Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1845-1851, 1846-02-14

-. }. G. u. Y.
Isaac Dunn n. b. Palmer, S. q. Dodge
INDIANAPOLIS, February -, 1876.
Hon. DENNIS PENNINGTON, and others:
! Gentlemen II have the honor to acknowledge tho
receipt of your letter of the 18th of January ano
whilst | duly appreciate the kind expressions il
contains to the manner in which have discharged
my duty, in the recent negotiation with the Legi>a-
ture for the payment Of the State debt, feel no less
ndt bted to YOU for the assurances which il affords
your high personal regard. 1t is true MS YOU state
that | came among YOU stranger, little known &c
the citizens of indianapolis. and less the members
of the Legislature hut should he wanting in graft
tudc, If did not before leaving the State, acknow
ledge the kindness and attention have received from
both.
There are citizens Of your State, some Of whose
names appear on the letter which has drawn forth
this response, and others whose not there
for whom shall always cherish the highest rec ard
and without whose sicadfast cooperation, feel war
ran,cd in saying, the measure could not have sue
cccded who yet regarded the effort. my first arri
vnl frui'lcss one, and so frankly advised me.
No one not familiar with the history Of H. could
for moment appreciate the difficulties IN the way o
harmonIzng so many minds subject of such
great importance, aud which had been for so long n
time, n truly vcxcd question. II is unnecessary or
me To enter into them. aude to them now merely
with the view of rcmarking, that the final result was
one which gave greater satisfaction TO the friends OF
the measure, it difficulties which seemed
at first insupcrablc
Some of these difficulties we'll expressed in let
ter which have Unexpectedly Just received from ono
Of the most intelligent and influential members OF
the House Of Representatives, written his re-
turn 10 his home who In the honest discharge of his
duty opposed the bill throughout until Tie last amend
ment of Mr.. Secre>t rendered II acceptable 10 hm,
which he says 81 need be no wonder if there was
excitement. If we consider the weight of Tire subject
the fevcr>h anxiety of tie public minG-lhe great
anxiety of the friends of the extension of the canal
too much overlooking, some suspected, the conse-
qucnces to the State IN eeneral-tlc circumstances
attending the dcbate-the Impression that agents,
in selling our bonds. portion Of them. had con-
nived with the purchasers and acted improperly and
the difficulty OF distinguishing between the several
classes of purchaser-all naturally confound.
togeihcr-publc feeling excited against all and
centrated upon your head the agent of all E" and
here desire 10 say in Justice 10 those wlo felt and
acted with the writer of this letter, that one can
suspect the purity &C tier motives. and whilst they
excrted themselves at intermediate stages 10 res 81
the passage of the bill be d, ubied that they
will EXHIBIT corresponding zeal in support of Il
measure which by SO strong vote las now become
the law of the land.
Whilst in my inciplent movements | met with
much To discourage, | bound TO say that also
met with much TO encourage me- and here | avail
myself OF The occasion 10 say, mat throughout Tie
whole of il, encouraged and sustained hy large
number of COED men, in and out of the Legislature
belonging to both of the great political parties, into
which tie State is divided Their countenance and
support sustained and animated me from beginning to
end and cannot therefore assent to your suggestion
that the success of the measure is much TO be
attributed to my instrumentalIty.
hope | shall be pardoned for abiding 10 one
whose name appears at the head of your list mean
the venerable Dennis Penning on--n terms which
shall convey faint sense of tie respect which en-
terrain for him. and with which shall always cher
slI his memory. In the outset of the business and
when oppressed by the difficulties to which have al
ud+d, deemed my duty TO pay him my respects
personally, and confer with him OH the subject Of my
mission. 1t with some misgivines to the re-
suit Of the interview that proceeded TO his lodgings
for had been Informed that lie represented people
which from the first had been strenuously opposed
the State policy which had produced her heavy debt ;
but shall never forget the prompt and cheering well
come which received from this father of the House,
nor the characteristic frankness and benevoence with
which he said to when the subject of the public
debt was introduced -" Sir, the boys have got us in
to a bad scrape and we must get them out Of it /; it
is an honest debt and ii must be paid need not
say that | left him with grateful heart; this express
sion of his sentiments token by which [
encouraged TO press onward in tie performance cf my
duty, and the impression produced by this interview
was more deeply engraven on my heart. when subse
quently, after the passage of the bill in the House,
and he designated by its general desire to be the
bearer of it to the Senate, | witnessed the scene
when lie formally announced it to that body
When it is considered that for long time it has
been believed that 1t almost impractlcable for the
people of Indiana to pay their public debt, least
that it would require very heavy taxation, it is
quite natural for some to suppose that the provision
now made out of the revenue is too small, and not
in proportion to the of the State, and that
the general arrangement Is not so favorable TO the
bondholders might have been expected.
may well state, gentlemen, frankly, the principal
which influenced me in making my second prop
osiion which proposed o charge half the interest
OF the public debt upon the Wabash and Erie ca
nal The general conviction found to be in ac-
cordance with the opinion expressed in the Executive
Message, that the ability of the State to pay the
interest in full according to the terms of her bonds
on her large public debt, depended upon the revenues
to be derived from that canal. If the canal, when
finished proved to be productive then the State would
have the ability to pay; if not, then she would
not simple calculation, which any one NAV make
for himself will show that laying the canal out of
view, and suffering the present state of things to con-
time in the finances of the State for only four wears
longer, and it would require property tax from and
after lst of January 1851, Of less than sixty five
cents the hundred dollars! Quitting the entire
property Of the State at fair valuation) and Doll
of scventyive cents, meet the interest simply