Indiana State Sentinel, Volume 5, Number 29, Indianapolis, Marion County, 8 January 1846 — Page 3

3nMana State Sentinel.

WEEKLY EDITION. ZTEftSJAL TIOIL AKCB II THE P1ICC Or UltlTT. INDIANAPOLIS, JAXUAKY 6t 1S16. The Condition of the Dank. Commenting on cur article in relation to the conti it ion of the Bank, as shown by hia own report, the Bank President, through the "Family Organ' of Dec. 19, aaye : " The amount of specie in the vault of a Bank, is not the only, nor by any means the moit certain indication of its strength." This is a revival, by our self-styled Democratic Bank President, of the famous Nick Biddle doctrine, to-wit : that the Banks art strongest vhen they hate the least specie ! " This, durinjj the U. S. Bank war time, was legarded as first rate financial philosophy by the federal Whig papers ; but we have yet to sec whether the Democracy of Indiana are ready to receive it, dug ep as it now is from its grave of disgrace, by President Morrison. And then, assuming a tone of exceeding wisdom, the Bank President goes on to say : Those who understand the subject look more to " ita discount line, its active business paper, and oth- " er convertible assets, tor the ability to ineet its "engagements, than to the coin in thfe vault; and " on this point the Sentinel has attempted another " deception, by deducting the amount of specie only, " from the liabilities of the State Bank, as if she had " nothing else to show. Intelligent business men, will of course notice this attempted fraud.' Now the President of the Bank himself, and not the Sentinel, is the only one guilty of deception and fraud, and every really intelligent business man will say so. We did not, as Morrison falsely affirms deduct the amount of specie, from the liabilities of the Bank, as if she had nothing else to show ; " but we merely showed the excess of circulation Over the specie in vault, as given in his own report. We did this because it is a state of things most easily appreciated by people who do not pretend to the wonderful degree of wisdom which Morrison claims as an especial attribute of his family. But let us examine some of the other items which Morrison asserts are of so much more importance than silver and gold, in determining the strength and safety of the Bank. The "balance sheet" of the Bank for this year will be found in Morrison's annual report, pages 8 and 9. Among the reiources of the Bank, and the other items of strength spoken of by Morrison, will be found the following : Bills discounted, $1,830,191 84 Bills of exchange, 1,197,435 05 $3,027,010 89 Showing an increase over last year, in these two items, of 6792,123 74! Nearly $734,CCn of this increase, is in bills of exchange, or shaving paper, alone. Now how much of this is bad, nobody knows. It may some of it be like a bill of about ;$12,000 shaved by the Indianapolis Branch about four years ago, and which was totally lost, as we are told ; or like another for about $14,000, shaved about a year since, and which proved to be as worthless as the other. The nxt item of " strength " is the Suspended Debt of $593,928 65 How much of this is good for any thing, except to belp out the balances, is more than any body can guess. We suppose the editor of the Family Organ has a large share in it. If so, every "intelligent business man " here knows how much that part of it is worth : not more, probably, than stock in a Faro bank. The next Sampson items are i Banking Houses, $173,635 43 Other real estate, 163,081 04 Furniture, 5,853 eo s $349,130 27 These now would enable the Bank to redeem how many dollars do you think, Mn Farmer 1 Why, sir, not 50 in 100. The banking houses and furniture are, we presume, rated at their extravagant first cost. The real estate was taken for desperate debts, in many cases at any price, because nothing ehe was to be got, as in the case of A. W n, of this county, a year or more ago. We pass over a few other humbugs, to come to still richer items, which go to square the balance sheet, and to exhibit that great strength " not dependent on coin, which the Bank President thinks so very vulgar and worthless a substance, to-wit: Suspended items, Protest, Bank stock, and other items, - $58,155 69 Suspended items for robbery, 27,105 00 $)5,2G0 69 This, of course, is worth just about as much as the assertions of the Bank President, when his ire is "roused no more. Nevertheless, they are among those assets which Morrison talks about as beibg cf much more value than specie ! Then there are 37,000 00 in Indiana Bonds, and $34,C00 in bills of other Banks, worth perhaps as much or more than the bonds, to help eke out the non-specie 44 strength " which Morrison talks so wisely about. That other, and disinterested persons put the same estimate of value upon these assets as we do, may be seen by the following extract from the Money Article of the New York News, under date of Dec. 24, 1845, last month : 4 Wc have frequently had reason to animadvert i UpOU Ulc piuglcoaiic ctpauaivu vi me vunvuvj wi the Western banks. In Indiana, the Mate ttang has put out an inordinate quantity of paper, far beyond its ability to pay, and the privilege of issuing notes of small denominations, that was sold to that concern, is now about to expire, and probably will not be renewed. The Bank is essential'y rotten, and wiU sooner or later inßict a severe loss upon the People of Indiana. Here is the opinion of one who is acknowledged to be one of the soundest financial writers in the country. But we will not pursue the subject further here, except to express our deep regret and disappointment, that a professed Democrat should be willing not only to tolerate the present degree of rottennesss in the Bank, but that he should desire or even connive at an extension of its privileges) and of its means of further corruption, by the continued issue of ehinplasters. The Legislature has the power to check this evil by Vetoing the continued issue of small bills. This will not prevent tlut $GG0,530 which are already out, from remaining afloat, if the people choose to hold them. But an increase of the issue should by all means be prevented. Let no man in the Legislature 1 let no Dsmocrat, at least, who would stand well with the people hereafter, dodge a direct vote on this question. Let the Whigs remember their professions in favor of sound banking, and vote accordingly. Let all remember the Internal Improvement System, and the responsibility growing cut of it ; and take heed in season. ' OThe State Journal of January 5, 1845, fully endorses the State Bank in these words : "The condition of the Bank is sound beyond all controversy." This is a committal worthy of notice and remembrance. Every democrat who can get, should preserve a copy of the Journal containing it. It will be needed hereafter.

