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

H. r. Ters Hauis. Did you get that tin mailed TO YOU,
A brief outline of the State Debt Bill
Of IS17.
II is extremely difficult to say what are the precise
provisions of this bill. To say nothing of the char
Gcter Of ITS provisions the act itself is tedious and
confused, containing rePugnant provisions, and
much that is senseess or mere verbiage that it is an
absolute disgrace American Legislation. 1t bears
internal marks of being foreigner by birth, and is
supposed to have become nauraized by Stale Legis-
lation alone For example: the 22d sect. begins in
the following manner "The said debt which il is
the object of the created by the said rected act
las amended by this act to liquidate, in the said
act is mentioned, having been contracted by the
thorty Of the State Of Indiana and for the service of
the people Of that State" &C. We do not object to it
solely as foreigner; but we think that foreigners
ought to be naturalized in legal manner and endea-
to speak some christian language.
The bill commences by the assumption Of right
which the State had, and processes to exercise
that right by virtue of reservation in the 32d sect
of the former act when the former act had never been
in force The State reserved in the former act, the
right to call in the certificates Of STOCK and for each
certificate to issue two; for each moiety. The
State nOv calls in the outstanding bonds and issues
litter of certificates and declares that the State will
never make any provision for the payment of interest
principal of the bonds surrendered under this
act (Sect. 80
This bll, like the former one; recognizes the valid
ity Of tho whole debit and provides for the issue of
certificates Of stock for the principal, and certificates
Of special stock for the interest upon the principal for
the past years. at per cent. per annum, creating
thus far, special stock Of 80 per cent. upon the
whole debit and the accruing interest," that shall
main unpaid in 1853 is also to be funded. The spe-
cial stock chargeable upon the Treasury in 1853 will
be not less than SO per cent upon the principal of the
States moiety, and may exceed this by great
amount. The special stock chargeable upon the ca
nal will also be very great Besides this there will
also be large amount of canal stock and special
stock bearing per cent. interest for which pro-
vision will ever be made until the State shall redeem
the canal from the first Of subscribers and transfer
it to another set of subscribers
Trustees-There is created a board Of trustees
whose number, duties, and corporate the
same as provided for in the former bill. Two of them
be elected by a majority in number and value
of the subscribers. (Sect. H. Before any bondhod-
be considered subscriber within the terms OF
this bill, the holders of at least "a 100000 of bonds
subscribe. The possession and transfer of the
canal will be made to the trustees for the subscribers
When the trust determines by the payment in full Of
the principal and interest of the canal stock and ca
nal special stock held by the first of subscribers
second set Of subscribers who take the canal will al
elect two of the board of trustees (Sec ii }
large portion Of the bill is devoted to the subject of
the election, duties and of the trustees
Il is not essential to purpose examine that part
of the bill. They have the power fix the rate Of
tolls the canal under The supervision of the Legs-
lature. (Sect- Is, amendment d.
SEbScribers.-The bondholders may become sub
scribers by surrenderng to the State, bonds to the
amount of 100000. They must surrender this
amount Of bonds and subscribe towards the compile
ton of the canal Evansville $500 000 and advance
upon the bonds surrendered per cent. by the first
day of June, 1S47. Any other bondhoder may SUBJ
scribe any time until the first day Of Nov. IS47,
and advance per cent upon his bonds TO be
dered and per cent upon his advance from the first
day Of June, l547 and afterwards surrender his bond
or bonds by the fist day Of Dec. l647. (Sec 6.)-
They bound pay the board of trustees from time
to tme acquisitions shall be made the full amount
of their subscriptions. This must be expended, il
required for the completion of the canal within four
years from the time Of the execution and delivery OF
the said trust, AN EVENT WHICH MAY NEVER HAPPEN.
(Sect 2l) If, when the $4,000 are expended, The
canal shall remain unfinished. the subscribers
quired 10 subscribe the further of $500 0O0 and
additional years allowed to expend this asst
for the completion Of the canal. Here comes in
the following repugnant or senseless expression
making in all the term of six full years from the
taking effect Of the said act" II is before provided
that the four years shall be computed from the date
at which the said deed Of shall be executed and
delivered" &c. The subscribers are bound to COM
pIete the canal, or submit to forfeiture; but it is
not easy to determine the time within which the
nal shall be completed By the former bill they
bound TO complete it within four years from the taking
effect Of the act. The bill provides that all ma
tural and unavoidable accidents upon the works. and
all delays suffered used by any officer appointed
By the State, shah be omitted out Of the computation
Of the four yessfs (Ssct I'D Il then further pro-
yides that the four years shall be computed from the
time Of The delivery If he deed Of trust and that
mo more years shall be allowed il the of $780,
40 shall have been expendrd, making the time six