Evansville Journal, Volume 11, Number 51, Evansville, Vanderburgh County, 25 December 1845 — Page 2

THE JOURNAL. "Not Caesar's weal, but that of Rome.

THURADAY, DECEMBER 25. 1845. (fcj-lu order that the hands engaged in this office may have an opporlvuity of engaging in the festivities of the season.no paper will be issued by us next week. OrCoirMBiAN Ladts axo Gentlesun's Magazixe fob January 1840. This number is before us, and we, with others, bear testimony to its heing the most beautiful number yet published of that highly pt puhtr Magazine. The list of contributors to this work embrace all the most popular authors of our couutry. We shall ptir lishthe prospectus in our next, in the mean time those who wish to become subscribers can do so by calling at our office. C-The Lame's National Magazine JOR 1845, is leceived, and far surpasses in beauty any number of that work we have heretofore noticed. It ia edited by Mhs. Ann S. Stefuens, a lady that stands in the very first rank of our native authors. It dtserves well of thegentler sex, and we hope to see it widely circulated through the West. We trqst the publisher will not for get us this year. Adjournment. No time has been yet fixed by the Legislature for adjournment ; the State Journal thinks, however, that the precedent set by the last two sessions will not be disregarded by the present, and that six weeks from the day of its commencement will end its labors; and says, By a proper devotion to business, all that is necessary to be done can be accomplished within that time. " , ' . ' - CrThe Legislature had up to last accounts occupied its settings principally with local business. There had been no action upon Mr. Butler's proposition. From Congress we learn nothing, not having received an Eastern paper for a week. ' The Philadelphia papers, announce the death of Commodore Jesse D. Elliott of the TJ, S. Navy, who died at his residenae in that city on Wednesday night, in the 63d year of his age. He had been afflicted with a dropsical affection for five or six months previous to his disease. The State Journal says that contracts have been entered into, within a few days, by the Madison and Indianapolis Rail Road Company, by which the completion of that road by the first of December next, is ensured. KrThe Brookville (fnd.) American proposes the name of Major Semans, editor ol the Lafayette. Journal, to the Whigs of Indiana in connection with the office of Lieut. Governor. The Major, as we think, very courteously det lines the nomination. He Bays, "Besides having no aspirations for political preferment, we ate satisfied that there are many meu in the whig ranks, who are not only better qualified for the office than we can claim to be, but whose nomination would bo much more likely than our's, to give general satisfaction. We are willing to labor, to the extent of our poor abilities, in defence of Whig Principles, and for the success of Whig men and measures: but we should gieatly prefer doing so as a common soldier, - (KT The Hon. Henri Clatt arrived at Louisville on Friday last, on his way to New Orleaus and took passage on board the new and splendid steamer "Old Hickory.". The editor of the Louisville Courier, who had the BatisficiH n of cunversiug with him says "Mr. CtAvapeared to be in excellent health and spirits- Vfime seems to make but little .impression upon him., la figure he is as erect and commanding, and in muscular and mental vigor and sprightliness, he seems to be as juvenile as be was fifteen years ago. He looks, talks and walks, like one of the last of the old Roman stock, most of whom have shed immortal lustre upon the history of their country. ' ' ' ' "When Mr. Clayreached Portland yesterday afternoon, to take passage in the "Old Hie kory for New Orleans, a salute was fired announcing his arrival. " A large number ot persons, desirous of once more seeing the venerable Statesman and Farmer, and shak ing him by the hand,, crowded the cabin of tho boat, until near dark; when she was about to depart. Mr. Clay appeared to be gratified by these demonstratlonsof - affeetion and respect; and we have rarely seen him In finer spiriis,or a more flowing and agreeable humor. We heard fiioi drink the toast, "success forever, to Oid Hickory," under a god Whjg commander, which was received with hearty applause," . A country editor tells his subscribers that he has been compelled to adopt the cash system but will continue to receive jpotatoe at par. . , '.-.'' .;. . . . - The Cincinnati Gazette Is urging" the importance and practicability of establishing a telegraphic communication between that city and Baltimore.''. . ' " . " . ' .

