Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-01-07
The State Debt Bill.

We perceive that there are apprehehslons OF a
vague kind in the minds of some persons, who have
not given the proposed amendments particular ex-
animation. that these amendments propose to change
the important features Of the original bill For the
purpose of setting this matter in its true light we
propose to analyze the amendments for the purpose
Of discriminating between those provisions which
purely matters Of DETAIL and those which are
new.
The first nineteen sections of the amendments pro-
vidng for the issuance Of certificates the subscrp
tons to the canal fund, distribution of the trust nds,
mooe Of eecting and removing trustees, selection of
bankers, security of the stock and funds end calls for
instruments of subscriptions; merely details of
the original act, Nth the exceptions foLlowing, viz
that the amount of the cash subscription, the time
when it snail be closed and the time when the act
shall take effect ehanged and further priority
Is given to subscribers; also less amount of bonds
surrendered, is made necessary, for the act take
effect, and provision is made for exchange of serl
ing and per cent bonds and that all any of the
trustees may be instantly removed for misconduct
inefhciency. The 20th Dist and 22d sections relate
to details of special importance. The Odd section
provides that in the sale Of lands, the majority of
the trustees shall decide in other cases. The Oath
all of which are details of no special consequence,
excepting amendment J, providing that the State shall
fix the salary of the trustee appointed by her, and the
subscribers shall fix the salaries of the trustees ap
pointed by them; and amendment K. striking out the
provision in % of the original act requiring the
trustees to keep bridges repair ii being understood
that no such obligation now rests upon the State
The 25th section is detail, relating to the mode of ex
changing bonds, excepting that it may involve a
small expense. The 18th section in tIrtherance Of
the neD subscription, provides for raising further
funds by the subscribers among themselves, and an
extension of time not over two years, if necessary
for the completion of the canal. The 9th section
guarantees the sacredness of the trust and the 25th
IS the same the Doth section of the original act
Thus it will be that the important provisions
of the new bill are-or the division of the principal
of the debt under sec. 80 of the original act,-the
priority to subscrbers,-the change of the subscrip-
ton-the exchange of sterling and per cent stock,
the power of majority of trustees to act in all
in the 18th section of the original act, with
out the exception there MENTIONED the mode of
fixing the salaries of trustees.
1t is represented that the priority to the subscribers
asked for, is necessary to bring in those bondhoders
who inclined avail themselves Of the benefit of
advances made by others, without bearing their pro-
portion of the burthen. If sufficient time is allowed
for all bondhoders to come in, there be no obiec
ton on the part of the State to this provision.
1t will be that all the changes proposed, relate
to the canal part of the arrangement If the amend
mens adopted, the result will be the equal division
of the debit principal and interest bet,oeen the State
and the canal, aid The completion of the canal cithout
OccasiOnng any increase Of taraon, above that con-
templated in the original act.