Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1847-01-05
IA LEGISLATURE.
FROM THE SENIOR EDITOR.
hdianapotis, Der. 27th, IL

,, most Of the time of the Senate yesterday was
,i.d in the discussion Of Joint resolution express
80 Il TO be the opinion Of the General Assembly that
no,ess posses the constitutional power 10 make appro-
ons for the improvement of the barbors the lakes
- construct aud complete the Cumberland Road, and
n improve the navigation Of the Ohio and MISSISSIPPI
Riyers with their important tributaries
The Democratic Senators contended that they were
wiling ask Congress to make appropriations Tor a"
,c works which strictly National il their charac-
,e, but they not willing TO cypress their opinion as
,othc constitutiona!ty Of the question The secret -
,hat Mr. Polk his message 9" the last session OF
Congress. declared emphaticaIly that Congress had not
The power under the constitution 20 make appropriations
for the Of any harbors ports where for
eign ships did arrive and where foreign nPor4uohs
were received in bulk that is il the same manner ad
vessel in which they originally shipped I4is Of
course the harbors northern lakes, the
Ohio and Mississippi rivers &C. and all other works ex
cept they may be located upon the seaboard Mr. Po-A
having thus cmpaaticay defined lis views Of the con
stutionay the question, the Democracy Of the Sen
ate Of InIiana are willing to place themselves IN
what they say would be ydicHtons Foston--eNpresS-
ing their opinions in opposition TO those OF Mr. Polk
What sulserviency. Hare Ind Inials become hum
blc-have Senators Of free people worn the collar Of
party long that they Dare not express opinion al
verse to those entertained by the powers that be-
And these same pseudo Democrats charge the Wings
with being FcdcraIistsof wishing build NJ strong
Federal government at the sacrifice Of state ndePen-
deuce. We Wings have hcsitatcd to condemn
any any opinions adopted by the Executive
Of the nation Congress- if they believed those
ures were adverse the prosperity of the country but
here we Democratic Senators fearful of the disleas
ure Of the power and Gspenscs political pa
trouape They know Mr.. Polk has declared such works
10 be UNCONSTITUTIONAL; but sill they willing TO ask
him to do that which h. be honest III his declarations,
would convict him perjury Democracy ccrtainly the
level OF consistency. The Constitution declares 4at
Congress shall have the power 10 regulate commerce
with foreign nations, and to facilitate it between the States
How can Congress do tbs without the expenditure of
money Why does Congress appropriate money yearly
TO u sustain navy if is not to
defend Commerce But have not time now 0 en-
large upon this SUBJECT
am indebted TO a friend for the following brief synop-
sis of the amendments propos ed by Mr. Pucr The bill
Of last session provide for the Funded debt o! the state
Of Indiana and to finish the Wabash and Erie Canal
Sec l. Outstanding bonds to be surrendered, ANA csr
tfcatcs issued exchange for the principal (and the
form of the certificates, according the pa section OF
the original BILL viz: halfcharged the state aud
the half of prncpa the Canal, thus dividing the
entire debt equally.
Sec . Certificates be issued for of interest
(and the form of hcm} half Canal and one half State
the latter draw two and half per cent after 1913
Sec. g. Interest state Certificates from Il to
1883 how paid.
Sec. 4. Interest on Canal certificates how pail.
SEC. j. Interest Strtc Certificates to be paid only
certificates registered during the previous half year
Sec. t. Bond holders not subscribing crctarg in
their bonds till after Aug L. ISL, have certificate
for interest then due, but money
Sec. I. Surplus of taxation be applied to re
dempton of treasury notes.
Sec. g Bonds to be surrendered of less amount
than millions and subscription the Canal
less than 30 per cent $500 600 Time Of sb5c rip
of this SSOO0Oo, extended TO the first Of May 0l
aud for the surrender of the four millions of BOMBS to Jul
ly l, ISL and FURTHER time given bondhollers come
in and become subscribers till Aug 1871, ana for such
last named persons surrender their bonds by Oct
lS41 This section is intended give az bondholdcr
the right to in. and further time TO DO 500
Sec g. Public notice to be given bondhoIdcrs in
Europe and the United States subscribe before
Aug. lc41 and exchange their bonds for State and Ca
nal Certificates.
Sec 10. Bondholders who subscribe by Aug l, 1-t7,
and deposit of five per cent their bonds shall be
entitled to priority of the CaHa part secured by the
act After Aug /, ISL, is allowed to subscribe
to the Canal No one is prevented however. from
rendering any time under tc and securing ali the
benefits of the except the privilege Of subscribing.
Sec H. This take effect when millions Of
dollars in lands subscribed and thereof given;
and unless four millions is subscribed by May ISL
and five per paid in s2onooo the amended and
former act to be void
Sec u. The Sh section of the existing amended
priorities payment out of the Canal property
the only difference that subscribers the Canal
be first paid the principal of their Canal bonds
subscribers This section also provides that holders
original Wabash and Erie Canal per Bonds be
allowed the iffe between and per cent? ana al
So that all sterling bonds be exchanged
at % pence per doliaraccordng TO the original
between the bondhoders and the State.
Sec l3 Defines the mode in which bondholLcrs shall
elect their tco Trustees, viz: At public meeting
vened in New York. by notice, by ma ior,v
in number and value, of the Subscribers (The Of
ls46 did specify any mode OF election ana hence the
necessity of rule on The su3ect1
Sec H. How Trustees are 10 be appointed, in
Of death misconduct, &c II also gives the bond