O-Just before starting for Washington, Jesse D. Bright gave his party a "blow-out at Drake's Hotel. Before discharging the crowd, Jesse made a speech in which he said he owed nothing to the Whigs, and the whigs owed him nothing that he would not

have accepted the office at the hands of whigs, and that he would tvample underfoot an; commission obtained from whigs. He denied that he had ever done wrong by any descision of his while president ot the Sen atenay, he had something in his breast, he s tid, which told him that he had done right in carrying out (he wishes of bis party; it was thut fur which he had been elected, and he would have been recreant to duty, had he done otherwise. , He then, in a whimp ering tone, announced that the relationship which had hitherto existed between him and the members of the Senate, was about to be severed and to be. thus separated from friends with whom he had been so long unfted in the service of the State, was to him truly painful! At this announcement a few tears were shed by Whitcomb and others who had been chisseled out of the Senatorship, and after taking a glass of red-eye all round, Jesse made bis bow and left. We find the following in the State Sentinel: "Messrs. Editors. Several of the newspapers are making a great deal of fuss about the question whether a cettain Mr. Ellis drafied the resolutions at the Memphis convention, or not. It was a rule of Mrs. Glass in cooking fish, to first catch yourjish. Had not these newspapers best first ascertain whether or no Mr. Ellis was actually present at the Memphis Convention, or . not; before they attempt to decide about the paternity of said resolutions? Quad." "Quad," we presume, is one of these small bar-room politicians, who sometimes, either by chance or cunning, finds .himself iu a responsible situation and honorable company, where, being entirely out of his element is as ent irely lost sight of. If "Quad" was present at all at the Memphis Convention, he must have been under the influence of a sleeping portion THE ESTIMATES FOR 1847. The National Intelligencer says that among the papers submitted to Congress on Monday, was one from the Secretary of the Treasury, accompanied by the estimates from the several Departments and branches of the Government of the sums necessary lo be appropriated for the service of the fiscal year ending the 30th June, 1847. Referred to the Committee of Ways and Means, and ordered to be printed. These estimates propose For the civil list, foreign intercourse, and miscellaneous $1,050,133 Army proper, 3,251,395 Fortifications, ordi- . nance, &c. 4,071,809 . 1,192,610 1,701,100 6,309,320 ' Indian department, Peusions, " Naval establishment; -$24,079,440 To these are added: 1st. The appropriations for the same year made by former - acts of a permanent character - . amounting to . ; 2,997,915 2d.. Existing appropriations. which will be required to be expended in the fiscal year ending 30 June,'47, amount- J iug to . 1,441,459 $25,518,8 J 3 Cheap Postage. The New York Eve ning Post, in some remarks on that part of the President's Message which relers to the postage,-says: - " , "Any attempt to raise the rates of postage whetlier. by charging postage according to the number of pieces of which the. letter is composed or otherwise, will be exceedingly unpopular. If we are to have any change, let us have the rates reduced at once to two cents for .a single letter conveyed lo any part ot the Union, and let us subject to post age the loads of newspapers which are now gratuitously conveyed by mail a distance of thirty miles. " For one we kick against the recommen dation of the Post, We should like to see newspapers go free of postage for all distances. The Iocotoeos, however, have no desire to inform the masses by the means of free postage it would prove fatal to their party: v, '- ' , ; - An exchange paper says, there are many hogs in this world, with invisible: snouts. Their bristles grow inwardly, and their souls wallow in the mire, until they become fitted for the Devil's - pork barrel, into which they go after a hard scald. He must allude to the hords of office holders and office 'seekers that at present infest Washington City. V ' OtrDlED In this place on Tuesday morning, after a short but severe illnes, Mr. David McNall, a naiive of Ireland. We first became acquainted with Mr. McNall in jn New Orleans, where he held the situation of-ship-news collector to several of the journals of that-city." In our intercourse with him we ever (bund him generous and just a warm friend and a good citizen. Hi remains were followed to the grave by a large number of friends and acquaintances. May h rest In peace. T- ' -

