New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-03-08


q the entire line, for the purpose Of continuing
tie canal from the TIppecanoe to the Ohio River.
The State accepted the grants, sold portion
of the lands, completed the Canal from the point
Of commencement in Ohio to Covington, dis
lance of nearly 200 miles and partially completed
the line to Terre Hsute, expending thereon
Deahy five millions of dollars In ls4l, the State
becoming embarrassed, her credit and resources
entirely failing her. all further expedtures her
public works were suspended Being unable "
meet the interest due on her Internal Improve
ment debt, the Legislature. at the session Of
1867, passed an act proposing to the creditors
of the State the liquidation Of said debt on the
following conditions:
l. That the State shall issue to the holders Of
her securities certificates of stock for one half the
amount bearing v cent. interest, to be pro-
vided for by tax alton.
For the redemption of the other half the
State to transfer to three Trustees, two TO be
chosen by the creditors, the third by the State,
The w sbash and Erie Canal finished and un6n-
ished lands donated by Congress, and other assets
belonging thereto, condition that the creditors,
through the Trustees should complete the Canal
10 Evansville within six years, they to look to
the Canal and assets only for the payment of the
other half of the original debt, together with
any money they might advance to complete the
same.
This law was accepted by the bond holders
The Canal, lands, and all other assets, were duly
transferred to three competent and efficient Trus
tees. Certificates were issued Tor this halt OF the
debt, chargeable only on the Canal and assets
called Indiana Preferred Canal Stock" bearing
interest at the rate of " cent. from the lgt
January, le47, the total amount OF which Is
S4,315500. Another class called Special De
ferred Canal Stocks" being made chargeable on
the same after the Preferred Canal Stocks prinei-
pal and interest are fully paid and satisfied.
The Trustees entered on the duties OF their
Office have completed the line to Point Commerce,
m l. oCfNh n lfv,n
III miles to Evansville, has been put under con-
tract, and will be completed by the lat Nov. 1882.
Ii is confidently expected that the assets trans
ferred TO the Trustees by the State, including
near 600 acres of valuable land then unsold,
lying along and near the line of the Canal tolls.
&c, arising from the finished portion, Will pay OIL
the entire cost Of completing the entire line OF
Canal to the Ohio River, Including the $500 600
Of cash already advanced by the creditors to
cid in it's cOmpletiOn and leave clear net sur
plus Of more than 100000. When the trust
came into the hands Of the Trustees in ls47, &C
cordiDg to the estimates of the Engineer, (which
have proven TO be correct it would require about
$20O0000 to complete the line to Evansville,
making the entire cost of the Canal aboutS OOO,-
600 The receipts of the Canal In its unfinished
state, were for ls4s, S146,l4s go; ls49, Sl34,439
O3: 1850, Sl57,l5s 3s. The failure of the wheat
crop in l949, occasoned the small receipts for that
year The result is that the payment Of about
100000 with Y cent interest from the LIST OF
Jan ls47 is chargeable on this Canal costing
S7000000 receiving yearly when but hall COM
pleted 100000 Of tolls When the entire line
to Evansville is completed Ito which point the
greater amount of shipments will be madel 1t VIII
be safe to estimate the net receipts at $500, 600
annually After 1852 the Trustees holding the
Canal free of debt with q considerable surplus,
for the use and benefit of the holders OF the pre-
ferred Canal will begin to apply the net proceeds
to the payment of the arrears of interest, which
Id ha IN Nopo q frOr
Cleveland to Portsmouth, on the Ohio River, 81
miles long, which does not traverse country
near so fertile as that through which the W. and
Z. Canal passes, earns " cent on It's cost near
S5,00O000 1t is but reasonable TO expect that the
latter will earn y cent on its cost OF 81 100000,
the latter having no competition in Railroads.
The Trustees, in their report to the Legislature
under date of Dec. 90, $780, say
Looking to the condition Of the unfinished por-
ton of the Canal, there is everything TO encour-
age its most ardent friends. The period Is near
at hand when the actual accomplishment Oh the
work will be ounced, and when the toll and ell
fort of its early advocates Will have arlch reward
This toll and this effort have been put forth to &C
complsh an enterprise OF vast magnitude, IN
which the commercial, agricultural ana social III
terests of the people of Indiana are deeply IN
volyed The Wabash and Erie Canal is the
longest work of the kind ever undertaken by any
State of the American Unloni ana Will De- Wneu
completed, the longest continuous artlhcla! cnal-
mel
can continents 1t passes through country Vi
unrivalled productiveness in the substantial ar1l
Giles of human food, and capable OF supplying
dense and active population. what II 49, We
know--whst it will be, those who succeed US only
can realize. r1
The Indiana Preferred Canals sell at the pres
an, time for about AZ per cent on the face
Thus certificate for $1,000 with the accrued
interest from Jan l. lS47, to jan l. 1901 5eo
20 % , on ia 420
Making clear gain Of. ACKNOWLEDGEMENTS s!SV
The return from the Bank of England tor
the week ending the 9TH Of February gives the iol
| lowing results when compared with the previous
| week s,,o geo
Other deposs. sa 5s s Increase ~
ON the other side of the account
Government securities 456s6 The same as ee s
Other securities s99 Ss5 8si76C
| TheamOunt of notes in circulatlonis tlo,9lO,52o
| being n decrease of 3264, 700; and the stock OIL
bullion in both departments is tl4,473,5Ol, show
ing en- increase of 1888 when compared with
the preceding return
The earnings of the Michigan Southern
Road for January and February 1851, compare
with the corresponding months of 1850, as follows
1880. 1851.
January ;''''''''''''''''''S152l54G s s i5SS5 s
! February l...... 's..'.''''.. so~t 90 4'''O
! Total ............S7OS5 IS SS2,7Sl 10
7OS5 78
ere cen !" '"o $25695 s.
This very large increase has been caused by an
extension of the Road westward % miles to Cold
water, which was brought into use in December
and which reaches the business of section OF the
country which has not heretofore been accommo
dated by this Road We understand that an ad
ditional extension of % miles of new Road tC
sturees's Prairie is about completed, and will be