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

In q Memorial lately addressed 10
the Legislature of Indiana by the
stockholders OF tls Wabash and Erie
Canal, there are many Interesting and
instructive facts rs TO the comparative
value Of railroads and canals, which
ought 20 be pondered by the people Of
this state.
As Ear back as the year 1886, Indi.
ana undertook the construction, am
ong other works Of internal improve
ment. of the Wabash and Erie Canal,
but being unable TO finish il, she in
1876 turned the revenues and tolls OF
IL, so far as completed, over 70 the
bondholders, as the security for the
part payment Of her public debt. The
bondholters having advanced addi-
tional money-about eight hundred
thousand dollars--to complete ID, on
the pledges of tho State that the ar
rangcment should never DO molested,
looked confidently TO the profits OF
the canal for speedy reimburse
ment.
AT that time the canal was the only
work OF internal improvement Of any
considerable magnitude in the State.
1t extended from Toledo, in Ohio, to
Covington, near tho Illinois line, and
was afterwards carried to Evansville,
on the Ohio river, opposite Kentucky
Thus the reader, by casting his eye on
q map, will see that IL crossed the
- n. .ls.~o ol,..<at Jto r~<,oo liz
and drained all the more important
districts of the country. Practical
men regarded 1t as one of the most
valuable works in the United States
indeed, second only in length
and position to the great. Erie canal of
New York.
For several years after the transfer
Of the revenues of the Canal to the
joint trustees of the bondholders aud
of the State, the operations oft were
satisfactory. The new parts of tho
canal were prosecuted with vigor and
economy, and the general income
steadily increased. The receipts,
which were s102, 900 in 1916, were
1895 900 in AZ, and STAG, 900 in 49,
~ -. ~ -. r. ~
Next year .horo was y shyhs iaiiing
on, In consequence oil tho failure oil
tho wheat crop that year. put IN %,
when tho receipts were Sl57 900, the
upward tendency was resumed. The
income in 81 was Sl79, 900, and in So
about s l93, 1000. But ut that point
the maximum was attained, ana tho
receipts Tell away Just as steadily as
they had arisen: They were ISL
600 in o5, and Slso,ooo IN Oh, while
there was a decrease of 3 40, 900 in '55,
and o still further decrease Of s67 900
in 56. These singular and by no
means gratifying results, directed the
attention of the stockholders to an
inquiry into the causes OF the diminu-
ton.
- They could not refer il TO any OK
travagance in the expenditures of the
trustees, for the canal had proved 10
have been most judiciously and Geo.
nomically administered. No extra or
very costly repairs had been required.
There had been no falling off in the
lend funds belonging 10 the canal
On the other hand, it had been con-
structed at less average ofcost than
other works OF the kind. There had
been decrease in the competition OF
the Wabash river navigation, and u
very large increase in the wealth and
population Of the country by which
the canal was supplied with business.
The inhabitants of the State, who
were about Csc, 900 in the year 1919,
had moro than doubled BY the 1900,
with corresponding growth in all
of the elements sof production and
trade.
But the stockholders found that
since their arrangement with the
State went into effect, il had authoriz-
cd an extensive system of railroads,
and that these railroads, covering
nearly the whole region thro' which
the Canal passed, had sapped tlie rev.
enue Of it pdri p0sSH with their own
increase. Reduction in rates of toll
on the Canal lin some cases as much
as seventy-seyen per cent? had been
made by the trustees, from time 10
time, to meet this competition; but in
the end they found it in vain, for the
railroads could reduce rs filst as the
canals, and there was no possibility
of heading of these formidablerivals
The railroads, being liable to few OBJ
structions ut any season of the year
and conveying merchandise with so
much greater rapidly, attracted to
themselves all the lighter kinds oil
freight-those kinds in which great
value is conccntratedinli little bulk anC
weight. and which are therefore the
most profitable. As they were opera
ted. moreover. in combination will
each other. and had many active agen
{ cies and parties in interest at all com
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