Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-09-10
LIST JAM, Is47. Total debt,
sI4,4I7,OOO


AS follows:
One ha,f of it is to be provided by taxation. viz:
One half principal, s5.545,0O0
One half the interest, I,66i 500
Separate certificates Of stock will be issued for the Prn
cpsl and interest above stated
Certificates given for the principal will hear interest
FIVE per cent per from and after LIST JAM lS47, oil
which four per per will be paid up LIST Jan
1883 which last date the remaining per cent will
be funded in certificates then to be given for IT, and there
after full interest will be paid on The principal Cenh'
Gates given for the back interest and for the deficiency
interest will bear interest the of two aud hall
per cent. from and after lst January, 1853.
The other half be transferred to- and charged upon
the Wabash and Erie Canal, that is TO say
One half of principal, s5545,OOO
One half of interest, I663,5OO
s72Os,5OO
Separate certificates Of Canal stock will be issued for
the principal and interest above stated.
The certificates for principal bearing five per cent iute-
rest from and after LIST January ls47 and the certificates
issued for the interest and dcnominared Special Stock
to draw interest at the rate of five per cent from and after
LIST January 1883. Deficiencies of interest accruing be-
tween LIST January Is47 and LIST January 1885, lin
sequence of the Of the canal being sufficient
to the full amount) will be funded also at the latter
date in stock, bearing five per cent interest.
For the payment Of this entire sum- (s7,26s 5000
principal and interest the Wabash and Erie Canal
geh with It's lands and revenues be vested in
three trustees two Of whom to be appointed by the
subscribers the advance for completing the Canal and
one by the The majority Of the govern.
The Wabash and Erie Canal extends from Toledo to
the head of Lake Erie the State Of Ohio soulhwestery
through the State of Indiana TO Evansville. the Ohio
river, and will be (when finished throughout its entire
lengthy four hundred and fifty eight and hree.eghhs miles
length, of which eghlyour miles OF the end
in the State of Ohio and the residue being three hun
ded and sevenyfour and hree-eghths miles is in the
State Of Indiana and the property of the Sae to be vested
above.
Il is noU finished and in operation from Teedo Gov.
ington in Fountain county, Indiana hundred and
hty-eisht mIIesof which hundred and seventy -four
belong TO the State Of Indiana.
there remain two hundred miles TO be finished from
Covington Evansville the 10 which part
about 100000 have been expended 10y the State, and
considerable portions Of which finished II will cost
according the made by Jesse L. Williams r.
A. Faunteroy and w. Ball. Engineers of established
reputation, the further Of 100000 finish the
entire Canal
To this amount the State is transfer the
trustees certain lands and property which have been here
oore donated by Congress the State for that purpose
that saw nine hundred and sixtyhree thousand
hundred and tweny-six Of land lying adjoining
and in the neighbohood Of the Canal and Of which the
largest portion has been selected with the utmost pains
under the personal supervision Of Gov. Whcomb. There
is balance due the State contracts for lands sold
Of TippecanOe (and for the payment of which the land
itself is hed) outstanding the amount of S2447lI
bearing per cent interest and which the purchasers
entitled to further credit if they desire it, Of five
years from s47, on paying the interest annually. iR al
vance.
The value Of the above property viz: the lands and
contracts, carefully estimated. this time So 40s
$685. The completion of the Canal will give additional
value all the land remaining hand and il is
sary to flush the canal to make fully available,
Of revenue.
There modes proposed finish the Canal
The Grsi is by cash alone. The second by cash
advance equal to third half Of the estimated
cost using the Of the aud the proceeds Of
the lands the lands themselves for the balance The
latter mode is proposed and expected to be ad pted.
II is doubted that contracts r the work may be
made payable partly in cash and partly in land, its fair
appraised value. The money 10 be advanced the work
progresses and the Land to be conveyed the
when the work is finished An experienced and respon.
sbe proposes to take the contract for the
petion OF the entire Canal from COvingon to Evansville
within the four years limited by the act, at the estimated
cost with cash advance of s6O000 to be paid third
the FIRST third the second, and sixth each Of the
and rely the tolls Of the Canal and the
proceeds Of the lands for the entire balance.
The Canal is required be finished within four years
from the time the act takes effect The net of
the Canal during that period Of FIVE years si7 to 1851
incusve,) will amount to S933.7OO, estimlted by
Messrs Williams Faunteroy and Ball, which added
the proposed cash advance il is perceived will make about
SI733 900, leaving about $4,000, CATER paying the
interest annually the cash advance provided for by
the law at SIX per cent? be realized from the lands aud
The debts due for land during the period Of
tion 10 order the whole cost
(tlere follows an explanation Of the subscription
the B0nihOderS To nnsn the w abash canal
IL the takes effect by the filling up Of the suhscrp
lion The bondhOders will then from the State
per cent per snnum the entire principal of their bonds
or per half, to be paid by .axl,;cn
mencing the hafyelfy payments the lst July, ls47,
up to January 1888, aud thereafter two and half per
cent or he whole per cent half besides the
null dividends from the Of the Canal above
SEATED.
The revenues OF the Canal. by the terms Of the law.
iron and after the :, January, lS47 TO lie applied
first to payment of the interest Of the money ad
vanced to finish secoHd 10 the payment as far they
will eoI Of the interest falling due after January l647
upon the bonds held 10y the subscribers the advance
third to the payment in full Of the back Ineres, charged
upon the canal accuing prior first January, lSi7, and
for which the parties hold Special Stock. with per
cent interest thereon, above specified, first paying the
Special Stock held by the subscribers
is that the back interest and deficiencies Of
interest ON the States half Of the principal is TO be fund
ed in stock bearing and half per cent interest from
and afzer lsf yanHary 1888
The reduced which This portion Of the Of
interest is to be funded found TO be Indispensable in
order 20 bring the amount Of interest be paid annually
on the public debt and after January. 1885, within
the ability and resources Of the State To provide or the
liabilities of the State upon this basis. law passed
by the last legislature fixing the State tar at two and
half mills on the dollar Tor twenty-five cents on the hun
drsd dollars besides poll tax Of seveniyf cents The
mill tax is calculated to operate upon fair and actual
valuation Of the entire property Of the State, real and
n.,o. and The entire proceeds will be required together