Bloomington Post, Volume 3, Number 1, Bloomington, Monroe County, 15 December 1837 — Page 2

THIS BLOOM IN GTOiN POST.

DEC. 15, 1837.

tip:

Th3 reports

GOVERNOR'S MESSAGE. CenlUmt-n'of thtSer,a!e, and of I he ILiisfi of nej.rcscTu'a!ivrs, Wi'.li the return of the period of our annual meeting to confer on inat'crs'of public interest, we find ourselves under renewed and increased obligations to our Crea or for the unusual measure of health we have enjoyed throughout the season of the year now at its close. ...Whilst we render our grateful acknowledgements for this exemption from his chastening hand, our indebtedness is increased by the special dispensations of his favour in the profusion of our harvests. Though it is worth some abatement, the usual indications of the prosperity of our citizens may be observed in the compensation rereived for the products of the soil; in the reward given for labor, ami in the returns realized from all our ct'torprizc and active pursuits; and when we compare our condition with that cf the less favored portions of the.Union, we have reason to be content with our individual lots and to congratulate ourselves upon the evident prosperity of the Stele. Although the returns oftho Assessments to the Auditor's Oilico are incomplete, iho amount of the taxable property for this year may he estimated at ninety-eight millions of dollars, being about twenty mi!!i his more than the aggregate assessments of the previous year. Tho revenue derivable from that sum. at tic rate "established by law, wiil replenish the Ti;-urv, extinguish the remnant of

unsati-itied claim? opon it cf the last, and meet

demands upon it the current vear.

dil from the auditor un i treasurer will exhii'it a i. '"ailed view oftho receipts and expenditures tf the i .irrent year. I thought it my duty onja'former occasion to direct thj attention oftho legislature to the delic'enries in the quantity, of land rcturncd'from many of lite counties, compared with the returns oftho proo ding vear, and to advise the application of the nec ssxi y remedy. Since that time, they have been multiplying, and theerrors are so manifest in the l,i-t reports, as to show -j deficit of from two to three Imn he I thousand acre-'. In looking for a c uise of these imperfections, it is justly ascnl aUe to

the rood.' of assessment and. to the appointment of

uul'iitlif'd assessors, when peiform their duty nrgl;g"tit!y, u ithout having'thc tract book to direct them. Ti e only effective remedy is to be found in the apiio ntnicnt of one assessor for each emmtv, in re-i- . -- - l .L-l

'J;rlng iimi to assess iroin me iraei oook, ami in the institution of a suit on his onioiafbond for"otnissions of dutyThe operations upon the several lines of our public works havrVbeen as' active and spirited' as a prudent economy, with reference to the magnitude ofthe expenditures, vvouldalIow. The navigation ofthe Wabash'and 'F.rie Canal, il iring the past season, has been extended as far wcA as Teru. The line is now finished to Logansport, the water has been introduced, and the passag? of boats is prevented only by the return ofthe win'er season. With the opening of ihespring the canal may bo navigated from thrt point to Fort Wayne, a distance of seventy-six miles. Between Logansport and Lafayette the advances ofthe work i ptaltii; expeetion of the Commissioner. It is gratifying to bo able to say, that the State of Ohio has taken hold of her portion ofthe work, in a manner that gives annssuranee of her determination to finish it in the shortest possible time. The u Ik ile line within her territory lias been placed under contract, and allowing the usual time for their completion, we arc fully authorized to expect, that w ithin two years from this time, canal boats may pa is from the lake to Lafayette, thus realizing the great object which has so long engaged the attention and 'solicitude ofthe State

The work on tho White Water canal lias been

rant a decission at its present meeting and when the character ofthe work is determined, no doubt such additional lettings will be made, as will compensate for the delay. At the close of the last session an impression went abroad, creating the expectation that additional work would be placed under contract during the present year. The propriety of a compliance with the prevailing impression, its consequences'and influence upon the cost ofthe work, were discussed at a special meeting ofthe Board. Their deliberations resulted in the postponement of further lettings, to a period when the State ccould avail herself of anv beneficial change that might take place

in the price of labor, provisions, and other items of

expense that enter into the cost of construction.