MR. BUTLERS LETTER IN BEHALF OF OUR FOREIGN BONDHOLDERS. ' We publish below the concluding portions

of Mr. Chaales Butler's Letter, the Agent of our Foreign Bondholders, addressed to the Governor and Legislature. It will be read with interest by every one. The first portion of Mr. Butler's communication, is a comparison drawn between our domestic and foregn creditors, in which it is shown that while the domestic creditor has been prompttly paid the principle of his debt, the foreign creditor has not even received a cent of the interest of his; and of this the agent complains. He says:- ' - " "Although in the estimation of our for eign bondholders, the State would have been partial to our own domestic creditors, to an extent that would have justified apprehen sion ou their part, if she had given to them her bonds or obligations in precisely the same form, as she had previously given to those who had advanced her their money; (and surely this was all they could have exacted;) and if she had, to the extent of the interest on such bonds, allowed a higher rate, and provided forits punctual payment, j full, out of the revenues of the State, before any application of those re venues should be made to the payment of the Interest on the other bonds: yetlhey would doubtless have submitted to it without any complaint; and they cannot but regret, that such a plan was not adopted, as it would have protected the State itself from great embarrasment, and enabled it, as the history of its finances for the last four years abundantly prove, not only to have paid the interest iu full ou its domestic debt, but also to have paid some portion of the interest on her public debt, at the same time: and however small that portion may have been, it could have saved, many from ruinous sacrifices, and contributed to the relief of others, who duiing that period have been straitened in their circumstances in consequence of not having received their just dues from the State; and it would have been such an earnest of intention and effort on the partol the State, to maintain its faith, and meet its liabilities, to the extent of its ability, as would at the same time have en couraged and relieved its creditors. He then pioceeds to say: . I nowcorne to another branch of the sub ject, of the deepest interest lo a portion of the bondholders, represented by me, viz: the holders of the Wabash &, Erie Canal bonds. These bonds were issued for money borrowed for the construction of that canal from Lafayette, or the mouth of the Tippecanoe liver, east to the State line (which was the Wabash &. Erie canal iu Indiana, as originally projected and pledged,) and the canal its lands, its revenues and lull, were set apart and appropriated, and by the original acts authorizing the loans, were irrevocably pledged and guarantied by the Slate for the payment of the interest and the redemption of the principal of those loans; and upon this pledge the loans were obtained. The canal has been finished, its entire length from Lafayette east to the State line, and the State has realized, and is, at this moment, realizing a considerable revenue from it, and yet no application has been made of any portion of it, according to the original pledge, ! and for a period ot five years has the same remained unpaid. The holders of those bonds conceive that they have a right to in sist that those tolls and revenuos be thus ap plied, and they feel that the estate has no right to divert, or use them for any other purpose, however desirable it may be to the Siate, without their consent, and they appeal to the sense of justice and honor of the State, to fulfill the pledge which was so justly given, which i engravened on the face of the bond itself, and on the security of which they obtained the money. That those tolls have, by law, been made receivable in a land scrip, issued for the coustruction of the canal west of Tippecanoe, at par, the market value of which is only forty cents ou the dollar, is a circumstance calculated to make them feet more deeply the injustice which- been done them, in diverting the tolls from the object to which they were originally pledged; as they cannot see in such disposition of them, any public benefit to compensate for the manifest vilation ot public faith involved in it. If the State had, at the same time and by the same law, which diverted those revenues from their legitimate end, provided by tax, for the payment of the iuteresi on the canal bonds, the holders would have no right to complain; but as no such provision has been made, they are constrain" - ed to present the bond itself, to the notice ol your Excellency and the Legislature; and to repecifully and earnestly insist on the fulfilment of the obligation which it imposes; tor it will not be doubted that the necessities of those individual holders, are more pressing than can be those of the Slate; and in order that youi Excellency and the Legislature may better understand the views and feelings entertainad on this subject, by this class of your bondholders, I subjoin hereto, the letter of Mr. Cotterell, with a copy of the bond held by them. - When it is considered that there is a contract existing between the State and every single holder of one of its bonds, it is to be expected that he should feel a deep personal interest in every act of tne Legislature affecting the terms of the contract" and calculated in the least to weaken his security. . , 1 ' - t There seems to be a strong feeling of uneasiness and discouragement manifested in relation to the increasing the increasing magnitude of the public debt, by the accumulation.of interest; and from the observation which 1 have been able to make on the subject. 1 am led to believe that the people of Indiana will cheerfully submit to auy reasonable tax, fur the purpose of maintaining i he faith : and credit of the Slate, provided the lax imposed will furnish the means, without any alter increase, of paying the interest on the public debt and ultimately extinguishing ile principal.. 1 . . T - In order to- meet so natural a sentiment, .andwhich' 1 have reason lo believe prevails and is increasing with the great body ot your citizens, nd which your creditors cannot but rospeel, I feel prepared, their behalf to say.

