Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1850-01-17

with brief statement Of the reasons which influence
me TO withhold my signature.
The State of Indiana had expended on this work
more than a million of dollars prior to the year
1912; the work being then in unfinished state the
whole Canal with all the interest the State had in the
same was granted to the Company called the white
Water Valley Canal Company"
The only Pecnnary interest that the State retained
by the charter Of 1912 is secured by the proyiso to
the second section, which that after the expi-
ration or fifteen years from the time the Company
should finish the Canal, the State shall have the net
profits which may arise frOm il over and above 8 per
cent. This contingent overplus at the end of fifteen
years, and after per cent clear of expenses paid
Oh the investment is all tha. the State has reserved
TO herself in return for granting TO the Company.
the canal that leads 10 the great Western Mari-io
| which the trade of eastern Indiana must go-drain-
ing the richest portion of the State with rival
work 10 detract from IFS trade-lhrough the Oldest
and weahiest part of the State-and which has cost
Indiana eleven hundred thousand dollars. This Bill
authorizes the Treasurer and Auditor Of State, on
certain day. after sixty days notice, sell all the in
ieres the State has in this work The highest bidder,
and provides that this Company shall be competent
bidders ut said sale.
II must be obvious that sale of the interest of the
State in this work, under the circumstances would be
for mere nominal price. With the power TO regu-
late tolls In the hands of the present Company is
possible for them TO make the interest Of the State of
but little value. Before q capitalist would risk
purchase he would require some guaranty that the
tolls should be regulated to bring in the largest
amount of revenue; for however great the trade and
commerce, the rates may be fixed as 10 only Weld
sufficient for repairs and the s per cent.
Besides, no citizen would wish invest money in
enterprise of this character, in which his interest
would be hostile TO that of the company. Surrounded
with difficulties aud embarrassed at every step, he
would count all the well before he would make
an investment. think it may be taken for granted.
that although this bill is bill authorizing the sale of
the White Water Valley Canal, il is in fact a bill to
surrender the work to the company with all the right
the Stale has in the In that view alone do 1
regard the bill before
| The paramount objection 10 this bill with me- is
that il offers to dispose Of this large investment of the
State without any information report from any
source rs 10 the condition OF the work, lis income,
waterpower, hydraulic privileges what its real value
rs, &C., &c.
prudent citizen who has an interest," however re-
mote contingent, in transaction that he did
thoroughly understand, would offer such interest
for sale. surrender it up (at least upon the repre-
sentations of the adverse pnrty) without first making
al examination himself If qualified, and If not with
out having such examination made by competent
10 the task. And the adoption of such q rule would
be good policy in the affairs of the State
Before the State should surrender large in
vestment altogether she should appoint competent
and well qualified person, in whom confidence is to
be reposed, to make a complete examination of the
whole Of her interest in this work. and thus act
derstnndlngy in the surrendering Of the work, forget
ting at time, that the whole people of the State
have an interest in the same. Il is matter Of
no small Importance to pass away upwards Of
million of the funds of the State and think il should
not be done in this hurried, ex pare manner, without
any evidence of the value prospects of the work in
question. The offering TO sell the interest OF the State
IN our public works, surrendering them up abso-
lutey, under present circumstances, without with
holding ia our hands any check or restriction, would
pc the establishing precedent full Of incalculable
mischief.
The object of tie State. should be to have our pub
lie works completed, and when completed to be used
by citizens channels of trade and commerce.
py the payment Of sufficient TO repay well
the capital invested; but not to make them engines OF
oppression and monnpolies.
In this case the fact, that after the lapse OF few
years, the State may receive surplus over the ex
penses Of tho work, and per cent the capital
invested, will Of itself operate TO keep the tolls, wa
ter rents, &c., within proper bounds. but surrender
up all your pnbllc works, sell them 10 the highest
bidder, hold in your hands no check restriction
upon their future management, and when you have
done this, you will have placed in mems hands the
power TO cripple the trade Of the country by exoTbi-
tan, charges We shonld be willing To grant liberal
profits capital embarked in all such enterprises bur
then there shuud be some limit, some cheek, some
restriction; if is made, leave the labor OF
the country, to the merces of corporations, whose
desire for gain IS too frequently limited only BY their
power.
Il is said that the interest of the State in ths work
Is OF no value; if this is true, it IL little remarka-
bic that individuals should be impOrtunate for the
grant of worthless thing. Il will b. found that
aPpca tions of this character that arguments AID
language will always be at command. TO show pre-
text for the favor asked. But it is gravey said. that
capitalists will not invest money IN this work while
the Stale holds her present residGary interest.
If the giving uninterrupted possession of this
nal the Company for 10 years, and after that
forever thereafter per cent. upon the investment,
besides all expenses; if all this is not sufficient in
dncement TO capitalists invest money in this work.
where ibe State has expended so much, aud II is
sential that foreign capital should be had, would
be better enlarge the per cent give them 10,
20 per cent, than 10 give up the work without re-
serving any power 10 the State in It's future manage
ment But if it is determined 20 surrender up all The
ntcres; we have in the public works of the State. il
should be done without irrevocably connecting
with the surrenderng suitable checks and restrictions
and among those that | would regard the most
prominent, would claim in all time TO come the
right of the State through her Representatives to
suprvisee the powers Of the companies.
Tt is not coniended by any that the State has
violated her contract made with the company in
1912. Most fortunately in this she is at
expense in the management of the canal. 1t is now
in navgable order, and The people are receiving the
benefits of the work.
The State will stand in the same situation
this work In ten years from now as at present. with
the prospect of increase of trade and commerce.
and consequently sn increase Of tolls. Who tell
what the trade Of this country is TO be in fifteen yeaFs
hencei
II is the part of prudence tn hold on TO what w.
have saved from the wreck of the past. and when W.
shall cell or offer 10 SELL our public works. let rs
make the offer understandingy, with all the facts be-
fore us, their value prospects. &c, from con-
peent officer selected by the State.
January 9th, 1850. JOSEPH A. WRIGHT.
The question being, shall the bill become law, the Gov