Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-02-26
The STATE Debt.



| On the 18th inst, the bill commonly called the
81 Butler bi providing for the payment Of the inter-
est full the debt of The State of Indianapartly
in cash. and partly by sequestr2ton of the proceeds
of her Central Canal and canal lsnds-passed the
House of Representatives by vote of 81 to 80. II
this bill pass the Senate alsO0f which, Judging from
the above VOTE there would seem be strong pro-
babliythen will the State Of Indiana stand relieved,
before the world, from every thing like impuiaton OF
defacation or even desire delay the settlement Of
her just debts Washington Union
/ From this growing and rapidly peopling State we
have information Of the greatest interest, not only 10
her. but the whole Union Of her having passed an
act TO redeem her character from the stain Of repudia-
ton. The last mail from the West brings news
that has passed both branches of the Legsla-
lure Of the State Of Indiana, and has become law,
which, uniting composition Of interest with sys-
tenn of taxation and mortgage upon property of the
Safe for the payment of such interest, past and fu-
ture places her comparatively upon high ground ard
favorably dIsappolns the predictions heretofore con-
fdently made, that she would pay dollar Of
interest or principal oil the tunds issued by her in the
prosecution of her great internal Improvements. The
toal amount Of The debt, the payment Of interes,
upon which, (lnd eventual payment of principally is
thus provided for is about sixteen millions Of dollars.
-NdtioH0t IHteiigtncer.
We rejoice to learn. by letters direct from Indiana
polls, that the bill providing a compromise between
The State and her creditors and partial payment OF
the interest the debt has passed 10th branches OF
the Legisature-the House by 81 TO 80; the Senate
| by 80 TO 10. We have already given The provisions
of this bill. The State agrees pay half the interest
0y taxation, and the bondhoders agree to look to the
canal and canal lands for tie other hal and 10 secure
this will be obliged to finish the main canal The
old bonds are TO be exchanged for new ones made to
accord with this arrangement-N. Y. Tribune.
! great feature of the markets is the reviyng ere
dts of the States. Illinois promptly paid the mill
tax levied in cash to commence payments account
Of the State interest in July, 1916. The State Of
Indiana has passed similar law, and It's bonds at
present prices offer the best investment that is TO
say, for 500 bond may be purchased having $500
back interest due to January, lS47 making together
Il 300 In 1916 he will receive from the State S25
interest, which his outlay Of $500 is per cent.
per annum. He Las also q demand upon the canal
revenues for similar sum. If the canal yields no
revenue up 1853 he will then have stock for 81 300
with the arrearage of six instalments of $50 EACH
making $3.50 added, being 81 ,450, which thereafter
he gets per cent per annum, or S12 per annun, OF
la per cent for his outlay be WILL after getting
per cent for his money, receive at the end Of SIX
years 81, 450 for $40 expended.-N Y. NerS.
! INDIANA LEGIsLATURE.-This body adjourned or
the l9th after session OF seven weeks during
which the honor Of the State Observation-Disclosures.
5urgh Union.