The riibltc Debt. The Joint Committee on the Public Debt, to whom Mr. Eutler's communication was referred, on Saturday last reported to each branch of the General Assembly, " A biä to provide for the f tended debt of the State of Indiana, and for the completion of the Wabash and Erie Canal to EtansriHe ; which was read a first and second time, laid on the table, and ordered to be printed. This may be regarded as the gfeat measure of the session. The public debt has been so long a vexed question, it has been so long in eye-sore to every good citizen, and it had grown into so large a mountain by the accumulation of interest, that it seemed beyond the reach almost of the energies of our people, great as those energies are. To see a bill reported by the unanimous consent of so large a

committee, representing every judicial circuit in the State, and composed equally of Democrats and Whigs, Tor the settlement of this great public debt, is, to say the least of it, what we hardly dared to hope for. It should encourage and cheer the hearts of our citizens. The labors of the committee have been arduous beyond the conception of any one not in a situation to judge of them ; and if the result shall be the passage of the bill reported by them, their labors will not have been in vain the present and future generation will accord to them honor and praise. No good man now on the stage would desire to have this huge public debt thrown over upon his children, to crush their young enterprise and stain their character. Every one must desire to have it adjusted, if it can be on terms within our ability, and at the same time satisfactory to our creditors. In the House the bill is accompanied by a very able report from Mr. Secrest of the committee, which we shall endeavor to lay before our readers. We indulge the hope that the subject will be satisfactorily adjusted by this General Assembly, and that they will lay the people by its action under everlasting gratitude. Q$r In an article relative to the Public Debt, which appeared in the Tri-weekly of the 1st inst., we said 44 It was in the session of 1835-6, just ten years ago, uhen Whiggery flourishedt that the foundation of all this difficulty was laid." This remark, we are told, is highly offensive to the Whigs. That is not our fault, though it may be their misfortune. We did not intend by it, however, to give cause of just offence to the Whigs. We merely stated a rci In bo doing, we had no desire to cover up the participation of professed Democrats in the Whig policy. We have always admitted that, as is well known to those who have read our history of the rise and progress of the 44 Bystem," which appeared in the State Sentinel during the canvass for 1843. We have never tried to conceal ; on the contrary we have admitted the fact among others, that James Mobkison, now the President of th State Bank, was the Secretary of the famous conclave denominated the Board of Internal Improvement, during the whole period cf its active operations, and when it was running the State headlong to destruction. We have never pretended to say that he had not as good a chance as any other man to be cognizant of the thieving, policy which was adopted or tolerated by that conclave, and by which thousands upon thousands of dollars were squandered beyond what was appropriated by law, and which was knowingly done for the benefit of the pocketof swindling commissioners and contractors. Nor have we ever disguised the fact that the President's brother, the Editor of the " Democrat," was one of those equally famous Commissioners, who were at the head of the practical management, and whose chances to know the ruinous tendency of the measure, even though honestly and prudently managed, was equal to that of i the Board ; but who nevertheless concealed the true state of the matter from the public, until it burst r . i t r : nr.

irom id weu oi usuwu irrupuuo. never ( in of jj lhan Jame8 dented, but on the contrary have admitted that he;Morri and Buch d rcgarded him. IIis alonesquanderednearaÄunJrerirWnJrfmore. ftre M sU rlative be can than was appropriated by law; because such adenial. l oQe nQt by hig Qwn rQml in the face and eyes of notorious truth, would bel,Wf . . lr- trt M.the attemnt absolute-

folly as well as dishonesty. And we have admitted other facts and circumstances of a like nature to these, in which professed Democrats were involved as well as Whigs. But do all these admissions does the dishonesty of nominal democrats, be it great or small, disprove the fact stated, that the inception of the ruinous scheme occurred when Whiggery ßourishedl By no means. As we understand the matter, the whole system, in its rise and progress, was emphatically Whig, and its chief object was the plunder of the people by the Swindlers who stood at the head of it, whether they called themselves Whigs or Democrats. When we look back and reflect upon the damnable arts of falsehood and chicanery by which the people were courted and seduced into the infamous embraces of this corrupt harlot, we are sometimes tempted to adopt what we now understand to be the Morrison Democrat doctrine as privately given out, and that is the highly honorable proposition , that the Sovereign State of Indiana should send Shavers into the Stock market the Morrisons among the rest, we suppose to buy up the bonds at a discount of 75 per cent ! Or, to escape this lowest depth of degradation to say nothing of the high probability of being swindled still more by those who are depraved enough to sut ü h dj..! nlan.-. to reoudiate the debt , ,i fn,ii x?,., . ,ro ,t rvi this; iihd before we would suggest any such infamous scheme, by which to swindle ocr creditors, as our own people have been cheated and swindled, we would leave the State and never again enter within its line. We have not only frequently admitted the partial resposibility of the Democratic party through the action of men such as ate alluded tö above ; bdt we have as often confessed that many höhest democratic people were led astray by them until they found themselves crushed by the burdeus which they attempted to carry. These are evils past remedy, and it Would be useless perhaps ever again to allude to them, except as beacons of warning against the recurrence of similar evils. We s peak of them now, to satisfy those whigs who were offended at the expression quoted at the head of this, that we "have no disposition to impute more blame to them than they deserve, and as little to shield men who have endeavored to bide aa much or mofe guilt tinder the cloak of pretended democracy. The main thing now is, to get out of the difficulties of the Tublic Debt as well as we can. To this end, all good men, of whatever opinions, should unite. And should they be happily successful, as we hope they may be, in agreeing upon some plan Which shall prove feasible, all shall receive from us, as each will deserve, the plaudits due to faithful servants of the people. 07 Morrison speaks about our not being able to go into respectable compary; If we had bis brass, we might bo like hirrf,- prownng around and forcing ourselves into member's rooms and other places where we were not wanted, whining most piteousTy for office. We might also carry a brazen front on all occasions. We can,- however, get into'compan whose respectability is not guaged by the amount of plunder directly and indirectly got without labor, and by the amount of debts we owe- We prefer to labor while we owe a dollar.

