Political Beacon, Volume 4, Number 15, Lawrenceburg, Dearborn County, 23 January 1841 — Page 1
E PO rrn PUBLISHED BY MILTON GREGG. VOLUMK IV. LAWRENCEBURGII, (IA.) SATUtAY, JANUARY 23, 1811. NUMBER 15.
ICAJL
BEACON
THIOLS. r.vd Pot. t.ARS ill advance or within throe months afliT the rommmirrmortt of the vpar, or To Dollars hihI Fiktv (.'kms, within si months and Tiirk.k lloi.i.ns after the rxpiration of the year, will be minimi from Country Snhsribers, and tliose who rccehe thi'ir papers ly mail. Two Hollars asi Fiftv CYst in advance, or within tliren nrinth after suli:riliii'.;, .vul Tmrke Poi.nns after tlie expiration of the year, will tie rnetol from town subscribers. No 'i(wi-nption taken for !es than fi ii.ont'i. A failure to notifv a discontinuance at tlie eni f the time subscribed for will be conMikred as a new nuaneinent. Alllctier to the I'ditor must be post pai l. 'IV. RMS of A nv frtisim;. Twe'.ve lines or less, three n sen ions, one il.il.ar, and twentv-fn e cents for r ich additional inertion. l.'iii;iT advertisements in the same proportion.
( ho State as oilier Stockholders, by proxy ur otherwise ; cacli share having one vote. Books to be opened for subscription to the stock of Brandies in cadi eoun'y where there arc cx:sling Banks, which may elect to subscribe their present stock toBr.incl.es of the State Bank : Such local Banks, if found solvent, lobe permitted to subscribe stock in the Brandies to
rcctcd me to make the following report. amount to be borrowed, the rate of inter-1 to the committee, that by the teimd of the f States being in debt deprive them of a
The resolution contains two pronositions est, time of payment, and certificates of acts aforesaid the stato is bound to redeem ! cla"n whose justice cou!d not oe disputed
which will be considered in the following stock to be issued
order: First
Every thing else in j the bonds sold on time and unpaid for,
were it not fur this indebtedness? The
proposition is too absurd, IJow would
; relation to obtaining loans u left discrc-1 tvhicn are in tlie hands of bona fiilc pur-1 ihJs rule apply to individual transactions? Were the Fund Commissioners ; tionary with them. They were authorized chasers for a valuable consideration, al-! If A be indebted to B. could lie with nny
vested with power to negotiate the sale of. to make such arrangements relative to ob- ; though the Commissioners were not vest- FroP,;Ry plead in defence of B's claim Stale bonds on 'time ?' j taining loans as they might deem condu-: ed with power to sell bonds on time. The jjj?1 i.jp fronMire'ju-
l lie sates -ol state bonds on "time," i cive to the interests ot the state. Under certificates of stock were by those acts tPcho- his claim be a stron
were made under the Sth section of an
an amount not exceeding their present j act entitled ,;an act to provide for a genc-
availablo capital But not nunc than two-! ral system of Internal Improvements," ap-
preji
reason why
this vast but discretionary power they sold ' made negotiable, thrown into the money A should pay him as soon as possible? to a corporation several millions of ccrtifi- market and became mercantile paper. e think so. cates of stock in the name of the Stato of The purchaser had onlv to observe that ' "ad the distributive principle been in - Invrr ti.- 1 bn -ict ii tr t-nnra n nm ifn 'lift In
thirds of the stock of any Branch is to be j proved January 7ih, 1830, and the 1st j Indiana, made negotiable according to the i thev were executed according to law and jjir, provisions of Mr "Cliv's subscribed by existing Banks, unless indi-; and 2nd sections of an act entitled "an j requirements of law, and delivered them. obtain them by fair purchase. The law the Slate of Indiana would a
vidual subscribers shall fail to subscribe
the other third, in which case Banks may sul scribe the deficiency. Fxisting Banks to pay instalments as other subscribers, or may transfer all thrir assets to the Branch, the Tiustec for closing their concerns.