that they will be satisfied with any arrangement which will insure the application of a reasonable revenue, according to the present and future ability of the State, towards the liquidation of the accruing Interest.' And as the creation and application of such revenue is to be controlled by; aul graduated to, the actual ability of the people, present and prospective, and as the question resolves itself into one of ability, my attention has been directed to an examination into the official documents annually submitted to the Legislature, which exhibit the resources and progress of the Stale, and which it is presumed

may be relied on as furnishing the basis for intelligent. action.. By relereuce to the Auditor's report for me present yeai a documeut distinguished not more, forits lucid and minute exhbit'ot the finances of the State, than for its sound and practical views which reflect credit up on thai able officer it appears that the entire public debt, so called, of the State, (not including btate scrip, and bonds issued for Bauk stock) exclusive of all back interest is 11,00,00; the aunual interest ou which is $51:13,220. I have not thought proper to add the arrears of interest to the priucipal of tneaeot, as, until it be tunded, it forms no part of the funded debt. By the same document it appears that the value of the taxable properly in the State for the year '45 falls time stioit ot $UU,UU0,000 and the number of polls lor the same year is estimated at not less than 124,000, that the average increase of taxable property for several years past,has been nearly $5,500,000 per aunum. in other words that the average annual increase hasbeen fully equal to one half ot the en tire funded debt of the State; and it is to be considered that this increase is the wealth of the State, has taken place during a series ot years of admitted pressure and difficulty, and while the ciedit of the Slate was under a cloud. It certainly affords striking and en couraging evidence ol the growing prosperity and irrepressible energy of the people of Indiana. ' I assume that the average annual increase in the value ol taxable properly of the State for the next ten years, will not be less than six millions of dollars per annum, and that there will be a corresponding increase of polls, li seems to be admitted on all hands, that this calculations is a moderate one, and that it unquestionably falls short of what will be the actual result. "A calculation based on these facts will show, that without imposing a higher proper ly lax man a inree mill lax. or thirty cents ou the hundred dollars, and placing the poll tax at seventy-nve cents, sumcient revenue would be produced,afier paying all State ex penses, to pay two percent.nierest annually on the entire public debt of the Siate, from and afier the first day ot July, 1840, up to the 1st day of January, 1851, inclusive, be sides leaving a surplus to be applied to the payment of the six per cent, treasury notes ol over one hundred thousand dollars annually; and these being absorbed wilhiu that time the State would then, by .the further addition of a half mill in 1850, have the means to pay Irorn and alter the 1st day ot January, 1851 three per cent, interest annually ou the en tire funded debt, besides leaving a surplus lo go to a sinking fund lor the gradual redemption ot the priucipal: and which amount ol interest being secured by revenues derived trom taxation, may be safely assumed as the lim'tat which taxation may be fixed; and reliance may be had on the revenues ot the Wabash and Erie canal when finished from i he State line to the Ohio River, to meet any deficiency ; having every reason to believe that the receipis trom that source wilt cover the amount iu full after that time; and in alluding to this canal, 1 lake occasion to say, that your bond-holders regard "the progress and completion of that great work of internal improvements, as intimately identified with the future wealth and prosperity of Indiana, and as adding greatly to the ability of. the people to meet their just obligations; and in expressing a willingness in (heir behulf, tocooperate wall the biate, in any way that may be desired for the accomplishment of so great an object' as the completion of that canal, at the earliesi'practicable period, (upon the security alone of the canal and the munificienl grants of land, donated by Congress for that purpose) it is needless to say that they would be influenced by a consideration of interest, which they believo to be mutual between the State and themselves. In order to ascertain the total funded debt of Indiana, oh the first day of Janurary 1851 it is suggested. 1. That for the arrears of interest on all the bonds opto the first day - of July 1846, certificates be given lo ihe holders, payable ou the first diiy ot Janurary 1851 or then unded, at the pleasure of the State, in slock bearing interest at five per ceut, from and after the first day of January 1851, and 2. Thatlor the arrears of interest,' accruing between the first d iy of July : 1840, and the first day of January 1851, likecertificates be given, with the- privilege of funding the same at the latter date in a -similar manner, and from that period (1st Janurary 1851) the interest in full upon the, whole debt, to be paid from the sources above' alluded to, that is to say, three per cent, trom the . genera revenues of the State, derived from taxation, and the balance from the revenues of the entire canal, from the State line to the , Ohio river. " " , v : On the supposition that the-State will pro vide by tax or in any other way, for the pay-1 ment ot two per cent, per annum interest on her foreign bonds, commencing on the first day of January,' 1847, up to . the first day of January, 1851, and that we may reasonably calculated butofthe revenues of the canal to receive an additional one per cent, per annum, during the same period, making 3 per ct. . ., -'- '.. v On this basis, the entire funded debt of the State on the first day of January, 1851, may be estimated as fidlows, viz: ' . Principal according to the Audilor'4 report - - : - - , $11,090,000 Back interest from 1st January 41. to 1st July, 1846. is 54 years, Estimated deficiency of interest between . 1st July, 1846, & 1st January, 1851, 3,055,430 v !3 oer cent 4

