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

Poraut features Of the amendments proposed to the
State Debt Bill Of last session. The amended bill is
quite voluminous, its dimensions being swellcd by
recals Of the previous act, and preamble to the pre-
sent cnactments. For the convenience of those who
have not patience to read the BILL and for the reason
that 1t is too lengthy for columns we have been
at pains to furnish our readers with statement OF
its substance.
The synopsis viii be found convenient for reference
by those who desire to examine the bill critically
We have struck off copies of it separate slips of
paper which be had application at this Office
Synopsis Of the Bin supplementary TO the Act to Proride
for the Funded Debt Of The State Of Indiana, and
for the completion Of The Wabash and Erie Canal
10 Evansville.
The first sersn sections of the bill provide for the
division of the debt, principal and interest, con-
templated in the thirysecond section Of the act of
last winter, and for the issuance of the certificates
of stock under that section. These matters
almost purely of detail, for greater certainty, as
follows:
The preamble recites former act by its title &c.
difficulty of raising subscriptions the amount re-
quired by the act; proposal to surrender bonds for
$4,000,000; and to subscribe 20 per cent thereon;
which is considered sufficient to complete the canal
Section 1. Outstanding bonds to be surrendered,
and certificates issued in exchange form of certif-
Gates in the schedule.
Section 3 Certificates to be issued for arrears of
interest
Section g. Interest on State certificates from lS47
to 1853, how TO be paid.
Section 4. Interest on Canal certificates, how to
be paid deficits to be funded after 1853.
Section s. Interest on State certificates 10 be paid
only certificates registered during the previous half
year.
Section 6. Bondholders not subscribing, nor ex-
changing their bonds until after 1st October, 1547
to have certificate for interest then due, but not
money
Section Z. Surplus of taxation to be applied to re-
deem treasury notes.
The eighth ninth, TENTH and eleventh sections pro-
vide for the time and of subscription for the
completion of the canal, the amount of subscription,
and extends the time for the act to take effect till
1st May, 1871
Section s. Bonds TO be surrendered Of not less
amount than 81 200 600; time for subscription ex-
tended lst May, 1877 time for surrender of bonds
extended 1st July, 1877. Proriso, that time for
further subscriptions be extended LIST August 1S47
Section 9. Notice to be given to bondholders to
subscribe and to exchange their bonds.
Section 10. Bondholders TO subscribe five per cent
ON before lst August 1S47 or to be excluded from
subscription; but time allowed to subscribers to de-
post their bonds until lst October lS47; any bond
holder may however, at any time thereafter surrender
his bonds and receive certificate therefor.
Section H. Act to take effect when $4,000, 600
bonds subscribed, and notice thereof given and pay
meGt of five per cent on such subscription; former
e
subscribed and paid before lst May, 1S47.
The twelfth section provides for the distribution Of
the proceeds of canal lands and tolls, and
of the canal The general provision is that they be
appropriated the completion of the canal and the
payment Of interest the loan advance, until the
canal is completed; and afterwards to the payment
of the interest and principal of the debt charged upon
the canal This section takes the place of the eighth
section of the previous 1t will be noted that the
nineteenth section of the former act still continued
in force, provides that all expenditures connected
with the trust to be paid out of the trust funds.
Section II. Eighth section amended as to priori-
ties In payment, as follows
First. In payment of work, labor, and materials
Second. In payment of interest at six per cent.
per annum on advances, ont of tolls.
Third. In payment of principal of advances.
Fourth In payment to subscribers of interest on
heir certificates.
| Fifth. In payment to subscribers of interest on
heir special stock, and then of principal thereof
Sirth. In payment to subscribers of the principal
of their certificates.
Serenth. In payment to nol-subscribers of the in
terest on their certificates.
Eighth. In payment to non-subscribers of their
special stock and interest.
Ninth. In payment to non-subscribers of the prin-
cipal of their certificates.
Tenth. To pay balances into the State Treasury.
Saving the just rights of the holders of Wabash and
Erie canal bonds; parties interested to be paid pro
ratd and according to their priorities holders of six
per cent. bonds to be entitled one-h more capt.
tai; all bonds at sterling to be exchanged at fifty
pence per dollar.
The thirteenth and fourteenth sections provide in
what manner the subscribers shall elect their two
trustees how they may be discharged, and how
cies are TO be filled in the board.
Section 13. Subscribers to elect two trustees /;
mode of first election; by majority in number and
value of subscribers no election 10 be void BY
of technical informalties; but take the
oath required by the act and to give bond certificate
of election TO be forwarded TO the Governor.
Section IA. New trustees to be appointed in case
OF death, misconduct, &c.; new trustees to have
power Of former rustees subscribers to remove their
trustees for misconduct, &C., and to appoint new
trustees.
The fifteenth and sixteenth sections provide that the
subscribers may elect bankers for the trust and pre-
scribe their duties.
Section 10. Subscribers to appoint bankers: by