I have thus given a condensed review of some of

the leading operations on the lines ot the public works. A minute and detailed report on the whole subject will be laid before you by the proper officers, from which you will perceive, that they have discharged their duties with characteristic fidenlity & zeal. In the experience and events ofthe year, nothing has been witnessed of a character, to discourage the progress, or the ultimate success, of the system. On the contrary, we see much to strengthen our convictions of the wisdom of the policy, and to inspire us with increased confidence in the ability of the state, with wise and provident legislation, to accomplish the whole undertaking. The expenditure of nearly one and a half million of dollars this year, in addition to previous appropriations, has saved us from the evils resulting from the prostration of prices and business in other portions of the country. Lalior, with the fruits cf the soil to sustain it, is mere abundant, the credit ofthe state, and her acknowledged resources to sustain it, affords her an ample command of funds, r.nd at homo we have renewed assurances of the settled determination of the people to uphold it, without which no system cf policy can long prevail. At the date ofthe commencement of the enterprise, our state an 1 its citizens were in the en joy -meet of unprecedented prosperity. Then the existing condition of things was made the basis of our future calculations. Since then, external causes have ca-t a shade over the auspicious prospect, and taught us with an impressive force, the duty of so shaping our policy as to be prepared for every vicissitude that may befall us. Looking then, with a calm foresight to the future, in reference to our policy and the financial condition of the state, we cannot but observe; that a period will arrive when the means of pay ing the interest on our increased expenditures, will, unices derived in some degree from the incomes ofthe public works, multiply the puLIic burthens. A foreign war or any disturbing causes, affecting the prosperity of nations and communities, may at such a crisis, by preventing the acquisition of additional loans, arrest the progress of our improvements. We should then be burthened with the interest on the invested capital, whilst the stationary and unproductive situation of the wotks would preclude our realizing any return from them. Sour.d policy would therefore dictate the expediency of so directing their prosecution, r.s will have a tendency to render some of them soon availabbin the production of revenu. The great disparity in the length of the lines, in their relative cost, and the time requisite to finish them, indicate the evident impolicy of their simultaneous completion. The comparative shortness of some of them, and their forwardness, would justify us in making incrcascd'appropi iations with a view of finishing' them as soon as practicable. This can and should bo done without discontinuing expenditures elsewhere or disregarding expectations that may have been created, or violating that spi'it of good faith 1compromise which led to the adoption of the system. On finishing the works in qu3stion, we should then be able to give an exclusive application of all

our efieclive means and force to the remainder. In addition to these manifest advantages, an adoption of the suggested opinion would commend itself to tbe

sooer judgement ol tne people, nnd establish on a

that state of repair, which the necessities ol the place them en an equal loo.mg w i,i, uiose ...t

rsiates, ana to iivuiu uio uiwmij i supplying oiir deficient circulation by the pap er of the banks ,f which we could know bin little. With these fact j and views before thc;;i, with the general consent of

j rowciito I with energy, and the contracts are so ! firmer basis the policy to w hich the state is pledged, far advanced, as to justify the belief, that the navi-' It would likewise tend to strengthen confidence in i i , 1 1 i . : i f: i .... t

gation Irom liroiiKvtue to ijawrencenvn gti, may oe iwuiucs, uuu uius giveuuuuiouai sccuruy una

valuo to her stocks.

Whatever may be tho policy resolved on, it should

! be pursued with a strict reference to the ability of

commenced by the beginning of the next autumn. Th' contracts entered into at the lettings of last

vear. upon tho canah at Terre-llaute, Hvansvillc ,

im I Indianapolis, have been carried on with com-, the state and her citizens, to sustain it without em- ... ' . . . . . . . . . I : .i. . . i i-

mciidable activity, nnil the work at these points is , uurrassmg me one or imposing severe anu morainMifh ns to render it acceptable to the Commissioner ate burdens on the other. If we find it impractica-j.n-l satisfactory to the public. j b!e or inexpedient to accomplish the task we have A corps of Engineers has been engaged tho past assumed within the allotted period, let us give ourrprh and summer, in determining the probable lo- selves additional time What we designed doing in a:i. n H;,d cost of the canal to connect tho Wabash one year we may do in two, and thus by dividing & line with lake Michigan, This route is understood lessening the burden of itscost we will in the end t - he vcrv favotable for the construction of a canal, secure all the predicted benefits ofthe policy withThe twaminations have been extended to the Illin-jout having recourse to oppressive taxation, ois lin. and sufficient information has been collect-1 The Compact proposed by this State to Illinois in

d, wh'M taken ia connection with the surveys relation to the improvement ofthe navigation of

nade bv that State, to show that this work may , the H abash river, has been accepted by the recipica Idv'ae.d chenplv bo extended, so as to intersect i rocal legislation of that State. Soon after the terms Mi.-hi'vin nn,! Ml mm 4 ('mml. In that wav each were adjusted, a joint Commission was established

