Indiana Republican, Volume 3, Number 118, Madison, Jefferson County, 13 March 1819 — Page 1

INBI

ana mjpiltb (DAN C 1 4

s, jL ly el.

"WHliRE LIBERTY DWELLS, THERE IS MY COUNTRY." 1 MADISON, (INDIANA) SATURDAY, MARCH 13, 1819. No. 1 1 $ VOL. HI.

7 I

per all hi sell la.

res i f 23 t

all id a r er ill -i it 13 2$ 12 4 at vV. flit, I. :d in is. v 2C or

- , , 1 1-1 RV

L0DGE & A1UOX, EvrRv SATURDAY. h conditions. TV u RK PUBLICAN vill V jdivemi at the oihet! for two j?irs per annum, pnul m acl- . ;f p.r.d within two months .-VTVuhsctihia it will be eonsi- ;.:. rcd in advance ; two d llars and v cents if paul within twelve nt!ts - and three ckltars it not M until the vcar expires. Vj paper will he discontinued ,--1 all arrearages are paid. I-i all cases a subscriber must n otice punctually at t!ie tna oi year of his intention to discon- '.,; cr he will he held rcpoMpV (or another vc ars' subscription. " .Ivertisetnents not exceeding a xv;iiK- r verted three times

V :', - - ,-r O'H s in prnr6U.,-; ,- - I if the number u m-

t L-U are not fpecinew, continued at the t-!'.vr;',M-r until orderV V ! C , "P AH l it rs to the Editors NEW YORK CANALS. !; Mr. Spooner The enclosed ; btt:r contains so great a mas cf valuable information in so Pf-v words. tli.it 1 cannot denv 't!:: public the advantage and !,j:cisure of its perusal. W. D. 1 alba:;y, 1st mo. 16, 1S19. K Mv esteemed friend I du.lv received, at the village ot Hor1 timer, thy tivov of the 2id i ultimo, requesting information I r; the actual state and progre-s i rf rhc work on the canals of the state ot New-York; and that I would promptly answer the following queries: 1. e How much of the canals is actually completed? 2. What places are connected by the parts which arc finished" 3. I he name? of the engineers cmplovcd, and where? l. Anv other circumstances I that vou mav deem ot imnortance respecting t lie canals.1 i At the time i received thy I letter, I was engaged, almost I night and day, in making la- ! borious calculations tor a dej tilled renort to the board of cafinal commissioners: and: iearjiirg that the short space of time until this report om;ht to be ; presented would scarcely admit : tl my doing justice to the sub-y-ct, I requested my friend, f David licit, to make to thee I my apology for the delay of lay answer, which I found tvoukl be unavoidable. I now embrace with pleasure, the first opportunity which my arduous duties have permitted, to an 1 '.wcr thv Queries. i- A. Jnouming to 63 miles, are actually completed 40 1-2 miles cf the western, and 1 $ 1-2 Eliles of the nothri v- 1 c miles

- ,11, I piorc are half done, and there

a as much work performed on

J tiie remaining part, as is quite : to tne musning ot tnose

S ! 5 wiles; making an aggreg Tial to 80 miles of finished

ate ca-

I ?! 2. No important places are V -cc connected bv the parts

fished, on account of some tks not completed crossing 4rarm n lQ wcstern, and

locks in the nothern canal, and it is my decided opinion, result of his entire stock tran- funded debt, and seven milBut, in the course of the rtext that this portion of the canal sactions will exhibit a very lions in money, whereas, by season, Whitehall, on Lake can be made for an expense av- heavy loss; that in this a- the rie of funded debt to and Champlain, will be connected craging 16 per cent, or 2,700 mount are included 1070 shares above its per value, so large an with Fort Edward, on Hud- dollars per mile, less than the now pledged in London, (the amount of the latter was subson's river, by 23 miles of ca- estimate of the commissioners. sale of which is to this day rc- stituted for the former, by the nal; and the salt works at On- I have said that, after one stricted to 34. sterling per subscribers to the Bank, and so ondaga, with Utica, on the year more of the present taxes, share,) for the payment of a large a sum redeemed by the IMohawk, by 60 miles. Between no burdens on the people will loan which he ncgocited, in government, and sold by the Utica and Onondaga, the ca- be necessary for the canal. Sup. order to avoid borrowing of Bank to procure specie, as to nal passes inexhaustible beds of pose no more than 120,000 the Bank of the United States, create an aggregate of upwards the finest gypsum; so that, un- tons to be transported in one of which he has no loan what- of twenty millions of dollars in less the weather should be be- year, a distance of 1 17 miles, ever nor is lie indebted or money, substituted for so much yond probability unfavorable, at a toll of one per cent, per responsible to that institution, of the funded debt part of the