998,100-$4,053,530 Total funded debt 1st Jan, 1851, - j The annual interest of which would be at 5 per cent 3 per cent, . -" 2 per cent, - $15,143,530 $757,170 50 454,305 90 302,870 00 Thus the amount of interest to be paid an annually trom and after the first day of January, 1851, ou the entire'funded debt would be $757,176 50; of which $454, 306 90 would havt) to be provided for by taxtation, (bcing3 per cent, interest on the whole a mount,) provided reliance be had on the rev euues ot the canal for the ballance as surcesied. " r . ' In proposing to fund the interest on the first day of Janurary, 1851, I beg - leave to call the attenuon ol your excellency and ill Legislature to the fuel, that by the terms ol the bonds, the interest is payable semi-annu ally that for this semi-annual interest there is a coupon atteached to the bond that the interest should have beei. paid at . the lime stipulated that the holder? are justly entitled to interest upon the coupons, from Ihe period when 'hey matured that, as betweeu individuals, interest, at ihe legal rate, is allowed always from the time the note falls due that the Siate would not be less just, and if insisted on, the same would not be withheld, and I may refer to the fact, that by an act of the Legislature of the 15th of February, 1841, they authorised the issue of State Bonds to be made,' for the express purpose of paying the interest to become due in that year on the outstanding bonds ol the State; which bonds were lo bear interest at the rate of seven per cent, per annum, payable halt yearly, and which were duly executed and tendered to the bondholders in payment of interest, and decliued except to a small amount. 1 refer to this act of the Legislature, as showing their sense of the obligation resting on the Siate an oblijjation which so far from being weakened by the lapse of time, is surely stregthened. In proposing to fund the interest thereof, on the bonds of the State, up to a period so far?head without interest,- whereby a great sacrifice is made by the bond holders, not only in the amount surrendered, but also in the delay, and a corresponding advantage is secured to the state, and the people are relieved from the payment of a very large sum of money; I deem it proper to add, thai 1 have been influenced by several considerations, among the chief of which Is the desire to se cure the settlement of this great question, at this lime,nnil to accommodate its adjustment to the ability of the people of Indiana. 1 canuot permit myself to doubt that this ear nest of ihe-liberal disiiosition of your bond holders will be met by a correspundini spir it of liberality, on the part of the Legislature and people of ludiana. , Aceordino- lo ihe most reliable estimates. the people ol ludiana will realize an advance on the productions of the State for the year 0 . , low, over the value ol the same products in the year 1844, of not less than four millions o! dollars a result as gratilying to your bondholders as it can be to anv resident citi zen of the Slate; and this, taken in connex ion with other concurring aud favorable cir cumstances, renders the present a most auuptcious time lortue opposition or mis suo ject Tmay be permitted with propriety, tol luue not only to the great internal prosperity ot the biate, over which you have the hon or to preside, tor encouragement : but also lo the nrnsnerons rmiHitinn nf all tho Sit.a In ,i, ...n i .. .:. . uio S.cai vuuej, auu vuuatiiuutig l i""S time the granary whence are drawn, I might almost say, the supplies of the world: and with which States Indiana is so interlocked. as to make their prosperity hers-and especi ally would I direct the'atiemion of the Leg islature to the brilliant, example of your sis ter State Ohio, whose citizens have, borne without murmuring the burdens necessary to sustain then ereuit, throughout a period of great pressure and gloom, aud where a tax is collected for the year 1845, of secentey-Jive cents on the nundreu dollars tor the specific purpose of paying the interest on her pub ic debt. Hers is a noble example, il lustrating the integrity of a free people, who regaru trie maintenance or pngnieu lauu as I.-l I the true Jouudation ot otate character, and the seal ot their prosperity. ludiana, with a soil eqti ally fertile, and a population equally, industrious and enterpri sing, has opened to her a career as brilliant She has only to restore her credit-that great est element of national wealth, to render it certain I would refer also to the progress which other states have made for the restoration ol theircredit lo Pennsylvania and Maryland "'"l" . i""-.. .... . . clo Itova ImAn 1 1 L' a n C. w t li o roattral tnil fi I their credit, aud tba satisfactory relief ot their bond-holders; and in these efforts we see the recuperative energies of the Arneri - can cnaracter auu tne sense o , justice, prevaiung over every ousiacie. it is a move-i . , t i - . . i .1 - - r 1 American citizen, wherever his residence VI11IUIU . IIIJJUlll . . J 1 may be, and which should challenge the ad miration of the world.. - . , ; I cannot close without availing myself of the occasion to present a few considerations which belong to this great subject, involving as it surely does, the honor ot the Siate, and the prosperity, interests and. future welfare of its eight bundled thousand population.and which, it would seem, should prompt the Legislature to take immediate steps, to the extent of her ability for the relief of her for eign bond-holders. It wilt be remembered that they have lield their bonds for a long period, without reeeiving any payment from ihe Slate, and the effect of such delay, is lo render their property comparatively valueless in tbair hands. In many instances parties have held on, without subm.ti.ng:to the enormous . sacrifice which a sale would involve, hoping for speedy relief from tho btate; and in such cases, if they can only be re assured, by the payment of a small portion of the accruing iu terest, and by certain provision for the fu- . ... i r I