State wool! ho benefitted bv t ho "mutual 1 1 ansnorta-' I'V the designation of a member from the Board of

tion of a much larger amount of imports and ex

ports than belongs to their respective territories. The grading un 1 hi idginfj on the Madison and Lafjvette Kail iioa 1 from .Ma lison to Vernon has

been vigorously prosecuted. It is so far advanced in to ci" v.n tho expectation that the track on this portion of the line may ha laid "down thc4 ensuing f-iimmcr, and that locomotive engines with rtheir trains may commence running, if thought expedient, l.y tli.; next meeting of the Legislature. Tho New Albany and Viivenes Road has" also mnde favorable progress. The grading and bridging on fort v-oue-miles, commencing at the Ohio li.ver, li ny !s? fmi-hedund prepared for tho metal eaily i i the t.:i -niug spring. The preliminary examinations, with a view to its final location, have Uen ma le v. Cat of Faoli, the terminating point of the (II. iii.i:i i: w untVr construction. rpon that portion ofthe IW.v Ml any and Crawf. n J i'le !!! d. exit n ling from l! lormer place to J.fr''rs',iiviile,the amount of work performed is equal to that required by the Commissioner and.;L!njrinerr, ni.d the grading on this division is nearly coniple'oj. This part of the Koad has been graded on si eh a : tale as to answer equally well for a Rail or Mo.ilam!zed Road. It has been a source of regret nr..' is deeply lamented by all who have been tng it d in its interests, that the examining Engineers have so far differed in their views andopinions relative to the character ofthe work, as to prevent a sn'i; -factory and final determination on the part of she r- ard. It is confidently believed, however,

tl.at the further information now sought, will warrj

nnhlirnnd the nolicv ofthe State reauire. fassing

j - i j -as it does through a highly flourishing country, from one extremity, of the State to another and accommodating a greater amount of travel than any other, it possesses high claims and I beg leave to earnestly urge them upon your consideration. No further application has been made by the Lawrenceburgh Kail Road Company for the bonds ofthe State, authorized to be issued by the Treasurer ofthe State, nor will any bo made until the 221,000 already realized, shall bo expended by the company. lam informed by a communication frouvan officer of the Company, that thu sensible change in the general property of the country, has so much embarrassed the progress of ihe work, as to render its completion doubtful, within the time specified by the charter. The) will submit a proposition to the Legislature, offering to expend $100,000, inclusive of the work now done, to return the remaining $121,000, and to surrender the charter to the State, on condition that she undertake to complete the road at some future period. That work would furnish facilities to the trade of a densely populated and highly productive portion ofthe State, and one that contributes largely to the t-upport of the public burthens. The proposition evinces a degree of liberality and public spirit hij. lily creditable to the stockholders. Of our dividend of hrec per cent, deiivcd from the sale ofthe public lands, the sum of .s57,4oO O'J has been received by the treasurer, and applied by him towards the various unsatisf ed demands'upon it. From tho report of that otlieer you wiil perceive that the appropriations from first to last, of that fund, for the benefit of roads, rivers, and to the several counties, amount to StiiT 1.1 13 50, and 'that the entire receipts, including the present year, amount to $438,100. The incidental expenses o! disbursing the whole fund to the present time, sl,7.W 91, leaving $110,781 91, to bo obtained from future receipt, to satisfy the excess of appropriation.-. According to the report received from the Commissioner in charge of that branch ofthe public interests, the receipts at the Treasury from the Saline lands umeunt to $3,300 'lo. Although thrc is no present delinquency demanding your interposition, 1 avail myself of this occasion, to call your attention to the imperfect state of the law with regard to the prosecution of t lie pleas of the State. 1

conceive it to be defective in two essential particulars in not authorizing the Incentive officers, in ; case; of defaulting a 'rents and debtorsto order th. institution of the proper suit, and for that purpose , to handover the bonds and records on file in their! respective departments, to the prosecuting attor- j nies, and in not requiring of the latter, except in a; few specified cases, the prosecution of other than j the criminal pleas. In both respects it would lie expedient so to alter tho law as to make it conform

ad parties, aim ti;; matkl appro

i j ii

l-.it .-. ,.!lL

pie, the State hank wnn its brandies was ostab.i shed by tho Legislature. In order more effjctua'.lv to identify it with the public interest and welfare, the owner of half the stock, reserved to herself ample supervisory powers over it, and retained the i iiht of aeleciiiig sor.i'j of the more important of i.s uliioer?. To pay her half ofthe stock, and to furni 'i individuals with a part of tho lectins of paying their subscriptions in specie, the Slate borrowed, it: ail, the sum of $1,300,000, at iivo per cent., payable in from twenty to thirty years. Site receives on this sum an average interest of nine per cent, leaving a clear annual profit of $55.(J00, w hich is again loaned out at nine per e'ent. Long before tho expiration of her charter, there will remain in tirj hands of the Commissioners of the Sinking Fund, after the extinction ofthe yearly interest ilia L'a;i!; loan, a sum sufficient to pay ofthe enti;e principal, leaving the whole of ihe st ick of the Slate us &jf profit.

