Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1857-05-22
THE ARrruL poDeER.

Our contemporary, The Sentinel, grows I'M
easy at the explicit denunciation which Mr..
Gordon Tanner, in the resolution adopted in
the recent Democratic Convention Of this
county, pours upon the scheme by which it
is sought to impose great financial burden
upon the people Of Indiana, under pretence
Of relief to our Bondholders. And that pa
per triumphantly paradesthe jointresolution
adopted by the last Legislature, declaring
that the State cannot purchase the Canal;
and that, il such power existed, such pur-
chase is inexpedient. The Sentinel also
quotes that clause of the Constitution
which forbids the State to contract debt
for such an object
But oil this is outside Of the real case
The gentlemen who profess to represent these
suffering bondholders, are quite too intelll-
gent to fall into any such snare They very
well know what our constitution provides;
and what the temper Of our people will en-
dure. They do not, ask that the people of
Indiana shall buy the Wabash and Erie Ca
nal They do not ask the people Of Indiana
to contract debt that is inhibited by the Con
stitraion. They do not place themselves on
any such false ground as this, and no. one
knows il better than the Sentinel What
they pretend is that the old debts still sub
sisting, that the Wabash and Erie Canal was
not abs lutely sold to tho bondholders, but
merely pledged asa security; and that the Sc
curity having turned out to be insufficient
to meet the debt, it is the duty of the State
to relieve her injured creditors They insist
that the debt still subsisis, and avow that n
generous public will do something for It's liz
uidation. That is their case. The Demo
cratic Convention met il fairly, and repudia-
ted the pretence rs groundless, and avowed
their determination pay nothing more than
was already paid. Why has not the senti-
mel the holiness to do likewise
But tho people take tho matter quite cool
ly, as If an obligation to pay sl0,0OO,000
was n mere trihe. The demand il made,
and the leading papers Of tho State treat it
very respectfully, and consider il worthy
of examination Why not examine it then
and discuss il and let us have decided opin-
ions for or against the scheme2 Other peo-
pie are not N Indifferent Already the New
York Evening Post, a newspaper conducted
with the highest ability, and regarded as an
authority in all money questions, has taken
this great question in tow and devo,es a
long and studied article to it, discussion
We have transferred this article to our col
umns entire, and we trust our readers will
ponder it, and see how much more seriously
peoplein other States consider thismovement,
than our party organs at home do This ar
ticle is most ingenious one, andin that very
much resembles the paper prepared on the
part Of the bondholders 1t is professedly
written to show that in Indiana the compe-
tition between canals and railroads results
precisely as il has done always and every
wherein the Withdrawal ofthe lighter and
more profitable freights from canals, and in
the reduction of the revenues of the latter.
This lie simply confrmatory of view weurg.
ed in former article. that the arrangement
Of 1916 and 1s47 was made with full
knowledge on the part Of the agents Of the
bondholders, that such competition must
be disastrous to the Canal, at least until such
period should arrive when the material
developments of the country would furnish
for the Canal a full supply of heavy freights.
And under this cautiousmask the Post reach
es the main question Of thearticle, and CLAN
cling at the presentation Of the memorial, as
sumcs 1t to be meriorious, and very coolly
leaves for our people tue settlement OF the
mode of redress as If the question Of righ
was no longer open With all respect for
the Post We, beg leave to say that il will be
time enough to decide how we shall pay our
debts, when Il is fairly established that We
owe anybody.
This is oil part of the movement We
shall hear from abroad many sentiment
dictated by these clamorous treasury lcechet
before the war in this new question ends
Now IL Is oil coaxing They speak TO US M
gently rs the son brcczcs of June We ar,
generous high-sprited, disposed to see and
pursue the right and they have nothing "a
do but present the subject But wait awhile
Show little resistance Then will come
charges Of dishonesty The old ghost o.
liquidation, that was once exercised, mol
with bell, book. and candle, but with ia,
sweat of the hard toiing thousands, who ex
tract from the soil the annual revenue ofth,
State, will be again dragged from the retreat
where for ten years II has rested, and will b,
paraded before us more hideoue than ever
We shall have to withstand lattery and dc
traction, and, what Ia siill harder 10 resist II
legislative bodies, tho soft, attractive grac,
Of gold