Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-02-04

patient investigation the Legislature acceded finally pro-
positions OF said agent snd enacted law providing for the
of the funded debt State and the completion
OF the Canal TO Evansville We shall not stop 10 inquire
into the poPrety Of ell the provisions Of that law
regarded as proposal the part of the State and Mr..
Butler assured It's friends and the people large that il
would be cheeuy accepted the part of the bond hold
The advocates of the bill of last session commended that
by its operation oHeha of the public debt would be
placed upon the Wabash and Erie Canal-ihe other half
upon the State TO be met by taxation and that the Wa
bash and Erie Canal would in four years be completed to
Evansville Ths principles Of the BILL thus understood
were regarded by many (pehaps Majority Of the people
OF the STATE in favorable light, and they felt disposed to
acquesce IN Its provisions, but while say this much
1t would be useless disguise the fact that il met with
very determined opposition both in passage among
the great mass Of our citizens.
After the passage Of that act, Mr.. Butler visited the
both American and European
OF inducing their acceptance. In this however be failed
and at the commencement of the present be again
presented himself to the Legislature. and asked their
hands as be said, fee imnaeriai notifications Of
he law Of last session.
The Legislature anxious to preserve the public
faith received Mr. his suggestions and
rpresena,ions-and the House Of Representatives did
on Saturday, the 10th instant pass the BILL against which
protest.
Such is a brief re.iew of the mission of Mr. Butler
We vsed against this bill because, whether viewed as
Debt Canal measure it signally fails Of
accomplishing its object.
Indiana should make any arrangement with her
public creditors. without including in that arrangement
The entire public debt Of the State.
This consider a Fundamental basis, from which
there should not be the slightest departure. Any deva
ton from this basis will violate every principle of equity
and only tend further embarass the financial policy of
the State This bill provides for surrender Of only
half (s5545OO0) Of outstanding bonds. The bonds
thus surrendered to be equally divided, and half
placed he Canal for redemption and other half on
tax of he So hat
be settle only ourfh Of the outstanding bonds on
the Canal leaving the entire residue be by DIRECT
TAXATION II may be said that all the bonds will be
rendered under this BILL and that the Canal be made TO
pay one-haf butwe reply and do without the
success ful contradiction, that such will not and cannot
the nature of things, be its operation.
The time for surrender is limited the first day Of
November next after that time the doors cissed-ihe
bonds SURRENDERED the Canal obtain priority Of the
payment.
First In payment of the work, labor, and materials
contracts for the supply Of work. lab materials be
done and furnished in and the and
construction OF the said Canal and works. the moneys
to be paid for the SHALL from time to time become
due and payable but by way of ancp PATTON and of
all needfu and proper expenditure for repairs attendance
and other causes save and except far regards the
erisfing tolls and of said Canal which
matter declared to be expressly appropriated for and
wards payment Of interest," al six per cent per annum OF
the to be subscribed, for the completion of the said
Canal and works, and which existing tolls and
this clause to that extent:
Secondly In payment of interest," after the rate of six
per cent per annum the to be respectively adj
vanced by the holders Of certificates the said trustees
from time time, in aid of the completion of the said
Canal and works. and to be computed from the respective
times OF advancing and paying such principal sums
specvey such interest be payable in the city of New
York. by equal half yearly payments. the FIST day of
January and the first day of July 10 each and every year.
the first half yearly payment to be made the LIST day of
January Is4S:
"Thirdig. In payment in full of the principal sums
advanced to be advanced by the holders Of certificates
subscribing aforesaid for and towards the completion of
the said Canal and works, and from time time remaining
due:
"FOurthiy In payment in full, to the subscribers max
ing the said advances or to their assgnees of interest,"
and after the rate Of five per cent. per annum the
moiety of the principal of the bonds which they NAV
have surrendered and exchanged for certificates as aore
sad such interest being to be computed from the said
day Of January, ls47:
"Fyfhiy In payment in full the subscribers making
such advances or their assigns OF the principal of the
special stock be issued cover the arrears of interest
due and accrung from the LIST day of January Is4I to
the LIST day of January s47 fast the same can ba
done, with interest the same, and after rate Of
five cent per annum, be computed day
Of January, 1852
"Srfhy. In payment in full the subscribers making
the said advances, or to their assigns, of the principal
neys scared by each certificate charged against
the canal lands and the tolls and of the said
Canal:
SeveRty. In payment in full 10 the other holders of
any certificates OF stock, by the said directed to be
issued and charged aforesaid (such holder not being
subscriber 10 the said advance their assigns of
rest at and after the of five per per annum on
the amount of the principal thereof:
Eighfhy In payment in full the holders Of certih
Gates OF special stock be issued and charged aforesaid
such holders not being subscribers the said advance
OF their assigns of the principal of such special stock
interest on the and after the of FIVE per cent
per annum TO be computed from the said LIST day of jan
uaTy, 1853:
Ntnthiy. 10 payment in full the holders of such
last mentioned certificates noi being subscrber or their
assigns of the of the principal thereof respect
ively."
BY giving these prioes to the bonds surrendered on
the Canal prior to the first day of November next we not
only violate the principles of the law of the last session.
but place the Canal annually accung debt over
aud above its revenues that The bonds that are not sur
rendered. prior to the first day of November will not
for may years, ever realize any benefit from the Canal
Having therefore inducement surrender their nds
they will refuse TO accede this law but rely upon the
pledged faith Of The STATE for the redemption the entire
principal and interest of their bonds Again. we are in
formed by Mr. Butler /" that the bonds of Indiana like
those of Pennsylvania and New York. are to be found
extensively in the hands Of trustees, guardians retired
and Oged persons, widows, and others whose object was
investment, and whose reliance for support income"
What becomes of this large and most meritorous class
Of our bOndhoders We told that they are poor
that they rely their income for their daily bread-and
say to them by this bill, You participate in
the provisions of this measure unless you advance us
more money to complete Canal" This is wrong :;
preferring the richer portion of creditors the
expense OF the poor widow and orphan. This is owing
in great 10 the priority clause in the bl-and
this priority also in direct violation Of the principles
the law Of last session, aud of previous acts of the Leg
ature The inevitable result be- that partial very
IL L.. - 4