The Evansville journal. (Evansville, Ind.) 1834-184?, 1845-09-11

n when Their habits ofinduary and thrift are considered, and their adean-
Again: the assessmen of ,axables for the same year, The polls not included.
is considerably rising one hundred millions of dollars; and, taking into view
the increase Of the present year, it may it may be fairly estimated that one
twentieth part ofone per cent. on the assessment s would make the amount OF
year was upwards of $a69OOo, and the ordinary expenses OF the Government
were so,oooe.the difference is presumed; being principally applied n the
but a large portion ofwhich, III is believed, will be outstanding for yearsto come
merely 70 70, the want 1t Of s presentation; f But, 1t !" mas y oIe w ns : n TIA .o the people a G,
forthis purpose ;hat they would be submitting na barden, without an equivalent
set at other points in the State, and finish the work themselves. 1t is true
that, oil the Madison Railroad and Whitewater Canal a most Paiseworhy
spirit of enterprise had been manifested, and we rejoice that there is a goody
promise that it will be attended with the best results. The people of The
cases are parallel, when the length of the line from Evansville to Tere-
Haute is considered, and that the country through which it passes is 'hiniy
ing N equivalent, it should be borne in mind that the expenditure on the
out of The eI proceeds paed of The Canal Lands, and that, in regard to the cost Of
The other works, there is no such setOa; and that on I'll the e. Madison s,as = ! Road q and
about oneIhrd of The whole amount received on all The loans negotiated for
n nse, S 'Bs People pi 'o of ' h WABASH 1%Basbs will have ' To- bear 1s 10 's. 'aSsl ssaus III s vh 's
rest, and. in doing this, they will neve halt TO compare the weight ofthe
burden DE win II. the men measure 9.n . OF the equivalent GU all. rec rece !, 10 -, - 10 believed ,h,
the People of the State would consider the Wabash and Erie Canal a work
in which The principle of equivalents could apply On account of its locality.
1t is emphaicany the work ofthe State, and not a part oft. 1t runs dag
full source from which that treasure is to be derived which IS to enable the
sa'e 10 resHe its credit and redeem its honor. In acknowledging its
feel fully warranted in these expressions; for it is manifest TO us that, neon
debt, and IN a manner entirely acceptable 10 those who hold her bonds. At
Butler, of New York, the Agent of the Bondhogdes, upon invitation to SUBJ
m, hi his views upon gpEG the n subjects It's there. ag %aed . dd . with niss great "ha ia mi sss.
ment of your State debt, be accomplished, and that, too, inthe shortest time,
vi % 'e ' Gen sas e Gevenm saps has granted y U%' ST FG, % WITH The s speedy ay c ooUr
pledon OF this Wabash and Ohio Canal, permit rne TO date the speedy relief
and prosperity of your State;' And, again: 81 have carefully compared
the prospective revenues of this canal with the certain profits of the Ohio "a
nal There has been said to be n connexon between The two. MY opn-
ion is, that the Wabash and Ohio Canal will, in three years, produce more
revenue than the other has lin the ten years its existence. Your Boldhol-
by your State tax, and otherwise, a portion Of your public deb. and we will
tcablrhy of tue States Obtaining a loan, he says: that "such a proposition
will be- in all probability, most kindly met by your BondhClders, If you only
be considered a proper disposition and exerion-"fo do only that which you
ear and no more" He alluded to the pracicabilty of paying two cents, up
on the whole public debt: wiihOu, adding one centto the present tax, by econ
omzing in County and Town Expenditures, and transferring a portion of The
marks, he makes this emphatic declaration: "There is no great difference
between the completion of.hs canal and the restoration Of your credit The
ant o the payment ofyour public debt; and the moment you can pay any
your property and resources increase, in the anne proportion will it increase.
.d '6 ssaE Rrs; !" Hs si@s ,m 'ds i shou ad5 DE ~l ,s, das? ssia 10 : you ob psise n l6 1sso IL i ss
desHest and upon terms that are liberal: and, other ability TO comply with
ncan be done by a small fraction of one per cent. on her ,axables, aided by
a transfer Of a portion of the tax leHed for County and Town purposes; OF,
with the aid suggested, out of the revenue of the State as now arranged, if
the domestic debt should not interfere. Two per cent IN The State debt is
tax of SO cents, would yield $25oOOO;o of 25 cents, and the poll at so GEMS
sso0o goo; Of 30 cents, and !, the q poll at 50 cents II $s5o, 600; of4o cents,
being one hundred per cent more than at present, and the poLtax ats
leve, judging from the su ggestons Of Mr. BUTLER, that the BOndhoIders
might be induced to take the grant, and guarantee the completion ofthe can
suing session ofthe Legislature, if The members elect shall come up t the
The interest oftbe BondhoIders M the completion of this CANA. is iden-
teal with that the State. ltenables the State to comply with her obiiga-
holders would take the land granted, and finish the work, upon pledge of
the proceeds of the Canal towards the paymentot the debt due them, to be &C.
companied by some other provision for the payment off portion Of The inter
EST, it is a plan which we should most earnestly recommend for adoption
What W e desire TO realize from The completion OF the the canal, and this
would secure it.. They desire some arrangement for payment, and this they
have a right 10 expect, and, without it, we have no right to expect any thing
from them.
This plan, then, without a loan, or the plan with a loan as heretofore sug-
gesed, we submit with our recommendation; and, in case the latter should
be preferred, that the lands should be viglanly preserved from every species
ofuespass, and disposed Off n cease but for cash; for there is no kind of
credit system which would fail in being productive ofdeays disappomtments
and embarrassment. IT, however, above all other plans, you should prefer
to have the work constructed by a company other than the Bondholders in
the manner mentioned, we have only to add, most respectfully, be II so. You
have the various plans before you. and our views, necessarily limited 10 a mar
rOW COMPASS. ut plainly and frankly submitted, As much as re- desire the
completion of the work, We desire more etc se the State placed in a proper
position IS public debtor; and, whilst indulgng in that anticipation, we have
felt it not incompatible with the duty assigned us, to urge upon you an ar
rangement by which both could be surely effected. We regard this the most
important cnss in the affairs of the State which has yer happened. Her
character may now be restored, and her credit placed upon a firm and endu-
ring basis, o she may be left to take a plunge still deeper in the abyss, leaving
ut little hope for the future. We enreat you, then. to us up, and give
yourself to the reflection which the occasion demands. Discuss these sub
Jects among yourselves, and make known your determination. Are you will