Commissioners to be appointed by the
From the Ohio Journal, Jan. 11. Important Measure llcport of tlio IlanU Committee. The following is a condensed summary of the principle features ot tlie bill "lo in
corporate the State Bank of Ohio" this Governor to examine into the condition
day reported in the House of R.prrs?n!a- j of existing Banks, to ascertain their solvtives, by the committee on Banks and the tcncy and the amount of their present Currency. j available capital, preparatory to their beA Bank to bo incorporated, and to bo ; coming subscribers to Brandies of the denominate d ,4The State Bank of Ohio." State Bank. consisting of Brandies, with an rggrc gate , These Comr.rssioners to appoint percapital not exceeding twelve millions of sons to superintend subscriptions to the dollar. Branches, and lo perform the duties of a F.iclt Branch to have a separate corpo- ; Hoard of Control, until that Board shall be rate existence to bank for itself, and di- j elected. vide its own profits. j On petition, the Board of Control to The whole to be subject lo the general open books foi subscriptions to new branchsupcrvisiou of a Board of Control, to be cs in nny county where there is no Branch elected by the Branches ; each Branch to And such Branches, when bom fide
s Land Bill, mnnaliv have
act amendatory of an act entitled an act to Said corporation paid between four and ' declared that when properly executed by received from that source something liko provide for a general system of Internal five millions to the Commissioners, pursu-j the Fund Commissioner they shouhl be i 1 lic 1;'!a before your comi . , T n i ' . 1 ? i , ... . , , i mittec arc not such as to enable tlicm to Improvements, approved January 2th, j ant to contract, valid. I he law merchant immedialclylat- asccrtaill lhc exact aIoi;r.t, but they feel IS.'jO,'" (the latter act approved February The procecd:ngs of the Commissioners tached to them, and made the maker, tlie : warranted in setting it down at not less Oth, 137.) The section of the first net were from time t. ime I.-ml before the I.c- state of Indiana, responsible. If the Com-j than that sum. . nd had the fourth in referred to. is as follows: "The said Ca- ' rislaturc and acnuicsced in bv Hint bod v. 1 missioners acted fraudulently or exceed- stahneat of the surplus revenue been
nnl Pliml fninnica'onpra srn l.nrf.hu' tin. I At lnnrrtl. l.nivpvpr il.o rnrnnnlinn litifimn nd tlipir I"IOWpr3 tllPV wntllil 1 10 Pnhln nn ' P''d Up according 10 lu, tlie .'tale Would
thorized and required, on behalf of the
Slate, to contract with any individual,com- i
pany,
be
provement,
to time, in all not exceeding the sum of ten ' demption of the bonds, the Commission- j course for the state to pursue based upon ' sequence of the failure of the passage of millions of dollars, on a credit of twentv-' ers having no power to dispose of thorn on : 'he hypotheses contained in the resolu- j that bill, and the withholding of the fourth
five vears; said loan or loans to bear-a rate ! time. The purchasers of the bonds had ! tion,but will take the responsibility of re-1 instalment of the Surplus Revenue, has ." . i . , . . f ,. A . ., . ' lost in the last live years, m principal 81,of interest not exceeding five per ecnt. only to look to the sections of the acts ; commending a course to be pursued based i in int'er--t l'. KiO mak-
per annum, ana lo be negotiated thaj. tlie ! aoove quotea to ascertain tne powers ol i upon uie uyjtouiesis coniameu in ims re-.
