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

Mr Prather introduced resouliuB that select CON-
mittee Of FIVE be appontsd enquire the expedien
cy OF letting out the printing, stationery and binding to
the lowest responsible bidder.
Mr. Crvens moved that the resolution be laid upon the
table.
Messrs. Lane aud Prather called for the ayes and
noes; when
On motion of Mr. Wilson, the House adjourned.
SENATE
MONDAY, December 81.
Petitions DC. Presented
BY MI Evans, temperance memorials referred to Sc
lect committee
BY MIR Read Of c. Of citizens of Clark county relative
TO the establishment OF orphan asy laid the
table.
BY Mr. Buckles Of eitiuens II Delaware county relative
to the salary of prosecuting attorney said eounty refer
red TO the committee on Finance.
Messs Houghton. McCarty, Dawson and Buckles preeut
ed petitions, which were referred without reading.
Reports Of Committees.
Mr. Buckles from committee the judiciary report
ed back The bill providing for enumeration of the white
male inhabitants Of the State Of Indiana with amend
mcni, the sdOptin Of which they recommend its pas
report comcur,ed in adopted bill
read second line and recommed 10 the committee the
Judiciary
By Mr. Heroi that the bill authosng Justices of the
peace to soemnise marriages be laid the table report
eoncurIed in.
By MI e,od. tina, is inexpedien, change
ave to the eun of executions issued by justices Of the
peace report concuIred in.
BY Ms slee,h tina, inexpeden, to amend the law rel
atIye 10 interest on money concurred
Senate adjourned.
ArrEhsooN SESSION.
The President laid before the Senate the following
muncatOn from His Exccllency the Governor which was
laid the table and FIVE HUNDRED copie. ordered be
Gentlemen of the Senate:
Bill Of the Senate No. 49, an act amend an act en,i-
lied An act TO incorporate The crawfodsvile aud Wabash
ac, amendOry theeo, approved February The l5lh S4S
having been presented for approval have determined
withhold my signature from bill. leaving
law, under the constitution, without the executive approval
IL is the constitutional duty Of the Executive from time
to time to give TO the General Assembly Information of the
such he may deem expedient and have deem
ed the P eseu fitting opportunity for the cnsd
Grafton OF your body certain measures OF modification which,
ia ny judgment, would be saniay by OF limiting the
which the bill above referred and others of
liar character will confer
should returned bill 10 the Senate with state
men Of my Objections if had been original proposition
for work commenced; but the having been en-
tered and large investments having made
stock by individual aud corporate subscription feel dn
cned 10 do any hing which might have The effect TO mper
II the important interests already embarked in The
Prise This enhanced by ddence natu-
rally growing OF very recent investment with the
executive functions, and the proper period having
rived Tor me to present 10 the Legislature the usual annual
cnmnunicat0n embodying views OF State policy general
which requires time for maturing.
desire TO call your attention strongly to the general
facts connected with the prosecution Of works of internal
improvement in State and TO invoke your deliberate
and mature consideration Of the whole subject
with the general principles Of this bill The impression is
strong upon my mind may fluid in such view
Of facts matter for caution and hints for our guidance
which proper zeal for the public welfare will permit
| US TO disregard
ties and cities in their corporate capacity subscribing
stock of such works. is that when subscrip
lions made the interest which the counties and cities
hold, should be surrounded by safeguards Of the most
questonsb BILE security FIon this consideration alone is
submitted that would be improper invest the diIecto
VI any company with unlimited power To sell bonds
any ot discount they please 10 make aud
them TO bear rate of interest however ban l.
the duty Of the making power protect the tax
payers Of The subscribing Counties from encoachment
peeiay when the evoeabe character Of such bonds is
considered
dcUun is greatly Strengthened by consideration Of the
vast number Of enterprises of this character 10 this and
adjoining States aud the probable effect Of their posecu-
lion upon financial condition Facts Of recent
full Of instruction this subject The lesson
that similar state Of things taught the people of the old
world tust forg There these enterprises
have already received severe check, aud il would
that the spirit Of speculation has been transferred from
field operation, great measure to this country
Here similar being enacted to the
extent, it may be- but unless prudent foresight in-
epose its sauiay checks there ground for the appre
hension ihs, results equally disastrous will here
We are advised that Of the i moneyed houses Of
the old world has lately established branch in great
this as the pecur field for such operation and fom the
very fact that it becomes necessary uOw view Of the
teres Of certain companies in the Of these
works, TO ask leave TO higher OF interest than
usual aid TO sell their bonds whatever they may
agree to receive, evidences Of song other
wise Of an oveIacon in this branch of enterprise.
Indiana has had such lesson The subject Of the pros.
ecuion OF works Of similar character, that we shall be
justly chargeable with of prudence if fall again
into like difficulty without having made sumo exeIon
avoid The disaster II the moneyed operations Of these
companies confined the ordinary aud safe methods Of
conducting BUSINESS il large debts not Contracted
heavy rates Of interest," ruaous discount; then, in
OF general pressure the worst that could happen would
be suspension Of the work.
But consider what would be the effect, IL by general
monetary revuson, such wok should be arrested while in
the midst OF its active operations il burhened with the Oh
legation TO heavy rates Of interest aud at the time
with part Of The work far finished be susceptible
Of producing revenue.
Extend this example the whole State would
bat the materials of these works brought under
hammer the nd pledged 10 them disposed Of fsced sales
10 the CONSERVATION OF the too eonAy occupants and the
Taxpayers OF subscribing county, grooming under bur-
densVme posnn for the purpose Of paying the interest
a stock which pays dividendsl
When rate f interest is established by law, and when
a. with The rate is high compared with commercial
rates Is ged policy not 10 permit exceptions 10 the rule
except IN extreme and then there should be limit
la the under consider alton, seems TO that public
policy points plainly % the enforcement VI the within
| q given limit
Il might be SAFE and desirable permit tho sale
Of Bonds somewhat less than the par Of State Bonds
Of the of interest but the experience OF the
State sdnonishes u.s. the discretion in such cases
should have its limits defined
is remarkable fact that in every instance that has
come under my observation whore this power is sought
TO be given the directors of companies 10 borrow
ey. make sales of Bonds without limit restriction
that in the first instance of Incorporation have been
passed by the legislature in which such power given
aud that counties good faith have taken stock in said
companies: that subsequently smendmspts have been
made from time 10 time, until now this Unlimited Powe
Is asked.
II is suggested with greet Difference, whether the adding