Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-02-28
Wkile Wafer Valley CnnaI.

MsSSrS. Editors As many Of our citizens in
terested in the White Water Valley canal, either
stockholders creditors few remarks may NOT be
embarrassing. Aud FIRST | will premise by stating
that after the State Of Indiana had expended over
a million Of dollars she by the condition at E'r
finances obliged To suspend operations 1t. char
ter granted TO a company in Indiana aud III that
had been done was given, CONDITION the Canal was
finished from LawTenceburgh to Cambridge City, re-
serving the privilege Of redemption at of con-
siructon any time after fifteen years from date Of
coniplelion-StOck subscribed payable IN annna
lnstanents of from one TO seven years-not wishing
TO delay the work, the Company contracted with
gentleman of this city To finish 1t, paying him in Bonds
at ten years, collecting in the meantime the iuslal-
menis Of the stock with the intention Of paying Of
the Bonds they matured. The arrangement was
good one, and all would have done well but for the
unprecedented rise of White Water River Hnd the i'll
ability OF the wrok to withstand its current. One
breach after another followed, until the funds and
credit of the Company exhausted--no alternative
left but to abandon the Canal to tax the stuck
sufficiently to make thorough repair The latter
dOne and it is said by the Engineer (r M"ore) and
all who know anything about ii, that ii Is now in a
much better condition than it ever The dams
have been widened, Banks heightened. Locks, Aqua
ducts and Culverts strengthened and repaired, and
everything looks If it would last. But in do
ing all this, the company has had TO incur con~d
cradle debt, besides for former repairs and IN
the Bonds referred to, the whole however is
inconsderable in compa TO The real value of the
Canal that the Directors feel no hesitation in saying
that it be managed with perfect and
ience-proUided the creditors will aid them carry
ing out their plans. Various ways have been devised
TO get rid of the vexaion and embarrassment of man
aging many small debts-oue was of again taxing
the stock sufficiently TO absorb them But as stuck
holders have no relish for that system of taxation IL
has been abandoned for that will be presented for
their consideration and which trust will be met with
apFrobation-namey, funding the debt in bunds run
ming few years. with interest payable semi-annu-
ally.
Notwithstanding the misfortunes of the Canal (noi
The least Of which the failure of the wheat crop,)
the tolls and water rents amounted 10 than S3S
600 in 1919. II IS believed they will reach $50 900,
IN 1850 The whole debt, not including the Binds
for completion. does not quite reach S30O000. The
il is supposed wi u amount to $50 OOti--eaving
S2J0,000 of deficit. Near one-half Of the debt is
funded. If 100000, or lbs 900 more can be ar
ranged no difficulty is upprehended in Its future pros
perty and credit. In these remarks do not wish 10
be understood giving the precise amount of abil-
tiles and receipts, my object Is merely sketch of
how matters stand. The President DIR. Newman
Will In short time make more satisfactory report.
The directors have had wish TO conceal the con-
diiion of the Company their only motive in not pub
fishing statement for time has been from con-
sIderatlons Of economy, and desire to make known
such facts in regard to its entire liabilities be
obtained only when all the repairs should have been
done, and the Engineers reports fully and finally made
Lave been Director only since the first Of January
YVES at their last meeting in Connersville the 7rh
instant, and can testify TO the efforts of my associates,
TO manage the wisely and honorably. | have
known a majority of them for twenty years. and
the friends of the Company that whatever
plans they may recommend for their consideration is
entitled to respect.
In conclusion. must say that the country through
which this canal is not surpassed by any in the
known world. for fertility of SOIL and energy of its
people. Large towns are scattered along its banks
ard new farms daily opening, pouring upon its shores
the abundance Of their productions. In time it will
be one of the richest portions of the West.
JOHN. d. JONES.