The Evansville journal. (Evansville, Ind.) 1834-184?, 1846-03-05

INC AUDITORS ONCE, IN order to ascertain the |
probable average ability OF the State, taking
the counties separately and aggregately, for
while one county like Wayne might have the
ability and might be willing 10 pay tax of
55 cents on the 500, 10 redeem the credit
Pf the State, another country might not have
The ability 10 pay more than twenty five
Eents. The result ofthis inquiry and com
GARRISON taken in connection with my opinion
iPn the subject of the canal as hereafter ex-
pressed, caused me 10 yield to the deci-
bon OF the committee on my first proposition
The more willingly, and it led me 10 my Sc
fond.
had no reason 10 doubt, nor do doubt,
tat the committee, composed as it was
qieAy ofintelligent farmers from different
karts OF the State, who could not be presum-
ed TO be influenced by any other considera-
ion than desire 10 do right towards the
iiredtors of the State, acted in this matter
Under high sense oftheir duty to-lheir Ma
Ter and their country. The dic:ai es of con-
{cience and patriotism would prompt them
10 this course ofconduct.
/ In regard to the revenue to be derived from
hhe completion Of the Wabash and Erie Ca
pal, and the reliance of the bond-holders on
II as contemplated by my second proposition,
Ihe estimates OF Messrs. Fauntleroy and
Ball and the concurring judgment of intelli.
gent and sound business men, and refer
lence 10 the income of similar works in 9th
er sections of the country, satisfied me that
jif that canal could be finished within the pc
riod contemplated, it might ultimately be
safely relied on for revenue sufficient to
meet the remaining portion of interest; and
i whenever that result shall be attained, by the
progress of the country and the increase of
business in the great west, (as the revenue
i CONTROLS the value) the canal itself will con-
Iaiute an ample security fora corresponding
portion of the principal. 1t is true that in
order to secure such result. there is a GER
Itain outlay of large amount of money 10
Ebe made, and that for many years no consid-
fable revenuecan be expected from the work
itself; and it is also true that there are risks
and contingencies involved which belongs
TO, and are nseparable from, workssof this
kind, and all of which must be borne by those
who shall make the advance of money re-
quired TO finish it, with the certain prospect
that it will be some years before they will be
renumerated even 10 the extent Of the in
lterest. Independent of the considerations
IL IL IL -eannaeied with the restoration
FOL the credit oftl1e iniereSi, aIaesz -zrs
ly be an ,lnducement for capitalists to com,
forward and make an advance for the purpose
} mentioned, when the only security the State
could offer, is the work itself and It's lands
| and when the same might at any momen
, be freely invested for the same interest il
, the stocks of solvent States, at less than par
In rejecting upon the past, and calmly re-
viewing the circumstances which ATTENDED
the negotiation and the considerations which
controlled it throughout on my part, and OIL
? the part of the committee and the Legisla
, ture, so far as know, am impressed will
/, the feeling that the provision which the Leg
islature have made by the act in question 70
the relief oflhe creditors of the State, Will
: it does not meet what they had right TO ex
y pect, and what had hoped TO have secured
: is nevertheless one, that it is honorable +
=, the State Of Indiana, and will hope b,
e accepted by the bond-hoders- an Opinion
which shall not hesitate in justice TO tn
Il people of Indiana, as we'll as to those WHOM
: | represent, freely 10 express.
e In justice to myself, however, and in vie'
y of the facts of the case, embracing fully IL
L difficulties, feel bound TO acknowledge tina
J. the propositions presented by me TO the joir
r committee would either of them have bee
d more in accordance with my views and wist
J. es, but my failure in that respect as it shout
lie not now, so it shall not with me cast th
Fl least shadow upon what have finally as
sented TO. The power was with those VIII
IS unquestionably had the right 10 decide upo
" the full scope and bearing of the terms pre-
re posed, and who must be considered to be til
N best judges ofthe extent TO which they migl
oi be deemed practicable.
A. In few months we shall hear from Ii
n bond holders, and shall then know all.
s the meantime, you may we'll rejoice at wha
1t has been done, and when the debt snail b
n, fully adjusted upon an enduring basis. an
e you sh Ill see your great canal progressing t
E. completion, and your State rapidly increa:
of ing in all the elements Of greatness, you
10 qualification will be complete.
il That we may all of us live 10 rejoice
~ that consummation of our intercourse and Ii
bors this winter. is my earnest desire.
ne will add, that can reflect with satisfa
I'd lion that in the conduct oil this negotiation
n am not conscious OF having addressed ar
lg argument or persuasion TO any gentleman
Il the Legislature or out of it, which was III
e. perfectly consistent with self-respect, an
r. with the respect due to the representati'
O. character and to honorable and upright me
ne My reliance from the beginning has been c
a. the moral power of the great question, a
dressing itself as it did to the sense of ho
he esty and patriotism of the citizens of Il
sh State
GrainG, LIZ ncLnnmledninn unI1r many &C