The Evansville journal. (Evansville, Ind.) 1834-184?, 1846-03-05
EVANSVILLE. INDIANA THURSDAY. MARCH 1. 1916.

with much to encourage me and her L avail
myselfof the occasion 10 say, thai throughout
The whole of it, was encouraged and sus-
tanned by large number of good men, in and
out of the Legislature, belonging TO both Of
the great political parties, into which the State
us divided. Their countenance and support
sustained and animated me from beginning
to end, and cannot therefore assent to your
suggestion that the success Of the measure
is so much to be attributed TO my instrument
tality.
| hope shall be pardoned for alluding to
one whose name appears at the head of your
list mean the venerable Dennis Penning-
ton-in terms which shall convey a faint
sense of the respect which entertain for
him, and with which shall always cherish
his memory. In the outset ofthe business
when oppressed by the difficulties 10 which
| have alluded, | deemed it my duty to pay
him my respects personally, and confer with
him on the subject of my mission. 1t was
with some misgivihgs as to the result of the
interview that proceed TO bis lodgings, for |
bad beeninlormed that he represented peo-
pie which from The first had been srenuously
opposed TO the Stale policy which had pro-
duced her heavy debt; but shall never for.
get the prompt and cheering welcome which
lreceived from this father of the House, nor
the characters frankness and benevoence
with which he said to me when the subject
Of the public debt was introduced.-"
the boys have got us into bad scrape and
we must get them out Of it; it is an honest
debt and 1T muStbe puid." | need not say
that left him with a greatlul heart; this ex-
preston of his sentiments was token by
which was encouraged to press onward in
the performance of my duty, and the impress
sion produced by this interview was more
deeply engraven Oh my heart, when subse
qnenlly, after the passage of the bill in the
House, and he was designated by its general
desire TO be the bearer Oft to the Senate, |
witnessed the scene when he formally an
nolnced ii 10 that body.
When it is considered that for long time
it has been believed that it was almost i'm
practicable for the people of Indiana to pay
their public debt, or at least that ii would re-
qure very heavy taxation, it is quite natu-
raj for some 10 suppose that the provision
now made out of the revenue is TOO SMALL
and not in proportion 10 the resources of the
State, and that The general arrangement is
not SO favorable TO the bond-holders as might
have been expected.
may as well state, gentlemen, frankly,
the principal reasons which influenced me il
making my second proposition which propos-
ed to charge oneihalf the interest of the
public debt upon the Wabash and Erie canal
fbO L. .,
accordance with the opinion expressed in the
Executive Message, that the ability of the
Stale 10 pay the interest in full, according to
the terms of her bonds, on her large public
debt, depended upon the revenues 10 be de-
rived from that canal. If the canal, whel
finished, proved 10 be productive then tht
State would have the ability 10 pay : if not
then shewould not. A simple calculation
which any one may make for himself, viii
show that laying the canal out of view, anC
suffering the present state Of things 10 con
tinue in the finances of the State for onl
| four years longer, and it would require pro
perry tax, from and after lst Of January
1851, of no! less tnan sixty-fve cents on tn
hundred dollars Quitting the entire propert
of the State at a fair valuation) and pol
tax at seveniy-fve cents, to meet the intel
est simply on the then public debt Of tn
State, with the State expenses. With m
knowledge ofth resources of the State,
| could not for moment believe that the pee
pie would sustain this burden; and the Gel
tain prospect Of it, in the meantime, woul
Ioperate to efectually check immigration il
to, and perhaps cause emigration out of Ii
State, and thereby lessen her means 10 NEE
even a smaller burhen.
!, The only question with me therefore was ;
10 the proportion ofinterest for which in m
opinion the bond holders might safely agTe
10 look 10 the canal. My first propositlo
contemplated looking to it for two-ffths {
the interest, and TO taxation for the remain
ing three-flths. The joint committee decliI
ed this proposition for the reason unique
tionably that they believed thislatter amour
was yet too large to be raised by taxation
! having regard to the average ability Of tn
different counties in the State, and my s
: cond proposition which formed the basis
/ the bill, was made with single desire
1 adapt the arrangement to the undoube d alb
! ity of the people, and place it beyond al
d question.
t Entertaining these views in regard 10 II
!, whole subject, and having previously agree
: to look to the canal for two-ffths of the e
e tire interest, (Which in effect would be takiI
i; for a corresponding portion of the primo
e PAL in modifying that proposition and agre
n ing to look to it for one.half,I had to dete
e mine two points; one was. whether the pc
n pie of the State would probably have Il
d dispersion and the ability to provide by tax
l. ton for the payment of more than two and
g halfper cent, and the other was, whether Il
: canal when finished would probably furn