Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-12-18
I" 3 per cent,
90 . - ~--f

FUNDED debt would be Seven Hundred and Fiiy-seven
Thousand one hundred and eniysix dollars aud 6fy
cents of which S454 305 90 would have TO be provided
Tor by taxation, (being three per interest ON the
whole amount provided reliance be- had the enues
OF the canal for the balance suggested.
In proposing fund the interest on the first dsy of
January, 1851 beg leave call the attention of your
excellency aud The Legislature the iact that by The
terms OF The bonds the ineres, is payable semi
that for this sem-annua interest there coupon at
tached TO the bondthat the interest should have been
paid at the time stpuedhal the holders Justly
utec to Interest upon tie coupons from the penod when
they matuTed-th3t, between individuals, interest nj
the legal rate, Is allowed always from the time The mute
Tails due-ta the State woad be less us and If in
sisted on, the would not be Withheld; and NAV
refer To the fact that by act OF the Legislature of the
fifteenth Of February, lS4l they authorized of
Stale bonds To be made for The express purpose of
ing the interest 10 become due in that year. ON the out
standing bonds OF the State which bonds to bear
interest at the rate Of per cent per annum paw cbe
bali yearly, and which duly executed aud rendered
to the bondhodes in payment of Interest," snd declined
except 10 small amount refer this aci OF the Le-
Sisiaure showing their the obligation resting
on the Stae-an obligation which far from being weak
ehed by the lapse OF time, is surely sreng hened In
proposing TO fund the interest therefore, bonds of
The State, up TO period far ahead, without interest,
whereby great sacrifice made by the bond holders
not only in the surrendered but also in the de-
lay and corresponding advantage secured The state
and the people relieved from the payment OF very
large sum of money; deem it proper TO add that have
been influenced by several considerations, among the
chief Of which is the desire secure the settlement Of
this great question, at this time, and accommodate
adjustment 10 the ability Of the people Of Indiana.
cannot permit myself doubt that this earnest of the
liberal disposition of your bond holders will by
corresponding spirit Of lberay, The part Of The Le
gislature aud people of Indiana.
According To the reliable estimates the people Of
Indiana will realize advance on the productions of the
State for the year 1915 the value of The pro-
ducts in the year l44 Of not less than four millions of
dollars result as gratifying to yOnr bondhoders IT
can be TO any resident citizen of the Stale aud this taxi
en- m connexion with other concurring and favorable
cnnstances renders the present most suspicious time
for the disposition of this subject.
may be permitted with propreiv 10 aIIude not only
the great internal prosperity of The State over which
you have the honor preside, for encouragement but
also 10 the prosperous condition of all the States in The
great valley, and constituting at this time the granary
whence drawn might almost say, the supplies Of
the world and with which States lndiana is
locked TO make their prosperity hers and especially
would direct the attention of The Legislature the
brilliant example of sister State OF Ohio whose
have borne without murmurng the burdens neces-
sary sustain their credit throug period of great
pressure and gloom, and where collected for the
year lS45 Of SereHyes cents on the hundred dollars for
the specific purpose OF paying the interest her public
debt Hers noble example, illustrating the integrity
Of free people, who regard the maintenance Of pghted
faith as the true foundation Of State characters and tile
seal of their prosperity.
Indiana, with a soil equally fertile, and population
equally industrious and entepnsng. has opened TO her
brilliant She has only her credit
that greatest element of national wealth, render
tain
would refer also TO the progress which other States have
for the Of their cedto Pennsylvania and
Michigan and llinois-in each Of which, steps
have been taken for the restoration Of their credit and the
satisfactory relief Of their bond-hodeT and in these euts
the TecupeIave energies Of the American character
and the Justice prevailing every obstacle
is movement which ents the sympathy Of every Ameri-
CITIZEN, wherever his residence may be- and which
should challenge the admiration Of the world.
close without avaing myself Of the occasion to
few considerations which belong this great
eci involving, it surely does he honor of the State and
the prosperity interests and future welfare of its eight hun
bred thousand population and which, would SEEM should
prompt the Legislature take immediate steps, the
Of her ability for the relief of her foreign
1t will be remembered that they have held their bends for
long period, without receiving payment from the State
and the effect Of such delay 10 render their property
paatively vaueles Their hands In many instances par
lies have held on without submitting to the sae
fee which sale would involve, hoping for speedy relief
from the State; and in such if they only be
sued by the payment of small portion of the accruing in
and by certain prov ion fr the future, it will
them from Sacrifices and enable them preserve
their property Next to the payment in full of is
the firing the time when will be paid in other words
certainty The thing desiredit the tanty in which
tne Nhoe SUBJECT involved, ana me consequent naoty
of needy holders 10 make certain calculations that
adds their unhappine s-as in the between and
An examination would show. that the bonds of hd
ana like those Of Pcnnsy vania and New York,
found extensively in the hands Of trustees guardians,
tired and aged persons widows and others whose Object
investment and whose reliance for support is on income
Such, with scarcely exception is the class
The State he constrained 10 make payment in any
the viii OF the holders OF her bombs however
pressing their necessities be they left to derend
entirely for the fuflmen OF obligations upon her
Of honor and justice. In the exercise OF her sovereignty
she is the sole judge Of her ability, and il might be
deemed presumption in any creditor, to Hetion
her integrity and Observation-Disclosures in deciding On the ques
ton however il might dappont his expectations
variant it might be lom his own estimate.
The heest evidence which can be sven of the reliance
of those whom represent the honor and faith of the
State to be found in the fact already mentioned that
they have continued hold the bonds from the period oil
their purchase prior the default of the State down
the present time. II is true they have been encouraged
from time 10 time by the solemn assurances of the people
Of Indiana speaking through their Executive and Repre-
senatves of their in enton to do justice to them soon
they should have the ability; and especially by the
emphatic language Of the punt resolution adopted by the
Legislature of lSs4-45 which is" that regard the
slightest breach of plgh!ed faith, public private, an
evidence Of the want If that moral principle upon which
81 all obligations depend that when any State in this
Union shall refuse recognize her great SEAL the suf
cient evidence Of her Obligation, she will have forfeited
her station in the sisterhood Of States and will longer
worthy Of their confidence and respect and while
they ought not to doubt that such is the sentiment OF The
people Of Indiana, still, they painfully conscious ha
time is running against them-tha the interest is
atnr and with the increase of debt the difficulties in ht
way of payment will also naturally increase; and they
are impressed with the serious conviction that The neglect
refusal the part Of State, to provide for The paymen
of its lust debts for unreasonable length of time doe
involve all the practical consequences Of reputation,
the holders of its obg atoms aud TO the people themselves
and will he regarded by the world at lnrge and ih
danger OF this PGssive reputation, is increased
with the delay: for the longer it is suffered TO remain th
further removed il is from the time when the obligation
was incurred. and when the of it was resh-anG
when consider the changing character of the population
of all the States il is not surprising that the sensc
obligation should grow weaker and weaker with the laps
of time nor is it surprising in this view of the suffice
that the lively apprehension should be by per
sons situated like those represent that they should
mporunae with your exceency and the legislature to
them from such possible ate and in the communicated
which now have the honor mike, il have expresses
myself too strongly any point, if have seemed