The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1873-01-10

L
bin providing tor the payment of
part OF the old Internal Improve
| ment Bonds
NM. SPEAKER:
| The minority OF the committee who
have had the bill providing for the pro
lection Of the Wabash and Erie Cana
from sale or sequcstration, under con
alteration, have give the question care
ful and as thorough an examination a.
the arduOus duties of the session wouiC
admit and, as result have presented q
full report of their conclusion which
we think ought to control the action OF
this house.
i dc not propose to enter into min
ute discussion Of all the question involv-
ed in this case. Were l to do so, il
would require more time of this house
than l feel warranted in assuming 10
myself, and shall therefore confinc my
self to the question raised by the re-
port Of the minority.
The indebtedness Of the State grew
out OF the mania for internal improve
nent which pervadcd the people of In
diana from 1882 to 1889, and which re-
suited in l645 in the State finding her.
self upon the verge Of Bankruptcy and
reputation, without 1eing able to pay
even the interest upon her Indebtedness,
and with her contemplated improve
ments but scarcely begun; and in May
1876, the holders Of foreign bonds held u
meeting in London, and as result of
this deliberation agreed upon the es-
sential features of the Bill known as
The Butler Bill, and il was placed in the
hands of Mr. Butler, to be by him pre-
scnted TO the next General Assembly Of
the State of Indiana, which met in De-
cember, 1916. This bill was adopted by
the General Assembly, and on the 27thI
Of January l847, the Legislature passed
an act supplemental to that OF 1916, the
object OF which was more clearly to de-
fine the rights and privileges Of the cred
itors under the act OF ls45. An exami-
nation Of this supplemental act shows
that il was expressly declared that one
half the debt should be paid ont Of the
revenues Of the State and the other half
only to be paid ont Of the Canal lands. |
the tolls. revenue, aud proceeds of thcN
Canal. This supplemental ac, also fur
iislies the forms Uf the bonds to be is I
'ued under these acts. For that half nf'
hc principal of the debt TO be paid out
)f the revenues Of the State. The Ian I.
suage of these acts oi 1867 have mol
Uncertain meaning to my mind. and the
state is by its express provisions re-
ievcd from all moral or legal liability
o pay any Of her old " "internal i'm
bOnd., other than The small
,ortion OF it expressly charged 10 her
~ the provisions OF the act. The con-
ract thus entered was solemn one =
made by the Legislature representing
lac people OF Indiana. and Mr.. Butler.
cpresentiER her creditors. 1t was the
action Of creuiio.' and 4 d.btor, 1
netting upon common gro,ndand max 4
,ig y solemn compact, a. 40 M cxis.inV
liability; and in my Judgment, each
'.rtv TO that compact are bound by itl
or all time to come. by this compacd'
he Canal. its revenues, tolls and priyi-t
eyes were transferred to our crcdiorso
u full satisfaction Of ali OF our indebt- |
dncss, and was accepted by The present.
wncrs Of the Canal in good fait ~ thct
ime. and it was Tie Impression OF theia
eOpie at the time that MIR. Butler re- Il
resented, as am informed BY an hon 7
red member OF thi, General Asscmbly.t y
rho was member of the General ASS
emily at the time the contract was a
ntercS into. ALL the bcnd-holdcrs, andIt'
his fact is torrobcreied by the provis- n
ms Of tie Butler Bill, the 18th section
( which reads a. follow: q
"SECTIoS 8. SosuOn as said Trustees Q
hall been elected. or appointed as atore IA
i'd, it shall be the duty of the Cover 9
or, in the name and under the Seal, toV
xecute and 10 deliver 10 said Trustees,
Y the corporate name Of the Board ofp
rustees Of the Wabash and Erie Canal. L
deed or patent for the bed Of the Wa r
ash and Erie Canal, and its extensions, n
nished and to be finished from theI
'hio State line to Evansville, ncludingIis
6 banks, margins, toe-palh, side-cuts, v
.eders. basins, right Of way, Jocks, dams, p
'atcr power, and structures, and all u
provided or collected for its "
obstruction and all the property right. el
tie and iuterst Of the State in and tod
10 same, with all its appurtenances ia
nd also. all the lands and lots mot soldIp
r disposed of) heretofore given. gran u
ID or donated by the general Govern d
rent TO the State, TO aid ia the construc. ~
on Of said Canal, or any part Of it, orIp'
'hich may be hereafter acquired undercl
+ by reason Of any existing grant, and ~
Il moneys due aud to grow lue on ac- II
ount Of any existing leases of any wa "a
n power or other privileges on saidIte
aral, it, side-cuts, feeders, basins, ORAL
lher appurtenances; said board ofir
rustces to have, hold. passcss and enjoy Ig