Tis.,

llirtr, 1 will saig uitiu 11 vm u.t.isu ai.w. r . p . i . i n t . .i . tnuiiureu ot miles on the Gulf, and as we and enable them to preserve their properly.! . . . "3 wo

nt.. .u. . . r..n r , :.k ivext ll llio unjriuciii in mil ui ancaia, um i fi.in ,k.,ims wh ?. ;il h nM, n nth. ;Vu,a.r.nr.!,n;,vif,thft ihin Aa red-i, " . j o . -i fa the'uncertainiy la which the whole arub-1

fject is involved, and the consequent inability

ot needy holders, to make any certain calcu-l-lllnnc that a Ail it I r tltoi.ilnl-.-innina a 1 a the case between man and man. "An examination would show,that the bonds of Indiana, like those of Pennsylvania and New York, are to be found extensively in the hands of trustees, guardians, retired and aged persons widows, and others whose objects was invest-' ment, and whose reliance for surport,Js on income. Such, wiih scarcely any exception, is the class I represent.. , . -" , - . . The Slate cannot be constrained to make paymeiit, in any manner, at the will of the holders of her bonds, however pressing their neccessilies may be; they are left to depend entirely for the fulfilment of obligations, upon her own sense of honor and justice. In the exercise of her sovereignty, she is the sols judge of her own ability, and it might be deemed presumption in any one, even a creditor, to question her integrity and disinterestedness in deciding on thequesMon, however it might disappoint bis expectations, and howevor variant it might be from his own estimate. , . ; - The highest evidence which can be given, of the reliance ol ihe whom 1 represent, on the' honor ami faith of the Slate, is lo be touud in the- tact alieady mentioned, that they have continued to hold the bonds from the period of their purchase, prior to the default ol the Stale, down tn the present time, by the. solemn assurances of the people of Indiana, speaking through their Executive and Representatives, of their intention to do justice to them, as soon as they should have the ability; and especial! by theeuiphatw ic language ol the- j int resolution, adopted by the Legislature of 1844-'45, which is, "that we "regard the slightest breach' of plighted faith "public or private, as an evidence ol the want "that moral principle, upon w hich all obligation "depend: that when any State in this Union "shall refuse to' recognize her great seal, as the 8iifjicieut evidence of her obligation, she wilt "have forfeited her station in the sisterliood of "States, aud will notonyer be worthy of their, "confidence anil reepeci" and while thry ought not t tloubt that such is the sentiment of tba" people ol Indiana, still, they are painfully conscious luat tun e is running against them that sue interest m accumuKung, and with the increase of debtv the difficulties iu the way of payment will also naturally ' increase: and lliev are impressed witii the serious conviction, thai ihe neglect, or relusal ou the part of a State, t provide fur the payment of its just debts, tor an unreasonable length of time, dues involve all the) practical cousequeucea - of repudiation, to the holders of its obligations, and -to the, peoplo themselves, and w ill be so regarded by the world at large; and the danger of this tacit or passivo repudiation, ia increased with the delay: tor tba Ioiiger,it is suffered to remain, the - lunher removed it is from the lime when the obligation was incurred,' and when the sense of it was fresh and when we consider the changing character of the population ol all the new Stales it is not surprising the sense of the obligation should grow weaker aud weaker with the lapj of time; nor is it surprising in this view ot the the subject that the most lively