Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-01-03

4
mics If the State.
1t is said referred to- authorize the
selling Of the Bonds cfthe counties or the hypahecatng
Of them any of nieres' that be agreed upon
lille this is perhaps trus. is difficult for me TO per-
ceve The difference between giving the power expressly IN
relation to the bonds Of tie cours making the same
unlimited power applicable alone to the stock of the CON-
PaOy the borrowing OF money II you affect the STOCK
by exorbtan interest sell the hOnds OF the company
ruinous sacrifice. it affect the COUNT Stock.
well that of the cilizsn. Al 'ecied together
for the welfare Of The work and the adoption OF punc-
pie that is calculated injure the will thu others
The objection this want of limit, ia the rate OF inter-
10 be pad for money borrowed. and IN the sa's Of
stocks, is that it gives which liable To great
abuse and may involve the most ruinous consequences
and but ,nt that the Legislature. in conierng
such a power, have fard consider with The requisite
maturity all the abuses which it is liable We know
who hol the places Of Directors Of these corpora
TONS with the light thus offer, market the stock of
companies and to borrow money Prudence requires that
we should guard against every possible state OF things
may arise.
Is private credit exhausted in this State that
asked exhaust the public credit far possible, by
Offering public and deliberate acts of legislation to
pay any Of interest however large and sell ia
ket credit for any price TO raise money!
Does the public pulse throb with such feverish anxiety
make capable of all hisi II it is time that at
least all consdeate should pause and ask themselves
these things permitted thus go onl
But upon what principle and for what purpose is il pro-
posed to bonds other Obligations Of the denomina
ton of Fifty doIlars If for the purpose of borrowing
ney that object could be better accomplished by issuing
them of the denomination of five hundred
dollars IL they issued for the purpose Of paying for
work and labor, as matter OF convenience would seem
that that could be accomplished by share of stock
said company being taken in place of the bond other
obligation Of the amount.
II me- that the effect Of putting into circulation
those bonds and other obligations Of the denomination of
fifty dollars. by the various companies of the state will be
to make them kind of circulating medium Thus they
would pass from hand hand a currency and when
depreciation should would a all depeciaons
of currency DO upon the labor of the country II very
that such los felt by the opuient portions
of community. They watchful and prepared for the
events but the unsuspecng laborer frequently found
with the fruits of his labor in such currency, while the
vigant has passed the away the FIRST ap-
proach Of alarm.
II shall hold firm and steady hand exhibit to the
specuator of sale aud the capitalist abroad that
determined to keep all past engagements faith
fully-ha regard state county, and individual
credit not empty sound and promises. but that
which is real and substantial and preserving In
diana will be able to obtain ali the funds she may need
prosecute her works, at proper rate of nierest,-w
move forward with increasing energy-her resources will
be devcoped-and in a short time. by her Canals, Rail
and Plank Roads will present the greatest chain of i'm
provements Of any State of the Union
But if in this hour,-the turning point in her second
history of improvements overeap the proper bounds
trha with credit,-place in mems hands that power
unlimited, that they, in a moment of excitement and
Phrenzy. employ to the prosaiion of whole
dit through Isudabe zeal to advance their peculiar work.
we shall repent for years that have had par, lot in
the matter. JOSEPH a. WRIGHT.
December 81, lsd9.
/ Bills ON thei. third reading.
/ A bill to amend the Huntsville Academy; passed.
bill 10 amend the charter of the CrswfordsyilIe In
stiiule; passed
people of the State of Indiana revise amend alter
The constitution Of said State was taken up, and the
question being the adoption of Mr. Hardin's amend
ment,
/ Mr.. Hubbard moved to lay Mr. Hardin's amendment
on the table; lost, ayes IL, noes 81.
The question recurring upon the adoption OF Mr. Har-
dln's amendment, carried, ayes "a, noes IS.
And the question being upon the adoption Of the
amendmen; proposed by the committee, as amended by
the Senate,
Mr. Ellis moved 10 lay the amendment, as amended, on
the table carried ayes q, noes H.
i Several amendments adopted, and tho bill
ordered to be engrossed and read third time
row.
Mr.. Ellis offered resolution TINT when the Senate adj
ourus it will adjourn to Wednesday morning
ten o'clock; adopted.
1 On motion, the Senate adjourned.
HOUSE OF REPRESENTATIVES
MONDAY MoRsINe. Dec. 81, ls49.
i Petitions cSc. Presented.
/ BY Messrs. Salter, Beard Gessie, Hocomb Stewart,
Campbell, Doughery OF B., MickIe Hill, May, Weaver
Delevan, Barker, Edwards, Murray, Huey Bird, Hum.
Phreys Athon and Praher which were ssveray refer
red or otherwise disposed Of
Reports from Committee.
4 BY Mr. MickIe, bill with amendment, that marke,
houses, engine houses, &c. shall hereafter be exempt
from taxation, adopted and bill ordered be engossed
by Mr.. Edwards bill relative a receiver in Cham
Gerry in ST. Joseph; passed.
BY Mr. Spencer, bill TO the prompt pay
meni of road tax-providng that property shall he
exempt executions for road passed TO ID read
ing
by Mr. Carnahan of F. bill for the relief Of certain
persons IN Fulton county passed TO a I'd reading.
BY Mr. Graves bill relative TO hawkers and peders-
providing for of els per in each county
with an exception OF n-ware, pottery, sugar, Coffee &C.
the vending OF which not 10 be taxed laid on the
table to wait further amendment.
BY MIR Levison,a bill to incorporate the Danvillc,
North Salem and Charlottesville plank road company
read 81 time and passed
BY MIR Whers bill incorporate the of the
Princeton Female College; ordered to be engrossed
BY Mr. Brown of r., bill to incorporate tho Mobiles
Vile bridge company ordered to be engrossed.
By Mr. Farnsiev, o bill to enable the inhabitants OF
Huntington and Whitley to construct plank roads; or
dere3 to be engrossed.
MIR Brown OF r. reported back the bill TO extend the
powers of the Shelbyvle lateral railroad company, the
Knighstown and Shelbyvie railroad company and Rush
Vile and Shelbyville railroad; authorizing said eomPa
MES merge said roads into one, and authorizing road
from Shebyville TO indianapolis.
On motion of Mr. Robinson Of ID. the bill for the pre-
sent laid upon the table.
mir Edwards reported back the joint resolution in rela.
amendment, adopting, the sentiment of Indiana the
resolutions adopted at the ST. Louis Convention, ia favor
roau 10 Win tnfee Ofancn
roads Chicago, ST. Loas and Memphis also, the
solutions adopted Memphis, OF which is in invoI
of survey Of the different routes by the General Gov
eminent.
Mr. Canadian of p moved that the report of the com.
miltcs be laid upon The table, which motion did mol pre-
vail, ayes 10, noes 20.
The amendment of the committee concurred in
, the bill read third time and passed.
BY Mr. Hart, bill TO extend the powers of president
i, aud trustees of Columbus passed.
!, BY Mr. Miller of NJ and F., bill to organize tine
county Of Stark read twice and ordered be engrosssd