Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1852-02-12

Mr. Slower offered the following additional
ton to the bill:
60 That in the said Railroad COMPANY shall not
within ninety days, accept the propositions of SALE it
shall be lawful Tor any person, corporation or company
to the within six months after the expira-
ton oil the said ninety days in manner above provided
and such person. corporation, company shall thereby
have and possess all the rights privileges and benefits
that the said Railroad Company would possess by
ceptIng said propositions, and complying with the
dtons OF the same.
2" PrOvded, That nothing in this act shall be SO con-
strued to in any way authorize the said Madison and
Indianapolis Railroad Company so to reconstruct said
son. or any other part OF said road owned by the
State unless the said Madison and indianapolis Railroad
Company shall itself accept the Propositions and fully
carry out the conditions of this act"
Mr.. Stover said that he emphatically in favor Of
selling the States interests yet he would again
that he would rather sell that for $500 600 than
to dispose OF 1t in such that the Company
eventually evade the intended terms Of the
He thought that this additional section would not act
injurOusly towards the Company Under the PROPOSE
ton oil Mr.. Owen, the Company could purchase $780,
600 Of the p cent stock, the first day of Janu-
airy last for S264 600. He thought the would
vance by 1884 20 per cent the dollar and hence the
Company wonld not pay off the debt with q per cent
stock but in their bonds for the p State stock will
be worth in 1854 1894 900, and every that
the Company will pay S264 900 in their own bonds
Mr. Owen said that the par value of the D stock was
only cents, and he thought Mr.. Slower
the value of these bonds in 1854 He stated that his
ney SS3 900. He greatly preferred 2 stock payment
to 5s for the that eventually the State will be
compelled to redeem the 2ls as well the 5's. By
compelling the Company paw in 2i's, will have
exiting 5000 900 Indebtedness whilst receive
IS we shall have only extngushed $500 COO. He wish.
ed to give the Company alternative provided the
stock
The question then REQUIRED on the amendment of Mr..
Slower.
Mr.. Owen accepted the amendment.
Mr. oca al
time to 80 days in which the Company accept the
proposition.
Mr.. Owen accepted the amendment.
Mr.. Engl sh offered amendment to the effect that
should be least $3.50 000 and if S600000 of the p
per cent bonds should be worth than $3.50 900 in
the New York market the 1st of January 1884, then
the amount to be the latter sum.
Mr.. English said the object of his amendment was to
prevent the State from being imposed upon by combna-
ons put down the price of bonds the lst January
1854. Under the bill the Company may elect either TO
pay $6OO O0O o bonds, the value of that amount ol
bonds in the New York market the lst Jan. 1854.
Now how we to ascertain that value, who is do
It, and what Is to be the evidence! Are not at the
mercy Of bankers and brokersl This Railroad Company
composed OF eastern capitalists who could easily
chase all the outstanding p per cent. bonds. IL would
require $500 coo 10 do it, The Company cnud then
put small amount the market and have it sold for
mere nominal amount-it might be 10 the dol
lar. These fictitious sales are of frequent
1t would be easy matter for this Company control
the rate for that particular day. and would then have
to receive what the 5000 600 would come at that
In this way the State would comparatively get nothing
for this great work. Let name n sum below which
the price cannot fall. In other way the
State from combinations of the stock obbers. He was
sorry his health would not admit bis saying all on this
subject he desired. Hoped other members would look
to il.
The amendment, after some opposition from Mr.. Nc
Donald who contended that the natural tendency OF
these stocks would be upwards and though the State
would repudate them, they would always command
their value, was lost.
The amendment of Mr.. Owen was then concurred in.
The question then recurred the engrossment OF the
bill. which agreed to, follows:
AYEs-Messrs. Barker, Beach, Beane, Beeson Benin,
Brady, Bryant, Bulla, Buskirk Carpenter, Cockrum,
Crawford, Cromwell. Donaldson. Donham, Doughty
Eccles, Foster Geddes Gookins, Goudy, Hanna, Hays
of White, Henry Holaday of Parke, Holiday of Black
ford Hostetter, Hudson, Huey, Humphreys Hsnt, King
Kent, Laverty, Lawrence, Lewis, Lewiston, Lindsay o
Howard, Litchfeld, Major Manson, Maytield McAllis-
Schoonever shanklin Smith of Marion. Spencer, Stan
field Station, Stevens, Slower, Stuart, Snit, Sweet
Thompson, Watson, and Wison-60.
NoEs-Messrs. Cowgirl, Davis, Dice, Dobson, Dou
thit English Gum, Helrner, Hicks, Holman HufIstet-
ter Mcconnell, Miller, Morris, Nelson, Porter. Ray,
Smith of Spencer Strube, Sumner, Taggart, Torbet
Walker, Wells, Williams Withers and Mr.. Speaker-2S
A message received from the Senate announcing
the passage of joint resolution go into the election
of Reporter for the Supreme Court Saturday next
which was reciprocated by the House.
Swamp Land BILL (heng the special order,) and the
question pending being the amendment of Mr. Stan
field to the Instructions to allow persons who have
made deposits of money to receive a deed
The amendment was accepted
Mr. Carpenter moved to amend the instructions so as
authorize the appointment of engineer to survey
these lands and report to the next Legislature.
Mr. Sumner moved to lay the Instructions on the ia
BILE; which agreed to.
Mr. Hudson moved to amend as to allow the county
boards appoint the commissioners in the different
counties, instead of the Governor.
After a lengthy debate the propriety of the
amendment. IL was lost.
Mr. Beach offered an amendment authorizing the Gov
to appoint person in case the auditor ard treas
neglect to perform their duties.
Mr. Nelson accepted this as portion oil his instruc
ton.
| Mr. Beach offered an amendment requiring one-hal
OF the purchase money hand and the balance IN one
year. He said that bis object was to dispose of thes,
lands to the poorer classes and give them time to pa,
| for them.
| Messrs Gookins and Mcdonald thought If this amend
adopted the Legislature would never get riC
of petitions for relief.
Mr. Reynolds moved to lay the amendment on the ia
BILE; which agreed to.
Mr. Goudy moved give twenty years to pay for the
! land, provided the interest is paid; lost.
| Mr.. Stuart moved to amend by striking out the pen
atty in the 5lst section; which was accepted.
Mr.. Miller moved to amend by authorizing county
treasurers to receive in payment oil lands, certificates
issued by the Swamp Land Commissioners and said
tcate shall be receivable by the Treasurer Of State
receipted for as cash lost.
Mr. Douthit moved to amend to require eigh
hours employment a days work; lost.
Mr. Mcdonald moved to lay the bill and pending in
structions on the table; carried.
The House adjourned.
| AFTERNOON SESSION.
The House met.
Mr. Nc Donald moved to take from the table the bill
in relation to the Swamp Lands; agreed to.
The question then REQUIRED on the motion OF Mr.. Mel
son to recommt the bill with Instructions to graduat
the price of the Swamp Landsto provide for the drain