, , - , ' . 1 , . . ' . . , , i have received ;u 1S.J the further sum ot unable to pay for a largo amount of certif- tneir bonds, which the state was careful to i jo.000. If these ditlercnl sums had icates that bad previously been sold on 'squire of them, but the rights of inno- been invested in slock of the Slate Bank
ly, or corporation, at such times as may time and delivered to them. And be-: cent purchasers of mercantile paper would ! of Indiana, as they enmo to hand, the stato directed by the Board of Internal Im-! cause of that failure it is pretended by be protected by any court of justice. j vvouK1 lwvcreceiyed in interest upon them, . . , i ,, ., ,, : 'i-i .. , ! up to this tune, S' J'.-..'(tO. ivcment, for a loan or loans, from time jsome that the stale is absolved from re-! lie committee cannot recommend any j 'yis it ccuis tint tlie State, in con-
same may be drawn and bear inter'el at any time, as early as practicable whoa they
the Commissioners. j port. The state i3 in great pecuniary cmIn the case of Smith against Monsierde- j barrassment, but not ruined. Our lands
may be advised by the Board of Internal cided by our Supreme court, at the Novem-! a"G fertile, our inhabitants industrious and
Improvements that it will be rquifej ft rber term in the year 1S3S, the question ; fruSaI- Our resources are now great, but the progress of any of the works of Inter- i before the court was whether the Preemp-' as yet in a small degree developed. We
in", in all. sl.'.,s5.000. Your committee
would suggest that the last live years do not furnish a fair criterion of the benefits of the distributive principle. The pressure of the times, and the refusal on the part of the (leneral fiorernment to receivo
any thing but specie, have curtailed the
nal Improvements to which the same lias ! tion act of Congress, passed '.20th May, ! ought with united effort, to conic up to sales of public lands so much, that they
tote in electing the members of the ' capital, not less than s 100.000 nor more j been appropriated by this act, and the said j 1S30, included lands remaining unsold af- ;the rescue. The honor of the stale must ; d'J ''Vr', '' Board accoiding to its capital Mod: paid than .C-JVOO.OtK) shall be subseribrd, and at I Commissioners of the Canal Fund shall i ter they had been offered for sale by vir- i ,je sustained at all sacrifices, and her i yj.'il ur tl! iV CarS rev'0"3 0 in. graduated in such a tiniuier as to pre- ; least one half paid in, may be admitted on iF'io for such, loans transferable ccrtifi-! tuc of a proclamation by the Piesident. ' plighted faith remain inviolate. Wo ought n,,!er important subject has been
tent the larger tranches fiutn posses-.. tig the same footin? as the orrj'nnl Branches : cat pz jif stock in the name of the State. The court uses the following lanr?uaTe : ' lo show ourselves the strong man, strug- i brought before your committee, v:z: the
the entire control of the election. provided the aggregate capital of all the which, when signed by them, shall be ral-Soon after its passage it received "a con-; P'nS with adversity, but with continued j raising of duties on imported articles, it The Board of Control to furnish to each Brandies shall not exceed s'l'J ,000,000, ' and to facilitate "the purposes herein ' struction from the Secretary of the Tieas-; energy surmounting every obstacle. With j " p 'iVcnsii r'- f t0)!