, 1870-07-13
THE DEHT nF INDIANA.

The State Of Indiana is out of debt, or
will be practically so, on the 1st of Septem-
ber. Tie State Treasurer notified the
holders of the State bonds that he would
pay them on the LIST Of July. A portion
only of tho bonds were presented, aud now
notice is given that, after the 1st Of Sep
tember, 1870, interest will cease. There
are but few persons IN Indiana WHO can re-
member when the State WIS not burdened
with an overwhelming debt The Indian-
apolis Jour1a! gires some interesting
"reminiscences Of the debt Of the State. As
far back as 1899, Governor Hendricks
urged upon ths State the adoption of sys-
tenn of internal improvements The State
commenced then to construct mud 1oada-
The lobby, however, was unable to force
the State into any wholesale business until
1882, when canal, to connect the Maumee
and the Wabash Rivers, was begun, and
this became what is now known as the Wa-
bash and Erie Canal. This was the evil
day. AL other parts of the State immedi-
ately demanded their share, sud this
general demand eliminated in the
st general system of 1896. On the
2Gth Of January, 1886, the State
appropriated s10, 600, 900 for internal im-
provements, md the event was celebrated
by iIluminations. For two years tie sale
of the bonds kept the works going; but in
1889 the bonds were all sold, nothing was
completed, and the ''system' went down.
The assets Of the State were 300, 900 acres
of land in Gsorgia; number Of acres of
land ("water lots y near Brooklyn, New
York; a canal, eight miles long, near 1ndi-
annapolis, and another canal from Fort
Wayne along the Whitewater River. Of
the 1882 miles Of railroad contemplated by
the system, 2sl had been completed. The
State Commissioners proceeded to rescue
what was left OF the wreck. They saved
the Georgia lands and the Brooklyn lots.
This was all there Was to show for the
slo00o,000.
The Democrats came into power, and
they directed the sale Of the Georgia lands,
and Democrat named Green purchased
tho 300, 900 acres for $1,000. The Brook
lyn lots were sold by State Agent Bright,
for a trine; and, soon after, Senator
Bright supported bill fcr dry dock at
Brooklyn, and the government bought the
same lots at large price. The Democracy
remained in power for seventeen years, but
never reduced the debt. Less than ten
years ago, the Republicans obtained posses
sion Of the State Government, and have
cleared of the entire debt. Some years
ago, ths State sold its interest in The
Wabash and Erie Canal for a portion of its
outstanding bonds. But the cannl COM
pany, whose stock is represented as selling
at five cents on the dollar, has petitioned
the State TO take the cannl back, ut cost Of
81, 500, 000, and that is one Of the reasons
why Wall street is 60 anxious to have
Democratic Legislature in Indiana. The
owners Of the Wabash and Erie Canal do
| not seem to have thought of the e1pedient
resorted to by canal company in Wiscon-
sin, which has sobtained the passage through
one branch OF Congress Of bill for the
I purchase by the United States of canal
which has been practically abandoned for
fifteen yeArs.
The State Of Indiana is out OF debt, and
her people, With the ripe experience Of
thirty-four years of debt and taxation for
interest, will not likely repent the folly Of
authorizing the issue of another State bond
for any purpose. There is no luxury
State can enjoy like that of being free from
debt, and exempt from taxation to pay In
terest on money wasted and squandered