In accordance wit

of the cliai te'r, this

l nte re

public Works of each State, who immediately entered on the duties of their appointment. The principal obstructions being at the Grand Rapids, examinations and estimates were made for that

point, and it is believed that a dam from ten to eleven feet in height at the foot of the Rapids, will render that difficult part of the stream subservient to commerce. Contracts were entered into on the 22doflast month for furnishing stone for the construction of a dam and lock. I lay before you the joint resolution ofthe Legislature of Illinois transmitted by the Governor for your information. The Commissioner ofthe Michigan-Road has performerJFthe service required by the act of the last session, in the selection he has made ofthe remainder of the Michigan Roads Lands. He has also performed the further duties enjoined, by advertising and selling the tracts selected. The proceeds of the public sale and the private entries since made, amount to,$8781.70 and have been disposed of as the law directs. His proceedings will be reported in proper time. Several causes conspirep in preventing the survey of that part of the road north of the Seat of Government until the summer months had elapsed. The duty was assigned to Mr. Adams, an engineer of acknowledged qualifications, whoso report, though late, will be in season for a correct understanding ofthe subject. In the absence ofthe information to be obtained by the survey, I am in possession of no data by which to form an opinion as to the character of the improvements most desirable, to place the toad in

to tho.'e contingencies to which th

arc sometimes liable. The Treasurer of State has received from the Secretary of the Treasury ofthe United States, the first three instalments of the surplus revenue, awarded to this Stats by the act of Congress of June, 1G3G, depositing the surplus with the States. Ofthe first two instalments, amounting to $576,502 Pit. the sum of $507,126 16, has been handed over o the county agents, on tho scale of distribution prescribed by law. Th balance ofthe two instalments, aumuntirtsr to .itl,376 80, not beinz applied

for by the cgeuts agreeably to the terms of the act f tin legislature, has been loaned bv the Treasu-j o - I rcr at the rate of interest exacted for tbe College Fund. The third instalment of $280,751 48, due the first of October has been withheld an 1 postponed until January, 1830. The failure to pay it over according to the ctipulation of tho Act of Congress, will be injurious to the interests ofthe State. An investment of that instalment in the s'ock named by the law of the last session, would have yielded an interest of not less than $"25,000 per year, which was set apart by law for the extinguishment ofthe interest on cur Internal Improvement loans. It will therefore devolve on you to make prevision for a sum equal to the expe'eted interest, lo supply the deficit. The annual report oftho ofiie'ers of tho State Hank required by a provision of their charter will fully exhibit the condition of that institution and its branches. The disoidcrcd condition ofthe monied affairs of

the country so sensibly felt in tho Iiast, during the last spring, induced the banks of the city of New York in May last, to resort as a incisure of precaution, to a temporary suspension of specie payment. That step was followed by a general and almost simultaneous suspension throughout the Union. The intelligence arrived at the seat of government during the session ofthe State Hoard. After giving that anxious deliberation due to the magnitude of the interests involved, they determined to recommend an immediate suspension of the branches. Tho latter were in a safe and prosperous condition, as shown by tho exhibit of their resources and liabilities made at the time. They had, however, in their possession more than a million of

dollars in notes and credits on the suspending banks. Under these circumstances a continued redemption of their paper amidst tho universal suspension of neighboring banks, would have led, unavoidably, to an almost entire abstraction of the specie basis

of our circulating medium. Tho fatal tendency of

the latter would have been seen, not merely in crippling and prostrating the bank, but in the severe and lasting injuries thereby resulting to the State. The members of the State Board, would therefore have been faithless to their trust if they had neglected to adopt measures designed to prevent the capital which the state had furnished for the benefit of her citizens from being withdrawn to supply the .vaults of foreign banks, the very doors ol which were closed against every similar demand we might make upon them. The establishment of the State Bank of Indiana was rather a matter of necessity than of choice:

and that necessity grew out ofthe discontinuance

ofthe late National Bank. The late Chief Majris

trate having determined to refuse to that institution a renewal of her charter, zealously recommended the State banks as possessed oftho ability to furnish

a more sound and uniform currency. The local

banks instantaneously multiplied, and with the with

drawal ot paper or the bank ofthe United States, it was evident that the notes of the local banks would