-" V n c' twites2 that Branch the papr for circulation, which is until the Legislature shall permit an in- j contemplated, the Commissioners of the ! uryiof the United States, which was trans- j cso sentiments animating every bosom, ; cxpentbtuix's' of Cue "j'cneral overnto bo s;gned by the President of the Board ; crease. j Canal Fund shall have power to make such mitted through the offices of the General no Patriot need dispair of the Bopublic. j men,"fol. ,iC ycar 110, amount to '2N,of Control, countersigned by the Cashier F.ach Branch to render a minute ac-' arrangements relative to obtaining loans?, i Land office, to the Receivers and Regis- j P. SWEETSl'.R, Chairman. j 31,12 01, and its receipts, from its pcrof the Branch issuing the paper, and made j count i f its situation twice a year to the ; the pnvmcnt cf interest thereon, the trans- j 'ers of the several land districts, and by j j n""'t n,K' leg. tiir.ato sources, tol?,payable to its President or bearer. j Hoard of Control and to the Auditor of mission and dcpositrs of money, as they them acted upon:' This construction j REI'ORl h?!.."1?!.1 LA1.1!;1'".? rfMri!.1 -rI
may deem conducive to the interest of the! was lhat preemption rights extended, as uiiiimuei. o ltunai iiidnui.-, 0f S; 11, 030,7 10 00. The same State." 'well to lands which had been proclaimed ! in reference to the Tariff and the dislribu-1 liocun'lcnt) jnorms us that during
No Branch lobe permitted to have a State, circulation of more than twice the amount i The Directors of any Branch collect
of its cnptil, actually pud in; an 1 all the ively, not to owe the Branch more than ! The two sections of tlie latter act are for sale previous to the 29th May, 1S30, Krirrl.oj fi .1 !rrl i ill i' lint In r rriilito nnp.l'.iir llio niimnnt of tliftir pnint.il slnrL- ! na f.. 11, ..-. 11TI..1 !.- I ..P n1 ' Imt tvliipli rrmniiieil unsnlil. no In tliom
3 , .,. ' UB .... .ual uUU.u . -.-... ........ mr.nidn, ,um. ti.u v.o.mnineo on ()00 u consoqucnce 0f the progressive re-
nun. u.aii ""-. 'hou iu- umwuiii . .iiu in. i r uiiu oiiiiiii&sioners snan iiercauer ueinmui uaU nui utu. DU ruuuu iui i" euerai relations, to winch Had been re- j duction of the present tariff. Tins deficit
of tlieir aggrrgite cap-lal. No Stockholder to owe the Branch at any j des;gnated and known by the nam" of'hc sale. ferred so much of the Governors Mes- docs not appear to be accidental, but it is
The Board of Contiol (within these liin-' time more t!nm the amount of his stock its,) to determine the amount of the cii- actually paid in, and the Stockholders colC'.ihlion of cadi Brand), nccoid ng to its lectivcly nit more than one-third cf their situation and the character of its business, stock paid in.
tion of the proceeds of the Public lands. ' the ycar 11',', there will be a falling off,
tr tlii-ii rnrniiMa irntn i iiI.'imw ill -l n t
. f. ft a r- I 111 1.1 I .11.1J X I V ill V UO VI - J V ' - ! i r I umnn I rnm t lin I VnvitiMlInn 1 .
M'bia nterpretation by a high Federal ' sr,rre as relates to a distribution of the nro-1 rendered curtain, tl at the expenditures of
officer, whose duty it was to execute the 1 cecdg of the sales of public lands, and the I Lhe tici,cral Government nave for the last
nr. i .i .-.iii . i .-.i , . . i ' i lour years, execeucu men accruing iusioncrs mall future loans to be negotiated j law, is certainly entitled to great respect; ; Tariff, made the following able and satis- j ccipl,; abJut ,000,000 per year; and by them under the act to which this is an but had we no light on this subject, but : f;ictorv report, accompanied with a ioint l.n.l it'i-.ni been that the Treasury was sup-
