Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1845-1851, 1846-01-06
adjustment Of the State Debt.

ment OF the State debt is OF great length. We have
only room for summary of its provisions, which we
copy from the Journal.
Section first provides that whenever the holders Of
any bond or bonds of this State Except the Bank
bonds) shall surrender them certificates of stock
shall be issued therefor redeemabe at the pleasure of
the State the principal and back interest being speci-
fled such certificate the interest from LIST January
1871 to 1st January 1917 to be estimated at two per
centum per annum, and which certificates the State
to pay interest follows, viz:
On the principal in such certificate, the State to
pay two per cent per annum from the lst January
1S47, up to and inclusive of lst January 1888 at
that time the interest specified in such certificate
and the one half Of per cent per annum said
principal from the LIST Of January lS47 to the LIST of
January 1888 to be added to the principal, and from
1853, the State to pay the sum thus created, two
and one half per cenum per provided that
such certificates shall only be issued in lieu of bonds
having the coupons falling due and after the st of
lily 1S41 attached, and provided, further that if the
revenue up the LIST day Of January 1853 to be de-
rived from property tax of 25cts every ssl0O,
and poll tax of 75cts, shall not be sufficient by rea-
of being received scrip after deducting State
expenses, to pay two per cent the State shall only be
required to pay, up to said LIST day of January 1883,
such Of interest the par funds shall enable her
to do to be paid pro rata on the principal specified in
such certificate and the deficit, with per cent inter-
est from the time it became due, the State to pay by
the 1st of January 1853
Sec. q Provides the manner of issuing the new
certificates, the entries to be made in books kept for
the purpose, &c.
SEC 3 Coupons due on and after July 1st, 1s4l, up
to LIST January, 1877 that may have been clipped from
the bonds may be surrendered and certificates issued
therefor, which shall not bear interest until after 1853
SEC 4. Stock created by this to be transferable
only in New York books to be kept by the State in
that city, for the purpose
SEC. ). That the interest such stocks to be paid
half yearly in New York, on lst of January and July,
commencing 1st July, 1S47-but to be paid at the
State Treasury should demand not be made before
the expiration of thirteen months after becomes due
SEC 6. Gives to the bondholders the privilege of
subscribing sufficient sum, not less than two and
half millions of dollars before the 1st of next Novem
Der, for the purpose of completing the Wabash and
Erie Canal to Evansville, and upon the payment of
such sum as may become necessary and required to
complete said canal within four years. (to trustees to
be appointed for that purpose) the canal lands, and
tolls and revenues of said canal be apart and con-
veyed to said trustees In trust to reimburse to said
bondholders the sum thus advanced, and to pay the
remaining interest their said bonds, in the manner
hereafter specified.
SEC I. Prescrbes Cor the choice Of three trustees
two by the bondhoders and one by JOINT ballot IF the
Legislature
Sec. 8. Make it the duty, and empower the Governor
TO transfer to said trustees the canal, from the Ohio
line Evansville tolls, rents and all appurtenances,
and all the lands granted for Its completion by them
be held In trust for the and purposes follow
ing; l. The proceeds of land, sold and unsod, to
the payment of all sums that may have been advanced
for the completion of the canal and to the payment
of work. labor materials to be done and furnished in
the completion Of the canal. =. The balance of such
proceeds the revenues of said canal LIST January
1888, after paying repairs and expenses to be APP
piled a follows, to-wt: lst. To pay interest at the
rate of six per cent. per annum the amount adj
af1 If
upon much thereof may remain unpaid and,
the emander. Off ANY, to be applied to the payment
of principal Off any, of the sum thus advanced p
To pay in full to the subscribers making such avan-
ces, two and one half per cent. per annum the
principal of the bonds they may have surrendered
aforesaid. 3. To pay in full the interest at per
cent on the special stock hereafter named and to pay
the principal of said stock full first paying the in
terest and principal To such holders of such special
stock shall have subscribed to the advance afore-
said a. To pay in full to any other holders of any
certificate Of stock, authorized by this act interest at
the rate of two and one half per centum per annum
on the amount thereof To pay the Treasurer of
State any balance hand, which shall be applied to
the redemption of any outstanding stock, created by
this act the pleasure of the State provided that
If the State becomes the holder of any such stock she
may either deem them extinguished or outstanding,
and may receive thereon whatever interest the reven-
ues of said canal may pay; prorided further, that
if the revenues of said canal shall be insufficient for
all the aforesaid purposes then they shall be applied
pro rata among those entitled thereto first paving in
full those entitled and totes quoies After lst
Of January, 1893, account of the tolls, revenues
and expenditures such portion of the canal lies
between Lafayette and the Ohio State line, shall be
kept separate from like account of the tolls and eX
penditures between Lafayette and Evansville and,
from that time such revenues may arise from the
first named portion (after paying expenses, &c.
shall be first applied to make up the full interest of
al.
that may be issued for the bonds outstanding and
known as the Wabash and Erie canal bonds If in !
sufficient for that purpose, it shall be apportioned and
mai pyo rata to the amount of said certificates; and
if more than sufficient, the shall be added
the tolls &C., derived from that portion between La
fayette and Evansville and the sum thereof shall be
paid as before provided-but for the sufficency of
said lands tolls or revenues of said Canal to pay the
ldvances aforesaid discharge the interest. and
10 redeem the special stock aforesaid, for the faith
Tul application of the by said trustees to said
purposes, the faith Of the State is and shall be in
wise pledged.
SEC g. Previous the mayng of said deed in trust the
subscribers TO said advance must pay to said Trustees
en- per cenum of the amount subscribed: and thereafter
time to time the be needed TO prosecute
he work. they shall equston Of said trustees pay any
not exceeding FIVE cent at time and upon
allure do within 80 days after such equison, then
forfeit all previously made and all priority Of pay
given by this and further, If by Of such
allure ADVANCE the canal cannot be completed within the
eod of four years. all the lands and property hereby grant
ID to said trustees shall revert to the State.
TO- Relates the duties of the trustees they shall
axe OATH give security take charge Of lands canal
appurenances &C., make contracts for completion of the
repairs keep of receipts and
make report to the Legislature exercise general supeIn
cndence the canal, &c.
SEC H. Accepts the grants OF lands made by the General
by the Of the last Congress, and Classics
hem into three classes First class TO be sold not
exceeding 81 30 per Second class exceeding So
Third class exceeding 81 % per acre, and
sell for price than that fixed by the
making said grant 1t also provides tight Of pre-emption
settlers lands, for less quarter
or exceeding half section, &c, &c, sc.