Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-03-15

i public feeling. 30 completely were the members
of tie Legislature satisfied, that the rccommenda-
tons were the true indications Of the public viii
almost universally, that they adopted without
the slightest show Of opposition or objection from
any quarter
/ Il is true that Ma. VEST one of the Democratic
senators introduced Jan T. resolution instruct
+ ing the committee on Finance to make inquiries
INTO. and ascertain what means are at the disposal
Of the State 70 pay TIC interest on the bonds legally
sold aud also the propr.e,y of issuing scrip to pay
the same, e." but the Wings voted it down n
ztantly.
The question had il fact been tacitly settled early
IN The session long before the committees report
aud consequently sooner the report made
than 1t was apparently adopted hastily, though in
realty it was done with deliberaton. The people
we're unable and unwilling TO bear AK sufficiently
hgl To meet the interest upon the State debt and
the attempt to levy whc they were over5urthened
by bank oppression as at present would only have
been m fact 10 iarde positive population Of the
whole debt, lst or unjust.
We come now to the f1aaiest part Of the funny
article Of the Tribune.
The pre,eNt tia; Indiana cannot pay million
If dollars annual interest says tais profound wri-
700 900 hardy whskey-drnkers and tobacco-chew-
erz, possessing property worth s2G0,0oo000 and
raising thousands Of bushels Of corn, dc. &c, per
annum ~
The writer, if he knows WHIST he IS talking about.
relerates and approves suggestion previously made
by the New York Exprcss-another Wall street pa
pcr-to the eject that FIVE per cent. Of our annual
produce would pay the State debt interest. Here
it seems to be presumed that we shall consume no.
thing ourselves that we shall find an unlailing
market at prices fixed by these Wing Editors or
perhaps that our creditors viii take their pay, ike
country printers, in produce -
BY way ofjoke, we have frequently suggested to
friends, in conversation the proprety of offering
to pay the state interest in CORN; and if the wise
gentlemen Of the Express and Tribune can arrange
tae matter with our creditors we Will guarantee to
pay principal and interest of the debt in that article
Our inanciers would then fad no .diculty in coll
lcctng taxes from the people They could be as
sessed in corn, al say three fps a hushel and the
corn could be forwarded to convenient depois on the
ONO river to De delivered by agents Of the State
INTO the custody Of agents Of our creditors.
Fortunately, however, for the reputation of the
financial men of New y ori city, the flllacy of the
conclusions Of the Express and the Tribune has
already been exposed in their own neighborhood
and the writer OF the IIerads money articles is in
telligent enough to know that
" In comparing the ability of the States TO paw,
it mast be remembered that from the value produ-
ced is to be deducted the quantity consumed. The
surplus sold constitutes alone the ability to pay debts.
In New Nork shc commission and other commercial
houses sell all the surplus produce of the States of
the Interior, and sell to them the manufactured and
imported articles that they consume, and which
4 large profit Is obtained, which adds TO the wealth
of the Atlantic States, much it takes from those
Of the interiors and in the degree dimin shes the
profits on the exports of those States and conse-
quanty their ability to pay taxes.
" The question ot paying or not paying. with the
western States, Justly continues TINS wrIter-'Is
Rot one of Will but Of ability; which ability may be
tested very nearly by comparison Of the resources
OF each state with the State OF New York, which
State finds IL almost impossible TO raise money 10
meet lis liabilities. We recently gave the report
OF the committee of Ways and Means Of the State
of Indiana, IN which they avow their inability to
meet the demands upon the State. From the recent
of the statistics Of the United States
we come at the actual resources of each State. In
estimating the value of the products we must take
INTO consideration that the grains and other produce
Of the west OF much less money value to the pro-
duccrs who have 20 pay the taxes than 10 those Of
the Atlantic states. For Instance the price OF
wheat IN New York is Il 25;-at the ives; it va
from fifty cents to seventy five cents per bushc"
Upon this basis the writer goes into an estima-
ton of the products Of Indiana, as compared with
those of the State of New York the totals ofwhich
we copy, VIZ
Tadiaua. Me- York
Total products, s3I.45l90l sI32 90s 933
Tolo state d'bt bearing in. IS pol 22O Il 800 30
Population, G~5,-66 2,22S 81
Tins return gives the following results
y. T. md
Proportion of deb, to each inhabtant, $50 $1,000
ofproduct =" " 5000 1890
This gives vast disprcportion which is still more
in favor 81 New York, from the fact that her works
for which the money was spent, are productive
ket at n large profit. Again, the town and county
taxes Of the western States are always heavier in
proportion than those of the Atlantic States. We
may now turn 70 the fact that the State of New
/ ork. with all these immense advantages in its
favor, raise money for less than per cent
How then can any improvement; of credit be cxpec-
ted from the western States p
Finally if these ercessireiy honest Wing editors of
Wall street. who thus freely apply their epithets of
scinder and tiefto the people OF tins state, are
overanxiou. to condemn State delinquency. in order
20 proptiate the favor OF the Eundmongers and
Stock 3bbers-lct them turn their attention to their
own State credit.
The Albany Argus Of the 10Th ult stated, that
there were some four millions Of immediate and
pressing liabilities, for which provision has been
made, and which it is impracticable TO meet and
in view Of this condition of things, the public credit
is low, and sinking" But, notwithstanding this,
we have heard no cutlery from the Tribune, that the