, 1872-12-13

Mr.. 8. from tho Senatorial District OF Allen
and Wells. Mr.. Bird is IN active, sagacious
politician, as well as an industrious Senator.
Mr.. sarninghausen understands English so i'm
perfectly AZ to seriously diminish his usefulness
rs o Senator.
James Harney, of Montgomery, and Mr. 7.
Cnrnahnn, Of Poeey, are among the Oldest sena-
tors, and may be claRsed with tho old-timo De-
mocracy in whom there is no guile. Mr. Harney
is hated correspondingly BY his political oppo-
nents. He opposed the war with al his power,
and made some indiscreet remarks during can
vasa for Congress in the old Eighth District, in
which he was defeated by Judge Orth by
urge majority. He is somewhat fmpracticab1o,
and has desire to be Q leader. Mr. Cnrnahan
is the oldest member Of the Senate, and his
white hair and whiskers give him the appearance
Of veritable Rip Van Winklo. He seldom
speaks, but keeps close watch upon the interests
Of his constituents.
Hugh Armstrong, OF Howard, and N. E. Dete-
more, OF Greene and Owen, arc among those
who are c1assed as clever and good-natured fel-
lows, who arc sure to be On good terms with
their feuow-senato1s on both sides Of the
house. The former is q merchant, and the TACT
that be WAS returned from Republican
county is sufficient to show his standing at
home. He is industrious and devotes all Of bis
time to the discharge Of his duties. Wiley Dete-
more is promising young attorney, and ls q
creditable Senator. He is o member Of the
Judiciary Committee, and is one Of the most
useful members OF that body.
4. ". Hall, Of Floyd, iB a promising young
man, who is Industrious and conscientious in the
discharge Of his duties. He is o good speaker,
and fine lawyer.
THE WABASH ERIE CANAL DEBT.
| As this debt has occupied so large share OF
| will make q brief statement of its origin and
| condition, which may not be uninterestlng
Botween the years 1884 and 1871, the State Of
| Indiana issued q large number Of bonds, for
| Int jr1Y,r fp
she WAS unable to pay the interest. In 1846,
| the creditors of the State proposed to tho Gen
eral Assembly to take the Wabash Erie Canal,
then finished from Toledo. o., to Lafayette, Ind,
ming twenty years, for the remainder. This was
agreed to, and an act was passed, known as the
'sButier BILL" in accordance with this arrange
ment. The canal was surrendered to tho credit
| ora, and new bonds issued to all holders OF old
bonds for one-half the amount of the surren-
dered bonds. Under this arrangement, all Of the
Internal Improvement bonds were surrendered,
save 1e1 $1,000 bonds. Upon these tt the 70
State Stat the refused sSaon te ps 4 5tsEss a 4e e
1866, when the bonds issued under the act Of
| 1876 became due, aud they wero redeemed. Then
John W Garrett, President OF the Baltimore d
| Trustees Of the Wabash d Erie Canal for the
| principal and interest upon forty-one Of the old
| $1,000 Internal improvement bonds that had
| not been surrendered, ns well as for the residue
| of the one hundred and ninety-ono unsnrren-
dcred bonds, to enforce lien on the canal and
its revenues which was created by the legislation
| under which the bonds we're issued. Tho Courts
| decided that "the bonds were lien on tue canal
paramount to the title Of the Trustees, derived
! from the State" This decision WAS generally
ncquicsced in as being correct. Governor Baker
! requested the Court to withhold entering up the
Judgment until the 9th Of the present month,
| in order to allow the Legislature timo to make
an appropriation to pay the Judgment, and there
~ of Ea JpaG
! bound to do. Those bonds had been Issued by
the State, and her faith was pledged for their re-
demption.
Tie States creditors who accepted the canal
for one-hak of her Indebtedness to themselves
| failed to complete it to Evansville, as they had
agreed to do, and, as consequence, that other.
| wise important work did not reaIze the expec-
| tations OF it's owner, and the stock, which
! amounted to some millions, was almost without
value. In this state Of affairs, the holders Of the
canal stock memorialized the Legislature to take
the canal back, and issue them now bonds fol
their stock. The State refused to pay any atten'
ton to the memorialists, other than to answo1
tlat if the owners Of the canal had made bac
| bargain, it was their own fault; that the State
had merely accepted their own offer, and waf
! not liable, either legally or equitably, for the
canal stock and would not pay one dollar Of IL
Within the past few years, however, powerful
| combination has formed in this State and II
I Wall street. to force the State to take thecana
and pay tho stock, both principal and interest
which now amounts to eighteen millions OF dol
the parties in interest have all been opposing
the payment by the State Of the Garrett bonds
| hoping the canal would be sold to satisfy tht
Judgment, when they would come in, and, witt
some show OF reason, claim that the State should
/ redeem their millions Of canal stocks, which
| under the existing arrangement, are e1clusiyel,
| charged upon the canal, and for which the Statt
is in no way bound. The Legislature promptly
passed bill making an appropriation paying the
Garrett and all outstanding bonds. The Gar
1ett claim amounts to 100000, to which is tt
be added the cost Of the suit. The principal wal
only 900.
Now, to settle the liability Of the State for tht
canal stock, the last Legislature passed u
amendment to the Constitution Of theState pro
viding that no law or resolution shall ever b
passed by the General Assembly Q
lie State Of Indiana that shal
ever recognize any liability of the State to pa,
OF redeem any certificate Of stock issued in pur
suance Of " An act to provide for the fundat
debt Of the State Of Indiana, and for the com
pletion of the Wabash d Erie Canal to Evans
yille," DC. The present Legislature has ais
passed the same amendment, which now onl
remains to be voted upon at the next genera
election, to become part Of the Constitution.
It is significant fact that no Republican
member OF either branch OF the Legislature vote'
against the payment Of the outstanding Inter
we're Democrats. The Republicans have alTay
charged that the leaders of the Democratic part
in this State we're in tho Ring" to saddle thi
canal debt upon the State, and their recent vote
On this question give color to the charge.
INDIANA.
CENbT0R CcHIiR7