Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1857-05-08

RAtUAH M0aNh&&s MAJ > 1857
ovylcp on pu1LioA rles. NE. o. as:s
No. ss !. ~ % jes w.s. .i
~ 6s.s VIII nssnsss snt >sspssrh.
TxnEE HUNDRED AND uxTEEN rHoUsAND
DOLLARS a yxAn IuTERz1T NOW.
Nothing can be palmer than that, by the
acts Of 1896 and fS37, the State designed
to pay one half her debt with the Wabash
q Eric Canal, and the lands belonging there
to. And that the bond-holders designed to
receive the property in extinguishment Of
one half the debt, Is equally plain. Such,
for ten years. has been the..unisersal under
Standing Of all our public men, and every
citizen speaking Of tho manner in which
the State was sxtricated from her diIIicul-
ties in ls47, would say that bonds at 5 per
cent swers issued Cor half the debt and the
Wabash a Erie Canal, and the Canal lands
given for the residue. Tho Auditor Of State,
In his last report describing the nature Of
the adjustm ent, uses this language; sr
For the payment Of the other half Of
tho debt, principal and interest, various
kinds az Canal stocks have been issued,
for the payment Of which the State Ism no
.ets 4, =.
''' fs s.] ~ -. -. = - i.
'ee'as,a ''' P'0Poso' .l s.s - "
g. &c - esd . hsls s rsr cent on The
''o" :" ~, 80 -
rsl;anc< fsr nr reaaiaing tso and-a-half
- a. -. an cd ..,,t.x x.a !,
of .a;s walr,1 q Er,e C,nal fhrrrsv
or>at,,, y>i>ri,o AZ mani, If Indiana from
brrfxsnso,.~ 1870, mi ryyt,olr,, 5isehor-
o;no fh<m from ana Habi,itv for the said
$50 ~ t.ot,na .yo,. 10 .,;d
Co. -. ,oJ,. ,.s o,1-~ ~.r<aue, a., ha1t
a. ;.,-~..f an .o;d ,.f;y< ,ublic debfn
,-e-., s,-., :.
- y - a. a~~~-~I a.
-, 49, - ~ - ssr. !. -.
= ~ 49, 49, 80. = - - - - :.
49, ON g &c.. - 80 80 ~ or1sa7 All.
In. a O.. N, - -
Fs "a,
urincipal or interest on any internal i'm
provement bond or bonds. until the holder
fes 49,. = -. s.'',s ~ -. ..s.'.s
$3.50. - -, &c - - -
shall have received in lieu thereof, certif.
Gates Of stock "a nrovided in the first SEQ.
ton Of this Actp
Ana .h., ~. Stat. ,,.;d aw.v h.r Cana,
.nd ,.na. = s,,, .nd ah.o,,,s msnfand
~ ex,;,,.;sb forever one-balf ber debt !.
.-:a--ea .,..-,. - ~. .,;.,,,.
ton consa;ned IN the I5th section Of The
..+ &c 1917 ,h.. r;vas ,ha s,ass ,be sams
RIGHT 70 draw d;v;5ends from the compapy
bold;pg thu Canal that individuals would
b.x. IN The, even, ,h,, she .bo,ld a, anv
time become the holder OF any Of the cana
stock II the canal and lands were design
ed merely AZ a security. and the State stood
bound 10 redeem the canal stock in case IN,
.olls and water rent. did not nav the inter
..t mon hat stock then Il wonla be very
clear that when ever the State became the
holder If a cert;scate If the canal stock
that would be 80 much Of the debt paid
the stock would be- rome absorbed. and the
security. relieved Of that much of the deb
unon 4 vould he so much the better for the
holders Of the stock But bv the section
we have last cited II Il declared with regard
70 anv Of the nav stock uredicated on ths
transfer Of the canal that NAV come int
the poase.s;on Of the state The same shall
stsnd upon the same footing as If held b,
;ndix;duals and the said State shall be emit
tied 10 receiye and draw .upon such of III,
said bond. or certificates or snec;.I stock
a. sball be cbargcable' unon the tolls anf
-.-.-, la c...t IL $780, q, - al,