Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-11-14
:. MERRILL, l
J. F. ID. LANiER,
t. l.. PAINE, {
A. w. FLINT.



indebted to the State of Indiana in the enormous
amount of S2,o36,6ll ID account Of bonds sold by
dllferen, Fund Commissioners for which we have
received consideration has gone the way of all
desh. and the canal, which was the only foundation
for the enormous debt of 5000 0c0 incurred, has
passed into hands that will no doubt make ii IA useful
and productive work but Indiana will realize
single dollar from her debt No wonder the people
are tired of whiggery and wing management in Irdi-
ana.
The New York Morning News contains the follow
ing extract in reference TO this matter, which shows
the final result of this swinding Our State
Agent previous to his last annual report, had asccr-
tanned that Indiana had nothing expect and the
cent sale fully us,cs his conclusions-there being
debts having precedence Of sufficient to swallow
up more than the amount realized from tie sale Of the
Canal.
"The Morris Canal and Banking Company is
markablc instance of the revolution winch has over
taken banking afflirs in the United States. The
nal itself running from Jersey city to Eastcn, lG2
miles, is a work of public Improvement which, cheap
y built and economically managed, would be valu
able work. 1t is the shortest route from the great
Pcnnsy lvana coal and ron mines TO the city of New
York. 1Is fact alone Pr the valuable nature OF
the work. On tbs basis, However, an enormous bulb
and banking operations, the company were liable at
one time for more than 100000. Money was bor-
rowed III every quarter and expended III a mo SIN
gular way. The mode of management and the high
prices of labor ard material the construction of
the canal to cost 81 0Co,tt0; and at that
enormous, cost the capacity of the canal only
equal the passage of - boats while tie works
with VIII ca it commun Gates have capacity for "a
ton boats. Tie capital Of the company then 10
o q shares of 500 each, making Si,0J0,c0o, which
81.
work. AS was TO be expected however. from con-
meeting paper schemes with the work. the whole fell
into Insolvency, and as we stated recently, was sold
out for 81 cC0.coo.
We understand that the purchasers Of the canal con-
SIS. of a party cf twelve gentlemen, residing in this
city, New Jersey and Philadelphia. We have heard
the following names mentioned as members Of hsas-
ISOLATION. viz Geo. Griswold Esq, Thomas c.
Green, Mr.. Haven, Samuel Il. Brooks, John Rankin,
Chester Clarke jonathan l. Coddington Under the
na cement of such gentlemen, the public have
rance that the full capacity OF the canal for public
fitness will be drawn out, and probably for the stock
holders. These gentlemen have purchased the whole
concern for 81 ,0Jo,O0D being SO each Of the 40
900 shares The canal has been enlarged, that in
stead of 27-on boats il Will admit the 5l-ton boats Of
the Lehigh canal at Faston; thus enabling boats to
pass r ct from Jersey City through the whole route
to pitsburg and return and they estimate that un-
der these circumstances the work will yield $3.50 900
per annum which Is more than per cent lis
original cost. In the meantime the old stock is dead
and worthl =. lrepresen> nothing and is of no value.
10000 shares in the hands of receivers, and
the property of the new purchases, and these they
pay SD per share, 100000 on Monday next.
The remaining 10000 shares anoat upon the
market, and selling at So per share The association
oilers the holders of thus stoc. the privilege of
coming into he concern upon the payment of SO per
share on what the association Lave PAID out per-
soa may therefore become shareholder in the canal
uncncumbered, enlarged and improved. for SD, when
years ago they paid Sl5O for small canal having
len of sS5O0,0Jo upon It. Thu, it j. that in times
of excitement works got M by Spectators at
nous cost, which ultimately pas, INTO the hands Of
moncycd men for a little money. and they reap the
/ benefit The holder Of the old stock has now the op-
ton of selling at loss, of paving up the install
mcnt during the next week and taking the chance Of
rise in tie stock 50 "a still to enable him 10 make {
profit. Many weak holders viii be obliged To sell
e but this will be taken advantage Of by those who are
able to hold The estimates of the )caton, baset
upon good data, that the receipts will be S2I5,000
six per cent. on Sl,0O0,0c0 If it should turn on
but fourth of that amount it will be per cent.
the cost of the ney, stock