New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-05-02
Nru. WORK DAILY TRIBUNE, FRIDAY, MAY 2, 1851

ard s4s This HUE bYSchuge contains al tie inorsaion
desrabe 10 relation he subject uUds consideration ana
places the compsxeon5On Of the debt In perfectly lucid
sbL TIE holders OF the Indiana debt are under great
oh igaton to MsssrL Wibso~. LAnier Co for Ibs 10
formation contained IN his valuable WORK. We make
some extracts OF the material portions The debt Is well
knowp originated 10 the aid extended TO the Iaiernn In
provenens OF the State, nearly al Of which we're aer
ward suspended n 1871 The Stale ceased TO pay the 10
iere on her DEBT having lost lhres millions OF her EeelH
lies through the failure Of banks and bankers TO whom they
had been sold credit and having about eight mil
ions in the above alluded In 1851 sae ADJUST
Of the De5t place the festnres OF which
were.
For orebAlf principal The sSs agreed provide ~
tsxAOn and give Der creditors cehcs-s Of sock tnere
tS' sss1s psFesaS inIs,s, Fsassa's Al ms pleasure
For nat arrears finteres give certificates OF
sock h7ang ntereH ~ The rse u q pr cent per az
tim AIer he lss Janusy 1885 redeemss9 81 the pleasure
ofLhe STATE also provided for by IsKan)n-
TIE payment ofhe 9th haL pdn~i snd interest was
made chsreeanle on The WABASH and Ere Csnsl under
certain supOslions and restrictions a. hereinafter men-
uoneo-ter he hna payment whereof the sA'e Is IN no
Growing Of this funding arrangement the State debt
divided into TWO paris, one cslet lndisna stae
Stocks and provided for by taxation, snd for which tae
fsh u The state Is pledged the other, Indiana Csnd
stOcksr for he payment Of which the Wabash snd Erie
Canal together with the snds AMI other asseu belonging
thereto are pedged-Ene State rot being responsioe
USder this Jaw Tor each oriEnA bood Fl $1,000 aud I
accrued ingeres., The holders received, 10 lS+'; 49,.
l =
ing iueTeEGt5 pr cent payable hall yearly, commenc-
ing lsg July l64f cent 10 cash per cent funded
to Jsousry, 1893, ser which The Whole lS psysos Ia
2 For onehNf the back Interest, a csdfeA.e Tor $50,
bearing interest At the rate OF q per cent alter let jan
1853 Thess stocks are psysbe by ihe SVst9 .,o
s. For The other half OF principal. certificate for 500,
bearing per cent interest after at Jan, l6i1. 80
For the other hsf Of arrears Of interest ceTi1-
cafe OF $50 bearing per interest ser the let Jsa
These stocks are payable of Inc revenues Of the
7 ere exists hen the following deat aud stocks pertain
Ing Ike Stale OF Indiana up " 17 5h August 1850;
The original bonds not surrendered, nor new cefth'
cafes tsken u0der The Act OF 1861 bar yet Outstanding
and uncGnce led to amount OF million four hundred
ard e slty.fVe thousand dollars
2 Toe Indiana Canal la1 81 s5OO,o0l, made % the
bond holders sd IN sns The CsUal bearing per
sfLe indians ssts per csass, .,usd for OuehLf the
Tie indans7t per cents isued for OuehlN the ar
The Iodisra Canal s Per cent Preferred Canal
Stocka issued FOR half he principal 20 hose Of me
bond no ders who old lheir portion 81 ae SoJVo
loan TO CON plele The Canal ~
issued for Onehalf the arrears Of interest 10 subacnOefs
Aforesaid. ,s. ,,
for bali he principal 10 those who did not s1o'cnoeo
the said $500 90 loan.
The Indiana per cent Special Deferred Canal SocS'
for bsf the arrears Of interest to noa-suoiehberS 10
The Canal Stocks Issued to subscribers to the osn' sIe
called Prefer, Canal SlocEsD sn1 VIII DO nrA pAa
both principal and noresl OUT OF The Canal Revenues De
fore either interest principal IL paid tie deierrei
Canal Stocks issued % )schbers the ster coming
IN amer The former are iay paid aud satisfied
The amount Of these Socks on the 5h Of August LAT
stood thus
rislnsl Bonds not surrendered or Cancelled then
outstanding $i''' wv
s4snOoO
q per cent State Stocks paying q per cent alter 49, M
CANAL. -..
per cent Canal Losn. SsloVVO
sst from let jan .siO795Oo
Special Preferred Cana S.Ocks bearing per 800 49,.
cent Int after lSt Jan.
Os'f om Isl SsJ jan isi7 $o6lOso
Special Deferred Canals, interest from lsI Jan. ..
1855 9<)Vo
The OF these different Stocks 10 "a fouo"s
Indiana Old Bonds not surrendered, beAnnS luIefes1
since July l84l 5000 for each BoHd OiSl 900.
Indiana Six Per Cert Canal LOsn, hall yearly interest,"
payable the Office OF the Rrusseesa New-YorE 80 per
cent.
Indiana per cent State Stocks 50 per cent
Indiana a Der cent State Stock, 80 per cent
Indiana per cent PrefSrisd Canal Stock. 4ti per c.
Indian Special Preferred Car Stock 2302i per cent
Ineana Deferred Canal Stock, per ceus Is PER ceai
Indians Special Deferred Canal Stock. 10 per cenL
Accrued interest In all going 10 the purchaser
OF the above enumerated Stocks growing OUT OF me
funding arrangement only tho fo0ves ehAFgsAba "a
State Stock. TO amount $4,000
a per State Stock, 70 amount of......... l56o
Total that the State has 70 provide S.660l
When n old bonds vet outstanding surrendered
and the securities taken under the sc Aforesaid there
will b sbsut $3.50 001 added 10 tue above making the total
State Debt 81 CSC 600.