Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-10-02
Indiana Public Debt.

Since the first failure of this State to to meet her
interest, the subject almost to have dropped
from the public mind Resting as the debt does an
incubus upon the State, tie payers seemed 10 have
given up to despair and the orators who had seduced
them to their sad situation have hesated to call their
thoughts to SO unpleasant topic. This Indifference
has been increased by the reflection that the enforce
ment Of the collection of this debt through the Courts
at law was not to be apprehended-
But the time is ccming-t has come-when the
public attention should be turned to this SUBJ
ject In all seriousness This debt has, IN some
way or other, at some time or other, to be
cancelled. 1t Is increasing, perhaps, In a great
er ratio than the resources of the State. 1t should
not be repudiated, and vet il cannot be paid 1t is
true, there are some bankrupt fellows who pay no tax
and who have repudiated their private debts
through bankrupt and insolvent laws that the
idea of the States inability to pay, and are struck
With ainazement at the suggestion of compromising.
In any form the debt OF the State. But the truth Is,
the State is broke. She can't pay her debt Such has
been the concurrent testimony of her public officers.
Gov. Whltcomb, in his last message, says:
! 1.-The great mass of my fellow citizens will not
suffer myself to doubt, willing, nay, anxious-to
meet all our just obligations. With them it is not
question of inclination, bat of ability. But the
tent of the debt the actual condition, and the means
of the State, and thorough examination Of the
whole subject have only served to confirm me in the
opinion expressed a former occasion that il IS
beyond power to meet our liabilities. Indeed, so
,
vanced by my predecessor his last annual message.
that pay the interest public
debt IS universally entertained among the people OF
the State"
This debt however, must in some way be got rid
Of If it is not removed, It's weight must ultimately
crush the energy of our people How shall it be done
We see reason why it should not be accomplished
In the same way that broken individuals dispose of
thcirs-by compounding. Why should not this
be adopted There is nothing in the character of
ii J. L. Il al.
situation of the present bondhoders, that forbid It.
The debt grows out of business transactons-hec con-
sideration of it was tape and calico at quadruple
price, and the present bondhoders have paid fifth of
: the face of the bonds for them Those who dealt
with Indiana were bound, as is man in dealing with
man, to Judge for themselves Of the ability of the
State and to risk her Insolvency, and TIER conse-
!, quent loss.
! Then let this debt be compounded Let law be
passed offering to issue bonds to the present hold
ers, allowing them fifty cents the dollar Of the old
ones, and make the provision, that to all who accept
such arrangement, the interest shall be annually
paid and the principal, it shall become due. Then
lay on the tax and fulfil the agreement This would
pay the bondholders more value than the people of
the State got for them, and would bring the
debt within the ability of our people.
: That something of this kind is the plan of Gov.
: Whitcomb, we infer from his jGdcious suggestions
e in his last message. He says:
!, ''Under all the circumstances, would recommend
that provision be made by law Tor the appointment Oh
one or more commissioners to receive any such COM
may be hereafter addressed to the au-
thores of the State, in reference to this matter, IN
the hope of making arrangement to all our Just
debts, which, while it Will bring the subject within
our means, will the honor Of the State and be
satisfactory to our creditors Such an arrangement
should of course, not be binding until ratified by the
Legislature, what is perhaps better, confirmed by
direct vote of the people. The latter, it is UNDER
stood, the course adopted by Michigan In rela-
: ton to portion of her debt and that the arrange
ment duly ratified at the polls by her citizens
e -JeftrsontGn.