and far more of Coarse
Grains per annum. Her annual Product cannot
be worth less than Fifty Millions of Dollars, and
might by energy and industry be easily raised TO
Sevcnty-fvo or even One Hundred Millions. one-