or some otner lmprooaoic circumstance, S3 miles ot canal will, before the close of the next season, begin to yield revenue. The engineers arc, Benjamin Wright, James Geddes, Isaac Briggs, Canvass White, James Ferguson, Valentine Gill, and Asa Moore, have also been employed. I believe Canvass White has been placed in the rank of engineer, and james Ferguson still remains as assistant. Valentine Gill has been employed as a draftsman, and Asa Moore as surveyor. During the late season, Wright and White have been cmidov ed or. the middle section of the western canal, Geddes & Ferguson on the nothern: and Briggs, Gill, and Moore, in exploring and .locating the canal and its la. lis, on the eastern tectum, from Utica down the valley of the .Mohawk. 4. In mv answer to the second query, I have said that 3 mi.Y . ot canal will, before the close oi next seas or, begin to yield revenue. I wiii here add that, in fair probability, the season after next, (iSeo) may commence with an aaive nav-

igation on 117 miles of canal; paration of the papers which he old B ink, the government of alike repugnant to his princiand, if the legislature should, has now the honor to submit, the United States sold to M;. pies and to the whole tenor of at their present esion, author- in explanation of the testimo- Baring the whole of the public his private and public life a ise the whole of the western ca- ny, touching his private con- shares, at the rate of 58c doi- life, the first perils and privanal to be made as speedily as cerns, which w as delivered to lars per share : that in regard tions of which are identified it can be economically done, the committee appointed by to his public conduct, as a Di- with those of his country in the there may be, at the close of your honorable house to in- rector of the Bank of the Uni- darkest period other revolulSfc, many miles more in great vestigate the proceedings of the ted States, your memorialist tionary struggle, as his late forwardness, and the whole of Bank of the United States; does most solemnly assure your faithful service in a highly the canal may be finished be- that your memorialist, solid- honorable house, that he has responsible trust are with her fore the close, of 1825, as ca- tcus to exhibit these transac- been actuated by the purest recent and not less momentous sily as, and at a smaller expence, tions in their true light, and motives, and with perfect fiQ contest. Your memorialist titan in any other longer period, to submit his public conduct to delity, diligence, and zeal, has . Moreover reposes, with conBy a second and prudent fis- the candid scrutiny of your employed his best faculties and scYo us Rectitude and tranquilical management, no burthens honorable body, begs leave to judgment in promoting such ty in 'the belief, that when on the people beyond the pres- refer to the statement of his measures as lie believed, at the truth shall have penetrated ent taxes, and those only for private transactions in the stock time, were best calculated to through the mist of prejudice one year more, will be ne'ecssa- of the Bank, which he deli- advance the interest of the pub- which lias obscured the serviry to accomplish this noble yeied to your committee, and lie, and of the institution : that ces and merits of the Instituwork. to the statement of facts, and the private transactions which tion in which he had the honWhen the expense of a great the documents thereto annex- have attracted the animadver- or to preside, public sentiment project is previously estimated, ed, herewith submitted, which sions of your committee, have will award to those who have it usually happens, that, after he trusts will establish the law- in no wise influenced his judg- managed its critical concerns the thing is finished, the actual fulness and innocence of these ment or decision upon the im- that justice which is now withexpense greatly exceeds the es- transactions; that the only portant measures in which, as held. W.JONES, timatc. In the whole of the stock which your memorialist a Director, he lias participated Philadelphia, Feb. 5, 1S19. work hitherto dene, the con- sold to profit, was the two and that the reasons and mo- The above Memorial was trafy is found to be the fact, & contracts mentioned in his tives assigned in his written read and ordered to lie on the an animating fact it is the ac- statement to your committee, answers to the questions put to table.

