Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1843-08-01

a number OF worn out canal boats, and a few
alligator swamps in Florida. which DIR. Coo.
Caleb b. Smith. Milton Stapp, and Samuel
Merrill, the agents who made the loans, de-
clarcd 10 be entirely sufficient to secure the
money. but which have been since found TO
have been entirely value less. There not
being a solitary dollar in the Treasury to
nay these contractors and labOrcrs-thc Trca-
sury notcs-this miserable substitute for mo-
ncv. on which the farmer will have to be
shaved, until they are finally redeemed at
the Treasury. was issued as a dcrnicr resort:
but a, these notes are reduced IN amount,
and the certainty of their final redemption
at given period increases. they will become
better and better. and in year or two
more. with proper legislation. the evil OF tins
currency n circulating medium. will be but
little felt. and the broker. 50 far a they are
concerned. will have to shut up shop.
But the m,iortuncs of The State. growing
out OF the incompctcncy and mi,managcmant
of our Fund Commissioners. in selling bonds
and getting no money. did not stop here.
When our Improvements went down under
the weight of the mismanagcncnt and IN
competency of those conducting them. the
State stood indebted to the State Bank near
,rrfn hundrcd thousand dollars for advances to
contractors. without a dollar to pay. This
greatly crippled the resources of the Bank,
and added to the large, heavy, and cXccp-
tionablc loans which she had madc 10 lndl-
yidual,. many of which. it will be seen from
Mr.. Palmcr's Report, are still unpaid. and
bv which means more than one hall OF the
actual capital was entirely sunk, 50 far as
usefulness to the country or benefit to the
Bank are concerned. leaving the Bank, at
the present day, proitlcss TO the private stock
holders and the state u part owner, and OF
but little advantage to the country. on the
score of Accommodations. and il l. Il source OF
some wonder and coDgratulati0n. that this
Bank did not 90 down along with the rotten
concerns around us in the ncighborlng States.
Some of the " hig editors say, that within a
few years past Democrats have been elected
as a portion of her Directory; it was not.
however. we presume, their intention to give
the Democratic party the exclusive credit OF
preserving the institution. If elected. my
effort will be TO effect all possible reform III
the Bank. so rs TO prevent past evils. 10
set my face and the face of the country
against countcnancing any thing like sus-
pension of specie payments. and Immediately
to wind her up the moment she does 30.
believe that in three or loar years the
Treasury notes now In existence can be paid
oil. and that BY the continuation OF our rcllcl
laws. the private Indebtedness OF indiyidu !,
will also be liquidated, by an exchange OF
property, without material injury to the coun-
/ Try; but few new debts are contracting. and
/ Indiana will then stand in a condition pre-
ciselv to know how far She will be able to
I H., dol, l.
gratifying consideration connected with this
subject. which will be found in the report Of
the Committee of WAYS and Means at the
last session of the Legislature, which shows
to use the language of the Committee. = thai
notwithstanding the extensive embarrassment
OF the State: her want of Il circulating me
dunn; the depressed state OF the markets pre-
scented for the products OF her citizens, and
the general distress which pcrvadcs every
part of her territory. with an interest accru
ing against her of more than hall a million
of dollars; vet it viii be found that Indiana
on the 1t of January, lSi;. owed hq.
a million Of dollars icSS than she dld IN Jan
uarv. 1872 after adding all back interest
effected BY different arrangements With foreign
bon d holders; in addition to which, So.oj'
more in bonds were to be taken up by settle
mcnts with Seapp and the Cohcns. TIM
shows we are not losing BY delay to make
some general arrangement with our bonC
holders
Unfortunately for Indiana, many of on
politicians, whose Incompetence and mlsman
agcmcnt have caused our indebtedness. are
directing the people TO Congress to pay OF
our public debt. instead of looking at home
and Mr.. Todd. the mouth-piccc OF the Viii.
ticket for the Legislature in TIL, county. /
telling the people that the proceeds OF tn
public lands. owned in common by all tn
States and which have always been appro
priatcd to pay common expenses. with tn
aid OF high tariff. will pay off the Stat
debts. Now. more prcPosterous propos
ton. and one having less argument to sustain
it. never cmanatcd from any politician on
of Il lunatic asylum. Our share OF the Pre-
r cccds of the public lands. which i now use
for the benefit of Indiana Is well as the othc
States, amounts to only twenty thousand do
lars. as it, annual income: and there Is II
hone. I'll this generation shall have passe
, away. Of realizing any more from t'1is so--cC
. because all arc convinced that land specuii
lion has had IL day for the next twenty year
and that no more lands will tie purchase
from the Government. except for actual Gu
tivation: and when we looi, 1T a Tariff. W
A have no hope there. Our manufacturers. i
= most cases. 30 fur as staple articles OF col
t sumption are concerned. have passed the RI
4 bicon. and Yankee skill and Yankee ing
n nuity. under the great improvements whic
r machinery have produced. are successful
competing with foreigners. We have now
n prohibitory tariff on iron. nails. salt. coar.