Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-02-19

nnIshed proved 10 be productive then the State would
have the ability to pay; if not, then she wuuld
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 the finances of the State for only four years
longer, and II would require properly tax from and
at er LIST OF January 1851 Of not less than sixty FIVE
cents on tie hundred dollars. Quitting the entire
property Of the State far valuatson) and poll
Tux of scveniyhve cents. meet the interest simply
on the ten public debt e the State with tie State ex-
peirs,s With my knowledge If the resources &C the
State could not for moment belete that the people
would his burden; and the csrtan prosper If
il, he time, would operate eff5 ualy check
IInBigrat Oh IN o. and eEhas cause ensmilon oui &c
tie State, and thereby lessen her neel even
u much small burtttu
The only qnesti with me therefore was rs TO the
proportion of inter- ST for hci an my op;nisrn lie
udholders III chit ,afIy agree 10 look 10 the csnsl
My first proos ton coGten plated lnoking 10 il for
two-fftis # tie Hi rus. and Ia taXai.on n re-
ma ming three-Eftls. Tie mt committee dcrlined
this proposition for ii unqu 81 om.l IL that
they believed tbs latter vet too large 10
be rastd BY taxation, lbvirg regard 10 tie average
ability Of tie different in tie Safe and my
second proposition wlih formed The be sis of the II
was made with single desire TO adspt the arrange.
men 10 The undoubed ability of the people, and place
It beyond any question
Entertaining these views in regard to lie whole
subject. and having previously agreed look TO the
canal for wo-6fs # tie entire interest (which in
eiert would he taking for corrrsrond ne portion
of the principally in modifying that proposition and
agree ing IN look Ia IL for alf had To determine
TWO Joints; was. WHEELER tile reo le of Il State
would probably lave Ii e disposition ard tie ability 10
provide BY TAXATION for the payment of more n an TWO
and half per cent. and tie oiirr ua> heller the
canal wien flashed would probably furnis ha security
for the remaining portion.
In seit ng the fir,t point, was only guided BY
he decision of the C mmmi,iee (Which was canstitu-
ted with design II represent tie entire STATED and
he advice Of oiIcr intelligent and influential men,
bers of The legislature and the opinions uf many of
the most intelligent and excellent private citizens
from different paris of tie State with wCm had an
opportunity Of coferrng during the WINTER Tut so
by more careful examination into the resources and
condition of each county, exhibited in the Auditors
office. III order To ascertain tie probable arerace ab Ii
ty of the State, taking the counleS separately and
aggregately, for v lille ouny like Wayne might
have the ability and m gilt be willing 10 l.av a tax of
20 cents on tie Sl0C, 10 redeem tie credit Of tie
State, another county might not have tie ability to
pay than twenty-five cents. Tie result of ibis
inquiry and comparison taken in connection with my
opinion on the SUBJ ct oi tie canal hereafter eN-
pressed,-caused me 10 yield to the decision If the
committee my first proposition the more willingly
and il led me 10 my second.
| / lad no 10 doubt, nor DO doubt that
the committee. composed II was cI iefy cf in
tclligent farmers from different Jars Of tie State
who could not be presumed to be Influenced by any
other consideration than desire to do right towards
the creditors of the Sta acted In this matter under
high sense Of their duty to their Maker and their
country. The dictates Of conscience and patriotism
would prompt them 10 this course Of conduct
In regard TO the revenues TO be derived from the
completion of tie Wabash and Erie Canal. and tie
reliance of Tire BCndiOdes il as ronem aiCdiy my
Second proposition the estimates Of Aess Fauleroy
and Ball and the concurTing judgment Of INTEL gent
and sound business men, and reference 10 tie in
come of similar works In other sections &c The cuun-
try, satisfied that if that canal could be fnisl cd
| within the period contem lutcd. might ultimately
be safely relied for revenue snfc ent 10 meet the
remaining portion Of interest; and wiz never shat re-
suit shall be attained. by tie progress If the country
and the increase Of business in he great west las
the controls the value) the canal itself Will
constitute an ample security for corresponding pUr-
tion IF The principal 1t is true ilot in order to &C.
cure such result, there certain outlay of large
amount Of money 10 be made, and that for many
/ years considerable revenue be exre ted ION
tie work itself; and 1t is also true that there are
risks and contingencies involved which belong to- and
are inseparabe from, works Of this kind and all of
which must be borne by t' who shall make the adj
vance Of money required to finish 1t. with tie certain
prospect that it will lie years before tley will lie
remunerated To the extent Of the interest. In
dependent Of the conscientious which connected
W tn the restoration of tie credit of tie Slate and
tie payment of tie interest, there could surely lie
indictment for capitalists 10 come fnrwaru and mai
an advance for a. purpose mentioned wien tie only
security the State onld offer. Is the work itself aud
is lands, aud wien the same money might al any
moment be freely invested fur the same iner S; in tie
sct = sc lv,n Stats. al IS Il - Ter.
In rejecting uion tie -. ard 'aln;ly rrvievirg
tie clrcuus wEcl. attended lie negtiiainn and
tie cosd' rat,ons vi ic conuolleG il u Torel cat
my part and on tie part of hr rGlGmilt,e and tie
Legislature, far "a know. | impressed with
the feeling ilat the prov ion vi rh tie lie. slaiure
h. ace by the act in qursiitn fIr tic relf of lie
creditors Of the State, while it does not what
they Lad a right 10 expert. ard u bar bad hoped To
have secured is nevertheless one. that Is lcnCrlleio
the State Of Indiana and will trust be accepted by
the Bondholders-an opinion VIII oh shall not hes
tate in justice to tie people Of Indiana, well as to
those whom represent, freely 10 express.
I'm Justice to myself. however. ard in view of the
facts of The case embracing fully lis diculiie.,
f e bund acknowledge that lie propositions pre-
scented by to tie JOINT committee would either of
them lave been more in accordance with ny views
and i,hos, but my failure in that respect a. snud
now, shall not with cat tie least shadow
nlon What have finally assPnled to. Tie power was
with th So who inquest n,a bly, ad tie gilt decide
upon the full score and bear ny Of the proposed,
and wlo must he considered be Tie best judges If
he extent to which ey might be deemed praci Ca be
Tn few months shall hear from the PondEol-
deis and shall then know all. In the meantime. you
NAV well rejoice what has been done. and wien
tile debt shall he fully adjusted upon enduring ha-
SIS and you shall your great canal progressing TO
completion and your State rapidly increasing in all
the elements of greatness, your qualification will be
complete.
That we may all of us live TO rejoice in that
summation Of our intercourse and labors this winter,
is my earnest desire.
will add, that can reflect with satisfaction that
in the conduct of this negotiation am not conscious Of
having addressed any argument persuas on 10 any
gentleman in the Legislature out Of il, which was
not perfectly consistent with sefresrect and with
fbo rnfaf iroc m