Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-01-22

canal. lie Wlshed Judge that gentleman works
He then read the amendment Of the gentleman from
Dearborn, which in effect requires every dollar of
the State bonds shall be delivered I'D before the canal can
progress He wished TO the Senator from TpPecsnoe
passing along the line Of canal summer and asking
the votes of the people, after supporting such amend
ment They would be fools indeed If he could gull
them with such friendship for Their canal The amend
ment provides that every dollar Of bonds shall
IN before operations shall He lawyer,
and Is said, good one, and IL would be hard make
the people believe that is not his wish to defeat the
canal both now and forever How can the gentleman
say he is in favor of the completion OF the canal when
his every will show that he has always opposed
to it.
Mr.. Coffin said he held in his hand the amendment
offered by the Senator from Dearborn yesterday,
which only conempates the delivery Of half Of
outstanding bonds before operations shall commence on
the canal. lie was a friend to the canal-not from
the teeth out, the with genilemen-not
like the lamb the guise of the lon He then proceed
ed show the entire aacy Of the argument the gen.
tleman from TppecanOe, and the perfect inconsistency
Of friendship the completion of the canal with the
position he occupied this floor 1t impossi-
BILE, under the amendment that gentleman supported for
the canal progress until every bond should be brought
into the arrangement Indeed settled the fate of the
canal aud forever Yes strange may appear
scene occurred last night by those bav
ing such holy feelngfor the canal in shaping amend
ment to defeat it. He did, IN the language Of member
of the House, wish a bold rascal-not one, that
comes you wolf in Sleeps clothing for who will
not believe that amongst the many vessels that have
been lost upon the there aboard men hav
the bonds of Indiana in their pockets He asked
II
year, reference the canal He dead set against
IL. If gentlemen the friends of a COMPROMISE let
them come up 10 their agreement yesterday If SEN
aors regard the canal local measure let them
vote against IT. If IT will pay off half let
them vote against it, The people that canal even
when completed, will, in tax on their commerce. pay
half the debt of the State entirely and they will
bear equal proportion Of the rest of the Stale in pay
ing the other half.
Mr.. Buell. said, that it necessary to make the
amendment more explicit 1t only required the cancel
ling of half our bonds That If the the bondhoders
would take canal certificates for half OF bonds
the canal would be delivered up.
MIR. Rockhi showed, that if half Of the bonds
would come under this arTangemeni-and bonds
be issued for half bearing five per interest," and
canal certificates for the other half il would be
TO the bondboders and to the State, that the whole
would eventually come in. He showed the extreme
hardship of compelling bondholders who might be dis
posed come into the arrangement, surrender the
whole Of their bonds for canal certificates. The
effect would be- that the remaining bondholders who held
back, would derive all the benefits from the increased
taxation and the payment Of the five per bonds by
the State 1t would afford nducement for the bond
holders hold back that would forever prevent any
rangement from taking place.
Mr.. Reyburn thought that the propositions set forth
By the Senator from Alen fair that man, hav-
ing the interest of his country heart could against IT,
What feelings had gentlemen for the poor bondhoIders,
that would require them take canal certificates for the
whole of their bonds, which would be the effect, unless
ell the bonds should at come He believed if
rejected proposition like this, the dark stain of
pudation would be Justly affixed against
Mr.. Holloway said, he stood on different grounds from
other gentlemen this floor He had always advocated
the payment of the whole debt of Indiana He wished
to the question presented itself He did
regard offer of the the bondholders
bot offer Of the bondholders to the State He then
read from the Indiana Democrat which says
that the canal is TO be taken for half Of the debt &C.
Is this the proposition Il regarded here and
also in New York, from papers in that city
would show. He wished to have the whole matter
contract fairly and fully understood He did believe
the whole of the bOndholders would come int this
angement. He opposed the operations of the committee
from the commencement, because he believed from the
first that they would bring just such bill has been
reported. He believed that but for the operations of that
committee plan would have been devised for the pay
of debt II might be said that that committee
did prevent others from acting. This true. But
they embarrassed the whole question in such manner
that it impossible to act He believed that the pass
age of this bill would entail greater than the sdop
ton of the system Of internal improvement ITSELF He
believed the Wabash and Erie canal would yield
per cent The bill is proposition of the bondhold-
ers, not the offer of Indiana.
Mr. Lane had only word two say, in reply to
the gentleman from Wayne. He had much conf
dence in that gentIemsns intelligence believe him
in his arguments he had made up his opinions
very hastily. He says he difficulty in the way Of
the amendment In this he is certainly sincere He
wishes half of our bondholjers 10 come in and take
the canal certificates for their entire debt that he will
yield per cent. When this is done be would
say the other half gentlemen with your bonds
and five per cent from the State treasury The gen.
argument its full weight The gentleman had read from
a newspaper from Indianapolis He would read from
from old Wayne (the Wayne County RecOrd) That
paper says that the payment of our debt if left to the
people would be soon accomplished He knew nothing
Of the politics Of the paper but he admired its lis editor.
This question above all party considerations, and
Senators should act for the good of their country.
Mr.. Coffin now moved to amend the amendment of Mr..
Buell., by substituting the amendment that Senator had
offered yesterday, for the one be offered on this
ing.
Mr. Buell. said, that he had drawn up his amendment
hastily on yesterday He had been in no caucus bat
this morning the suggestion of several gentlemen, he
had modified his amendment. He wished time for further
reflection and The time having arrived he would
adjournment; and
The Senate adjourned.
AFTERNOON SESSION.
State Debt.
The question taken on the amendment of Mr.. En-
gIsh, strike half, and insert $4,000 failed;
ayes 90 %.
The vote was then taken on the amendment as modi-
fed by MIR. Coffin as follows to-wit
=" Provided, That until there is surrendered and
ceed bonds of the State the of half Of all
the bonds outstanding Except bank bond) Ii shall
be lawful for the Governor to convey, by Decd the Wa
bash and Erie canal lands tolls, &c provided in the
9Th section of this PrOrded further That the accep-
provided in the llth section of this of grant
of land made by The General Government by this act,
grant lands the State of Indiana the better
enable the said extend and complete the Wabash
and Erie canal, from Terre Haute TO the Ohio river.
Shall not be construed to make il obligatory the State
at any time hereafter, TO complete SAID canal out OF It's
revenues derived from taxation.
AYFs-Akn, Allison Barbour, Berry Of Monroe, Bow
ers Bradbury, Buell. Chapman Of Daviess, Chapman of
Laporte Chenowith, Coffin, Conner, Cuppy, Davis, Ed
monson, Ellis, English Goodenow. HameI Hamrick, Han
dy Hardin Henry, Herman, Howell Jackson, Jones,
Lane, Lewiston, Logan, Major, Miller, Montgomery,
Moore Morgan of Rush, Murphy, Orth Parks Pomeroy,
Read, Reyburn, Rockhi, Todd, verbrike, Wood and