The Bank President's Veracity. The Bank Autocrat not long since charged, that we had stated, that he had " recommended " the continuation of the small note privilege to the Bank ; and be denied that he had ever made any such " recommendation. " We denied that we had made any such statement, and defied him to the proof. He has bunted through otir files, and finally produ-

cesthe following extract from chapter VIII, cf the " Political Mysterfes," by which he flatters himself ne can cust&in ms impeacnea leracuy, to wir : - .ur. .uornson, last wimer, proposed to xiena io lue oanK.irze ngni to isbuo euio.ii nines to uibi -m.Sh r . mm, r a.ii, ,?,; ti, life, nr " the charter." B,tavrut.f w aa.. wa w va s a, a js. w v O Morrison professes williri'meES to rest the Issue on this extract We are equally willing to do so. There denying, so that he could seem to impeach our veracitv, and continue to maintain his cowardly non-com-mittal position. We said nothing about 44 recommending, " ia the extract quoted. We saw that his Eoyal Highness rhoso rather to make himself the ' vehicle " of the directory in merely " proposing, "" what he bad not the manliness to recommend. Does he pretend to deny that he made such a proposition 1 If he does, he must necessarily discredit his report of last year, and belie his report of this. We have copied these reports often enough to initiate our readers into their mysteries in these respects ; and certainly no reader can have forgotten the peculiar expressions made by his Lordship in his report or this year, as for instance 44 the undersigned ( James Morrison ) was made the vehicle of requesting from the last General Assembly a continuation of the privilege of issuing notes of a less denomination than five dollars, as a permanent privilege during the life of the charter, " and although he has not been expressly requested to renew the application made at the last session, yet he knows the board would be gratified to have the privilege then asked." We cannot suppose any of our readers so deficient in penetration, as to be unable to see that Morrison has been compelled in this case to resort to the smallest kind of quibbling to sustain his asseition; and certainly bis attitude is discreditable enough, without any lights and shadows riötn lis to bring it contemptible points to fuller view. If he had gained his point, however, he would only have degraded himself still further ; for as we have before observed : If his positive denial row, of being in favor of a continuance of that privilege for he means this if he honestly means any thing is to be taken tor his reed opinion, he stands self-convicted before the world of having been made the vehicle" of others in favor of a measure which his own conscience tells him is tcrong, and for which he dares not take an open, bold and honest stand. Here is a dilemma, upon one or the other born of which Judge Morrison is necessarily impaled. Another Mistake. The Bank President, in his protocol or manifesto, which appeared in the Family Organ of Dec. 19, says in relation to his election to the Presidency of the Bank, that the Sentinel, at lead after the election, made an approving response to his election, and THAT TOO AS A DEMOCRAT; 'k Now vre "positively deny" that we didanjr euch thing, and we 41 challenge the iBank autocrat 44 to the proof. " What ! the State Sentinel vouching for the Democ racy of James Morrison ! However friendly in per sonal respects we might under ordinary circumstances be with Lim, our consciences must be harder than iron to do any ßueh thing ! Why the idea is abso lutely laughable ! We should as soon think of en dorsing the democracy of the Autocrat of Russia himself. Tbe truth is, there is not a more per fect nristoefnti in the mo6t obnoxious sense of the ly dies away in a half contemptuous simper. That the State Sentinel, whose sympathies are all radically democratic, should be charged with endorsing such a man's democracy, is as absurd as it is untrue. It never did it. It is true it alluded in rather complimentary terms to Morrison's talents, after his election ; " but it said nothing about his democracy. It said this, and this only : From the State Sentinel, Jan. 4, 1844. 44 Bank President. It will be seen by the Legislative proceedings, that James Morrison Esq., has been elected President of the State Bank; Of the ability and talents of Judge M. no one entertains a doubt ; and if he can ever retrieve that institution from its present deplorable condition, he will deserve the thanks of the community. The whole of its rotten carcass must be examined, however foul it may be. The people expect it, nay, demand it; and we believe James Morrison will not. disappoint them. Be it as it may, we bope he will prove himself equal to the task ; and it is one from which he should not flinch." Here then, is another question of veracity, for the passionate President to settle. We need not say, by the wayt that our favorable Lopes then expreseed, have boen entirely disappointed. r , 1 Alexander F. Jriorrisön The impudence of A. F. Slorrison is certainly without a parallel. At a meeting of the Democrats of the General Assembly held on Saturday night to make some arrangements preliminary to the State Convention to be held on the 8th, Morrison was present, and, though the Democratic County Convention of Marion County, absolutely refused to appoint him a delegate to the State Convention, notwithstanding his brother strongly urged his appointment as such delegate, in the face of this, we say, A. F. Morrison bad the impudence to crowd himself forward at the meeting spoken of, and after whining and canting to an inde' finite extent, actually got himself appointed on a cer tain committee ! This is certainly an outrage, and will be 60 regarded by the mass of the Democracy of this cotinty. We know that Morrison's impudence in thus tliursting himself where he had no business, was tolerated, by many well meaning men through a desire fof harmony and union ; but this is the pooS est way in tbe world to secure it. Harmony and union without the cement of principle' is an empty farce. And there is not ah old Democrat in the Le gislature who does not know that Morrison has no principles in common with honest Democrats. With him democracy consists in mere empty professions. He ia practically an anti-democrat; and looks on politics as a mere trade, and a means of working himself and family into office. His immediate object in thrusting himself into the meeting spoken of, and into the State Convention (which no doubt he will attempt to do, though in opposition to ninety-nine of every hundred democrats in this county,) is to get the endorsement of the Democratic party for his paper. With this he can strengthen himself, as he sop poses, before the people, and having obtained strength he will use it to promote his own selfish ends, by threatening td use it against the democracy, individually or collectively as occasion may require. Now we can tell the Democrats who do not already know it,- that A. F. Morrison has no personal nor political influence in this county, where b is test known. ! He is regarded, as ia fat he is, a mere political leaf-

