, 1870-12-23
v nhsa~h nhN Erie Canal IB0uds of
IH1tauA.

:. tfe!t IHto1En ilhe " ne faclnc Oeead. selofe
thG clO4e OF 1ss1 thtTr will h~ COMPLETED within
hc Territory oyer 60 miles Of fai!roaA."
" saha~h Ms,u Erie canal IBouds Of
ludtaua.
j.. 'he Editor u The Chicago Tsibunt:
the article l.. IHK TRIBUNE ot the 9Th inst,
IL relation to lie bonds Of ttla State OF In
at ISSUED for the Wabash and Erie Canal,
r. II full OF erro1r As to fact, and ~ toths
I n1puse or into, ton Of tho bunth olders.
You state that the parties who made the
as, ct mt ut ~ith tho State Of Ind:Aua did not
J.. 'foru, thri- outEa2t, ~ the canil was never
finiHhed. They did advance 10 the Stste, fur
q e ooo md tip chs;f W Eusinoss suo ot % shs
State, J. l. Williams, in his ze.Irt dated De-
ceu1ker l9. 1858 says: - On the I'D Of Ssp-
tcn.ter it5S) the Jir:t through boat from Lake
Eric rraeh*d th< Ohio Rtuer.", This il eyl-
dc,ca tLst the can II was frished; and nns,
di .ra m.de with ,ts bcndholdeea l. 1857,
vhen tho state wtstoo LOO: - pay tbs iltotest
on Its bonds? Il w1s this: ~ That for
y. .-tAf Of tl,e tltht ald interest (ss the State
ma etoosel, tic bondhefdesa arc to Look
.1slusiveIy " tie tolls And reveunes OF the
w ash 4 Erie Canal; and, to secues tho
t. t ,is u.Post, tie oanA and its apputten-
III es are 10 be Put into tto hands Of three
Trustees, TWO 10 be appointed by the bond
holders vim sdva,ee The money to finish the
caral, and the otLer by tho StAte- Thc Ttua-
tees held the property, and act for the mu-
t1ial security OF the State lud her creditors.
Tic property iteelf ID all IL the State and
subject 10 its Jurisdiction. The stats reserves
to itself tue night Ut regulating thu tolls, and,
II any time In her pleasure, OF reteemlng tho
caLal ard closing the sEnst. bv paying the in-
crmhracca."
Mr. Il, Sscre.t, Chairman OF th. JON: Com
mittea Aho reported the bill in 1876, says
= Ny p1pt otiticn IL substantially to reeasethe
general revenuer Ct the State and her public
faith from one-ha1f Of the antse funded
leht, ard making the Bamo a charge against
the entire Erie, Wabash l. 0Iio Canal in
one-half Of the public debt from the Gnoui-
ders Of nnr ts1.piysIs and placing it upon this
canal = In addition, the bopuholde1H
ate willing to take tho canal aud its lauds (not
n solutrly, but in tru=l). AID fEish the work
through to the Ohio River, Advancing oos-
third or more Of the cost OF compilation, tu
cAsh. and uelng tie aanda for the balance. a.
far az pncficahle. s. In that part Of
the bill relating to ye.tlng in trust the canal,
/ with it, lands and revenues, great care haa
been taken to render he security Of tbs bond.
holders perfect beyond doubt, and, at the
State over the whoie subject 10 perfect u to Sc,
cure the interest Of the state and Ill its ctizeua
| from all ard every enc1cachment." This was
tie arrangement - stated By the committee
ct the Legislature. Tho bon6ho!ders tool
| fer one nolety of their debt and inherent .e.
curry On ,he tulls and 1erennef Of tho canal
| uhils tho contfol Of the canal Iem.lned 4
holders ever had was simply \ Ilsn oa The
revenues Of the canal Al tho time OF the
asraDgemsnt it Was believed tho reyeou4s oil
thH canal would DO alt.sufficisnt to pay ths in,
| Il Il It 1td tho dtbt, and "the State rtserysd
| $I, t.~ 5x.-. :
Mr. Il. W. Thompson, xs Chairmsu Of tho
| coE,1n astee Of the C4Er1: Convention, At Tsure
H.u;e, May g, lSl5, Estimated. .'tbAt. By
1880 The tolls on The canal would be equal
tc, il pot greater, than 100000 .
| xeAr. 1t cannof bo dsnhted that
viii pay Argeportion OF tho iu:efeat IN the
State debt. thus ral!evlug tbs people from Al
| optrssive burden OF taxation The amouut
| Of revenue Of the Wabash i Erie Canal
| wzs Lased upon the revenue derived from The
Ohio Caual, which in 1882 wAa 579, ,98a, and In
lslo, SAN. 122. Governor Baker, who no.
| occuri The executive chslE, WAS nsmber OF
| The Legislature in 1885,, when the b..gain
WAS mAcd xith the boudholaesa Of thp s,ala {;
and did he not believe then, in giving to
| the toLGdolders lien upon the revenues Of
| The canal they we're gtTin8 them g N uu-
] doubted" or - Nr Scores: said. .'seca1itg
Ssyond doubt Now does ooyeInos Baker
bsvs o maas h. oenaas,an.s straaRs@sn1 "9a'd .nd
surrendered their old bonds, il tier had
| supposed that the State, By it, own acts done
| in the Legislature, would hare destroyed the
ecu1ity elven them for the payment o{ inter-
| ett AID pIircipal Of thoir b3nds7 He caauot
believe this. And ts thtte man in Indiaas
who does not know, il the Ssate had not chg
tered raito1ds, which have taken away bost-
/ nees from the cat al, that tbs reyepueR Ct thu
causl would have paid the etockholders2 And
/ it is fact that tho State did, for 1 tune, re-
fuse to charter railroads, on 1he express
Of the canal. and vould be IN act Of bad faith
| to the boudhu1i.rs. And can State take
il no doubt that the railroads.
built by authority from tho stkta, have
| grtasly euiichcd tho State, and ensbled it
| State Of Indiana had thirty miles Of rail.oad,
aud it's taxable prupesty Was s1:s, ,o0o, 900.
| In 1869, 1t had ASS miles OF r4ilro1d and its
taxable property wss S59t .979, 964. Its zaii-
SIX, 900.
Let me say t. you that it is a fact that At
least ulns-ttntha Of the Wabash i Erie
Canal boEds are Dow held either By the ongi-
nal Subscribers to them, or BY their heirs.
The t1Anafer books Of The 8tate will ahow this
| Tact. Let me say to you that the cid men,
and the widows and The heirs OF thase who
when she was poor and In trouble,
hare NO money to buy up legielAtosa OF to
pay lobbyists, ind that they know nothing OF
Congressional jobs" :. F 'ox River improve
ments", AID ''the New York Canals" all the
bondhoidere ask Of the Legislature Of Indians
i, that 1t will pass resolution or bill, author
izipg them to test the validity Of the elaln
they make At the bar Of the highest judicial
tribunal in the land. ' This they ask, and
! nothing more" They have nothing to do
with either party in the StAte. They are Will
irg to abide i judicial deciIion. Gin the
Legislature refuse them this? II it does,
then they viii seek that only remedy provided
! in the constitution of our common country
against : State Yours truly, Eq1r1T.
SEv YoRk, Dec. Is.
VtaAt -F xA- r-.~r,.. =.