apprehension should be indulged, by persons situated , fike -those I represent, nor that they should ba importunate with your excellency and the Legislatura oi save mum trom suctt a prouaote late; and in the communication which I now have the honor to make, i t 1 have exressed niyaell too strongly F'Ur. M,ave seemeu to tan , particular iu the respeet which is'due.froin mt,' either M your excellency or the legislature, or the people of Indiana, 1 beg once lor all most earnestly to disclaim auy such intention, and that yru will attribute it lo my . anxiety to rep. resent taithtully the tights and expectations of those who have sent ' tne : on this mission, an4 who cannot be presumed from the relation which, they sustaiu lo the State, to entertain any other than feelings ol the utmost respect fonts publia established' on the most enduring basis, and its auinorines, una a sincere aesire to see its cradle I permanent prosperity thereby secured. in conclusion, 1 wilt add, that 1 am fully an thonzed, in behalf of "a very large b-.ir ol the holders of the bonds'of Indiana, -to enter into an arrangement with the state, in respect to the bonds held by them, having Tegard to the principies oneuy indicated iu tins communication. 18 impossible fully to communicate in this Norm, the various details of- such an arraneo,enl ihey have empowered me to iiake. and which from their nature, must ueceaiarily be the subject of personal conference; but I am pretfed, and will most cheerfully submit them , in person il it be agreeable to'lbe Legilaiure,to any committee whom theyLtn their, wisdom, . may select for that purpose; and 1 trust in such conference, I shall tie able to satisfy the' Legislature of the dispositional the bondholders whom 1 represent to obsiate aiiy reasonable difficulties, which may seem at first view, to lie in the way of a satisfactory adjustment of (he whole business. W ith sentiments of high respeef, " '. I am. Your Excellency's Ob'l serv'f, : CHARLES BUTLER. Gen. Houston is a candidate for Congress" from Texas He has taken the slump to urge his claims. " Accounts from Upper California to the 15th ofOctober last have been received bj ihe editors of the New York Sun. A Britisn neet, destined lor Oregon, tsreporicu to m m hao passed up the West Coast early in 0ctuber. The pioneer ship of the neet, called he America " ,ouched at Monterey. T. tr..l,Ti . moKB ; iu "ug,ua correspondent of the Journal of Commerce lsayS. ; , f rpnrfl . ..umfltm nf. Cah, T , ... , ,,,- ,i. Jii V auu iu iiic luiiiaiiva 111 my lust icLici.iuai we have the most positive ' information that the wlii.'j inhabitants of that. Island are de sirous of uniting themselves with this coun try; and that they Bre prepared for a move ment of that kind at any moment when Spain may, by force or negotiation, be deprived ot her hold on the Island. . . . In confirmation of this, I will mention a fact not generally known that during Mr. Monroe, admilli!j,ra,ion, the people ofCuba alarmed at some indications of a change of masters, sent a secret agent to this Govern ment, and made a proposition, through him. tor annexing their Island to the United Mates. I do not -know how Mr. Adams viewed the offer, but it was submitted to Mr Monroe, and by him rejected, Mr. Monroe then decided and declared that it was not ,. . ... f IT f-..j t- - ' . . , - I am not certain that this idea of Mr. Mon roe will wholly meet the views of the present, and still less of the succeeding genera tion. Cuba is the kevof the Gulf of Mexico. As we have extended our cost for soma na wo nave? "a" U4'0i great, commerce inere, alter a . . . . , . - few ho ?q'ton of Cuba become ""portant for the protection of that comerce.