Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-01-22

est What effect will this have the principal IL is
obvious that it will not IN any manner be changed Bot
fifty years hence the State debt will be great il is
present. instead Of being wiped Senators
tend to believe. This amendment will thoroughly test
the honesty Of the friends Of the bill. Let the Sem
ator from Vanderburgh Withdraw his amendment
and give his vote for the proposition before the Senate
then will know that he is sincere in his professions
and constituents will have il in tangible form all its
provisions can be fully appreciated.
Mr. Edmondson was prepared 10 vote for the amendment
OF the gentleman from Vanderbugh The bill provided for
OF their bonds the of the holders The amendment
OF the gentleman from Dearborn would defeat the BILL
impossible Tor the bonds to be brough, in in two
years. The bonds were scattered all the world.
Mr.. Chapman OF asked, if Mr. Butler was not their
agent
Mr. Edmond'on replied that Mr. Butler had never pre-
tended to represent all the bOndhode and every rejecting
Senator would the utter impossiniy of
ing out the provisions Of the BILL if the amendment adopt
ed The bill provides that in settlement of the debt one
half the amount bearing FIVE per cent interest shall be
paid by the Of tie State other half by
nal certificates, bearing equal amount Of interest. II
provides that IL there should be overplu and above
dischagng The interest on these certificates it is to be paid
back to the State Ii commended that this bill
bait 10 complete the canal This he denied He referred
to his course IN the other end Of the capital when the
TEN Of Improvement was adopted that with his friend from
Haron and his friend from Spencer he one of the ever
glorious eighteen that opposed that in its
the House OF Representatives He surprised
Senators here who went for the dsmning bill Of improve
ment the first epudale The course Of the Senator from
LapoTte reminded OF aDecdOe which
force Of which that he had opposed from
the outset, and was determined to do so the last
Mr. Chapman Of Laporte remarked, that with regard 10
the oft Tepeated charge Of repudaton would make
reply When the proper time he had rod in pickle
for gentlemen which would be felt IL is sad that the
amendment proposed in the Senate the gentleman om
Wauen and which Is incorporated in the bill of the House
wipes out one half Of indebtedness He proposed
it, to if this really be the He referred
section Of the bill that authorizes expenditure on the ca
nal Of two and quarter millons-and then proceeded to
he cd NV rof
bond Of million bonds, any other be pro
rata proportion Of half subscription the canal
and the other TO be paid by the State He asked Senate
look at the decepveness Of this proposiin After
sub cIpiion Of 100000 0O0 OF O00 in the
power Of the State 10 call in the other bonds He had he
people calling spirits from the Vastly deep but had
head of their coming II is until shall
have been issued that the faith Of the State longer
pledged.
This bill is held up compromise but hold up this
bill to in his senses-let him read it if be
had read law book in his life and he would give
up if be had not placed correct construction upon it,
If Senator'S who bad such holy horror of reputation
wished 20 act out their proessed principles let them
up like and vote for the amendment Of the gentleman
from Dearborn. If any gentleman could show him soi-
larry feature in the bill that looks the wping the
principal of the debt, he would be glad it, There
provision that nerferes with the principal Of the
leb except the that enables the Stale pay her
pleasure The subscribers to the loan for the completion
Of the canal to he secured-no mistake of that they
subscribe and quarter millions but are secured
by additional per cent, and have all the lands sold and
lnsod, rents c-indeed, every thing all nents
md purposes.
The session drawing to close. He had expressed
his views honestly and independently If majority
should differ with him, it was he believed an honest diff
erence of opinion-and he would submit TO the result
with toerable good grace. But he believed this measure,
adopted, odous in its character than the
which the gentleman from Dubois had the honor oppose
md he sorry that gentleman who stood by The inter-
NJ in he
advocating measure more dsmning in its character.
Mr. Lane craved the indulgence of the Senate while he
sid few words in relation TO this important ques-
ion The difference between himself and the gentleman
rom LapOrte, be believed honest That gen.
leman believes this measure bad one, and his whole
course proves it. II is matter of history that Indiana is
argely indebed-and every will admit that is hon.
pay debts. and every will also admit that
annOt do it. Is it right TO do all can If this
enied, then will deny that it is right to make
arrangement with our creditors As matter of right,
expect them make any arrangement that does
contemplate the payment of the whole debt; but propo-
ition has been submitted u.s. and asked here, in
spirit Of compromise TO pay one half the debt-he bond
oders looking the canal for the other half But sup
that all do into this arrangement-tha only
or six millions of our bonds are thus surrendered does
every that it is fair and honorabe-that
doing all do for creditors In proof of
incerity raise the taxes Of the people fifty cents
he thousand dollars which is much the people
he debt and the bondhoders will have the canal for the
ther half. He believed he was able to show Senators
hat the gentleman from bapore had not investigated this
question thoroughly. He believed he able 10 show
hat the whole debt would be quidated in so years with
ut an increase of taxation. by the last amendment
dopted by the House, there would be saving of Sl0
62 900 over the bill at first introduced, should de-
ermine TO wipe out the principal of the debt He asked
With much feeling is IL not the duty Of Senators at
meet the question in spirit of compromise between
be State and hes creditors Much bad been said about
he canal and Senators disposed blow hot and blow
old on this question. Sometimes the canal valu-
bic 10 be given up-at others it entirely worthless.
III he would say this: He willing that tina hold
of bonds should take the canal and complete IT,
half the debt The canal would be of incacuabie
dvansge 10 the farmer and the commercial men OF the
ntry. 1t the of the farmer particularly
hat this canal should be completed for instead of keeping
he product Of the soil in his barn. bis crib and bis smoke
ouse, it could be speedily off, and suffered
lan tue until the whole products Of the
nightly valley Of the Wabash should at be sent
lake and by their offered for sale pro-
uce great decrease in their price. Every rejecting
lind convinced that the Wabash and Erie canal stood
hundred per above the great work of Illinois,
'hch he by means wished to undervaue. 1t was
niger and afforded direct communication, for by
nat route you had to the great bends of Lake
iichgan in the northern ATTITUDES thousand miles fur
her than by the Wabash and Erie canal By that route,
be distance from New FORK TO 81. Louis thousand
niles greater than from the city to Evansville
very gentleman would the superiority of
anal all others, a connecting link between New
'ok and New Oreans of the greatest emporiums of
he world. Besides, by the Wabash and Erie canal the
ltercourse is safer and speeder, being full thousand
lilies in distance besides avoiding the somewhat
ncertain navigation of Lake Michigan.
Mr. English had been from the first in favor of ar
lngement aud had been told that the canal would be
ken for half the debt. II tins the case, he
ouIJ why gentlemen should object 10 the amend
tent. If the State TO be relieved from one half her
debedness, he for having it clearly expressed in
lie bill, that there might be mistake. lie wanted
be able to say when he went home, that one half OF
lie debt was paid off. To effect this, he would
yans pledge he had given last summers not to increase
He Id he Of no