er and disorganizer, and has been no better for the last four or five years to our own knowledge. The universal sentiment here has for a long time been a wish to get rid of him, and a hope that he would join the whigs, with whom he naturally belongs. This he would have done long ago, if they would have taken him as a leader ; but they had too much sense to do that, and so he remains a nominal democrat, ready to ruin at ariv moment if he cannot still rule.

and get tho y for ruUn yQW th6 true way tQ . treat such a person "is to clip his wings, and ueutral,ze hi( er of ra;gchief He ha3 saQered t0 ; l0 brow-beat his way among democrats Ion enough. tr. . . ... . tI .. . , , , 1Ie 11 wheQ he i Ct three thousand do!- . , 1 Ä ..Ii . . i a . . jars io siari a paper Dy wnicn 10 Supplant EoJton He repeated it when ho made arrangements to eupplant Col. Kinnard m the same way. He has pracana canai wanageuien , received money enougn to have made half a dozen prudent men independent : and liow would fain give us another exhibition of his peculiar talents in the same way, by supplanting the 'State Sentinel, as the only remaining chance of thrusting himself orico mere into ofSce against the well known wishes of the people. The question is whether the Democracy are weak enough to be longer cajoled by the whimpering, Whining, canting hypocrisy of such a man If thru are, we are not. He talks about his paltry apology for a newspaper which was heralded by such a flourish of rams-horns, and en deavors to convey the false impression that we or somsbody else are disposed to throw obstacles in its way. We have many times denied this humbugging pretence. We care as little about his miserable sheet as any live man can do. He cannot interfere with us in a business point of view, nor with the honest people who choose to take our paper. We are just as willing he should publish his paper as we are that Hatch of the Spectator should publish that; or Mr. Noel the Journal. We care nothins about him or his paper in a business aspect; But we do care about it in a political one, and it is our duty to speak out. He is and win be the tool of äriy clique that will pay him best, and will in Vie end cheat them all if he can. This is the whole sura and substance of A. F. Morrison. We should therefore be false to ourselves, false to common honesty, and false to the integrity and the principles of the Democratic party, if we should degrade ourseh es enough to coalesce with such a wretch. Sooner than do so, if that is the only al ternative presented, we will withdraw from politics. and leave the field to him and such as can permit themselves to swell the ranks of süch a leader. That Pocket Hook. Some days ago, Morrison, in his Bank Organ, madö use of some terms in relation to us, which we did not understand; but seeing through the cowardly attack, we felt disposed to retaliate by a mere allusion to a circumstance which no doubt 6its heavy on his conscience. In doing this, though but barely allusive, it stung him to the quick. He immediately puts on the coat, traverses the streets, cursing us and our friends generally, and ends by threatening to publish such charges as shine so conspicuously in his paper of the 2d icst. We 6hall now merely tell a plain tale, and one which will be corroborated by hundreds. We have no desire to introduce names of persons, and shall avoid it as far as possible ; especially as Morrisdn has endeavored to create, in the minds of Borne, a prejudice against us, which he thinks will end in what his cowardly soul dares not attempt Mr. Bishop is endorsed by Morrison as i man of truth and veracity. This We have never disputed, and wish it borne in mind that wc shall not dispute it, at least until we have cause We did give to Bishop a pair of trowsers ; and when he retired to his room to change theltf, we ac companied him. We are not certain What he did with his pocket book at the time. Morrison gays he placed it in a drawer. We have, also, no knowledge who was in the bar room, while we were in another room with him, except Morrison himself. But be tins as it may, Mr. Bishop had possession of his pocket book hours after these transactions, as he told us and others; The first we beard of the robbery, was on Sunday afternoon, after our return from near Cumberland i when Bishon tolrl n of it himself. IIf told ns .A ii,4.M, f .. ti,. l, . kJ ' . I , . , , , , , sometime m the night on Saturday, leaving the key of his door with Morrison. That on Sunday morning, another person apphed to him for sortie tnoney ; that he immediately went confidently to his drawer, cxpectiag to find it; it IVTnriarm Kail tat-on . key last; that he told the person to wait, and he would go round to Morrison's änd get it ; that in the fullest confidence of this opinion, he did so, but did i c i -4 : l:. - :; tt 4j e .. not find it m his possession. He therefore give it up as lost. A few days after, on a Tuesday mornm? we think, (it having been deposited in the night,) the pocket book, with its notes andpajers, was found in the Post Office box. Now we say, let all who feel interested, inquire." Let them also enquire if, when Morrison came - m - i down with another person to go out, he did not desire the other person to go back a few moments J If be was not albne in that bar-room at near midnight, during the proprietor's absence ! Was he not called upon before he was out of bed on the Sunday morning in question for the pocket book t Let them also enquire, what wb'uld induce a thief, not at all interested, to return" the book and papers and thus add an additional risk cf being caught? Other inquiries might here be made, but they will suggest themselves to reasoning minds. Morrison says we coupled his name with this loss. We did no Such thing; we only stated that one of! his allusions Was not understood ; that whatever it might mean, it did not mean stealing a pocket book. At this Morrison takes fire, and the result is given in his characteristic language through the Royal Fani ily Organ. . 07" Morrison has a paragraph against us, embodying every blackguard epithet in the vocabulary ; places himself above us; and winds up by repeating the old charge of perjury. The gambling rascal may ring bis changes on that till all is blue; as well as have many of his whiff associates: but we were never convicted of it, nor was ever the cause brought - - j - n to trial, although we urged it at three different courts, the Whole court and parties being glad and willing to let it drop. This matter, which arose out bf the political excitement of 1840, may answer such fellows as Morrison to harp upon ; but our conscience is clean, not only of that; but of trading in bldnkets; or of stealing money at the gaming table and hiding it in our boot; fj-Morrison hds a tnlgar paragraph, intimating that we visit a Mrs. Cross, who is reported to keep a house of ill fame. He may be Well acquainted with her; but we hereby offer a reward of erne hundred dollars to any person who wifl ßhow that we evef spoke to ber, or any person in her house; or ever entered by day or night, any dwelling or place occupied by her. Now let the liar' produce his proof. Furthermore, would it have been deemed 44 respectable" in the eye of the 44 Royal Family," to have visited one whom some of them waited upon in church ! It is not our idea of resp rctibility.