so a to allow each lo do an amount of Directors to take an oath to manage the amendment, shall be, and they are hereby J what is derived from that source, respect- j resolution in relation to duties on foreign I plied from extraordinary sources, we banking business proportionate to its cap'- i affairs of the Branch according to law, and ! authorized to issue certificates of stock in i able as it is, we should hesitate before we 1 aoods. The renort was ordered to L ' should, at this time, have a national debt
"Fund Commissioners of IiHliana-' Section 2d. "The said Fund Commi
. 1 1 I ' I. lid L ; l!,,,.- in.liiM.b,.,! Pnoieilir 1 .1 -.r ...!:.-. 4 . .1 l . . 1 , . T I I
in rmniovi u. m iu i, o u ui iai:.i niunmuai i. 'tt-i i iii inn nnmn n inn sinif? i i in: ni Hit. it i a. mu tin i K'l itiu aaiiiu u ninw , nc iiiive. 1 i
. x . -t . . - - , 4 t ' i' ' "iivut d f four vear The Board of Control to have the pow-! ease of permitli.ig excessive issues or lia-j of interest not exceeding six per centum however, other guides to a correct conclu-j Your committee have directed their at-j "uch a d.s'parity between the receipts er, by committee of its members, to visit l'1''-5 ' accrue. ; - ; y0T Rn,mm, and shall have power to v.ialc sion. Tlie fiamers of the law, themselves, tention to the various subjects referred lo ' and expenditures tmi-t evidently result in the Branches, ascertain their situation as ' Branches failing to pay their notes, bills s,rt arrangements rt latirc to making have implicitly declared their intention in them, and feel that the welfare and pros- 1,11 overwhelming national debt, unless of.cn as they' shall think proper, restrain ' ddigations on demand, in specie, j 'loans, ,hft payment of tho interest accru-: passing it, and have thereby sanctioned the perily of our counliy fur til0 next lon speedily corrected- So thj"ka !r' SehccrJ!g them from improvident banking, and regu- j l'c 1;;,l'lc to I,a.v Carnages at the rate of j ing thereon, the transmission and deposile construction of the Secretary. Since the years, depend in a great measure upon are'buttwo ways' of romcdVn "the evil.
late exchwes,an l the settlement of bal- ; 1- per rem. per annum, wu.ie payment iB pl money, as ttiey may deem conuumc to passage ot tnc statute, Willi lull Knowledge tho direction which public opinion may Direct taxation, or an extensive modifica-
the interest and welfare of the state." of the sense given to it by that officer, take noon these imnortant niiostionq. ' tion of the present tariff. Suppose we
Tlw. ctitc hpinrr n soverr inntv cannot be Ponnre b.n? rene.ifpill v rpnnwerl it with- Tl.n f ...,(.,.i:.. r... l should resort to direct taxation how
anccs between the Branches.
Tho paper of each Branch to be taken in
i delayed. ' Any Branch failing to make payment in
would matters Stand ? According to the iJ . l. ..,:..,. ,ln!'.;i in 1S.I'
c!IPI.-.i,l l.V jai'inlllu Or lirOI' blllia tion Of 1 I. .1 1 ..ri.nrlnln I, . lull clr Its mor lo.n Tl.Io c.innn 1 1, ,..,1.1 1 C . I 1 I" . 1 11- 1 1 ! " t-'-rt-1 ' D ' '
rv " - - i i inn'ina ui mi i"mu. , im. cm. j uiiu .r.ua. .me, .. d j -j -, w u i u piocceus oi uie saics oi inc puunc lanus, i must be from ten to twelve millions ot
payment of debts of every other Branch, specie for 30 days, unless authorized so lo j SUV(i m,r forced to pay her debts to the out any explanation or alteration of its j urging the principle of distributing th
and in payment of all dues to the State
t E,rir fund lo be raised bv a tax on
the dividends of each Branch, the per cent-1 l Idishmcnt of the fact in ,n of tax increasing as the per centum of' eourt of justice, to have its assets and dividend on the capital stock increases, so , " verr description put into the that a Bank w ill contribute three times . Lands of Trustees to be settled up.
