The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1860-09-06

In reply to Coz. WHlards Neso Albany
speech. Every proposition Of Wizards
proven false. Delivered at Bloomington
July 2lst, 1860.
CONTINUED
After the passage of the internal Improve
ment bill, the State being poor, and having
to rely solely upon her credit to borrow
money TO carry on the works provided for in
the bill, adopted another system, which both
parties Endorsed without distinction, and
that was the selling of the bonds of the State
upon credit and eoitbout requiring security
The reason for that was this, the bonds sold
more readily, and at better price And
another reason why this system became
confirmed by all parties was, that the State
in her first sales was very fortunate in re-
ceiving good prices and prompt pay at the
times agreed upon, some of her creditors
even paying before ; one of the promptest
being the Morris Canal Banking Company,
by which the State afterwards suffered more
than by any other creditor. So unanimous
~ was this system adopted, that is, of the
State selling her bonds on credit, without
requiring collateral security, that have not
been able to find single objection raised
to it, by either Wing or Democrat, until
after the State sustained her losses, then
every body, both Wings and Democrats
were vociierous in their denunciations of
the credit system, which they had previous
ly adopted, and which had brought upon the
State the losses referred to by the Gov
ernor. Then it was, after the credit of the
State was ruined, and the people almost
crushed with a heavy public debt, that
every body commenced denouncing the
whole internal Improvement system, and in
1889, by the united votes of both Wings
and Democrats, the system was abolished
Thus the internal Improvement system, in
stead of being Wing measure, as charged
by Gov. Willard, was local one, fastened
upon the people and then again removed by
the votes of Wings and Democrats. Ii
may be claimed, that as all the fund com
missioners who disposed of the bonds were
Wings, therefore the Wing party is respon-
sible; but | am unable to see any force in
that argument for this reason The los,
was not brought upon the people by any
dishonesty Of the Wings then in power, but
by reason of the credit system that had
been adopted and sanctioned alike by WhigI
and Democrats. 1t was the failure of per
sons and corporations to whom our bonds
had been sold on credit, that brought tbs
loss upon u.s. and not by reason of either
Wing or Democratic policy, but by the cred
it system, which was the joint and equa
policy of both parties, and not the separat'
policy of either .-
The Governor, for the purpose Of giving
further piausibility TO his sweeping charge
that the State sustained all her losses il
consequence of the acts of the Opposition
points in rather sneering manner at tn,
Hon. Caleb B. Smith, as he was once
Wing and now a Republican, and acted a
one of the fund commissioners, by referring
to uufortuuate Investments in soaD flcto
ries, thereby reviving an old political anC
false SANDER against Mr. Smith, which wa
originated by his political opponents, fol
the purpose of drawing the public minC
from another highly respectable quarter
while other gentlemen might enrich thei
own pocket at the expense of the, State
out of water lots, which constituted a par
of the soap or candle factory property. |
the Governor had just taken the pains Il
give US the whole truth in reference to th,
candle or soap factory arrangement, it nigh
have put rather different phase upon til
matter, and might not have looked quite s
well for his side of the house.
The history of that soap or candle facto
~ arrangement is just this: J. J.. Cohens
Bros, who had failed, were largely indebt
ed to the State for bonds sold them, not b.
Mr.. Smith, but by Mr.. Coe, former fun
commissioner, who as such commissioner
in pursuance of an act of the Legislature
went east to save the State her debt if pos
sible. He secured all the property he coul
find belonging TO the Cohens, which sine
yielded the State a large sum. Among
were some forty or fifty lots in the city 0
Brooklyn, which is just opposite the city O
New York, upon which there was erected