tual expense falls considerably laturc. Although experience such encouragement afforded

short of the sencral estimate Director of the Bank, who was ing the proceedings of the Branch Bank at Charleston,

made in 1817, when the sub- not likely to become the dupe Bank, and those which are re- We are mrormed from tho iect was proposed to the legis- of artificial measures, to en- corded in the minutes and eor- highest authority, savs the

in the middle section, yet there memorialist subsequently dis- ly motives by which he has hi this city, has not, in anyremained doubts respecting the posed ot, in order to meet his been governed in his official instance discounted on stock eastern section, where, prob- engagements, were sold at conduct: that, in advocating beyond its original or par vaably, the greatest difficulties ex- great loss; that the whole a- the loans on the pledge of stock, hie, and believe the committee ist. I have, durintr the late mount of stock which he now he was influenced bv the addi- of Congress to have fallen into

season, carefully and minutely examined 40 miles of this sec0,:K nnrfmn inrltirlfq tion

, which portion includes dollars per share, and, if valu- pital stock of the Bank compre- numerous accounts, are subc of the principal difficulties,- cd the reduced prices, the headed twenty-eight millions xnittcd to investigation

some

tonpermiic tins would yield

140,400 dollars, the interest of 2,340,900 at 6 per cent. Evcry succeeding year would add more freight, and bring into use an additional portion of canal. The consequences are so obvious, that lam persuaded it is unnecessary to pursue furthcr the calculation. A stimulus to useful industry and an encrcase of individual happiness the extension it enlargement of all the resources of the state an accelerated augmentation of its population, wealth and power and instead of burdens, an abundant revenue: thcie wouid be the conseuuenCo of a liberal and enlightened pvlicv. ISAAC BitlGGS. Wm. Darby. FROM rtlF !i,T. 3 To il'C bnoraclc N. OF FF B. (J. Mv JL-M' t f Kt'prcsentJihcs cf the Unite J Statcs ihe Mem. rial cf WitHam Jones, Lite President cf

tb Bunk cf ibe United States the market vaiue oi wnose have regulated his official conrapccifully iheclh stock approximated to the duc y .ur Memorialist, with 1 hat your memorialist lias, highest rates which that of the profound respect, submits his for some time past, been af- B ink of the United States hud case to your wisdom and jusilicted with a severe disease, attained and in the lecollec- tice, in full confidence that his which, until the present mo- tion of the fact, that, towards reputation will not be subjectincut, has precluded the ore- the close of the charter of the ed to obloquy, by inferences

which contracts were sold to a hance the value of the stock ; that the shares which your actually holds, as stated to your committee, cost him 153 rlnll.irs ner shnrp. and. if zi I n

eitner on ms own account, or

for any other person, directly or indirectly, for a cent ; that he has held the stock which he now holds, during the progressive decline in the price, while he has been earnestly engaged, in his ollicial capacity, in promoting all those measures of precaution and of expence incurred by the importation of specie, which were in. dispensable to the safety of the institution, but which it was clearly foreseen would diminish the profits and dividends of the Bank, and greatly depress, at leat for a time, the price ot its stock. Your memorialist further declares, that his ileal11ms in the stock ot the Bank were founded upon his confidence in the prosperity and productiveness of ti e institution, in tne many impuitam: advantages which, if fairly enjoved, he believed it to possess over many other institutions, him by your committee, touchrespondence of the Board of Directors, are the true and ontional consideration that the original constitution of the ca-nif-il Qfnl- t,r- Tnl- ,-0

capital; nence your memorial-

ist, considering the extreme facility which Bank accommodation had given to over-tra-ding, and its consequent effect upon mercantile credit, believed that at least ten millions of dollar, loaned on the pledge of stocks, would best fulfil the original design of the institution, and leave as large an amount of monied capital as could be safely loaned on personal sccutity and this belief has not been impaired by the result of his observation in re. gird to the existing loans ot tiie Bank, which, according to tne documents before your honorable house, are in the proportion of about twentyseven millions in bills and notes renting upon personal security alone, to nine millions on notes ot hand, secured by a pledge of stock: With this brief exposition of the views and motives which Charleston Gazette, that the office of the Bank of the U. S. a" error incident to all, where a great variety of matter, and numerous accounts, are Sub-

: r f I i

. ! i

i