Tri-weekly journal. (Evansville, Ia. [i.e. Ind.]) 1847-188?, 1848-01-19

than iheg woiid have received under The rival
glanlAl06uced nio he legislature which pro-
scsed ~ giv Of the per cent. which then
bonds called for. By the rival plan too the
canal would not have been finished, as the
credit Of the State was broken down, and she
could hardly have been expected to construct
it, with only the lands granted by Congress for
that purpose.
This munifcent grant then amounted to
about 800, 900 acres Of land, would in that case
by the terms of the grant, have reverted to the
United States and thus have been forever Loaf to
Indiana.
By the supplementary bill, oil bondhoders are al
owed TO subscribe towards the completion OF the ca
nal until to as late period the first OF November
lastand TO surrender their bonds any time before
the first OF the following month II was also provb-
ed that unless the subscription towards the canal was
made, and bonds 10 the amount OF S4,0oO,0O0 prnc-
pal surrendered by the times limited the bill for
those purposes respectively the arrangement should
cease and be void. Approximations were expressed on
the part OF some opposed 10 the measure, tina.
paritively few wealthy persons controlling bonds TO
that( Tor little larger amount would get possession
Of the canal, to the exclusion OF the residue OF the
bondhoders,who account of their supposed power
tywould be unable 10 pay their quota towards compile
ting it, and by OF the priortes already spoken
OF be excluded from any share IN the profits. The
objection that the bill oflas session imposed
any greater burdens upon the people OF the State than
did the ball OF the previous session, or there
pretext for thntJ but that one part of our creditors
would be benefited by II more than the others, and
that large portion OF them being unable TO come in
20 the arrangement their claims would thus be virtu
some, that but half of debt would be brought
An being IS, 545 900 OF principal with the interest
that amount being necessary before the deed OF trust
for the canal and its appurtenances, should be finally
executed
The right to priority of payment however, seems
IN practice TO have produced effect precisely the
reverse OF that apprehended by some, namely, the
rapid surrender OF heavy amount OF bonds, in the
hope OF benehttng by the priority; while to the
first bill, which did contain the clause in ques-
tion not bondholder would accept of lis pro-
visions.
Ii is now Of congratulation with all to find
that at our last advces more than $1,000 900 OF bonds
exclusive oil interest," had already been cancelled UNI
der the arrangement
| was also informed at the commencement Of the
present session, by the trustee residing New York
that when he left that city, he had Information that
the surrender TO the amount OF about half q million
shortly expected, and hopes are entertain
cd that the bulk OF the remainder will finally come
into the
Having been satisfied that the requisite number OF
bonds had been surrendered to the Agent of State Tor
exchange and cancellation, and that the proper
amount had been paid towards the construction
OF the canal the deed oconveyance bearing date the
3lst day July last duly executed the trustees
required by the 9Th section Of the supplementary
bill, and consequently the original bill, modified
by that, is in full force and operation.
Whatever differences OF opinion may have existed
heretofore in relation 10 this measure, is confidently
hoped, that now, the law OF the land, and closely
connected IL Is with the character and
the State and OF its citizens, it will receive, in my
Judgement II justly merits, the support ofa and tina
nothing will be done or omitted, which may be calcu
lated IN the least to violate good faith, or to impair
the efflclency OF the arrangement The FIRST hall year
ly interest required by the law promptly paid
the hrst day OF July last, and although it found
necessary for the Legislature at the present session Il
authorize loan OF the amount of the interest due
the rs day OF January, yet that not because the
present rate OF taxation is not sufficient to comply
with the new arrangement, tor it is deemed amply
lint fhar ht
the the existing law 10 be paid into the treasury unit
the 4th Monday OF February, and hence it becam,
necessary to merely anticipate the revenue 10y the oar
in question.
II is respectfully recommended to your early con
sideratlon, TO adopt permanent for pre-
venting any such temporary embarrassment IN tu
tIre.
The final arrangement Of our public debt canno
fail to exercise favorable influence upon the pros
perity, the morals and the character OF the State
IS cause OF heartfelt congratulauon to all. We have
suffered much through past improvidence, may we
never neglect the lessons ii has taught us. Let nc
debt be incurred hereafter, unless in case OF the mos
impertive necessity, and then except provision be
at the same time made TO pay the interest, and for the
final extinguishment Of the principal Few will b,
found, hardy enough to advocate another genera
mencing one by degrees Ii favor is granted 10
section OF the State il gives rise demands from
other, and finally there imminent danger ofirresist
ible combinations OF interests for the prosecution of
number OF works. neither OF which could find favo
alone. As general rule, such works are far bette
lett 10 lnulvluual enterprise, under the great law o
supply and demand. Already we have large amour
OF capital in the country, with the prospect of pro
gresSive increase. The inducements tor its invest
ment in works OF this character very great,
the only apprehension that now neeI be felt is tina
sufficient care will not be taken in the chartering
companies for their construction, protect the right
OF the public.
II capitalists would not be justified in risking thei
means in the construction OF particular work o.
workst the State Just emerging from insolvency shou
not be required to do The level surface and fer
tile soil OF Indiana offeT great inducements for tn,
constructions OF railroads, with view to profit and
the most profitable because the most needed will b.
first undertaken. When constructed by private o
associated means, there is less extravaganza and les
danger OF the aithessness of agents. than if they arr
constructed by the State.
In dismissing this topic ! beg once more to recon-
mend the most rigid economy now rendered, if posi-
BILE, desirable than ever. Our faith is restores
and it must be preserved.
Let the resolve Of every heart be that it shall be pre-
served.
Occasions frequently arise for making requisition
upon the Executives OF other States and Territories
for fugves from thejustice thisState and provision
ismade by he existing law that all expenses ncurre
IN their recapture If the Governor shall allow tn
same shall be paid out OF the moneys appropriated
the general assembly, for such purposes"
AS no such appropriation has ever been made, tn
law has remained dead letter, and the custom ha
been to make the required allowances in the specji
appropriation bills. BY this omission. not only ha
there been delay OF payments for the services an
expenses OF the agent but in the absence of correct
formation, the treasury is exposed to the danger