Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1845-1851, 1846-01-31
Public Dess. AMI Canal RiII.

We have already given brief synopsis of the bill
which passed the late General Assembly providing
for the funded debt of the State and for the compile
ton of the Wabash and Erie canal to Evansville.
Mr. bowling who was the chairman of the House
committee canals aud internal improvements furn-
isles the subjoined synopsis of the bill to the Wa
bash Express, which shows how it was regarded by
those who were most interested in It's passage and
whose duty it was to scrutinize its provisions with
the utmost care:
l. The Bondholders agree to take the Canal, its
revenues, and the lands donated by Congress for4ts
construction, in trust and discharge the State ALSO
utey from one half the entire debt of the State or
about 63 millions of dollars.
,. They pledge themselves to finish the Canal from
Coal Creek to Evansville in four years, and to make
all needful side cuts and feeders provided in the
several acts providing for the prosecution of the
same.
3. Three Trustees to be appointed two by the
Bondhoders and one by the State, 1.-TWO of them y be
resident citizens of Indiana,) who shall have de pow
to sell the lands, apply the proceeds TO the pros
ecution of the work, and manage all the affairs con-
nected with the same, under the regulations i'm
posed BY the act but sale or transfer of lands shall
he valid unless, signed by the Trustees appointed by
the State. The State also reserves the right to Tx
their salaries.
| 4. The Bondholders required TO subscribe sum
hot less lnan -oU,UuU TOT the prosecution ana COM
peton Of the Canal to Evansville much thereof as
necessary to be applied to the purposes specified
and ten per cenum of that is to be paid down in
par funds (250OOO) the remainder in instruments as
the progress of the work shall require but not less
tlan 6c0O 900 shall be expended during the first two
years. and the Trustees required to call for that
amount, besides what may be yielded by the lands.
,. The lands to be rated into three classes, and
sold at not less than 81 % per acre nor more than
81 30 per acre. according to quality and location.
Those who have settled on the lands and occupy them
have the privilege OF entering their names at the Ca
nal Land office for their permanent occupation, by
paying one-fitth Of the purchase money in hand and
credit VIII be extended for five years on the bal
ance, they paying interest annually IN advance This
pre-emption will extend TO so acres and under
! 6. Half tie outstanding Bonds Of Indiana (the
Bank bonds excepted) to be surrendered before
this deed of trust is given the Canal its tolls 9th
er revenues, and lands; but this learn, will delay
operations on the Canal but very few months.
! >. The State reserves the right of fixing the rate
of tolls the Canal and the value Of water power
by her Legislature and she also reserves the right
at any time, to take back the entire work, by paying
the amount expended, CATER deducing the revenue:
derived from the lands and assuming the Ga million:
for which it is received by the bondholders.
| :. tax CT - cents each one hundred dollar:
Of axabes and poll tax of - cents is to be Levied
I'll 1888 unless diminished by the action of future
legislation, which is by means probable, consider
ing the great object attained by the present slight in
crease The people of Indiana Will be quite willing
10 pay this additional FIVE cents rather than shoudc
the nountan-load removed by the present satisacto
~ arrangement.
! There are some other provisions in the act, per
haps ofmnor Importance, which the space allowed in
letter Will not permit me TO glance at. The bill il
well guarded, and secures all we expected, and NOR
than some dared to hope for.