Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-07-03

been unfortunately lost In the general wreck of
Banks and individuals who had received our bonds
most of which had been sent to Europe previous to
the failure of the Banks and individuals who swindled
our Fund Commissioners and are now in the hands Of
our foreign bondholders. In addition to this, several
millions of private Indebtedness was hanging over the
country. The State Bank of Indiana was unable
to continue her accommodations, in consequence
Of the virtual withdrawal of seven hundred thousand
dollars of State Indebtedness from her capital, and,
on every side, the most gloomy dependency and
apprehension seemed to prevail. What was the re-
suit Did the Legislature of 1889 40 fold their
arms and let our country go TO ruin Did they fail
to make any provision to meet our Indebtedness!
Did they leave Indiana, that had been hailed
by our sister State as the "Young Giantof the West"
to be held before the gaze of the world as a ~repudiat-
ing State 1! Although it has been asserted, incorrectly,
by a leading Journal of our State, that we have done
nothing for the last four years to. meet our indebted
ness, every thing was done at that session, which,
under the circumstances, could have been done. State
scrip to the amount of our home Indebtedness was
issued, and under the operation of laws that have
been enacted, a domestic debt of between two and
three millions Of dollars will soon be fully discharged.
Had an attempt been made to pay this large sum in
Va "a oANAEh uoAAeA AAohC1N VI AIOhAuA
payment to our own citizens, the experiment would
have been a most signal failure. From the outset my
feeble powers have been exerted as a writer in. the
public journals of the day, in favor of the policy
that has been pursued by the State, which is well
known to many individuals throughout Indiana.
From the very first, 1 took the position, that our do
nestle debt should nearly, if not completely be dis
charged, before we should think of ma liking provisions
for our foreign Indebtedness, under the full confidence
that, at such a period. we would be better prepared to
enter upon some settled policy for the discharged
our liabilities and the restoration of the public credit.
l believed that a struggling State, as well as individ-
uals, who aimed to do justice, would never suffer In
character and credit, in the end, if the efforts Of the
people were directed to so praisewOrthy an object
and Providence seems to have most signaIly ~interfered
now that our domestic Indebtedness is nearly dis
charged. The grant of nearly a million of acres of
land for the completion of the Wabash and Erie canal
to the Ohio river-making a water communication
complete between the city of New. Orleans and New
York, through the most fourishing part of Indiana
is now looked to, both by our bond-holders and cur
own citizens, as one, Of the great means Of reiRstating
Indiana in the proud position she once occupied, and
that too without increasing materially the bUrthens of
the people.
But 1 win extend these remarks no further. My
friends throughout the State finding | had suffered
much by becoming involved as security for others, In
the general pressure that has overtaken the country,
kindly came forward and gave me a strong recomend-
alton for an appointment in one of the departments at
Washington but finding, if not too hardly pressed, |
could save a remnant of my property and discharge
all my liabilities, | have retained that
tion in my own hands. The idea of leaving Indiana
for a situation at Washington is contrary to my incli-
nation or feelings. In this county | have resided for
the last twenty-three years of my life. The spot is
} consecrated by my earliest and dearest recolections.
| think | see the way clear for a restoration of the
credit of Indiana, and l am ambitious of taking an
humble part in aiding my fellow-citizens in rescuing
the credit and character of the State from every stig-
ma of reproach, and am partly prompted to answer
your question as I do, under the expectation that in
many other counties where similar complaints are
made, it would afford a precedent that would be acted
upon, and, in the aggregate, be an immense reduc-
ton in the expenditures OF the government.
In conclusion l would remark, that my interests
have ever been identified with those of the mechanic
and farmer-with the producing and laboring portion
of my fellow-citizens- Their interests as well as
those of all classes of my fellow-citizens, will ever
find in me an humble advocate. l aspire to the char.
acter, in practice as well as theory, of what should
constitute a Democratic Republican. love my coun-
try, because the oppressed of all nations find in hen
equality of rights, and in her institutions, the rich
Z and the poor are placed on an equal level in their as
n pirations for public favor and 1 hope ever to be found
0 amongst her defenders, whether in public or private
i life. Respectfully,
J N. BOLTON.
o Messrs. POWELL Rowland, THOMAS JOHNSON, &c
Fourth Of July Celebration.