Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1848-02-10
COyERNOR,S MESSACC
Returning rith has objections The BIZ for The relief Of
The White Wafer Valley Canal Company.
TT, fbe Ho,,eo Of Ro1-eee,f,f;rex Of


act for the relief of tile White Water Valley Canal
Company" passed the last of the Gen
eral Assembly, but not having been presented to me
for approval, until within the last three DAYS before
the final adjournment. the same Is returned. as
permitted by the constitution, 10 the House in which
II originated, with the objections which have CON-
strained me to withhold my approval of the same.
Briefly stated, the bill extends the time in which the
company is required by their charter to complete the
of canal for the space of one yearlrom
March lst 1917 it authorizes the creation of an add
tlonal amount of capital stock for construction equal to
the cost of again placing the canal in navigabe order
it authorizes the commissioners Of any county in the
State to subscribe for and take behalf of county
any amount OF stock they may think advisable, 10 aid
the company demonstrating the canal and pacing
in navIgable condition. TO issue 'county orders in
sums OF not less than twO more than dollars 10
equal to their said subscription deliver
them demand TO the company-and to levy a tax
on the taxable property of their county, for the two
succeeding years sufficient for the redemption of
one-haf the amount of the county orders in each
year. 1t is further provided that Immediately upon
subscribing stock, the commissioners shall publish
the fact, and call upon the legal voters of The coun-
y to meet at the Court house within thirty days there
after, and there, under the direction of the commits
sloners TO raty reject their said action by voting
at poll to be opened majority of the whole num-
Der voting, TO determine the question. 1t Is already
provided by the charter of the company that the cap
Il
that amount to finish Il make hydraulic oork
but that the company shall be bound to keep the canal
in repair. The first section of the BILL however as
already stated provides that the of repairs re-
CURED by the damage occasioned by the heavy rains
last winter NAV be regarded as additional capial
stock for construction" The effect upon the public
interest by this provision would be- that as the State
Is by the companys charter to receive after a GER
tain period, all the profits of the canal eight per
cent on the capital stock, clear of expenses the pro-
posed increase of that stock 10y the expenses of re-
pairs which the company is bound to perform) if il
does not destroy, will certainly lessen the chance of
any dividend for the State.
The plan proposed for taking stock in public works
by counties, payment being made therefor in county
orders, 1t TO worthy of serious examina-
ton, and suggests sundry grave questions As thee
orders only payable future (by the present bill
In one and two years. has not experience abun-
dainty proven that they must inevitably depfeciaie!
Will not this depreciation, great extent fall up
on those the least able to bear il! Will it not, in
this way become indirect of oppressive char
acter While credit is conceded at times be use
full, yet is not the mode propOsed one of the worst
forms of credit that of a deprecated currency As
such currency must fail of efecting a given
OF repairs or other work, somewhat IN proportion to
Its depreciation, and yet II must be afterwards re-
deemed at par by county taxation. Is employ
ment bad economy!
1 As the worst currency in community invariably
excludes the best from circulation the extent of
lis amount Is there not danger, If this system Of is
suing county orders TO large amount and for objects
beyond the Legitimate expenses of county, should
generally prevail that shall again be plunged into
the embarrassments of deprecated scrip currency
to extent beyond past experience deceptive in
its character, and operating an onerous t. upon
the industry of the State
If any of the voters of n county in favor of the
county taking stock in public work. had they not bet
ter prove their willingness by taking stock individu-
ally, rather than to compel their neIgbors DO So
who may feel able pay, or who may be opposed
TO the scheme! Granting, for the present. that they
may be vested with the legal pOer yet has the ma
jorty of the voters Of county the moral right to
force their unwilling neghbors into speculation or
4 moneyed investment, which does not come within the
q scope the objects of their county organization or
may be termed of their social and political part
nership!
/ Had not the construction of public works (other
than the improvement of navigabe waters) better be
left in general, private capital and enterprise, I'M
der the great law of supply aud demand Have we
not now more solid capital IN the country than
before Has experience shown that private funds
will be far faithfully and economically expend-
ed and applied than pubic funds, in such enterprises
Will not the system of counties taking stock such
works involve the great danger of the State being ul-
tlmately shlngled In its length and breadth with
another enormous debt Is not the estimated pro-
perty of county faacous criterion as TO it's abili-
ty to take stock Will it rather depend on the
amount of money there may happen to be in the pock-
cts of the citizens at the times they periodically
called upon to pay their taxes If the people of In
diana have deliberately resolved upon any one meas
ure, is that the State shall never again embark
in any scheme system of extensive indebtedness
Is it not the part of prudence TO guard against evils
of this character if evils they found be- at the
commencement!
| have neither the time, nor is it necessary now
to discuss pronounce de6nitivey, upon all these
Questions. respectfully present them for the consid
Grafton of the Legislature, the subject should
= be further entertained.
independently of them, it seems TO that radi-
cal mperfecton exists in the bill Should be deem
ed expedient to leave the grave question 10 the
3 voters of county, whether it should take stock
{ in public work, and to what amount it seems TO me
that the ample opportunity should be afforded to
all the citizen electors, whose interests deeply
involved in the matter, TO appear at the ballobox.
The fifth section of the present bill, however author
and requires the voters to appear at but pre-
cinct in the county, (he court hou>e instead of al
lowing them, in other elections, vote in their
respective neighborboods II also authorizes the
uissloners open the poll ithin thirty days" az
ter they subscribe the stock 1t is true this may be
twenty-nine days notice. and it is just true that
notice of but day would be a compliance with the
terms of the bill.
But small part Of the citizens of any one of our
middle sized counties could but one precinct in
the of the day. If the polls should be kept open
from day to day, long enough for all to vote, many
would be kept waiting for opportunity at great
loss of time. and many Others 1t Is feared. would be
prevented from appearing at the polls all from the
ton should be given but few it is feared would have
knowlelge of n and If fn notce shOuld be afforded