Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1852-05-20
Gov. virgins Financia, skin.

Remember union is success-diysion is defeat.
Gov. wright's Financial Skill.
''The Governor boastingly tells the people 10 his
speeches. that he directed Auditor ELLIS to sell the stock
in the Madison and indianapolis Railroad and invest
the proceeds in the q per cent State bonds
Gin this transaction the State has lost large Of
money, the following ncontroverti6c facts and figures
will convince any who will examine into their
rectness
The State was the owner oS3I 90 of stock of the
Madison and Indianapolis Railroad which is dividing
fifteen per cent the stockholders At that rate the
State would be entitled 81 III 90 per This
sum would pay the interest, at per SS8, 200
of the State bonds. The Governor converted this S3l
$50 Of railroad stock into $50 1893 Of p per bonds
leaving the people pay the interest Sl49 36l, which
this stock would have paid if Il had been held by the
State or the people will have 50 734 90 more interest
pay now, than if this wonderful financial
had not taken place Certainly the Governor could
be content such financial skill the backwoods
He ought certainly 60 Wall street, where he might
have scope and verge enough for the display Of all his
uncommon and C@sarke boIdness in stock opera.
tons p'-State Journal, May Sth.
Such are the tears which the Editor of the Journal
sheds the transaction by which the State exchanges
her stock in the Madison Railroad for nearly double the
Amount in her Indebtedness. But mark how plain
a tale shall put him down.
At the commencement of the session of the Lepisla.
ture the President of the Madison company appeared
before that body effect arrangements for the pur
chase of the States interest in the road amounting
nearly one third of the entire value
How or by what means II happened we cannot say
but it did hsppen that Mr. Defrees became exceedingly
anxious hakthe State should dispose of that interest
Immediately before it became entirely worhless-and
day after day he urged the Legislature sell the
company for any thing they could get, by such argu
ments as these:
From the Daily Journal, janis 1881
"All these Roads will come in competition with the
Madison Road and, opinion, will render its stock
of very little value. It's operations will be confined
the local business along the route and that GER
tainy will not be much more than enough keep the
expenses of the Road The only possible way for this
road compete with the other roads will be to aban.
den the inclined plane Madison by constructing
other road. This will be attended with large outlay
OF money, and suppose is willing that the
State should again engage in the works Of this kind
But with this road constructed. do be-
eye the stock be rendered valuable, because the
business will seek the channels to which have alluded
Produce intended for the New Orleans market will not
be taken to Madison for transhipment when it be
conveyed New Albany, below the falls of the Ohio
for the same price and that intended for New York will
not be sent 10 Madison when it can be taken Cincn-
natl for the money. Viewed in any possible light
do think the States interest in this road worth
great DEAL and venture this prediction, that, should
it No. De sold the State will receive single dollar
as dividend arising from the profits of the Road"
! Now put that and that together. The Legislature
yielded to these arguments and passed the bill, which
was eagerly accepted by the company. But this was
all The State owned S31 450 Of this stock in the
road which had accumulated from and otherwise
and the same influence carried through BILL directing
/ the Auditor of State to sell that stock
He did SO, under the direction Of the Governor and
Treasurer of State, and now let look at the opera
ton. Madison stock selling at 81 cents the dol
lar S3l 450 at 81 cents makes par value $50 SOC So
At the time 81 cents had been offered and refused
for the "a per cent. stocks. Suppose they could be
bought for SIT The Auditor brought home from the
proceeds $2l cash, leaving the amount to be invested
$50 485 So which would have bought SOL 1875 OF the
per cents or sos less than he did buy and this without
pennys expense for brokerage.
This doing pretty we'll Brother Detrees, for the
stock of road ''of very little value and whose bus
ness wouid certainly not be much than enough
keep up the expenses OF the Road" Certainly your
memory is very treacherous, you very short
sighted, when the 10Th January, 1852. you wrote
and published this paragraph. Here it is:
Viewed in any possible light: we do not think the
States interest in this road worth great deal, and
venture this prediction, that should it not be sold,
the State will receive single dollar dividend
arising from the profits of the Road"
Melancholy prospect! Wasn't 1t time to sell out, or
even set fire the road and away by the light of
ts When this raven of despair was continually crOak
ing, was il strange that Gov Wright thought it best
dissolve partnership al oncei
4 As to our agency in the matter court nvest
CATION and If the legislature fails to give the seal of
their appreciation, we are willing to devote the remain
der Of our life TO the operation OF gathering straws to
tickle the of John D. Defrees.
We think neighbor of the Journal, would make
good financial agent for the State. and we suggest, if
old friend Achilles Williams declines being defeated
for State Treasurer that Mr.. Defrees be put the
Wing Ticket.
The Editor now says that in his article of the 18th Of
January last he abiding the interest the State
held in the road and the stock. 1t IS very wise
and nice distinction TO the difference between the
int crest man has in public work, and that Of the
stock ned in the same,
''Strange such difference there should be,
Twixt Tweedledum and Tweedledeer.
BY the way, will the Editor inform u.s. which is the
best policy, according TO his statement of the
To sell the stock at par and buy own debt at fifty
three to the dollar with the proceeds of the par
SALE to hold to the stock for two years, obtain
fifteen per dividend, and then hold stock Of but it,
tie paiue? No doubt this financial agent Mr.. De-
frees, will enlighen his readers this subject We
think General Stapp is thrown into the shade with the
mastery view taken Of this subject by the Journal Try
| IN a0ain lind Sf0fssnan