Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1845-1851, 1846-02-14

State. could not Tor moment believe that the people
would sustain this burden and the certain prospect OF
it, nthe time, would operate TO efectually check
immigration into and perhaps emigration out OF
the State, and thereby lessen her means to meet eren
u much smaller burtheu.
The only question with me therefore was as 10 the
proportion of interest for which in my opinion the
bondholders might safely agree TO look to the canal
My first proposition conempat ted looking 10 it for
two-fftks Of the interest and to taxation for the
naming three-fftbs. The joint committee declined
this proposition for the professionally that
they believed this latter InouIt was yet too large 10
be raised by taxation la,irg regard the average
ability of tie different counties in the State. and my
second proposition which formed the basis of the BILL
was made with a single desire TO adapt the arrange
ment TO the undoubted ability of the people, and place
ii beyond any question.
Entertaining these views in regard to the whole
subject. and having previously agreed TO look TO the
canal for two-ffths Of the entire interest (whchin
effect would be taking ii for corresponding portion
of the principally in modifying that proposition and
agreeing look il for half, had to determine
two points; was, whether tie people of tie State
would probably have the disposition and tie ability
provide by taxation for the payment of more IL an
and half per cent, and the other was, whether the
canal when finished would probably furnisha security
for the remaining portion
In settling the first point, only guided by
The decision of the cummmiitee (Which was constiiu-
ted with design To represent tie entire Sate) and
The advice OF other intelligent and influential men,
hers of the LEGISLATURE and the opinions of many Of
the most intelligent and excellent private citizens
frop different parts of the State, with whom had an
oPpoftu"'iy Of comforting during the winter, but so
by more cavofu examination INTO the resources and
condition OF each ,~niv. exhibited in the auditors
ONCE III order 10 ascertain the probable Grfraoe ab
y OF the State, taking the .onnties sera,atev and
aggregately, for while county rio Wavne m;obt
have tie ability and might be willing TO ,.y .,.r &c
90 cents the 500, redeem tie credit &c tho
State. another county might not have the ability 10
pay more than twenty-five cents. The result of this
inquiry ana comparison taken in connection with my
opinion on the SUBJ ct Of the canal as hereafter ey
pressed,-caused me 10 yield 10 III, decision of the
committee on my first proposition the willingly
and II led nv second.
lad no reason to doubt, do | doubt that
the committee composed Il chiefly Of in
tellgent farmers from different paris of the State
who could not be presumed TO be influenced by any
other consideration than desire to do right towards
the creditors of the Stale. acted IN this matter under
a high Of their duty to their Maker and their
country. The dictates of conscience ard patriotism
would prompt them 10 this course of conduct
In regard 10 the revenues 10 be derived from the
completion of tie Wabash aud Erie Canal and the
reliance of tic Eondhodcs contemplated by my
second proposition, the estimates Of Aesrs Fauneroy
and Ball and the concurrng judgment of nielli gent
and sound business men. and reference TO the IN
come OF similar works IN other sections of the coun-
try. satisfied that if that canal could be finished
within the period contemplated, II might ultimately
be safely relied on for sufficient the
remaining portion Of interest and whenever that re-
suit shall be attained. By the progress Of the country
aud the increase of business in the great west (as
the revenue controls the ,auc) the canal itself will
constitute ample security for a corresponding por-
ton of The principal II is true that in order To Sc
cure such result there is n certain outlay of large
amount OF money 10 be nude aud that for many
years considerable revenue can be expected from
tie work Itself; and II Is also true that there arc
risks and contingencies involved which belong to- and
inseparable from, works of this kind, aud all of
which must be borne by those who shall make the adj
vance OF money required 10 finish II, with the certain
prospect that IL will be years before they will be
rcmuneraied even 10 the extent of The interest In
dependent &C tie considerations which arc connected
with the restoration of the credit of the State and
tie payment Of the interest. there could surely be no
nduccmcnt for capitalists 10 come forward and make
an advance for tie purpose mentioned. when tie only
security the State could offer is the work itself and
IT'S lands. and when the same money might at any
moment be freely invested for the interest in the
stocks Of solvent States at less than par.
In rejecting uron the past and calmly reviewing
the crcuns which attended The negotiation and
tic considerations which controlled il throughout on
my part. and on the part of the committee and the
legislature so far a. know, am impressed with
the feeling that the provision which tie Legislature
have made by the act in question for the relief OF The
creditors Of the State, while II does not meet what
they had right TO expect and hat had hoped to
have secured, nevertheless one that is honorabeto
the State Of Indiana. and will trust be accepted by
the Bondholders-an opinion which shall rot hcsl-
tate IN Justice TO the people of Indiana. well as to
those whom represent freely 10 express.
In justice To myself, however. and in view of the
facts Of the case embracing fully lis difficulties.
feel bound to acknowledge that the propositions pre-
scented by inc to tie JOINT commi tee would either of
them lave been more In accordance with my views
and wishes but my failure in that respect should
not now so IT shall not with me cast the least shadow
upon what have finally assented to. The power was
with those who unquestonably had the right TO decide
upon the full scope and bearing of the proposed
and who must be considered be the best ludres of
the extent to which they might be deemed practicable
in few months we shall hear from the Bondhol-
ders and shall then know all. In the meantime you
may well rejoice at what has been done. and when
the debt shall be fully adjusted upon an enduring ba
and you shall your great canal progressing to
completion, and your State rapidly increasing in all
the elements of greatness your qualification will be
complete.
That we may all of us live to rejoice in that con.
summation of intercourse and abors this winter
is my earnest desire.
will add. that can reflect with satisfaction that
in the conduct Of this negotiation, not conscious of
having addressed any argument persuasion 10 any
gentleman In the Legislature or ont Of it. which WAS
not perfectly consistent with sef-respect and with
the respect due to the representative character and to
honorable and upr ght men. My reliance from the
beginning has been on the moral power of the great
question, addressing itself it did the sense Of
honesty and patriotism of tie citizens of the State
Gratefully acknowledging your many acts of kind.
ness and with my best wishes for your prosperity,
am, gentlemen
our obcdient servant,
CHARLES BUTLER.
To Hon. DENNIS PENNINGTON and others
MORE DELUsIoN.-A Rev. Mr.. Pichard is preaching