The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-14

oows II law to prohibit, the ale Of real and personal
property fer less than wohirds Of their appraised
value; act for the aboshment Of imprisonment for
debit an act repeal the board of acts for
the relief Of the borrowers Of loan Office funds, nciud
lug those Of the sinking, college, surplus revenue.
saline &c. andreducng thsrsts of Interest," an act for
the extension Of the Wabash and Erie canal from the
mouth Of Tprecanoe to Terre Hsute and the sale Of
canal lands &c act to incorporate the whitewater
canal-giving out the whitewater canal to said company
on certain conditions; Also act giving out all the
works to companies and authorizing companies to issue
scrip land at its appraised vaue for labor per formed
aud materials furnished an act appointing NJ b.
Palmer agent examine the branches and State Bank
Of Indiana the 18th day Of June next and paying the
bank debt in treasury notes to bear five per cent interest,"
AMI be in payment of bank debts and for the
dues Of the State act providing for a tax Of ten
cents the $oe for State purposes and ten cents for the
absorption Of treasury notes an act giving to the
agent of the State who takes the place of and commits
soner power to commence suits agsinst public default
ers, &c.
Michael G. Bright, Esq. Of Madison, has been ap-
pointed agent Of the State to take the place of Fund
Commissioner, which Office has been abolished. The
investigating committee appointed to examine into the
conduct of the late commioners have reported fol-
lows:
After careful consideration Of the testimony how.
ever the committee feel constrained to present for the
adoption of the house, the following resolution -
Resolved That suits should be Instituted by the pro.
per authority behalf Of the State against Isaac Coe
and Milton Stapp for malversaton in Office after allow
ing them until the first day Of next May to settle their
accounts with the State
which report concurred in by the house and the
committee discharged.
Mr. Bright it will be seen, is authorised to institute
these suits.
Here then we have the State Of Indiana in bold relief
In the virtual reputation Of her debt They have not,
indeed inscribed upon the records Of their Legislature
fornal remuneration of their liabilities but they have
inscribed upon that they cannot and will not levy
taxes more than sufficient pay the current expenses
of the State This is the only shape that reputation
ever will assume. Pennsy lvania has done the same
thing three years her legislature has constantly
fused raise money by taxes to pay their debts and
have agreed to pay them only by borrowing money for
that purpose That power has ceased, and she will
repudiate her debt precisely Indiana has DONE That
State paid its debts long as it could borrow the
ney when the ability to borrow ceased they passedtwo
dividends and then declared that they could pay no
taxes higher than those requisite to meet the civil
penses of the State. Pennsylvania has reached the
point at which she is unable to borrow-she has failed
for the second time on her interest," and part Of the prin
cipal il dshonored she is making the last desper
ate attempt upon the Banks to wrench from them the
mans Of meeting dividend and the Senate at
Harrisburg, to its eternal and unuterabe inamy, is
again panderng the credit Of the State and the welfare
of the people, with aew insolvent and perishng banks
which cannot under any circumstances, whether
allowed to suspend net exist six months longer.
The bill compelling resumption in New Jersey,
passed the House in that State Saturday morning
We recently published the aggregate returns of the
Banks of the State of Maine. We annex the lead
ing features of the Banks in detail:-