Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1851-01-02

subject. My own opinion is, that intricate per
picked plan Of reducing public debt can be benef-
cial Simple taxation is the only remedy; and as near
be, direct application of the money, when col
ected, to discharge the debt
In the establishment of board to manage the funds
your officers Of State with the aid of commissioner
elected by the people, would be entirely sufficient. The
power given should be discretionary to the invest
ment Of surplus funds, for obvious reasons.
The financial ability of the State may be in what
have accomplished in the last nine years, commence
ing with the suspension of our internal improvement
system In that period with other but tax
alton, have lquidated, OF domestic debt in prin
cpa and interest the Of 81 500 1885, and have paid
of interest on our foreign debit including the January
interest 1851 the of S739, 269; making total Of
50 425 900 per year. in addition to the
ordinary expenses Of the State, sum equivalent to
one-half our present State Indebtedness.
BY the year 1853 with the improvements proposed in
revenue system the saving effected by biennial sessonso
the Legislature and the 10 be derived from the
Madison and Indianapolis Railroad 1t Is estimated that
shall be able within that year to appropriate the sum
of 500 900 to the payment of the principal OF the for
egn debt table has been prepared with great care,
and is appended to this message assuming the revenue
of 1853 be $500 Co., that the annual increase of rev.
enue will be three per centum that the of S100000
may be appropriated the first year for the payment of
principal; and that this may be increased every
year thereafter by the three per centum of increase and
the saved in the interest account Under such
an estmate-and believe it entirely practicabe-the
public debt will be lquidated in seventeen years from
the first payment To show still further the practical
biy of wping the debt of the State early day.
table has been prepared by the Auditor of State,
different basis for which yo1 referred to his report.
We are progressing rapidly, with works OF public inn
prOvemcnt. In the past have completed four
hundred miles of Plank Roads, which have cost from
twelve to twenty-five hundred dollars per mile. There
are some twelve hundred miles additional surveyed and
in progress. We have two hundred and twelve miles
of railroad in successful operation; of which hun
dred and twentyiour were completed the past year
There than thousand miles OF railroad
vevcd and in a state of progress.
There is evil to he apprehended from this expend
ture OF money and labor upon plank roads They are
built by our own labor and capital. The profits 30 to
people, and consequently surplus for the pay
of interest loans, goes ont of the country.
So long we cOnine our operations and expenditures
upon Railroads and works of similar character TO in
divdual enterprise and capital have the guar
anty that the investment will be made upon works of
such character will pay literally for the cost of their
construction While il is not the province of the Exc
cuve dictate his fellow citizens what partcu
lar works private capital and enterprise should he direct
ed, still it may not be improper to say, at this time,
when the mind of the public strongly directed
railroad enterprises that the danger to be apprehended
is that works entirely local in their character as to
disappon the expectations of the stockholders and the
public when constructed will absorb the capital and en-
orgy Of the country; and that tbs might be appro-
prated greater advantage in works OF general
character And it be feared that there is great
disposition carry these works by subscriptions of
corporate cities and counties From the evidence before
me, there is million OF dollars of corporate
stock TAKEN In the State railroads, by cities and
COMMITTEES; and from the present excitement in different
parts of the State the amount will be largely increased
the coming
Sound policy dictates that municipal department
however wealthy should Income associated with private
companies for purpose whatever. The appronria-
ton of the of cities and counties to such pur-
poses, is wholly foreign to the objects for which munich
pal corporations organized and for which the poxer
of taxation is granted them and will lead local
emarrasSments and difficulties similar to those in which
the State became involved a few years ago.
If VIC shall hold firm and steady hand; confne in
vestments in public improvements individual cap
tal and enterprise; show the capitalist at home and
abroad by actions and words that we determn.
ed TO keep faithfully all past engagements; that re-
gard State and county credit not empty sound
and PROMISE but that which is real and substantial and
worth preserving if shall do this Indiana will stead.
lily move forward with increased energy her resources
will be developed at the proper and right time and she
will he enabled to present the greatest chain improve
mclts oil any State in the Union. But il in this hour
the turning point in her second history of improvements
overlap the proper bounds and in the moment OF
excitement, whom individual capital is marking the
whole map OF the State with railroad lines add MIL
lions of the corporate stocks Of counties cities and town.
ships, through audable but mistaken zeal to advance
this that work. shall repent for years to come that
we had part or lot in the matter. We have had such
lesson this subject that should be Justly charged.
BILE with lack of prudence if again fall into Ike
difficulty; without having made excrton to avoid
such disaster.
l recommend to your consideration the propricty Of
making efficient provisions by law, for taking annual
statistical account of the Agricultural and other indus
trial products Of the State in their great material fea.
lures. Hardly any subject of domestic policy can be
important whether regard its effects upon our
internal policy upon the Just weight and character
the State member Of the confederacy The atten.
ton of wise has long been directed this subject
Not only has one or more Of our sister States taken
some action; but the General Government is proposing
lend its aid in accomplishing the object But while
I 70 NJ
influences the General Government doubt the exped
ency of relying solely upon its action. Why should we
be continually looking TO the Capital of the Nation lor
information to wealth resources and meansi
This is subject of in its largest sense involv
ing the certain knowledge Of material interest and
ability. Such knowledge is OF the first importance TO the
successful prosecution of individual and subordinate bu
ness afirs bur 1t IS of vastly greater consequence
the Just regulation OF the collective interest of the State
II should therefore be acquired by the State under its
own laws and through its officers.
Important this measure undoubtedly is is easy tc
accomplish IT, at trihing expense bureau of stats
ties can be engralted upon the Office of Secretary
State other STATE office, and the proper blanks
may he prepared by such bureau and Transmitted thence
To the county assessors, other county officer
be by them filed, prescribed by law and returned tc
the Central Office, To be compiled for the information
the General Assembly Thus could Be ascertained the
number of Of land under civilizations the quantity
Of cereal grain and other crops produced the number
OF horses, cattle, hogs Sheep &c. the number of mills
and manufactures; the amount of capital and value
machinery employed therein; and the aggregate ANNA
products especially in breadstas statistics of the moro
important branches Of mechanical labor; Of the extent
and progress Of railroads, plank roads, canals, Sc
with their cost and income per mile together with any
other items Of great and essential value In this way
may annual Information the subject of ou
schools number of teachers number Of pupils in attend
ance, the number not in attendance the amount of the
pay Of teachers the kinds of books used schools the
condition Of the School Fund, and full details of the OPP
Grafton of your entire school system. Thus can he es
ablished system of practical statistical Information
relative to the and capital of the State highly
interesting in moral and social aspect, and very mpor