Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1848-03-16
Veto Of the New Albany and Salem
Railroad bill.

To the Senate:
GENTLEMEN Il herewith return bill No. %, which
originated in your body, entitled An act TOR the
benefit Of the New Albany Railroad Company" with
the objections which have prevented me from giving
it my official approval.
The construction Of railroads, with the proper re-
strictIons and guards to protect the rights of
the great mass Of the community, is only Of gene
raj advantage but il makes era in the affairs Of
the country. The inducements too great for any
doubt but that they will be constructed soon, in
reference to general interests, as may be necessary.
have already given my reasons, to some extent,
why the construction of such works should be left
exclusively to individual enterprise. will now merely
say that only security to avoid another stipend
Gus State debt which, from the absence OF any further
means arrange satisfy IT, must crush US, is to
resolutely abstain from engaging the means Of the
State. presently or remotely, directly indirectly, to
assist any private company or any one work whatso-
ever. Whenever one instance of that kind takes
place. il laws the foundation for like claim in behalf
of other companies. Combinations OF different sec
tons of the State, of different companies, would
inevitably take place, until, as the ina result, the
already overburdened State would be hopelessly in
volved 1t from similar beginning that the i'll
starred mammoth system of 1856 took its rise, and
it behooves to learn wisdom from experience.
The first section of the present bill releases to the
New Albany Railroad Company all right Of redemp-
ton of the road the part of the State. That right
WIS SeCureu 10 at tne sDe passed over
her public works private companies, by the act Of
January %, 1912. BY the 64th section of that act it
is provided tina; the State, through her Legislature
may redeem any work after twenty years, BY refund
ing to the company completing it, the full amount by
them expended upon IT, with interest thereon at the
rate OF per cent. per annum, first deducting from
such interest the nett amount of revenue received by
the company. No could pretend, al the time,
that such provision not sufficiently liberal. The
State had expended upon the original work above
1910 900, of which the far greater part-I have not
the means at hand Of knowing how much but il is
supposed at least $500, 000-was expended upon that
part of 1t occupied by the present cOmpanys charter
And The only thing left to the State for all this expen
dlture the privilege of redemption at the end Of
twenty years and even this sought to be taken
from her for the benefit of the company. am aware
it is said that it will be redeemed that the State
gives away but little by this provision But if the
State ives away but little the company but
little, and would not be prevented from investing their
capital without IT. Other charters have been eagerly
sought after and granted, for such works. the pre-
sent session. where the State has expended no money
The present company will be benefited by the States
expenditure upon this work ought they TO receive
benefit not accorded 10 other companies, for nothing
If ii should be considered bad policy for the State
redeem the work hereafter she should at least have it
in her power to sell the right of redemption to the
stockholders.
| By this means something may be got by which TO
help pay off State debt, of which this same
S300,000 is part The people taxed to
pay that very debt and they asked to
der this last vestge of the expenditure to company,
and for nothing.
But above all, the objection consists in the principle
involved of granting any thing of labor of money,
or of the fruits of II, TO aid any company In any
work like the present, without reference the value
of the grant. The same objection was made by me
TO the bill of this session for the relief the White Wa
ter Valley Canal Company, and can make dstinc-
ton between different parts of the State in
ence to such fvors. The principle is pregnant with
danger and peril to the best interests of Indiana. and
as such feel bound within my limited sphere to re-
sist il.
i The bill is returned at the earliest practicable mo-
ment allowed by the pressing duties Of the close of
session. in order that the General Assembly may have
time act in the premises according their of
duty. JAMES WHITCOMB.
February IL, 1913.
/ OFThe veto overruled, and the bill passed by
the Senate.