The Evansville journal. (Evansville, Ind.) 1834-184?, 1845-12-25
sos, 1OO-S4.O53,53C
'Trs.,
$l5,l43,530


5 per cent, S757,l76 50
3 per cent, 454,305 9O
2 per cent, 3O2,S7U 6O
Thus the amount ofinterest 10 be paid an
annually from and after the first day of jan
uary, 1851, on the entire funded debt would
be S757,l76 so; of which $454, BOG SO
would have to be provided for by taxation
(being3 per cent. interest on the whole a
mount, provided reliance be had on the rev.
enues of the canal for the balance as sug.
gesied.
In proposing TO fund the interest on the
first day OF january, 1851, | beg leave tt
call the attention OF your excelIeney and 'hs
Legislature to The fact, that by The terms o
the bonds, the interest is payable semi-annu
ally-that for this semi-annual interest there
is a coupon attached TO the bond that the
interest should have beef. paid al the lime
stipulated the holders are justly EMIT
led to interest upon the coupons, from ibe
period when .hey maiured-iilai, as between
individuals, interest, at the legal rate, is al
lowed always from The time The note falls
due-that The State would not be less just,
and if insisted on, the same would moi be
withheld, and | may refer 10 the fact, thai
by an act of the Legislature of the 18th OF
February, 1871, they authorised The issue
of State Bonds 10 be made, for The express
purpose of paying the interest to become
due i'll that year on the outstanding bonds OF
the Stale; which bonds were 10 bear inter
est at the rate of sepen per cent. per annum,
payable halt yearly, and which were duly
executed and rendered 10 the bondhoIders in
payment of interest, and declined except 10
a small amount. refer 10 this act of the
Legislature, as showing their sense Of the
obligation resting on The State AN obliga-
ton which so far from being weakened by
the lapse of time, is surely siregihened. In
proposing TO fund the interest thereof, on the
bonds of The Stale, up 10 period SO far zhead
without interest, whereby great sacrifice is
made by the bond holders, not only IN the
amount surrendered, but also in The delay,
and corresponding advantage is secured
10 the state, and the people are relieved
from the payment of very large sum of mo-
ney; deem it proper TO add, tina. have
been influenced by several considerations,
among the chief of which is the desire 10 Sc
cure the settlement ofthis great question, al
this time, and TO accommodate its adjustment
10 the ability of the people of Indiana.
cannot permit myself TO doubt that this ear
nest of the liberal disposition of your bond
holders will be met by corresponding spir.
it Of liberality, on the part the Legislature
and people of Indiana.
According TO the most reliable estimates
the people oi Indiana will realize an advance
on the productions of the State for the year
IS43, over the value Of the same products in
the year 1914, of not less than four millions
o! dollars-a result as gratifying to your
bondholders as it can be To any resident citi-
zen of the State; and this, taken in connex-
ion with other concurring and favorable cir
Gumstances, renders the present most au-
spacious time for The disposition of this sub
ject.
may be permitted with propriety, 10 al
Jude not only to the great internal prosperity
of the State, over which you have the hon
or to 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 are drawn, might
almost say, the supplies of the world; and
with which States Indiana is so interlocked,
as to make their prosperity hers-and especi-
ally would / direct the attention of the Leg
isiature to the brilliant example of your sis
Ter State Ohio, whose citizens have borne
without murmurng the burdens necessary to
sustain theif credit, throughout a period of
great pressure and gloom, and where tax is
for the year 1915, of serentey -fue
cents on the hundred dollars for the spe-
cifc purpose of paying the interest on her
pub c debt. Hers is a noble example, IL
Illustrating the integrity of free people, who
regard the maintenance of plighled faith as
The lrue foundation OF State character, and
the seal OF their prosperity.
r Indiana, with a soil equally fertile, and a
population equally industrious and enierpri-
sing, has opened TO her career as brilliant.
She has only to restore her credit-that great
est element of national wealth, to render il
certain.
would refer also to the progress which
other States have made 70 I the restoration of
heir credit--to Pennsylvania and Maryland
TO Michigan and llinois--in each ofwhieh
steps have been taken for the restoration of
heir credit, and the satisfactory relief of
heir bond-holders; and in these efforts we
zee the Tecuperative energies of the Ameri- |
IAN character and the sense of justice, pre- |
railing over every obstacle. ii is move
nent which enlists the sympathy OF every |
American citizen, wherever his residence
nay be, and which should challenge the adj
nira,ion OF the world.
cannot close without awaiting myself of
he occasion 10 present few considerations
which belong to this great subject, involving
IS it surely does, the honor OF the State, and
he prosperity, interests and future welfare
# its eight hundred thousand population, and
which, it would seem, should prompt the