New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-01-22

Gov. Whitcomb. in bis communication TO he
si.la,pre Of Indiana covering Mr.. Buffers proposed
amendments Of the debt arrangement. expresses him
self highly favorable 10 the amendments.
The letter Of Mr. Butler advises the Governor Of MS
inability procure from the foreign 4ononoa.t' ~
scrip,0ns 70 required in the act OF tne As'
Winter within the time specified in the act Ia conse
quence Of this be induced to propose 70 ue Stse
creditors that II the holders Of not less than S1vvy
OF bonds would subscribe the pro rata amount o ~
cent making no 100000 % be paid in cash, as II might
be wanted 10 aid In the construction OF ins CANA
Evansville be had doubithe state would meet such
hberslity the part OF her creators, " securing
such preference subscribers SO fsr az tne
canal tself was concerned in the payment OF tne IN
ierest and principal Of the 20 advanced out oi me
income Of the Canal and the proceeds OF tne shos anu
other property pledged for that purpose
Beyond this object the amendments proposed 70 the
law looked to the attainment Of precision IN the Terms
Of the sgreemsnt between the State and her creotor
Mr. Butler thinks the proposed amendments 70 the "a"
can he carried out without costing the State or people
.inoe dosr more than II would cost them under iaif
construction Of the law Of last Winter AdYces nave
been received that more than soVOJVVO oi OoI,'
elusive OF interest now ready TO De euifehoeieo
under tho proposed amendments together with me iu
sum Of Ss60OOO. Should the amendments be adopted
early the ensuing SUMNER tue VOTE on t9 i..'
NAV be put under contract The amended Di pIo,lIes
That Inc outstanding bonds shall be surrendered ana
that ia their stead the holders may receive Two oObas
for the principal debt each for moeiy oi H. 70 pear
nerest from the let Of January ls4I 1T Inc rate OF
nor cent One moiety, with interest. 10 be charged
npon the state revenues sni edeemabie al tne pleasure
Of the State after the lapse OF 20 years. ne oensT
roiety with its interest 70 be paid out Oh inc lanai
lands and It's tolls and revenues -, T., ,ste
Is 10 be computed on each moie'y on 'us oeDo aru
specisl certificates issued for the amount ms noFy
- This special stock chargcable on the treasury 10 %
funded as Of the LIST of Jan 1888 and ater tst Gay
bear interest at the rate OF y per oen psysuo ,s
yearly The noiety OF special stock chaIgesoe on lhe
canal sha be also funded the let Jan ino5 ana pear
interest from that day at the rate Of per cent payable
semi annually. =. .a... .
The ls of Jan 1853 on that part Of the debt charged
upon the state is TO be paid as foho"s a, te
rate OF per cent semi annually, until the ist Jan to'o
and the remaining per cent TO be added 10 ana Iot
art Of The specs interest stock; but II the revenues
of the State shall be Inadequate TO pay SAID Tour pei
cent in full In such COOS the state email Only oe re-
CURED. before the Let Jan loo5 70 pay s'Jn - -
interest a. the par funds In the Treasury derived ron
taxation shall enable her 10 do and in that case ceIu
Gates shall be issued for the deficiency bearing pei
cent interest until Jan los. ,
The interest 10 accrue between the ls' oil January
lei7 and the lst Of January 1893 on that moeiy Sc
cured by the Canal lite lands, tolls and revenue i
charged upon the proceeds Of the Canal property wnicn
70 be applied IN the following orasIi ,..., :, -
The cutting tolls and rerernes OF the Canal 70 be
spnod 10 nav Der cent interest, half yearly on the
sums advanced 10 complete the work;
2 The residue of the proceeds OF the Canal properly
10 pay for labor and materials IN ths compeuoh Oh the
Canal as the work shall progress
g. To psy the principal sums advanced TO compete
the Canal ,
To pay the bondholdcrs making such advances, the
interest at the rate Of per cent ON their mooiy OF me
debt charged on the Canal to be computed from the Isl
OF January. 1871
; To pay such subscribers their special stock Tor ar
rsrs of interest due January, lsiI with per cent IN
terest thereon from the lei Oi January. - -
o. To pay the subscribers To the hdVshces LOT Gun
s,ructinc the Canal tbs principal sums advanced
Z To pay the interes, to the other holders OF ,ne
uoe.y OF stock charged ON the Canal, VINO do mol SUD
scribe to complete the Canal
g. To pay other holders OF special interest soc !
charged to the Canal with interest at per Ct after e55
9 To pay that moiety OF the canal stock winch dio
| not contribute 10 finish the Canal
10 The balance OF the canal fund to be paid into the
! State Treasury
Bondbolders who do not subscribe to the completion
o the Canal before the si of August loi7, and do no
surrender their bonds before the si OF October lciI
/ shall be excluded from the privilege OF subscribing
though they may surrender their bonds aud take new
/ certificates non subscribers
The arrangement is TO be carried into operation.
900 of stock and $4,000 cash Is subscribed ON
f a H.. rcto Mav