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

done the better as the value of the work will be
continually deprecatng Two years ago this company
offered 500 900 in bonds Of the State but now it was
impossible to obtain these bonds We provide now in
this bill sell the work for 5000 900 in bonds
BILE on the State Treasury Mr.. S. stated that other
works Of similar nature are growing up on all sides,
and hence the business of hi. road decrease He
thought that the State would be unable to obtain
for this work if the sale is postponed until after
the other public improvements are finished
Mr.. Smith OF Marion moved to add the following as
an additional section; which agreed to.
sSEc. =. This act shall not be construed TO
give to the Madison and indianapolis Railroad Compa-
ny the right construct track avoid the in
cined pane unless said company purchase the States
interest in said railroad and comply with all the terms
of this act"
Mr. Slower moved to amend as follows:
"Strike out from the word Company in the third
line of the fifth section, also the SIXTH seventh and
eighth sections, and insert the following:
For the of 5000 ,000 to be paid in original bonds
of the State of Indiana S400 600 in five per cent.
State stock of the State OF Indiana, $500 600 in
and half per cent State stock of the State CT Indiana,
the sum of $3.50 coo in cash as said company may
elect that said payments be divided four equal
nua nsalments fourth be paid over to the Trea-
of State, before the ls of January 1854
oneourth in twelve months thereafter; one-fourth in
two years, and the remaining one-fourth in three
years from said first payment: Prorded, That nothing
in this act shall be construed affect, any way
the stock which the State in said road, accrung
on account of the earnings Of the
Mr. Slower some length explained the amendment
submitted by him. He thought that the past contracts
entered into by the State with companies, should induce
members to look we'll to the manner in which these
agreements made. All he desired was, that when
we do sell our interest in this road shall know
actly what amount the State is receiye-what kind
Of stocks be paid n--and that the amount
will be forthcoming when due Unless state in the
bill exactly what is to be Received the State VIII have
no certainty that it will obtain anything.
Mr.. King advocated the bill reported by the
mttee at considerable length, and opposed the amend
ment of Mr. Slower.
Mr. RuSkt said RI he ME rLs
TO the manner of the payment. He was opposed to
selling this work and taking the original bonds o the
State in payment. The State would make bad bar
gain. The State is bound for the payment of only one
half Of the original bonds as by an arrangement with
the bondholders, threw one-half OF these bonds
the canal and by accepting original bonds, they
would come from those who have heretofore refused to
aceede to this arrangement he was IN favor oil selling
the States interest IN this road and taking in
the two and half per cent bonds
| Mr. Sumner moved to lay the amendments OF Mr.
Slower the table; agreed to.
Mr. Sumner moved TO amend to require the
company pay 5000 600 in cash, its equivalent in
the original bonds of the State
Mr. Owen thought that the company would not accept
the proposition, if the amendment of Mr.. Sumner is
adopted He favorable the proposition to dispose
of the States interest in this road provided get
the value of it. He said he could not for the bill
as IL now stands Any proposition he would vote Tor
have out of it the original stock, the five per cent
stock, and the bonds Of the company, rate of inter
est less than per If the amendment of Mr. SUN
was not concurred IN he would introduce an amend
ment, which, if adopted lie would vote for the BILL
MIR. Summers amendment was then disagreed to.
! Mr. Owen submitted an amendment requiring the
company pay in p per stocks bonds of the
company bearing per cent. interest
Mr. Slower moved to amend the amendment so as to
change the time of estimating the value of the p per
stocks He stated that if the House require the
company estimate the value of the 2 State stock
the first OF JaRuary, 1852, it was evident TO his mind
that the company wonld never pay dime in such
stock, but would evidently issue their bonds, from
the fact that The p per stock would by that time
be enhanced in value For il is known the House that
the present value is only As cents and by 1854 making
reasonable calculation they will be worth 60 cents on
the dollar
Pending the question,
House djourned