Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-01-22


State Of Indiana. and for the complexion Of the Wa
bash and Erie Canal TO Evansville.
WHEREAs, Honor and Justice alike require that such
equitable provision should be speedily made for the DIS
charge Of the pecuniay obligations Of the State shall
be just and acceptable TO its creditors honorable to the
Of the State without farther involving the people in the
general debt; Ann WHEREAS, An arrangement based up
moderate stem of taxation and the completion Of
the Wabash and Erie canal 10 Evansville il is believed will
secure the objects aforesaid AND WHEREAS, In order to
insure desirable a result, large portion of bond
holders have manifested willingness to aid in the COM
peon Of said canal within the ensuing four years. to the
Ohio river; AND WHEREAs. This proposition embraces,
as general arrangement the payment by taxation OF two
and half per cent. the unprosded public debt Of the
State, and reliance for the remaining two and half per
cent the lands tolls. and rents of said Wabash
and Erie canals CATER paying Of construction
and reps) thereby greatly relieving the people OF Indiana
fum burhensome taxation, and virtually dchargng them
from any liability for the said remaining interest," and look
ing alone TO said canal its tolls and other revenues for
half the interest said entire public debt AND
There is to believe that the plan embraced in the
following provisions is entirely within the Of the
State successfully TO accomplishment will be accepa-
BILE 10 credurs-honoabe to the people represented
by this General Assembly and will add the wealth. pros
perty and advancement of Indiana: Therefore.
SECTION |. Be Il enacted by the General Assembly
Of the State Of Indiana That whenever The holder Of any
bond bonds of this State he bonds issued under the
the up 10 the State there shall be issued to such
holder certificate of stock which stock shall be
deemabe at the pleasure of the State after twenty years.
and which certificate shall specify and set forth the amount
of principal Of such bond bonds surrendered, and
also distinct from the principal the Of interest
which may appear be due and accrung such bond
bonds from LIST January, ls4 to LIST January, ls47 incu-
sve computing the the rate OF two and hall per
centum per annum. and which the Stale will pay in
erest as Follows that is to say On the principal specified
-. II At
and after the rate of two per centum from the
first day of Janay ls47 10 and exclusive of the first
day Of January 1853 which period the amount of in.
terest specified in such certificates and the half OF
one per cent per annum said principal from the first
day of January lS47 TO the first day Of January 1858
shall be added 10 said principal and from that time forth
the State shall and will pay interest said principal and
interest added, at and after The rate of two and
half per centum per until the ssme shall be finally
Iedeemed Provided h0zveUer, That no bond shall be
rendered Aforesaid certificate issued therefor that has
not attached to it the coupons interest warrants falling
due and after TIE first day of July ls47 And prOri
ded further That if the If the State, the
first day OF January 1883 TO he derived from property
tax of twenty-five cents every hundred dollars Of
value, aud poll tax Of seventy cents, shall not by
reason of the taxes being paid in six per cent uea
sury notes, or from other lie sufficient after de-
faying the current expenses of the government to pay
said rate OF interest of two per cent, then and in that
the State shall only be required pay up to said
first day of January 1885, such of interest the
funds in her treasury derived from the taxation Aforesaid
shall enable her to do; which shall be paid and distrbu
ted pro rata the principal specified in such certificate
stock and the deficit with six per cent interest per
from the time il became due, the State shall and viii
make up and pay the holders Of such certificates.
by the first day Of January, 1853.
SECTION 2. Every certificate issued under this ac
shall be signed in blank and numbered BY the
and auditor of State aud shall be under the seal of the
State and at the time of its being delivered shall be filled
up and countesgned by the agent of Stale whose duty
shall be 10 receive the bonds that may be surrendered
and issue the certificates Of stock thereot entering at the
time suitable books TO be provided for that
credits to the respective parties surrendeng bonds fo
the principal and the interest specified in their respective
certificates.
SECTION 3. Coupons interest warrants falling dut
and after July FIRST 1874 and up 10 and including Jan
uary first, ls47 that may have been clipped separate.
from the bonds to which they attached may also bt
surrendered. and in place Of them certificate of stock
shall be issued computing the interest and amount IN The
same manner If such coupons still attached to the
bonds to which they originally attached but on the
amount of such certificates interest shall be paid unit
after January first, 1853.
SECTION L. The stock created pursuant TO this &C
shall be transferable only in the city of New York. or
books 10 be provided for that purpose by the State by the
holder or holders thereof his her, their duly const
tuted attorney and in of such rules b
adopted or may be prescribed by law. But transfer
SHALL at any time be permitted, except on the surende
and cancement of the outstanding certificate.
SECTION 5. The interest the stock hereby created
shall be payable hayeary, at the city Of New York. or
the first days Of January and July Of each year. common
cling the first day of july Is47. But if the interes
for any half year shall not be demanded before the expa
ton of thirteen months from the time he becam
DUE IT shall only be demandable afterwards the
Of the State and for the payment Of the interest," and h
redemption Of the principal herein provided the faith
4 the State is hereby solemnly pledged.
/ SECTION s.. For the purpose of saving and securing
themselves the remainder Of the interest herein before
provided for and the accrung herein before
vded TOT the bonds surrendered aforesaid computing
the and after the rate of and half per
per it shall be lawful for said bond-hoder
OF hem and they shall have the privilege of raising
themselves BY pro rata subscription the amount o
bonds held by them respectively any time before h'
first day of January next, sufficient sum-not less how
than two millions, two hundred and fifty thousand
dollars complete the Wabash and Erie canal Evans
vile; and upon subscribing and promising pay SAID
amount much thereof may be needed, 10 Trustees
herein after provided aud be advanced in such
as shall ensure the completion of said canal to Evansville
and all necessary side cuts feeders feeder DAMS reservoirs
and all side cuts which may be hereafter particularly
toned within four years from the taking effect of this
the canal lands and tolls and of said canal shall
be specifically apart and conveyed TO said trustees
trust and security reimburse said subscribers tn
said advances and pay the remaining interest the
said bonds, in the manner hereafter specified.
SECT T. As said shall have been subscribed
shall be lawful for said subscribers TO elect two dscTee
persons both Of whom shall be citizens Of the United States
and of whom shall be citizen aud resident Of this State
rustees and on notice thereof with cory
OF the subscription aforesaid given TO the Governor he shall
appoint il in the Of the Legislature but If not the
two Houses shall elect by joint ballot third discreet per-
and these three shall constitute board to be known
by the style and description Of the board OF trustees Of the
Wabash and Erie canal and who shall hold their Offices fol
the term Of three from the time of their said election
or appointment and until others elected and appointed
in their places Provided hOceper In the of The rus-
tee the of the State if he shall have been appointed
in the Of the Legislature only
until his successor shall be elected aforesaid BY the two
Houses Of the General Assembly.
SECT g. So said trustees shall have been elec
af.raead shall no dufv NJ