Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-03-19

been made with the kn0Wledge ana assem- OF our
principal Bondholders. 1t in part follows
ave are assured on undoabied authority, that if
that body (he Indiana Legisature,) should evince
disposition TO do right, by earnest effort, even
should it result in paying but small portion of the
interest accruing OH the public debt the creditors OF
the State would gladly cooperate to restore her pros
perity by advancing funds sufficient complete her
public works.-N Y. Journal Of Commerce, Jan. %,
1915"
In commenting upon this we then said-
'The paragraph from the Journal of Commerce is
certainly of Importance, but much less TO the peo
pie of this State than might previously have been,
since the passage Of Marshalfs bill authorizing the
prosecution Of the public works by Companies. Un-
der that law companies have undertaken to complete
the Madison and Indianapolis Railroad, the White
Water Valley Canal, and other works, parts OF the
"system Of 1885," which would be likely TO afford
immediate profits to the stockholders. Those which
do not offer sufficient promise of profit to induce COM
panies 90 on with them under the favorable prov-
siOns of the law, are not worth completing by the
State, especially on borrowed capital There IS one
cork hoceuer disconnected Nth the system Of 1886,
lclich might receire the benefit Of the funds condition
alv offered. We mean the Wabash and Erie Canal.
This work, perhaps really the most important In the
State, has thus far been constructed principally by
means accrung out Of lands granted for that purpose
by the General Government, to this State and Ohio
The northern portion is finished from Lafayette TO the
ing slowly between Lafayette and Terre Haute, by
means of scrip based upon the canal lands and the
tolls. This scrip has never commanded above an av
erage of 90 per cent in cash. and probably much less
Of course the State makes her contracts under great
disadvantages, for contractors make their estimates
with an eye to the deprecated paper in which they
paid. To redeem this scrip, except tire amount
received for tolls the lands being disposed of,
at a price 90 per cent less than they sold for
few years ago. and less than half, probably,
that they would bring five years hence, after the
completion of the work passing through them. Fur
Their, bill has passed the Senate, and we hope will
pass the House, In Congress- making further grant
of lands to continue the canal from Terre Haue to
Evansville the Ohio river. The question lrH arise,
should this grant be obtained, lchether shall
continue The ruiHouS policy Of issuing land scrip
Of eHdearOring to procure other means, that the
lands be huSbanded until then be protaby sold
The assurance giren By the Journal Of Commerce.
If authenticated IN proper manner, may assist JU-
ture Legislature an adopting best adapted for
the honor and interest of the Slate We feel the more
interest in the completion of the Great Canal because
look to it giving promise not only of great and
general benefit as outlet for the immense quantity
of produce which until it is completed must remain
in the rich Valley of the Wabash, comparatively a
mere drug but also because Il Is lie only cork lrhici
remains IN the erclusire possession Of The Sia'e to
,chich ire can look Nth certainty as capable Of afford
inc immediate assistance in the payment Of the State
liabilities, and to that ertent tightening the burdens Of
direct tardtiOn."
Now if, as we have no reason 10 doubt, the sug-
gestion of the Journal of Commerce dS made on the
udoubted authority spoken of which could have been
less than thatOf our principal BondhOlders, we have
equal reason to believe that they became fully
quainted with the response which made to it.
And it would appear from all the subsequent steps
taken by them that they felt compelled to approve of
it. They soon after sent their Agent to visit the Ca
nal region for the purposes Of general inspection
and enlist tile feelings of the people in favor of the
project which he publicly declared he had an Wow.
The results OF his mission were published far and
wide,-west and east,-and not individual among
the mass Of our BondhOlders uttered word of Obec
ton The Agent reported the results of his visits.
we have been assured, to his principals in London,
and hc was empowered by them to submit the propo-
stions which accepted by the last General As
sembly Of the State Ii is true that the arrangement
made comparatively favorable the State, but still
il is as onerous as can possibly be borne; and we
have only to say in conclusion that, should it be
ieced by the Bondholders, people will not be in
very great hurry offer any better terms Of settle
ment