Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1849-12-20
Remarks OF Mr.. Cassast,

OH we Blu whoT1ng me GoreHoT auditor and Treasurer
Of Stole TO borr0U 200 600 dollars to pay interest
the Funded Ddebt that lrH become due in January and
July, 1851.
The bill being reported from the committee % Finance
Mr. Csssat moved to amend by requiring % 600 dollars
to be borrowed and apart redemption
nal scrip. ln support Of biz amendment,
MIR Csssa said that in offering this amendment
sctusted by motives OF hostility the bill under eonsde
ton, nsnuaied by Of its sensitive advocates bur
was only aking that justice might be done worthy class
Of creditors who reside within the limits OF State
class among whom many Of the widows and
phans and sons Of toll who had earned their bread by the
sweat Of their brow in the bitches of Indiana by-gone
day, tie honorable from Marion could
the ranks Of our meorious bondhodeTs, whstandng
his appeal called nothing but widows and orphans
And Mr. c. astOunded him to see senators manifest
so much holy horror at the thought Of putting the claims
Of own long orbearing citizens equality with
foreign creditors II a mystery human nature
could not unavel problem he left the senator from
Marion and his coadutOr 10 solve He had always thought
charity began home but he believed in this instance
it began IN Europe. He soIciious preserve
credit OF the State any Senator upon that foo but nc
wished TO preserve ii at home we'll abroad and his
amendment went that far and farther and sorry
that the heated aud perverted Of some senators
had chosen place him opposition the bill under con-
sideraon On the contrary, he for the BILL provided
il went far enough provide money pay debts
at home and abroad; if not, he opposed to it.
Mr. c. then went into brief explanation Of the origin of
canal scrip He showed that the internal improve
ment system of 1896 the entered largely into
tracts with many of her citizens for the construction
nas &C. That IN the crash OF that system in '3940 the
State became bankrupt and issued her in the form Of
what is now called canal scrip promising receive the
of the holder al its full face and six per
in payment for any Indebtedness due the State for canal
lands. making that the only of redemption.
That in the arrangement of her State debt in 1886,
she had transferred her canal canal lands and the in
debtedness OF her citizens bondholders expressly
providing in that transfer that canal scrip ard full inter
est thereon should be received in payment for canal
land that in 1S4S, the Trustees refused allow full in
upon said scrip and in IS49 they refused receive
scrip ALL alleging that they had already redeemed the
full amount Of scrip reported be out the time the
contract entered nto and that they bound
redeem And from the report OF the Auditor of
State, from which Mr.. Z. ead) he said that they had
some apparent for their course impossible
from said report tell what of scrip
standing and unredeemed and if there was more out
standing (Which appeared be the from the best
data he could PRODUCT he did know that it eth
er just or legal to compel them TO redeem it, but that the
legislature ought provide other means 10 redeem
the surplus scrip outstanding He clear on the
subject himself, and he had offered this amendment
much for the purpose Of testing this question: whether
the State would compel the Trustees redeem the scrip
outstanding as with the hope of having his amendment
adopted.