The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-01-09

PROVISIONS De maze Tor Lnelr ADJUST
T.ent, but for the apprehension that
such action on your part might give
encouragement to combined effort
/ which it is said will be made either at
the present or at some future session of
the General Assembly, to induce the
State. to take back the Wabash
and Erie Canal, and impose upon the
people ofthe State that half of the
original debt which was extinguished.
so far as the liability of the State Is
/ CONCERNED. by the conveyance of the
canal and its revenues, aud some 80O.-
600 acres of land, under the pro-
visions Of the Butler Bill"
No such effort shall receive aid
from any official action of mine, ard
| /, therefore, refrain from making ary
recommendation as to these old inter
nal reYenue bonds still outstanding.
The adjustment made under the
Butler Bill was, as between the
State and the creditors who assented
! to the arrangement, a complete &C.
cord and satisfaction. One half of
the debt was extinguished and ceased
to be debt against the State, and
was charged exclusively, with the
assent of the, creditors, upon the canal
and its revenues. The old evidences
of debt were surrendered and cancell-
ed. and we Issued new B per cent. GER
| ti6cates for one half Of the pripcipal
and new q per oents. for one half Of
the accrued interest; and the canal
was surrendered to the creditors by
conveying it to trustees. a majority Of
whom were selected by them. and
the certificates of canal stock issued
at the same time for one-half of
the debt on their face show that the
creditors now look exclusively to the
canal for the redemption Of these Ger
tlt1cates, and not to. the State. To ac-
knowledge any liability on the part of
| he State for the payment of any part
of this canal debt, would be to create
a new debt for purpose expressly in
terdlcted by the Constitution. The
Constitution In terms declares that
no law shall authorize any debt to-
be contracted on behalf of the State.
except In the following cases: to mees
casual deficits In the revenue: to pay
the interest on the State debt; to ra-
pei invasion, suppress insurrection. or
ii hostilities be threatened, provide
for the ublic defence"
| In 1857, the General Assembly
passed a joint resolution DECLARING
that The General Assembly has no
\ power under the Constitution to pnr-
chase the Wabash and Erie Canal:
and that if it had the power, it would
be lmpolltlc, unwise and injurious to
the best interests of the people of tho
State to purchase said canal. [ re-
spectfuHy recommend that the sub
stance OF this resolution be adootsd
at the present session. At the last
session OF the General Assembly. a
joint resolution passed the Sen
ate, but was not acted upon in
the House, proposing an amend
ment TO the Constitution. de-
clariug that the General Assembly
shall neyer-:ncur any debt or EabiIies
or recognize any claim whatever grow
| ing out OF. or connected with the Wa
bash and Erie Canal. or matters per-
| tanning thereto, except as provided
for In an act entitled s. An act to
| provide for the funded debt of the
/ State of Indiana, and for the completion
OF the Wabash and Erie Caual to Ev.
ansvIlle," approved January 19, 1876.
and the acts supplemented thereso.
1 approved January 27, Se47: and that
said acts should never sbe cons tl.usd
so as in any manner TO create any H.
| ability or legal obligation on the
] part OF the State to pay the canal
debt, but that the proposed amend
ment should not be construed as af-
! fectlng the rights of persons holding
! the obligations of tho State, and who
were not parties to the adjustment
of the debt of the State as made IN
said acts of 1916 and 1847.
The principal of the entire debt of
the State prior to the adjustments m
der the $ Butler Bill" was over SII..
O00. 900, and the accrued interest then
unpaid was over 100000. The one
hall of the canal debt, including in
terest at D per cent, since the adjust
ment, would now amount to some
SIS 100000. If the assumption of
this immense burden is to be pro-
posed, let the proposition be made to
the people themselves, who will have
to bear it by submitting a Constitu-
tional amendment upon which they
can vote.
REPORT OF STATE TREASURER.
The State Treasurer's Report will
be laid before you, from which it will
be seen that his department is In q
very satisfactory condition.
ASSESSMENT AND TAXATION.
By the first section of the act ol
December 21, 1858. providing for the
appralsement of real estate, the Board
of County Commissioners of each
county were required, at the first
term after the passage of the act, OIL
at a special session to be Immediately
} called, to appoint an appraiser of real
estate for each county. A proviso
to the section declares that, nothing
: in the section shall prevent the Board
of Commissioners of any County ap
pointing deputy or deputies to the
: appraiser in case of sickness, want OF
time, or disability to discharge the
, duties in the time and manner re-
} quired By law. The second section
: of the same act provides for the elec-
: ton of an Appraiser at the October
election in 1858, and every fifth year
, thereafter. There is no provision in
the act authorizing the Boards of
: Commissioners of the said counties to
, appoint deputies to the Appraisers
} that are to- be elected In 1863. and
every fifth year thereafter, unless the
proviso to the first section confer that
power. Appraisers were elected un-
der this act at the late October
: election, and the Boards of Commits
: sioners of many of the counties have
already appointed deputies to the ap-
praisers then elected. In answer to
inquiries made by county officers, the
Auditor of State has issued circular
} to the several counties, in which he
gives the opinion that the Boards of
commissioners have no power to ap
point deputies to appraisers elected