The Evansville journal. (Evansville, Ind.) 1834-184?, 1846-02-12

the Public Debt Law, from the ST. Joseph
Valley Register, one of the ablest and most
thorough Wing papers in Indiana paper
whose editor, Schuyler Colar, Esq, is as in
timately acquainted with the political, pecu-
mary, and moral condition, resources and
energies of the State as perhaps any other.
THE STATE DEBT.
The passage of the bill for the adjustment OF
The State Debt Interest, and the complexion
of Wabash and Erie Canal 10 Evansville on
the Ohio River, has sent a thrill of joy thro'
the heart of every sincere friend of the State
of every man who cared in the slightest
degree, for lis Honor aud Credit. The terms
upon which the matter was finally adjusted
are of The most satisfactory character--such
as none but a Repudiator can cayil at. They
are easy and light beyond all previous hopes
entertained by even the most sanguine friend
ofSlate Integrity. Let us look at them.
Exclusive of the bonds that were issued
and sold for the capital of the State Bank, and
the principal and interest of which deyolve
on that Institution, the State Debt amounted
81, 100000. The sum with the back in
ierest unpaid for over four years, amounts
now 10 $l3,000,000. According to the Bill
passed by the Legislature, our creditors are
TO take The Wabash and Erie Canal in its pre-
sent state, with its assets i'll the shape OF
land and its liabilities in the shape OF scrip,
for ONE HALF OF THE WHOLE DEBT, relieving
the plighted faith of the State of that amount,
and resting it entirely upon the receipts from
the Canal for ultimate payment. They are
also TO finish The Canal to Evansville within
years, when this great work willcohnecithe
extreme North Eastern with extreme South
Western portions of the State, and like some
great artery in the the human frame, strength
ening and fertIlizing the whole. When il is
| remembIed that at present the tolls on the
Canal do not really reimburse the State for
IFS expenses for repairs, breaksge &c.--and
also that il would be utterly impossible for
her unaided to complete it, the excellent
terms of this part ofthe arrangement must be
| conceded by all.
For the remaining half Of the State Debt.
amounting TO about $6,50O,0OO new bonds
are 10 be issued, bearing per cent. interest,
and the principal payable at the pleasure of
the State. A Stale Tax of25 cents on the
$lO0, being but cents on the 500 Cor
mill on the 81 heavier than it has been for
several years past--and State Poll Tax Offs
cents will pay the annual interest accruing
thereon. and is, at any rate, all that in this
arrangement our creditors require at our
hands. Why, it will not, comparatively, be
felt. In lS4l The State levied State Tax
of 40 cents on the 800, over one-half larg-
er than the present one, but even that if lev
led and collected annually, would not have
paid our interest as our Debt then stood.
| NoW, with Tax less than two-ihirds in
amount what that one was, we not only
pay all our interest, but il the taxables of
The w SfSa's 1nshsafffffi nave ANNUALLY sna sur
plus increasing with the increase of popnla-
ton and property, to apply as sinking fund
towards The gradual redemption fthe Princi-
pal.
Really the change in our position as a
State seems almost beyond belief For or
4 years past we have been paying Stale Tax
es annually of 20 cents on the 500, and
yet not liquidating dollar of our interest. -
Our State Faith remained dishonored-the
name, Indiana, was becoming, in the minds
OF many, (unjuStly, il is true, for il was our
poverty and not our crme) a synOnyme
for Repudiator. Now, with this liberal CO IN
promise, by which eventually our creditors
will loose nothing, the State will gain much
in Character, in Population and in Wealth
with only an increase of half mill tax on
+ the dollar, which half our citizens would moi
Q feel il they did not know it, our State homo
Il is redeemed-our Plghted faith again be
comes untafnished--and Indiana once moro
wheels into the ranks of debt-paying States
II sacrificing less too in doing it, than any of he
r citizens had ever hoped for.
But the proud consciousness that we fee
now is not all the benefit that is TO result
from this change. True, The fact that We
are acting honorably-the reflection that NJ
e creditor can sneeringly say TO the State, Pa,
J. me what thou owest-ihe thought that N,
s. longer is the name of Indiana to be bye
word and reproach-are all heart cheerin,
indeed. Yet this is not all. This step again
II places our State on the high-road to prosper
le lty and advancement. Immigrants will N
IS longer shun her. The prospec. of grinding
>. onerous taxation in a few years TO pay heav
!" arrears of interest will deter none from sci
10 ting within her confines. Those who hate
I'd TO link their desiinies and that OF their fam
,fi les to dshonored Stale, will not as hereto
: fore pass on further westward. But as In
migration flows into our territory, peoplin
al its soliiudes, tilIing its yet uncultvated land
C and adding 20 the wealth and standing of th
le Stale in numbers, taxables and intelligence
the completion The Wabash Canal will a
tract double portion TO the country adjacen
10 it 10 increase its population also. Thu
u with the step fhonesty will Indiana advanc
OF till, at the second census from the last one
lie she will stand proudly FoURTH on the list {