The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-02-11
TFrom the Terre Haute EXPIRE

Inc greater pOfblOH VI LAS ClL41Onc
of Indiana are familiar with the
place which the Wabash and Erie
Canal has occupied in the past histo
~ of the State, and how, with its val
liable appropriation of Congressional
lands, it passed, in 1846-7-as a per-
petual trust-to certain class of our
Foreign Bond holders at their solic-
itation and request, in payment of
portion of the State Indebtedness.
Without accomplishing the design or
expectations of the State at the time
of transfer, it has been, for the great
er part, practically abandoned and,
for years past, let go to waste. As
great public work, it has be-
come worthless. Tho causes, real
or alleged, which have produc-
ed this great result we do not pro-
pose now to discuss. The simple fact
is sufficient for our present purpose.
Ever since it became apparent that
the canal would be abandoned, which
was not very long after its completion,
there has been suspicion on tie
part Of the people of the State that
unscrupulous efforts would, at some
time, be made to induce the State to
take back the fragment of canal which
might be left, and assume or pay back
to the bondhOlders the amount for
which it had been originally taken.
So strong has been this suspicion in
the public mind, that, In order to
quiet popular apprehension, on this
subject, the Legislature OF the State,
as lar back as 1857, passed a joint
resolution, declaring it unconstitu-
tional, impolitic and injurious to the
best interests of the State to purchase
the canal. The House of Represent
atives, the next year, 1858, adopted
unanimously a resolution declaring
that it would be unwis9 and inexpe-
dent to take back, upon any terms,
the Wabash & Erie Canal. or to re-
assume, in any form, the debt to sat
isfy which it was transferred to the
bondholders. Thus the matter has
rested, so far as the legislation of the
State is concerned, for the past twelve
years.
Notwithstanding these declarations
of the LEGISLATURE, it is known that
there has been an extensive and adroit
ring" of politicians and capitalists,
in this State and elsewhere, mostly In
the ranks of the Democratic party,
who have been long schemiDg to folst
the wreck Of the old canal back upon
the State, and saddle it with load of
debt for payers to discharge IN
the future, that the ring" might
profit thereby. The political power OF
the State, however, has not been IN the
hands Of the Democratic party, except
for a short while, since 1860, and the
e ,of i
GENTLY inviting to warrant the at,
tempt. The only hope for the canal
ring" is the chance of the Demo
cratic party getting control of the
Legislature. 1t would not have been
wise, during the war, or In the condl-
ton of parties in the State since, to
have openly attempted the project OF
forcing the canal back; but now, that
the leaders among the Democracy
have some faint hopes of carrying
Indiana, at the approaching Fall cleo
tions, an organization is being made,
and the necessary money being raised,
| to commence matters aggresslvely. A
committee of sharp New York money
/ dealers has been selected, embracing
| the varied financial talent of Wall
Street, to inaugurate and carry on
this canal foray against the next Leg
/ islature. Messrs. J. +. ID. Lanier. Au-
gust Belmont, A. Oracle King,
James Tinker and George Mosle
constitute the committee. This
committee is charged to take steps
for procuring the recognition, by the
State, as an indebtedness, OF the
several issues of Wabash and Erie
Canal stock of the State, and of the
Wabash and Erie Canal, either by
procuring the passage OF an act by
the next Legislature of the State, or
by submitting the question of liability
on the part of the State to the Su-
preme Court of the United States, on
such terms as the committee may see
proper to accept. These gentlemen,
in pursuance of their business as
such committee, have directed the
holders of the canal stocks to deposit
their certificates with Messrs. James
G.. Kings Sons, of New Yor <, prop
erly assigned to the individuals OF the
committee, with right OF surVivorship,
accompanied also with written author
ity to the committee to deduct from
and retain such per centage of the
stock as they may find neces-
sary to cover the expenses in
Cured The committee, by impli-
cation, are to furnish the neces-
sary money, and so saDguine Of sue.
cess do the principal projectors ap-
pear, that they do not propose to
assess the holders of certificates, who
surrender under this arrangement, for
any direct contribution in money for
expenses or otherwise; but pledge
themselves to return the certificates
in the event of the non success of the
committee in obtaining the recogni-
ton Of the claim by the State of In
diana.
The foregoing arrangements are, OF
course, preliminary to active work,
we may expect will soon begin