Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1846-02-18
Wig State Central Committee.


Mr.. HoLLowAy -Desr Sir: Various opinions are
aoat in the country respecting the bill to provide for the
funded debt of the State, ard for the completion of the
Wabash and Eric Canal to Evansville. The bill,
true. is lengthy and somewhat complicated, requiring
particular attention to understand
and harmonic them together as TO get their full ami
clear import believe, however that the people are
capable Of forming JUS. opinion for themselves in
regard to it and governed by this conviction, ANA be-
1ieving that spend my proita-
bly, myself and with equal advantage to the people,
by attending to my business il has h rcofore been
my settled purpose to abstain from any thing ike
paper discussion of the merits of the bill, newspaper
controversy with any relative any proYis
ions. 1t is with reluctance therefore, that criven
from my neutral ground by article which apppc
your paper of last week quote from The following
But let enquire what the of The b,
voted for by Mr. Julian 1t provided that whe never
bond of thousand dollar should be .re4 70
the State, and 225 900 should be subscribed for tn
completion of the canal and ten per cent thereon paid
the governor should transfer by deed the bondhoIders
the canal and all the lands, amounting to 100000
By this the bondlolder might have obtained
deed for the ten per cent they might pay to complete
the canal and the State had security that the balance
Of the subscription would DE paid II said there
lands enough to complete the canal-then, they would
have paid (providcd the whole OF said
had been paid) just one thousand dollars for the canal
and all its revenue
it passed the Senate you have right to travel out of
your way order to attack the vote which gave tor
the bill in the House, whilst it different shape
l do not complain OF this If You believe my vote to
have been bad and that my mistakes possibly
have any thing to do in sustaining position But
in doing this have right expect that fairness shall
mark your language | claim this your hands q
man of honor and personal and political friend.
admit that the bill as it passed the House. provided that
whenever 900 should be subscribed for the com
pleon of the canal, and ten per cent. this amount
maid the Governor was authorized TO deed t canal ami
lands the canal trustees but is true, you
state in the above quotation That the State had
curity that the balance of the subscription wond be
paid 70 The bill provides that in ADDITION 10 the ten
per be paid by the subscribers their subscription
they shall pay the trustees from time time
such further may be necessary for the compile
ton of the canal that the requson of the trustees
they shall pay such they may call for ami
within two years from the time the trust takes effect
that any Of the subscribers when called Cor pay
by the trustees. shall fail for the of ninety
days, pay the required, they shall forfeit
all previously advanced, and also all priority
preference given them by the act which priority and
preference shall thereafter be extended to any other
person who shall make the payment called for by the
trustees and finally that if sufficient money shall not
be paid over to complete canal within the time re-
qured the lands and property granted the
shall back to the State, and such future pay
ON the part of the subsc riber shall in any manner
rate a pledge of the faith of the State for
provided to be paid of the lands of the
canal. The bill further provides that the trustees, after
giving bond and taking oath faithfully to discharge
their duties, shall adopt and put ia execution such plans
and shall best secure the prosecution and
completion of the canal within the time required that
they shall employ officers and agents make contracts for
work and labor receive and dlsburse attend to
the sales of the canal ands &C. &c 1t is further pro-
vdcd that should either of the trustees any officer
agent appointed by them emhezzel secrctc Of
the funds or Other intU ms hans o. WI
the penite nary of the State The act also
courts the to enoin the trustees from violation
Of their trust, and to compel them 10 execute the
ask again, is it true that the State had
ry that the amount subscribe for the completion of the
canal would DO paid The above provisions. which
have copied in substance from the bill, certainly
Intended to that object and although may
no doubt to their tendency to secure the necessary a
and the consequent completion of The canal
At all events the rights Of the State are not eopared
regard them amply sufficient to accomplish and
out their purpose And be il remembered, these pro
H. e
roted for t. After il left the House and went to the
Senate, not a solitary section or clause was added COM
subscription. The thirty third section, which the
added simply attached another condition relative the
time when the canal should be decided the
IT, therefore, the bill. as it passed the House,
security that the subscribers would their subsc
and is now the law of the lan5.But ag
port your language is that the bon ho by paving
ten per the subscribed, woul >accor ing
the bill passed i'll the House, get the canal and ali
its lands amounting to 100000 that is they
would acquire all these absolutely their for
this small Now, this may be your view of the
BILL but would rather be held up before the pubic
coating thing which your fancy his creates, ana
which no man in the legislature though
voting for 1t is true, that when the per should
be paid the Gov to deed the canal and its lands the
trustees but ho,r deed it II was to be conveyed in
trust the and purposes particularly set forth in
the bill; and which uses and purposes
the benefit of the State well the bonholders The
bondholdcrs to complete the canal and paving
themselves for what they advance for this purpose
ALSO (at the option OF the State five per
OF ue ana tolls OF
the canal the balance is in the redemption
tirement of those bonds rather of the canal stock
issued for the of their principal This the OPP
erationunless the State should redeem said stock
of her revenues and redeem the canal itself which she
has the right to do when she Peases Suppose the bill.
passed the House, had become law. and after two
millions and quarter Of dollars had been subscribed and
ten per cent this paid, but bond of thousand
dollars had been surrendered You suppose What
would have been the operation The advancement
made to complete the canal frs; be paid of the
canal lands. Then the balance the proceeds OF the
lands any, and the tolls and of the canal
after paying expenses, repairs. &c, applied in
tho payment Of Ave per cent interest half the
bond Amer this is done the balance of the tolls and
!evenues are to 60 IN qn'daon OF the principal Of said
After this is paid what then becomes Of the
ing rents and tolls OF the canal Surely they DO