Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-02-05
Public Debt and Cana, Ri,,.

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 on canals and internal improvements furn-
isles the subjoned synopsis Of the bin to the Wa
bash Express, which shows how it was regarded by
those who most interested in Its passage, and
whose duty it was to scrutinize its provisions with
the utmost care
]. The Bondholders agree TO take the Canal, its
revenues, and the lands donated by Congress for its
construction, in trust and discharge the State Also
hely from one laf the entire debt Of the State or
about 6! millions Of dollars.
,. They pledge themselves to finish the Canal from
Coal Creek TO Evansville in four years. and 10 make
all needful side cuts and feeders as provided in the
several acts providing for the prosecution of the
same.
3. Three Trustees are to be appointed, two by the
Bondholders and by the State 1.-TWO of them to be
resident citizens of Indana who shall have the pow
er to sell the lands, apply the proceeds to the pros
ecuion of the work, and manage all the affairs con-
nected with the same, under the regulations i'm
posed by the act but sale transfer of lands shall
be valid, unless, signed by the Trustees appointed by
the State. The State also reserves the right to fix
their salaries.
f. The Bondhoders required TO subscribe sum
not less than 81 80 0C0 for the prosecution and CON-
petion Of the Canal to Evansville as much thereof as
is necessary to be applied to the purposes specified
and ten per centum of that is to be paid down in
par funds (2jO,0c0,) the remainder in nstalmens, as
the progress of the work shall require but not less
than 100000 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
D. The lands to be rated into three classes and
sold at not less than 81 % per acre nor more than
50 90 per acre, according to quality and location
Those who have settled the lands and occupy them,
have the privilege of entering their at the Ca
nal Land Office for their permanent occupation, by
paying one-ifth of the purchase money in hand, and
credit viii be extended for five years The bal
ance, they paying interest annually in advance This
pre-emption will extend to 50 acres and under.
6. Half the outstanding Bonds of Indiana (the
Bank bonds excepted are 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.
D. 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 deducting the revenues
derived from the lands and assuming the Ga millions
for which it is received by the bOndholders.
8. A tax of % cents on each one hundred dollars
of axabes and poll tax of IS cents is to be levied
till 1883 unless diminished by the action of future
legislation which is by probable, consider
ing the great object attained by the present slight in
crease. The people Of Indiana will be quite willing
pay this additional five cents rather than shoulder
the mountain-oad removed by the present satisfacto
ry arrangement.
There 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 mors
than some dared to hope for.