Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1845-1851, 1846-01-17

but four millions Of dollars and provides for new cer
Gates of stock the remainder, bearing the usual inter
est. What effect will this have the principal 1t is
obvious that will not in any manner be changed. But
fifty years hence the State debt will be as great as it is
instead of being wiped Senators pre-
tend to believe. This amendment will thoroughly test
the honesty of the friends of the hill Let the Sen.
ator from Vandcrburgh withdraw his amendment
and give his vote for the proposition before the Senate
then will know that he is sincere in his professions
and constituents will have in tangible form all its
provisions be fully appreciated.
Mr.. Edmoudson prepared vote for the amcndmen Mt
OF the gentleman from Vanferburgh. The bill provided for
pro rata subscription to the canal of half the amount
of their bonds the part of the holders The amendment
oil the gentleman from Dearborn would defeat the BILL le-
cause was impossible for the bonds to be brought
years. The bonds scattered all over the world.
Mr.. Chapman Of L. asked, if Mr. Butler was not their
agent.
Eimondson replied that Mr. Butler had never pre-
tended to represent all the bondhode and every rejecting
Senator would at the utter mpossiby of carry
ing out the provisions of the b if the Bdment
ed. The bill provides, that in settlement of the debt one
half the amount, bearing five per interest shall be
paid by the Of tie State the
nal certificates, bearing equal amount Of interest, IL
provides that If there should be overpu and
dschaigng the Interest these certificates it is be paid
back to the State 1t Is now commended that this bill is but
to his in The other end of the capital
tenn oil Improvement was adopted that with his friend from
Harri>on and his friend from Spencer he ever
glorious eighteen that opposed that in its passage
IN the House OF Representatives He surprised to see
mere VINO went the damnDg bill
men the rS to epudiae The of the Senator from
Lapoe reminded him OF an anecdoe which he related the
force OF which was, that he had opposed the
the outset, and was determined to do : last
Mr. Cha man of Lapore remarked that with regard TO
the oft repeated charge Of rcpudiaiion would make
reply When proper time comes he had rod in PICKLE
for gentlemen, which would be felt 1t is said that the
amendment proposed in the Senate by the gentleman
Warren, and which is incorporated bill House.
wipes out one hall Of indie lednes He proposed 10
H. to see II this really be the He referred
section of the bill that authorizes expenditure
nal OF two and quarter mllons-snd then proceeded
show that this might be subscribed by holder of
bond of million bonds any other be pro
rata proportion Of half as subscription to the canal
paid by the State He asked the
10 look at the decepveness Of this proposon After the
sub cplion of 100000 $4,000 OF s. 0O0 il is in the
of the State call in the other bonds heard
ct people calling spirits from the Vastly deep but had never
heard of their coming 1t is until stock shall
have been issued tina, the faith Of longer
pledged.
This bill is held up as compromise but hold up this
bill TO man IN his senses-Iet him read it if he
had read law book in his life and he would give it
up he had not placed construction upon it,
If Senators, who had such holy horror of reputation
wished 20 act out their professed principles let them
up ike men and vote for the amendment of the gentleman
from Dearborn. If any gentleman could show him sol-
tary feature IN the bill that looks the wiping out the
principal of the debt he would be glad There
Is no provision that Inerferes with the principal OF the
debt except the that enables the State pay her
pleasure The subscribers to the loan for the completion
to subscribe two and quarter millions; but secured
by additional per cent and have all the lands sold and
unsold water rents &c.-indeed, every thing al ntents
and purposes.
The session was drawing to close. He had expressed
his views honestly and independently. If majority
should differ with him, it he believed honest DIFF
ference of opnion-and he would submit to the result
with toerabe good grace. But he believed this
if adopted odcus in its character than the one
which the gentleman from Dubois had the honor to oppose
and he that gentleman who stood by the
ess OF Indiana IN that trying period should be here
measure damning in its character.
Mr. Lane caved the indulgence of the Senate while he
said few words more in relation this important cues
ton. The ference between himself and the gentleman
from LapOrte he believed was an honest That gen.
tleman believes this measure bad one, and his whole
course proves it, is matter of history that Indiana
largely lndebted-and every will admit that it hon.
est TO pay debts and will also admit that
cannot do it. Is it right do all can If this is not
Denied then no will deny that it is right to make an
arrangement with creditors As of right we
cannot expect them TO make arrangement that does
contemplate the payment of the whole debt but propo
sion has been submitted to and asked here,
spirit of compromise pay half the debt-the bond
oders looking TO the canal for the other half But sup
pose that all do not into this arrangement-hat only
i've six millions of our bonds thus surrendered does
lot every that it fair and honorahle-hat we
doing all do for creditors Ia proof of our
sincerity false the of the people fifty cents on
he thousand dollars which is much the people
be To bear this will discharge the interest on one half
he debt and the bondholders will the canal for the
'iher bali. lie believed he able TO show Senators
hat the gentleman from Laporie had investigated this
question thoroughly lie believed he able 10 show
hat the whole debt would be quated in so years with
'ut INCREASE of taxation. BY the last amendment
d'pted by the House, there would be saving of slO-
'62 600 over the bill first introduced should de-
ermlne to wipe out the principal of the debt He asked
With much feeling is it not the duty of Senators
o meet the question in spirit of compromise between
he State and her creditors Much had been said about
he canal and Senators disposed blow bot and blow
old on this question Sometimes the canal valu
be TO be given up-at others 1T entirely worthless
All he would say was this He willing that tina hold
RS OF our bonds should take the canal and complete it,
or one half the debt. The canal would be of ncacuable
dvantase To the farmer and the commercial men of the
ounry 1t was the interest of the farmer particularly
hat this canal should be completed for instead of keeping
he products of the soil In his barn. his crib and his smoke
louise could he speedily off, and suffered to re-
man, as was now the until the whole products of the
mighty valley OF the abash should be to-
Market and by their offered for sale at once pro-
uce great decrease In their price. Every rejecting
lind convinced that the Wabash and Erie canal stood
hundred per cent above the great work of Illinois,
'hch he by wished to undervaue. 1t was
niger and afforded direct communication for by
hat route had to traverse the bends of Lake
1lchIgan, IN the northern laudes thousand miles fur
her than by the Wabash and Erie canal By that route
ne distance from New York to ST. Louis a thousand
niles greater than from The city to EVANSVILLE
very gentleman would at the superiority of our
anal all others, a connecting link between New
ok and New Orleans, two of the greatest empoiums of
ne world. Besides by the Wabash and Erie canal the
ltecourse is safer and speedier. bel full thousand
les in distance, besides avoiding the somewhat
ncertan navigation of Lake Michigan.
Mr. English had been from the first in favor of
lngement, and had been told that the canal would be
ken for half the debt Ii this were the case he
ouJ not why gentlemen should object the amend
ent. Ii the State to be relieved from one half her
he for having it clearly expressed
lie BILL so that there might be mistake. lie wanted ,
be able 10 say, when he home that halt of
dehi nff 70 ffecffI III h. x1uid ,