Adjustment or the State Debt. The bill reported to each House, on Saturday last, by the joint committee on the subject of ah adjustment of the State debt is of great length. We have only room fur a summary of its provisions; w hich we copy from the Journal. Section first provides that whenever the holders of any bond or bonds of this State (except the Bank bonds) shall surrender them, new certificates of Hock shall be issued therefor, redeemable at the pleasure of the State, the principal and back interest being specified in such certificate, the interest from 1st January 1S41 to 1st January 117 to be estimated at two per centum per annum, and on which certificates the State to pay intere?st as follows, viz: On the principal in such certificate, the State to

pay two per cent per annum from the 1st January - i - i f . " 1Ö47, up to and inclusive of 1st January 1853 ; at V V . J .1 pecinea in sucn certificate,

principal (from the 1st of January 1947 to the 1st of,'and d.oIIars Ver acnum- an five Surveyors to be fa January 1S53. to be added tn the nrinrirnl. fmm cated in different parts of the State, with iw!r! r.Y

izoj, the btate to pay on the sum thus created, two and one ,ialf per centum per annum: provided that such certificates shall only be issued in lieu of bonds having the coupons falling due and after the 1st of Ju ly 1347 attached; and provided, further; that if the revenue, np to the 1st day of January 1?53 to be derived from a property tax of 25cts on every 100, and a poll tax of 75cts, shall not be sufficient fbv rea son of being received in scrip) after deducting State expenses, to pay two per cent, the State shall only be required to pay, up to said 1st day of January lS53, such rate of interest as tbe par funds hall enable her to do, to be paid pro rata on the principal specified in such certificate, and the deficit, with 6 percent interest from the time it became due, the State to pay by me isi oi jauuary, idoo. Sec. 2. Provides the manner of issuing the new certificates, the entries to be mads in books kept for the purpose, ccc. Sec. 3. Coupons due on and after July 1st, 1941, up to 1st January, 1347, that may have been clipped from the bonds may be surrendered, and certificates issued therefor, which shall not bear interest uutil after 1353. SfcC. 4. Stock created by this art to be transferable only in New York on books to be kept by the State, in WV Qlly Ior u,e PurPse Sec. 5. That the interest on sch. stocks 16 be paid half yearly in New York, on 1st of January and July, commencing ist July, 147 but to be paid at the State Treasury should a demand net be made before the expiration of thirteen months after it becomes due. Eec. O. Gives to the bondholders the privilege of subscribing a sufficient sum, not less than two and a half millions of dollars, before the 1st of next Novem ber, for the purpose of completing the Wabash and Erie Canal to Evansville, and upon the payment of such 6urn as may become necessary and required, to complete said canal, within four years, (to trustees to be appointed for that purpose,) the canal lands, and tolls and revenues of said canal be set apart and con veyed to paid trustees, in trust to reimburse to said bondholders the sum thus advanced, and to pay the remaining interect on their said bonds, in the manner hereafter specified. Sec. 7. Prescribes for the choice of three trustees two by the bondholders, and one by joint ballot of the Lecrislatutt;. Sec. 8. Make it the duty, and empower the Governor to transfer to said trustees, the canal, from the Ohio line to Evansville, tolls, rents, and all appurtenances, and all the lands granted for its completion, by them to be held in trust for the uses and purposes follow ing: 1. The proceeds of land, sold and unsold, to the payment of all sums that may have been advanced for the completion of the canal, and to the payment of work, labor, materials to be done and furnished in the completion of the canal. 2. The balance of such proceeds, the revenues of said canal up to 1st January 1953, after paying repairs and expenses, to be applied as follows, to-wit : 1st. To pay interest at the rate of six per cent, per annum tn the atnoutit advanced under this act for the completion of said canal, or upon so much thereof as may remain unpaid ; and, the remainder, (if any) to be applied to the payment of principal (if any) of the sum thus advanced. 2. To pay in full to the fubscribers nuking such advanccs, two and one half per cent, per anrium on the principal of the bonds, they may have surrendered as aforesaid. 3. To pay in full the interest at 5 per cent, on the special slock hereafier named, and to pay the principal of said stock in full, first paying the interest and principal to 6uch holders of such special stock as ehall have subsciibed to the advance aforesaid. 