Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-01-21
wabash and Eric Canal Scrip.

hoped in the Importance Of the subject it would find
some excuse for him.
Wabash and Erie Canal Scrip.
Mr. Cassaii, from the select committee TO whom was
referred the joint resolution the subject of the Wabash
and Erie canal scrip, made report that subject, oil
which the following is very brief abstract.
Mr. Cassati, the subject of the Wabash and Erie
canal scrip reported that they had inquired into the orr
gin of the upon which the different kinds of scrip
have been issued and the committee believed that there
was but one grant Of lands made by Congress for the
completion of said canal from the lakes TO Tee Haute
That the grant made Tor the express purpose oil con-
Meeting the lake with the navgable of The Wabash
leaving that point be selected by the State and under
this act lands selected to construct the canal TO La
ayette with the impression that the Wabash river
navgable TO that point When this impression found
to be erroneous selection made TO continue the ca
nal to Terre Hauie as the navigabe point on the Wa
bash river This investigated by Congress,
and confirmed 10 the State not as nco grant, but as
lands the State had right 10 under The original grant
made the of the lakes with the navga
bic waters of the Wabash and consequently that any
act of the Legislature TO divert those funds from the OBJ
ect contemplated by Congress, breach Of the trust
confided in the State by Congress.
That the State in accepting those lands pledged her
faith for the final completion of said canal also that IT
should completed within twenty years. (Which period
expires the present year, but that The canal would have
been completed within the specified time; but tor The
Legislature of 1912 dvertng portion of the grant from
It's legitimate purpose.
That The interests of the State was preudiced by dis
tncion made by the canal and the canal west of La
fayette.
That the law should be abolished the fund be
applied in the most ludcous manner to secure speedy
and expedous consumaon of the work.
The report concluded by answering arguments against
the adoption of this policy.
A bill on the subject Of the Wabash and Erie canal
scrip substituted instead of the joint resolution, and
its passage recommended by the committee
Mr.. SEcREsT said the question was not whether
one portion of the country more favored than
anOther-it was not one of sectional importance, but
IN oh ,bolo Cfafo xrac Interested The
question whether the legislature would obstruct
the progress of this canal, and forever cripple the
energies of its friends. That members should dlvest
themselves of all local preudices and should have
regard to sustaining the credit of both classes of
scrip instead Of deprecatng the that the market
value of the other should be enhanced.
That it was evident that there was but one grant
that the memoriasis supposed Lafayette would be
the head of navigation the Wabash river, and as
soon it discovered that the river not navi
gable to that place. il changed, and Ierre Haute
substituted and more lands granted not to con-
struct q work, but TO carry the canal in ac-
cordance with the design had in making the first
grant.
Mr. Wilson said he was rather taken by surprise
at the report coming from the select committee Of
which he a member. at this time, well as at
the course pursued by the chairman of that commit
lee. He Mr.. w had made strict inquiry of one of
the members of that committee the gentleman from
/ Cass, Mr. Palmer, at what time the committee
would meet, and was informed by him Mr.. Palmer
that he did not know. That The gentleman from
Wabash Mr.. Cassatt was chairman. Immediately
on the adjournment of the House, at noon, he Mr..
w. went to the gentleman from Wabash, and in
CURED of him when he would call the committee
together investigate that subject. The reply which
he received was, that he Mr.. c. would call the
mttee together as soon the House should adjourn
in the afternoon. He [Mr. WI heard no more on
the subject until few minutes ago, when he was
"a lad frarn hic tho lOhhv hv member of
the committee. There he met by the gentleman
| from Wabash, Mr.. Cassatt,1 who said he ready
to report He [Mr. W. insisted upon delay until
he could have time TO investigate the matter. The
gentleman from Wabash Mr.. Cassatt] then went to
his seat, and in few minutes made his report. 1t
was due, Mr.. w. thought, to himself as well as to
other members of the committee, if it were only on
the score OF c0urtesey to have been allowed an op-
pcrtunity inform himself of the matters contained
IN the report, and to investigate the subject satsfac
torily. He thought that he ought to have had the
privilege of comforting freely with the committee
the subject, before report made.
| And now, said Mr. W., for short history rea-
tive to the matter of this canal scrip. The Congress
of the United States donated certain lands to the
State of Indiana for the purpose of completing
canal from the Ohio line east TO Lafayette, that
being represented navigable point on the Wabash
river These lands consisted of alternate sections,
and extended along the line of the canal five miles
each side of it. The Legislature authorized the
classifying of the lands; they accordingly dvi
ded into three classes the first class TO be solo, if his
memory served him right, al three dollars per
the second class at two dollars per acre; and the
third class at one dollar and twenty-five cents per
acre. Scrip was issued, for the payment of which
this land was made the security. The lands were
first brought into market in the year 1910. The
scrip deprecated in value from forty to fifty per cent,
but the purchasers failed to avail themselves of the
opportunity of paying for their land while the scrip
was cheap. Congress afterwards granted other lands
to this State for the purpose of enabling the State TO
extend the canal from Lafayette TO Terre Haute.
This last grant divided into three classes the
first class was valued at five dollars per acre, the
second at three dollars and half, and the third at
two dollars Scrip be issued to the full
amount of the lands as valued, and TO be redeemable
in the said lands, although it was well known, the
lands being appraised at more than their cash value,
that the scrip must deprecate. But the friends of
the measure persuaded themselves that the poor the
laboring classes, could be hired to do the work of
digging the canal at ten dollars month, and take
this scrip at its face in payment, which they did.
This scrip took the name of Blue Dog On the third
of October 1912, part of these lands was brought
into market-that is to say, third OF them. But
small part of those lands would sell, owing to the
high price at which they had been valued. The re--
suit was, that the scrip called Blue Dog fell in value
70 forty cents on the dollar. The lands then began