Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-01-09
Volume IV=::::#N Number go.
INDIANAPOLIS. JANUARY q IS45. Volume w

in actual cash, from ten to fifty per cent, a number flour
bonds being hypothecated and lost, 10 the tune of fifty
cents on the dollar. Under every view OF the question,
in which the subject can be placed, the Reporter OF the
Sentinel, for whose opinions the editors are not RESPONSE
Bile, takes the ground, that the Agent Of the State would
be perfectly j%ustriable in asking our Bondholders TO ar
range our bonds, so as to deduct one half-that is, that
new bonds should be given, for one bali our indebted
ness, bearing five per cent. interest, with a guaranty that
the interest should be paid punctualIy and annually, after
the arrangement is made. That we should pay the in
terest on any Of the bonds, where The bondhoiders are
willing TO make arrangement leaving the others IN their
present unsettled condition. The bank bonds, on which
we have always Punctually paid the interest, to remain,
as at present. He would further suggest, that the Agent,
in making this arrangement, should have it distinctly un-
derstood, that until this debt. is Iuly paid, both principal
and interest, the State should contract no new loans, ex-
cept for ~defraying the ordinary current expenses OF the
State government, and for the completion oil the Wabash
and Erie canal. He makes tins latter exception, because
he has Confidence that a grant of lands will be obtained
from the General Government, sufficient Tor its compile
ton to Evansville, If properly husbanded, and 1t might
be necessary, to prevent a sacrifice of these lands, on their
credit TO obtain a temporary loan, until they can be ad-
vantageovsly disposed Of. This plan he believes far pre-
ferable To that brought before the Legislature by MIR. de-
frees, and cannot be charged with being tnctured more
with reputation than his, which contains nothing orgi-
nal in il, being merely the plan Of William Cost John
son on a small scale. The advantage TO our ~bondhold-
ers, in having five per cent. bonds instead of three per
cent, as proposed by MIR. Defrees, will be seen at a glance.
Besides, it will have this advantage. The people will
see that they have received a full consideration, aud will
make extraordinary efforts to sustain our credit. Further,
il will create a certainty that not only the interest but the
entire principal, under the guaranty before mentioned,
will be fully paid. Until the Wabash and Erie canal is
completed, under this arrangement, it will require at least
80 cents on the one hundred dollars worth of property
TO pay our taxes but the patriotic sons OF Indiana, being
confident of their ability, under this arrangement, TO pay
their debt, extraordinary efforts would be made To sustain
the honor and credit Of the State. Mr.. Defrees, IN his
plan, seems To think that the people care nothing about
settling a debt upon Posterity. But he mistakes the tone
of public feeling, in this particular. 1t was for the sake
of pOsterity that our foreiathers OF the Revolution con-
tended, which is strikiugly illustrated by an occurrence
that transpired in the times that tried mems souls. A
wing of &c, standing on The Battery of ~. Y. with his in
fant san by his side, a little boy Of 5 or 6 years Of age, was
conversing with those who had taken sides with Geo. Ill.
He was a man of prinecly fortune, and was. told that ktS
interest should prompt HIM To take sides with The hlng.
! He, from his wealth, would have all the advantages of an
aristocratical government. lie calmly replied he tfcuSht
nothing of himself, but Of the litle boy by his side, IN
embarkIng in the great cause of equal rights and equal
privileges. 1t was For posteriiy he was willing to exPend
his fortune and even his life. Although we are not called
upon to make such sacrifices, vet II shows that the inter-
ests of posierity should have a place IN our deliberations
as a high minded and honorable people. The plan here
suggested, il should be borne in mind should not be eonSui
mated until our domestic indebtedness is fully discharged
but we now see our way clear, for the full extinguisiment
Of this debt, and by the time the preparatory arranements
can be made, we will be able at once tU enter into The
measures. If our bondholders will calmly and dis
passionalely look at this question, there is no doubt they
will find il TO their interest TO accept an offer OF this kind
il il made in good faith. The difference in the value OF
five and three per cent bonds.-the one considered a just
debt and The other one which we have failed To receive a
full consideration, VIII be manifest al a single glance. In
the one case posterity, that has had nothing to do with
our mismanagement and losses, might repudiate in the
other case, the debt, both principal and interest, would be
sure OF being punciualIy discharged.l
Mr. Herod reported a bill giving further time of five
years 10 the borrowers Of the Sinking and other funds
which was read twice.
Mr. Boardman, from the committee on education reported
a resolution, which was adopted, providing that the COM
miuee Of Ways and Means insert in the revenue bill, a
tax Ct one mill on the hundred dollars TO aid in the educa-
ton of the INDECENT blind of the State. 1t is supposed
that this will realize something like one thousand dollars
for this laudshte object.
The bill to incorporate the Charlottesville and Wabash
Railroad Company, was reported back from the committee
on corporations, without amendment.
Mr. Hazelrigg moved to amend, Ivy striking out that part
Of the bill which gives the use Of q part of The grade made
by the State for The construction Of. the road. -
A discussion here sprung up, in which Messrs Hazelrigg
Jones Of Fountain, Rich, Blakemore. Robinson OF CARROLL
Truman. Stapp, and StoPhlet participated. ~
Mr. OdeI moved to recommit the bill to a select COM
miuee, ~remarking that he would agree to fix the terminate
ing point at Atica on the Wabash -
Mr. Rich moved instructions that the State be renumer-
ated, in stock or otherwise for The money expended in grad
ing the road. &c. a. - 81
The question was taken on recorimihing with instruc-
tons, and decided in the negative.
The question was taken on Mr. Hazelrigg's amendment
and decided in the negative.
Mr. Hoggatt moved an amendment, that the State be
remuneralcd in stock or State bonds for money expended;
when q" - 4 -
Mr. Shook moved the previous question, which being sus-
tanned, was put, TO wit Shall the bill be engrossed Tor a
third reading, and decided in the affirmative, ayes 81,
noes SIS.
The Speaker laid before the House, a communication
from. the Governor, enclosing communications from GER
tain bondholders in this country and Europe, Urging inn
mediate Legislation in reference to Our public debt, asking
thai our foreign and domestic debt should be funded and
domestic and foreign creditors placed on the same foot
ing. In reference to otr domestic debt, the Governor
states, that il would he impossible TO do this, our domes.
lie debt consisting, as Is well known, in SIX per cent trea-
sury notes. The boudholders' communication Is dated at
New, York, the 9TH of December, lo44. The Governur
holds himself in readiness TO cooperate with the Legs
lattre, IN any plan fer Payingihe public debt; but owing
to the latcness Of the periOd is of The opinion, that no
plan can be malured during the present session.
On motion of Mr. Wright, The communications were
laid on the table.
Mir Smith moved to reconsider the vote on laying on
the table which was decided in the affirmative, ayes 90,
noes %. s+ie - ,.s.
The question recurring on laying on the table, it was
decided IN the negative, ayes 20, noes 60. pas
Mr. Handy moved to refer TO the committee on ways
and means which motion did not prevail, ayes 40, noes
55.
The communication were referred to a select commit
tee aud 500 copies ordered To be printed.
The Speaker also laid before the House a report Of The
New York Historical Society which was referred TO the
committee on education when
On motion, the House adjourned
PENNSYLVANIA u. S. SENAroR.-The Pittsburg
Chronicle says that it learns from a source that can be
relied on. that Gov. Porter has: already secured the
votes of thirty members of the Legislature for u. S.
Co.,4or -, r1oca Of Mr. CturOoon uboSa 4.uno ill