Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-02-25

failure to complete the canal in ten years, deducting
the time occupied BY delays specified in the afore
said term of fOut years, which by floods and other
natural accidents may increase this Of ten years.
to twelve or fifteen years. The meaning seems be
that the term Of six years. counting from the delivery
os the deed of trust shall not exceed the term of
ten years. and the time delayed by unavoidable acci
dents, &C., counting from the taking effect Of the act
Thus if bondhoders to amount less than half the
State debt subscribe bat equal to a. 000 000 more,
they will be entitled the possession Of the canal,
its revenues tolls lands, &C., but not 10 deed Of
trust, and the term of sir years will nerer begin to
rum and they will have ten years and the extra time
for delays &c., to complete the canal. But if hold
ers of bonds to the amount of half the debt, S5,545,
OOO subscribe before the first day of Nov ls47, they
will be entitled to deed of trust and the six years
will begin to run from the delivery of the deed.
Possession and conveyance Of The canal.-We have
that if the holders of less than half the amount
of State bonds only subscribe before Nov. i, lS47,
they will be entitled to the possession of the canal
revenues, tolls lands &C., but not to deed of trust
When the holders of bonds to the amount Of s5,545,
600 shall have subscribed by the first day Of Novem-
Der, 1917, and surrendered that amount of bonds by
to deed Of trust for the Wabash and Erie canal the
lands and tolls and all other premises belonging
thereto The possession and deed of trust to be
given to the trustees for the subscribers Ii becomes
important to understand how the powers and duties of
the trustees stand under each Of these positions re-
spec,ively. When the deed Of trust shall be made,
the Wabash and Erie canal, and the lands and tolls.
and an the premises pertaining 10 them, will become
the absolute property of the trustees in trust for the
subscribers be disposed of at their pleasure, so as
to complete the canal and pay the Priorities. When
the mere possession Of the canal, canal lands, &c,
shall be given TO the trustees, they will have "fR
authority and direct all thereon
or in anu pse connected hsreoih, as cOntemPiatedby
This act and the former act ON this subject (Sec o.
BY this the craftsman probably intended that the rus-
tees b. virtue Of the mere possession should have the
same power direct and accomplish every thing
which they might direct aud accomplish by virtue of
The deed Of trust with this difference only that in the
case, they might do every thing in their corporate
name, and in the other they would do, or cause
to be done, the things in the name of the State
This seems to be the only construction which can be
given this part of act when compared with the
last clause of Sect IL.
Priorities.-This act secures to subscribers the
following prorities The tolls and revenues of the
canal and the proceeds of the canal lands shall be APP
piled, LIST, in payment for work. labor, and materials
towards the completion of the canal to Evansville
This priority is deceptive; for the existing tolls and
revenues Of the canal expressly excepted out OF 1t
in this part of the section and by the last Proviso In
this section the proceeds of the sale of the lands, In
the Vncennes land district, may be applied to the
completion of the canal from Terre Haute to Evans
ville to the repayment Of the cash adranceS made
for thai PurPossl ID. In payment of interest at the
rate of per cent. per annum upon money advanced
by the subscribers for the completion of the canal
Such interest is to be paid semi-annualy in N York.
Sd. In payment in full Of the principal of money adj
vanced to complete the work 4th. In payment in
full of interest at per cent per annum TO subscrl-
bers their assigns upon the principal of their ca
nal stock which was surrendered within the time
specified in this act 9TH In pay in full, to the
subscribers. their assigns of their special canal
stock. 9th. In payment in full to subscribers, or
their assigns Of the principal of their canal stock
7h In payment in full to other holders OF certificates
of canal stock than subscribers of interest at the rate
of per cent per annum upon the principal of such
stock. sth In payment in full, principal and inter-
est the rate of per cent per annum after the first
day of JAM 1853 of certificates of special canal stock
9th In payment full to other holders of certificates
of canal stock than subscribers, of the principal of
such stock. 10th. To pay any surplus or balance
which may remain into the treasury. The just rights
of the holders of Wabash and Erie canal bonds are
excepted out Of the operation of these priorites SC
far that after the first day of JAM, 1853, the tolls and
revenues Of the canal from Lafayette inclusive cas-,
to the Ohio State line, shall be applied to the payment
of the interest of such bonds BY reference to the
R. s. 1888, sec 81, p. l03 it will be that this
bill is serious encroachment upon the rights of the
holders of those bonds 1t seems that this act in its
priorities, has made provision for the redemption
of scrip issued upon the faith of the canal lands but
as far this act encroaches upon tie vested rights OF
any person class of persons i: must certainly be
considered void. By former act the faith of the
State is pledged to apply the of the canal
and the proceeds of the lands in payment of the
principal and interest Of the Wabash and Erie canal
bonds. This includes only the lands then granted
If the bonds are not surrendered for certificates OF
stock the holders can receive no payment from the
State treasury and if they should be surrendered a
ter the first day of Nov, 1871 they might, perhaps
come within the direct provisions Of this act and lose
their priority upon the revenues OF the canal.
Forteitares.-For failure to pay any requisition
lawfully and regularly made by the board of trustees
for ninety days after notice, each subscriber will for
felt all advances made by him, and all priorities
which this act to him. (Sec- 49, If the
board of trustees fail to complete the canal to Evans
make the proper advances within the period of six
\ 4 Il II