4. To pay in full to any other holders of any ort i ra ia eC f-w1r n uttinr ivot Hit tliid n ft intoroct f lhe rate 0f two an(j one jjaif per centum' per anrium on the amouut thereof. Tb pay the Treaßurcr of State any balance on hand, which shall be applied to the redemption of any outstanding stock, created by this act, at the pleasure of the State; provided, that if the State becomes the holder of any such stock, she may either deem them extinguished, or outstanding, and may receive thereon whatever interest the revenues of said canal thay pay ; provided, further, that the revenues ct said canal shall be insufficient fur 1 1 i :i . ai ii i it t i i au ine aioresaia purpose men iney siiaii De appiieu Pro rata among those entitled thereto, first paying in fuI1 - entitled. anj 8, 0n tales ouolies. After 1st cf January, 18Ö3, an account of the tolls, revenues and expenditures on 6uch porticn of the canal as lies between Lafayette and the Ohio btate line, shall be irom that time such revenues as may arise Irom the first named portion (after paying expenses, &c.) shall be first applied to make up the full interest of i five Pr cent- Per Pnum on the certificate of stock 111 A I . I . 1 A A J J mat may oe i&suea ior me Donus uow ouisiauuinzana . m w , . Rn , v. , . . f- . r... ,u, , : d,.ti a -a suui.K Iii iui i iQi uui injc. x h oi iaii nuiwiiiuiiu aiiu paid pro rata to the amount of said certificates ; and if more than sufficient, the excess shall be added to the tolls, &.c, derived from that portion between Lafayette and Evanrville,, and the sum thereof shall be paid as before provided but, for the sufficiency of said lands, tolls, or revenues of said Canal to pay the advances, aforesaid, or to discharge the interest, and to redeem the special stock aforesaid, of for the faith' ful application of the same by said trustees to said purposes tne laitn or tue state is ana snail do in no wise pledged. Sec. 9. Pierion to the makl"c of aiJ deed in trust, the subscriber to aid advance mii-t pay over to laid Tiustees ten per centum of the amount subsciibed! and thereafter, from time to lim aa the morn y may be needed 10 prosecute the worz, they shall, on reiiiitiOD of said trustees, pay any turn nut exceeding five per cent at any one time j and Upon failure to do so wiihiu 90 days after such lerjumtlon, then to forfeit alt ums previously made, and all priority of pay ment given by ibis act j and fuitber. If by rcaon of such failuie to advance, the canal cannot be completed within the reriud of four years, all the lands and .property hereby gi ant ed to said trus'ees hall levert to the btate.. Sec. 10. Relates to tbe duties of the trustees: thet shall take an oath, give security, take charge of lands, can'al, with its anpuitcnances, sc., make contracts tor completion of tbe Canal, repairs, keep an account of rr eeipts and expenditures. make report to the Legislature, exeicise a general supermtcn'lr nee over the canal, &e. Sec. 11. -Accepts the giants ol lands made by the General Government by the act of the last Congiess, and clarifies them into three classes. Fust class to be sold at a rate not exceeding $2 50 per acre. Second class, not exceeding (2 per aer. 1 hud das, not exceeding f,l zo per aeie, ana in no case to sell fur a less price than that fixed by the act making tali grant. It alsa piovirh-s a light of pie-cmption to aciual settlers on such lands, fur bot less than a quarter nor exceeding one half section, &c , &.C , 8tc. ec' 12. Whenever the moneys advanced for the completioo of the canal and the special lock aforesaid, shall be PM, and the State hall h.re taken up oi.e b.lf of ihe atuck (authorised to be issued by 4 his act) and shall assume the payment of five per cent interest on te balance, and tba State reserves the right to i t it. then and io that case the trusts created by the act aie to cease ana end. Sec. 13. Tolls and revenues of the canal to be applied to lepaiii, kc, and its extedsion until 1st January, 1S47 frora that time up to lt January, 1853, said revenue after paying expenses, &c shall be applied subject to the limitation of (he 8th ection to the payment of the 5 per cent unprovided for by the State, on the principal of tbe surren dered bond, from tat January, 1S47. to 1st January, 1S53 ; at which time the deficiency if any of said tolls and reve nues to discharge said interest shall be added to the un provided for 2A per ceuL on the principal of said bonds surren dered from It January, 1 S4 1 , IO 1st January, 1847, and the sum thereof shall betonveitcd into tbe special stuck men tioned, the puncipal and Interest of which shall be only payable out of said canal lands, tolls and revenues of said canal, and tot which proper cerilftraie to be issued; but, for the redemption of said principal, or tqe payment of said interest, the faith rf the Sta'e is in no wise pledged. Sec: 14, Makes it lawful for any other person than bond-holder to subscribe for the advance aforesaid, ander certain conditions and stipulations. Sec. iö. The first board of Trustees to fix time, place, and regulation proscribing the mode of electing subsequent trustee on part of subscribers, &c See. 16. The interest paid out of the fund created by tbe trust to be paid semi-annually en 1st days of January and July- ' Sec. 17, Givea a tnejoirity of trustee! tower tcact, fee.

