Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1846-10-20
PAIL A DIU NJ .
RICH NOND. IA.
TUEsD AY..
fhe state Debt---Butier Bill. sc.
.-.-------october goth. 1916.

fhe state Debt--- Butler Bill. sc.
There subject in the affairs OF State Of more
interest 70 the people than public debt Il engaged
the attention Of legislature last session. anu viii
probably b. the Subject OF action in the The law
Of last winter predicted about 10 prove fall
and presume the whole will again come
up The following extract of letter from London Of
the leth September published the New York Cour
En- gives Information relative the Nj But
Ter. The writer IS probably Mr. Butter himself
Inc state OF lnaiaaa stands very far chance Of
having the loan raised TO finish her ean That say
M Butler has substantially ef in raising so 900
dollars winch is all the money required leaving the land
gwen by congress TO ulsn The remainder. Although M
Bafff III! not carry ,rta h the 0aa completed
sockef sti!t he iriI be certain o tie money: being
understood that the SIX Leading American LONDON houses
who nave supported his views have engaged,
the Larger holders subscribing iiua the remaining
capitals anu experience has always shown that whrra
enterprise Is guaranteed b. such houses there is never
any want OF persons who are willing 10 follow them.
In the ereat OF the loan of 100000 dollars beng
scribed IN the course OF the ensuing fortnight the uncr
standing that the steamer tn ith OF October viii
convey to the Legislature through Mr. Butler the acqu
escence OF such number OF bondhoders IN the terms
proposed By tn State, wll Justify the carrying by
the Legislature, Of the proposed
In consequence Of the inability OF the agents al
houses to discover all of the bondhoIGers be requ
site that severl portions of the act should be necd
and would suggest that the clause compelling the
trustees TO be American cn-eas. should be 1t
has been much censnred and although there IS nointen
ton to nominate Eneiisjunan. very ungra-
cous to ceny TO those called subSc
more money 10 prevent their former advance from be-
ing total loss the power Of appointing whom they
please. to carry work of THEIR
money. There would be ob clause requl-
ring the Trustees to reside STATE their APP
polntinent This would be 4ir play towards all parties.
Another letter published in the same paper GATED the
llth o. September, SAYS
The bill passed by the Indiana legislature, viii, any
event require amendments for pre-suppoSes that al
the bondnooers will the proposed arrangements
but this impossible, because much OF the stock held
under trusts pubic or private winch lmmovcable
as Fate For instance. S600.hDn held by Rothschld
IN Paris and by Hope in Holland part of the cola,e-
raj security Tor the loans raised by the n,ed States Bank
WHICH loans amount TO SO 900 900 altogether. OF
S6O0000, neither Rothschld Hope care disturb sA
The stock is theirs, and the advance would
risk:-to be accepted or refused hereafter
Us the owners may ut The SAID owners this time
being probably quite unaware that they Interested
INDIANA bonds, and knowing merely that he holes
bentures of the Bankrupt Banks and that through ms
bankers ne receives modicum of interest accruing
from In" Fennsy stock, whicn also form part
his security.
Itls certain ha the proposal Inlsn would not have
been even entertained, unless their agents come
Lohcon IN person TO give rira the necessary expa
nation Every here had his view of the matter
all such beng founded greater less ignorance
Of the actual condition of Indiana.
III relation TO the Butler Bill, correspondent of the
paper. American, and oI.er In4un, Bones
SAYS.
in your money article of YESTERDAY state that Mr.
Butter iii, mss "HiharhIng TO-DAY Tor Lug prepared
cooperate with the European ton-hoaerS the PLAZA
heretofore proposed an5 as yon say, 'te only practical
Die believed here by thos. who understand the
business, both IL tins debt complete
public works
Ii this proposed Plan-or the law enacted at the last
session of the leg stature of Indiana. The only prlcti
cable one ny winch It's creditors be secured nd the
pubic works Completed. cannot be for of ability
to pay the debt of the Statebut from determined
position on the part OF the leading politicians OF the stale,
rot TO pay itand so long the State recognize
the ability. which manifest to every who VIII
pare its population ana with the
he t, anrrp
ney 10 complete these works. for other purpos.
ana Therefore The man"euvre 10 raise means Tor the latter
purpose by promise pay further pro-
traction init the interest the old debt ana finally half
the principal
But to obtain this promise, the auditor allow
the state 10 repuuIdte the other half of tine debt
terest-or what is the thing regards the state,
the creditor adv ancInC complete works
be allored to back amount advanced
with the interest thereon. II the from the
Will produce II. What they produce. creoi-
tors IS to ose-and what they make his
old claims and interests the State rnacnannous
ly-and most uprIghtly takes to itself
Tins almost equal in absurdIty to the school boys
game .heaGs win. tails you loose
But would b. wei for the suffering creditors Of that
fertile and growing state. to have assurance before
they enter tins bargain. that will be any more
faithfully Observed than ''the faith Of the ndi-
rrevocaby pledged their old promises which
required TO be given up.
Is it not reasonable to suppose, that when State
finds its creditors gulied completion of the public
works, upon this promise of half the debt,
will then as readily repudate the whole OF
ednrss'
If there is honesty remaining in the politicians
who the law under which the creditors
now asked 10 give up their claims, there
IN TINS allegation OF inability to pay the debt
est of the state Let them certain taxation winch
shall produce the two per cent which they willing
and propose to pay from and after January neNa the
amount taxation applied faithfully.
without diminishing the rate of taxation, the pa
Of the principal q the debt funding the that ii
be due the first Of January next with an allowance
10 that time OF interest the past even
without It-and no doubt every creditor would ga ily
cept the erms-and give up the old bonds for the HlD
ones which secure them this increasing interest
which the increasing population and products
would produce-til their whole claims discharged"
Ell EC TIONS
HE recent election in NJ has