8UPP'y ,ts place. We were therefore under the ob

ligation to furnish our citizens with a substitute, to

is to be used as a fund for support of Free Schools. Our lank is therefore emphatically a State Institution, closely identified with the interests of State an I the people, and as long as she continue" to discharge her legitimate duties with the fidelity and success so honoibly charades istic of her vast history; she will retain the undivided support and merited confidence ofthe people. The necessity of sustaining tho sound banking institutions of the Suites is apparent and generally admitted. The suspension of specie payment worked forfeiture of the charters of the Banks in several ofthe Suites. The Legislatures on being convened to advise with regard to the subject have uniformly adopted protective enactments. In many states, as in our own, the Legislatures have not deemed it proper t annex the penalty of forfeiture to a suspension of payment. Our Banks are made.

liable fr twelve per cent, when they fail to redeem 'their notes, and may be withdrawn and wound u : at the discretion of ihe Sta'e Board. The wisdom of j not exacting a forfeiture is now fully attested. It has enabled our Bunks quietly and cdicientfy t 'discharge th 'ir n'-i usto.-ne-d duties, arvl to aid in j warding off from our trading, agricnlural and mau- ! ufactu.-uw' interests, the threatened disasters of the I crisis. IfthcSve had reserved to herself the au- ! thority to rcin 1 th" chart-r on such a c ntingejfy, and had with a rigid and in'lexibio rcgird to her i rights exerted it, the step wu il I have sapped the j foundation ofnur cr" lit, p.nd indicted a blow on our : interests which would have require 1 years of U;i- ! intcrrup'cd properity to repair, j On viewing the amount of interest the State pos

sesses in me .sine: ot tne iuiik, the nature ol l!i. objects its establish. nent was designed to subserve the beneficial influence it has exei ted on every branch of enterprise, and the immense gain that will ultimately accrue to the people, yo'i wiil tin I within the r;ege of vour duties, no subject mor-j

Bank

ample

i whorthy of your attention. The .safety of th'

is found in the prudent management of her

means, and secured by the personal responsibility of

I tier diicjiors an 1 stockholders. Her harier de

rived I rum the state is not susceptible of alternation any more than a vvi ir.eui contract between twr -rJ:. viJual-, which, until alteicd by their mutual agreement, is their mutual obligation. The granted powers, like all trust committed to human hands, arc liable to nb're, an I the state pressing a large share of the stock, it is aike, your right and dut, as chosen guardian- of the public interests, to exercise a rigid and watchful "crutiny ever its afi'airs. If they have leer, rightfully conducted, lh confidence of the legislature ought to be freely awarded. If however, the restraints f tho charter have been disregarded, or if the delicate tru t with w hich you have invested her has b'-ii abased for unworthy. purposes; the offending officer should hr dismissed and held amenable to the laws of the country. Notwithstanding the discouragements presented by tbe aspect of the money market at the opening of the Spring, the negotiations of our Fund Commissioners resulted in the success hit'nei to attending them. Without resorting to the discretion given them by tho Legislature, ns to the sale of six per

cent bonds, all the funds necessary for our purposes, have been procured at 5 per cent, interest, bc-

sules a handsome premium, more than tho face of the bonds. The whole sum borrowed amounts t two millions and thirty thousand dollars, of which,

$4:50,000 were at par, and upon l- remaining, one million, six hundred thousand dollars,a premium of two and three per cent. wa3 received, making thirty-four thousand dollars.

By this fortunate arrangement, our Fund Com

missioners have saved from 310,000 to $360,000 to the State, comparing their success with the sales

made ct the Bonds of, other states, bearing an inter

est of six per crnt. difference that is not disparaging to others, whi'ut il faithfully reflects the high character ofthe State, in the estimation of lite pubI ie rPl-m nrimi-il .1 1 lit. f.rt I..., E . .

cent, in Uv payment of interest on our lonns. will

l ten thousand dollars for every million of our debt. The funds obtained by these negotiations are safely deposited in New York at the same interest we pay. By an arrangement made with our banks, the funds needed on the lines are advanced and disbursed solely by the agency, and through the responsibility ofthe Banks, and in return they receive at stated periods checks on the east for the monies thus paid out By these means the public money remains at interest until it is paid out, and the State avoids the hazard and cost of tiansfering disbursing it. Concluded next week.) HYMENEAL.

MARRIED On the 12th inst.by J. M. Fanning. Mr. Ambrose J. Smith, of this town, to Miss Tilitha Parks, of this county.

Departed this lite on the 24th Nov. after a long and painful illness, Mr. James K. llErarniLL, for .several years a merchant of this town lie has left a wife and Peveral Pmall children. On the 21s ult. Mrs. Chipman, consort of Mr. Draper Chipman of this place.

Blank Deeds rOR SALE AT THIS OFFICE