Sec. 18. The Slate reserves ibe riglil f altering or regulaüng the tariff or toll, thai uuy at any time be eaiablisht-d by Mid board of trustees, but which shall never be below the tariff of tolls established by Ohio on her part of said 'canal. The remaining three sections arc of no general interest.

iUasIjiugfon CorrcöpBnötnfc. WASHINGTON, December 29, 1813.) Monday Evexiito. J Mr.sf ki. Chapmans : Iii the Senate to day, after the usual preliminaries and toine less important pro ceedings, the Committee oh Commerce reported a bill erecting the State of Texas into a revenue District; for the collection of impost duties making Galveston a port of ehtry, and providing for the appointment of a collector of Customs, with a salary of two tboueach. By the unanimous consent of the Sen ate, the bill was considered, passed through its several readings and sent to tbe House of Representatives for concurrence. A bill, reported a few days since by Mr. Eenton, for raising a corps of Sippers, Miners and Pontoniers, as considered and ordered to a third reading. A bill, also reported by him, repealing the Act Of of IS 12, abolishing one cf the offices of the Inspector General, was taken Up and passed the Seriate". Mr. Hannegari oßbred two resolutions which lie over asserting the. title to the Oregon territory, frotrl latitude 4"2 deg. to 54 deg. 40 min., to be in the Uniteil States; denying any riht in treaty-making power tö . transfer ar!y portion cf said territory to any other tia " tion ; and declaring that any buch transfer would be be a sacrifice of the honor, character; and best interests of the people of the United States". . . , . Resolutions were introduced by Mr Cass, which al" so lie over, instructing the committee on Military affairs to enquire into the expediency of constructing a ship canal around the Falls of St. Mary, as a necessary means for lake defence : also, as to the expediency of fixing a pericd of age, after whi-rh officers of the riavy should nöt be require'd to eridrra active service ; and to report what disposition should be made of officers not liable to be put on active duty. , , In the House of Representatives considerable debate was had, of a character which indicated it was got up to kill time, arid defer action on a motion to go into the election of a Superintendent of the FoldingRoom. After the failure cf several motions on the subject, the matter was. referred to a "special commit tee. 1 here it will probably be permitted to rest, as it was shown from authentic data, that by disconnecting the office from that of Door Keeper; the expenses of the Ifouse would be increased Eome five hundred dollars, or more . . . : A message was received from tbe Senate tortifnunibating the bill making Texas a Reven de .District. The bill was immediately taken up, and, with the promptness which has characterized this Congress on several occasions, was passed through its several readings, and returned to the Senate. It has probably already received the signature of the President: as I understand it is to be despatched to-morrow, by a special messenger, to the new State. A message was received bv the House from the President, returning with his signature the bill mak ing Texas a Judicial District. You will undoubtedly have observed tbe pertinacity with which some editors, particularly Mr. Bennett, of the New York Herald, and a few letter-writers, persist in the assertion that negotiations oil the Oregon' question have been re-opened bctvveeh the British Minister here, and our g'a'verhmerit. I must again re peat my cqrltraSictioh of this, rumbf. I am satisfied there is not the least foundation for it. . As tbe time approaches hearer for the arrival of news of the reception of the niessäge in England, interest upon that subject increases. I hardly need tell you that it is the most absorbing topic here and will continue to be, Until the final result is determined: I can assure you however, there is no flinching all hands are ready to ofT coats and 4: lake the Bull by the horns," if necessary. Never did a nation present the unanimity that this does, at this time, on the sub ject of our national rights and their threatened invasion by the British Government. , , . The committees in the Senate; Who have charge of the matters embiaccd in the resolutions introduced by Gen. Cass, are very busy aid will be prepared to re port in a few days ; and 1 cari assure you iheir re-. port ft ill be right. The committee on Military a fairs ih the House, are also very busy, working day and night, and I am informed will report in a few days; and that their report will come up to the expectation and wants of U;e country. You may depend upon it, that Oregon will be as ii already is, ours ; and unless I am very much mistaken, we will have a good slice of California, before the session closes. T he latter by negotiatiön