The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-07-21

q canal to be built around those rapids. Con,
grC ss old not assume that duty, noI even let IL
aione. The state of Kentucky eharteL,eed ERE IL, a
company TO construct that canal am 10 ton lhe
comme ce of the Ohio: The United states
aspired to the dignity of stockholder In mat
company, and achieved It, The government
took and paid for 29O2 shares at sl0O each. Pri-
vate parties took 7.OeS shares. The canal was
tSe 1uai' companVs onS treasury ied The revenues
were so large, it seems pity the govern
mept should share tnem. oS DS' sstifIaS az a. 70
nearly one-third of the net rev nues. Inc
government W not repress n cd In tne ,.n,d man
/ by five directors each of whom was Stock
holder. Thos- directors concluded they &c could di
/ vide them with the government. To that end
they resolved the canal ought to be made ffee
snlved ye that the net revenues should be applied
| 10 the purchase of the private STOCK. daVlng
found market for the stock, there was nothing
left but to fix the price of 1t. That was modestly
set by the directors at only nifty pei cent. prem
ium.
United States was not consulted. But III was
evident that II the earnings which belonged 10
chase private stock, the United States would
soon own a majority of the stock: To avoid
Seciors to psy or the stock with govern u ent
funds, but to have the sock transferred 10 the
diIeet6rs VINO & sh0ae % ON II as the eeisation of
In pursuance of these directions, the directors
proceeded to apply the surplus earnings 10 the
purchase of the private stock. Between 1s42
and 1855 they paid for such stock; Zoo OF 1 the par
value of S709,SOO, the sum OF sl,IOS, ,1oZ. inen
the directors admitted they had received
enough, and notified the secretary OF the
to the custody of the general government so
soon the department may be prepared
that tn time the secretary was also a Kentuckian.
He evidently felt that he could take some
liberties with his fiiends. He accordingly re-
piled that congress had not authorized the ac-
ceptance, "but requested the president and
directors each to retain one share, (or eligiDll-
ity), and to manage 1t under the charter until
partment to receive it," The president and di-
rectors very promptly acceded 10 that request.
Ii should be noticed that the conduct of the sec
retary exhibits instance of difference to legs-
officer which is believed TO be quite unique. He
could not feel free TO take charge of the canal
himself, because congress had not told him TO do
so: accordingly he gave IL to his frieEds. such
exhibitions OF scrupulous regard for the limits
ofjurlsdiction are seldom witnessed. Ii is graft.
When the distinguished secretary retired from
the treasury he was made president OF the canal
company.
necessary to state that the directors at once re-
canal was only two miles long and there were
only five dD ectors, they could manage 10 spend
for their own salaries and that of their assist,
ants but S44,0l2 per annum, to which tney addeu
$4,000 for continger cies; consequently the rev.
enues accumulated in the treasury of the COM
; prs Organized themselves into a savings bank,
and then the canal company deposited tnelr
surplus with the banking company. II the lat
ter received as much for the use of the revenues
: as the former did for collecting, they ought 10
have been content. But avarice rarely is con-
: tent This anomalous corporation, with one
0 head, one body, but two faces, was not content
! When IL was ascertained how profitable they
{ could make money derived from the work they
: did not own, they desired to get more money:
e They hit upon the expedient of hypothecating
!. eniarging ii. In 1850 congress authorized the
|. directors, "with the revenue and credits OF the
e conn any, to enlarge the said canal" Under
), that act the company mortgaged the work foi
some $500 900, and IL is not yet known wnetnei
the government will be able to recover II o. not
: OTHER SPECIMENS OF DEMOCRATIC RULE.
e That party did not overturn our land system
. notwithstanding 1t was a very good one. Dur
ing the year 1871 the system was much i'm
proved; that must be confessed. But the Dem
acratic party was not in power that year. We
- grants of lands made for educational purposes
were not repealed. The fact furnishes strik-
s not Sa dcn To Explain sucf
: grants were made ly to states in which the
, lands were. Such lands were found for the mos
= part only in new states. The new states wer
: very unanimously democratic in politics. The
! state. receiving the grants could alone ,ai admin
> lister them, and the party seems 10 have felt con
: hdent that grants so administered would not
!. promote the cause of education more than
{ merce. All who are familiar with the esrly x.
e periences OF the school funds in the Southern
!. ard some Of the Western States, will need nc
I other assurance that that confidence was not
n The capital was not trausplanted. But when
!; the democratic party retired ffom control in 1861
- scarcely building belonging to the government
. was finished. Perhaps, however, the party
they had earlier formed the design of transferring
y those buildings to the use of another govern
: ment.
Armies were then maintained. Their ranki
I, | were thin, but they were sumptuously officered
= -officered far too largely by those who haC
3 beeI uducated in every soldIerly grace saw
% that OF allegiance.
d A navy was suffered to exist But as 1t was
. little too gallant to surrender it, when tn
4, hour OF national peril had arrived thai nav.
- was scattered in remoteseas.
he DO-NoTHING POLICY.
OIL The president Of those half-forgotten year
%. were all diligent by annual and special mes
Id sages, to explain why the federal governmen
lie could do nothing. Like two brothers engage
In the temperance cause, one OF wnOm Lectures
s. on the evils of intemperance, while the othe
as furnished shocking example, so democrati
n, presidents were perenniaily eloquent in ez
or pounding the impotency OF the national govern
OF ment, while democratic congresses were as pc,
IN sistent in illustrating IL,
rk The pretext for this strange sluggishness wa
On an amiable one. Constitutional inhibitions wer
ed pleaded in excuse for all omissions. They cor
n. stantly neglected great national interests be
rst cause they feared to infringe upon the prerogs
be tive of states; they proclaimed themselves th
er champions of the state rights; they arrogate
ng party.
IL 1t was spacious pretense but IL was utterl
W 1nSlncere. so long as our archives remain, {
M long that very party will be known as the on
ks which struck the foulest blow at the rights
,ly states which could be contrlved.
10. That il the party which, on the 18th of Sci
ad tember, 1850 wrote the fugitive slave act in Ii
lu- statute book. By that act the United Stats
mt commanded the federal courts TO multiply cou
ch commissioners without limit. BY that act III
United States offered such comm ssioners
ty clean bounty of five dollars each for certificate
ly, that residents of Massachusetts,, or any 9th,
re- state, were fugitiVeS from Texas or some Oths
4 r state: and. when such a Certificate was oil
ch tanned, pledged all its forces to remove sue
le residents to the state wherein he was elaine,
ere which made that certificate so purchased ,
be such hucksters conclusive evidence of the ripl
ch to remove, and commanded every tribun,
nd within the insulted state to be STILL and all
70 citizens TO aid the outrage-a statute the veI
lde first victim of which was a Tree man frol