thii former by possession and defence. Yours 6cc; TIMOLEON: Adjournnicnr. . The Legislature have fixed upon Monday the 19tii xnst for the adjournment, sini die. Capital Ptiiiislimctit. . .. We a.re lad to be able to 6tate that a bill hii passed the House of Representatives, providing that juries may hereafter decide at their own option uppn substituting imprisonment for I.fe instead of banging. in cases Where the latter penalty is now by law imposed. Should the bill become a law, Indiana is ahead of many other States jn humanizing punish ment. The House yesterday afternoon was engaged prin cipally in debating the Apportionment Bill, but did not come to any definite conciusibii. tVe postpone (tie publication of this debate and the proceedings to make room for other matter in type. . 07" We ask the indulgence of our readers for noticing the low slang of Morrison this week. We promise them that we will not get so low aprain. We will touch him, if octagon requires, in a different vein. . . . - . . . . , HAS A XV A Y. IjItOM the undersigned, on the iSfth of December last, an fatten- ' tured apprentice to the Lout and &boe making Lusineas, HUluuit Robert Wails. feaid boy Isjö year of aye, 3. feet 2 or 3 inches high, light bair, dark eyesl fair skin, benry art, a scar, nndrr the jaw ; bad wi tvlieri be left a black cloth over coal oi home made c!dUi,jens pants, cloth vest and oil clh cap ; kip boots with the feet lined, No. 6 ;) he has a change of clhes with him, and may chang tbeiu. Ha lias a set of talis Hb him and will try to paaa himself fur a joumeymaa. I herrby notify all persons not to trust bim on my accuunt or hire or harbor hint in apy way. If Uiey do, I will collect hie warrant alt haz.il. Any prrn wlio will brinf anid boy back to me, of firm mc ififurmattou of hi whereabouts, snail be liberally rewarded ,fc UM-ir trouble. . WILLI L. BATES. Indianapolis. Jan. 6;181(JJ 67-3w Statt of Indiana Hendricks County; HsNDaicmi I'bobats Cvcar.. ,. Samuel J. En sm infer and Robert M.Megee, Administrators of the state of William Megee, deceased,, vs, William McAnley and Jane, hia wife, t;ilioH Megee, Allen Hess and Sarah, hia wife. El ll neth Bfe2ei, Cenreran Kurka, William H. Burk, Frances Jane Utirks, Elizabeth Burks, Mary J. Burks and Julin J. Burks; heirs ol said estate. , Petition 1 ttÜ Real Estlt. ... . . . ., . ... THE shore named William- AleAnley and Jane, bis wife, Ellison Metre, EiizubHh AI epee, .William H. Murks, Frances Jan Burks, Elizabeth Burks and Mary J, Burks, who are eon residents of this Slate, are herebt' notified tliat. at the November term, 1845, of mir said Hendricks Fnjhat. Court, Ute said Samuel J. Ensrniugrr an4 Robert M. Mfgee, administrators as aforesaid, fifed ia said court ibeit petition, showing the insufficiency of the personal properly U pay and. satisfy Die debts outstanding aeninst said estate, and. p raying for an order to sell certaia real esCata of which the said William Mepee dtrd seized, to wit ; the notih half of the north nut quarter of Sectios 3, township IS norti), of range one west ; and that Hie said pctumn will be heard and determined by said court oa tn first day of the nexf term Io he botden at the Court House in Danville on the second Uos, day' ia February, in tba year 1848, w hen and where Ibey can attend aud oppose if they think prorci so to do. , Atusrf, Joshua d. pakev. cwh. 60-3w1T , SVUif or Indiana llrudrirlc Uoüht. AT the November term of the endxicks Probate Court, A.D., 1315. said court dec Ic red tbe esuteof William Me see, deceased, to be probably iosulrenl. The creditors ar therefore required to Has their claims apilast the estate for allowance In the said Probata Court within ten mouths from tue date .hereof, or they will aU be entiled topaymeut. 8A.MÜEU J. SMINOEÄ, 1: . KOBEKT Si. MEGEE, ( Adm"Danville, Dec 10, 1845. 60-3wisV The State of Iudhma!llariQii Coiinf). PsoBATtCocst or tiCocwTT,DiciKa Tebm,1845. Adam Wright and .Samuel Fraizer, executor of the hut will anil testament of Jease Fraizer, deceased, vs. Baleor Fii and Abigail fix, his wife, Stephen Sweet and Martha Pweet, bis wifr, beejati) in Glover and Mourning Gloeer, bis wife. Caleb Sleeth nd rrah Sleetb, hia wife, Jacob Winten and Jane Wlnton, tis wttay John Franer and Margaret Fraicer. , Ftiitinfor lis tal Real Estate. THE mid Margaret Fiaiier, whole not a. resident or the Fia of Indiana, is hereby notified that tba a '-ore namod Adani Wriehtand Famuel Fraiser.executorsof the last will and Irsument of Jesu Fraiser, deceased, have .filed Jhetr petition In the above entitled ease. In the eonrt aforesaid, against ber and the other defendants above named, that tbe same will fee beard the first day nf the next term of said court, to be held at the Court House la fa. dlanapotis.on the th'rd Monday in February next, Bv order ef Iha Ceurt. A tie et, 63 . ft. B. riTCJLV, CJt.