the r.mount to the salety lund when its ; i uere arc var.ousomcr provis.on-reieo
iblidllll is
.. . i ..- .1 i r i .1 .i:rr: : i - - i i i. . r . , , . , ., ... .,
per nnnutnon its capital, as wticn it is on- .n' ti:c nranciii s, ami regu.aung inc gen-( sen unuer wmcu iiiu unnuiim.-- imiu Muiesceu in. iv one in eiiner ui uicn oi mg and demagogical one, that it would 'cq sGOO 000 per year to pay the in
ly at the rate of six pn cent. oral principles of bank;ng, npnlly appbr.a- j arisen, they require, it possible, an exam-, that oody raised an objection cither to corrupt the States. Your committee can-; ,erpt 01!our foreign debt, and if we have
I the Governor, to be declatcd insolvent; j iv bound to tlo thnt whicli an individual have done had their meaning been niista- has been presented lo tour bodv bv the ' dollars-and should the proceeds of the
is bound to do both inlaw and equity. ' ken by the functionary on whom the exe- Governor in his annual message, with a , sales of public hinds be diverted from the When the state has become involved in ' cution of that and the reviving laws, de- force of argument, which, in their opinion, I National Treasury to the State Treasuries, i.- i i- i i tv ! , , . to which of right they belong, this depecumary difficulties, and subject to a liea- volvcd. cannot be resisted, and whose views upon l)C svvc7led to 4l.",000,000. Set vy loss, from which she is desirous to ex-! The sale by tho Fund Commissioners that subject they cheerfully adopt. They down tho deficit at $-10,000,000. Inditricatc herself, and tho legislature puts a; on time was reported by them to three have never seen until of la'e, any argir ana would then have to contribute annual-
it the rate of nine ner cent rin" to the details of proceeding in organi- construction upon the laws enacted by it- successive Legislatures, and by them ac- n,ent against this measure, but tho insult- ' al),'ll, M00,0UU towards tne support oi Ul lin. om. oi iiiiil '. i inn. i o i ........ ...... n (Innrnl ( I ivprnnip II t . We IIIVC HOW
i.. . . . . .1 i..i.i.i . t .i i . r . - . . . i .. i . i ,r. i n.' i 1 1 ill
Tlx safctv fuiul t be invested in Oh.o ! Lie to Hanks organized on any plan, wincti , mation as cnsinicresieu, as uiowgn iu ineir power so lo uo or me cxpecucncy oi not see the force of tins argument, more to raise this additional bum oi js ioo,uuo-r-:i it" Bonds' or otln r safe public securi-! although important, it is unnecessaiy to judgment affected not herself, but adjust-, it. Their proceedings were published to especially as tliose who use it, are con- per ycar, our taxes, , instead . ilm velo 't , and the inteiest aer.ruiiig on thee i enumerate in order to give a view .f the ed d'.iTuifnces between other contending tlie world; and were undoubtedly, known tending for a cession of the Public lands ecnts on lnl 1 1, pS'h u ml re dol
I,,.,,!. i ,n rp.iiiVfStf'd 111 I KP linlHlS (111- pi ui oi h.hiiv.ii- "iu "J v-uuium- on u . w... , utduu in aiwiv.-, in;. ......... j ...... io niuciJR'5 iiinimii uifj oe. loevue- nr i n t;i it IS CVldCllt, WOllldllO
I
t l the safety fund amounts to oiie-t. nth, ,f the whole capital of sill the Branc hes after wb'di, the accruing interest on th. se B inds is t ) be piid over to the Brand. in ti e ratio in whih they have scwral'y contributed to the fund. In cae any Branch bf comes insilvrtit. the other Branch nro forthwith to furn-
lop.
IMIIWA I.I.tilSl.i Tl m:.
iti:rKT i' jik. si:i:isi:ii, I'rom the. Judiciary Committee in nlation
to the Payment of State llond.i. .Ml!. Si-iiakiii: The Judiciary Committee to whom was
: i o. rr .li f in nil the liabilities of
.1 f ,i Praiub each to contribute in ! refined a resolution of this House direct-1 the pw is not specific or definite; ifany cretion, except as before noticed.
.f. ..... T
than that the agent cannot exceed the Europe. It is conceived then that the jeve the States are as fit depositories of j too oppressive for the people to bear; nevpnv.crs granted to him by the principal; Legislature sanctioned the construction this money as the General Government as erlheless, many oi tho friends of the presbut the instrument granting the power given to the laws aforesaid by the Fund honest and no more acccssablc to corrupt ', '"t admiiiislralioii have bcenuiging it upsliall be construed most strongly against Commissioners; if there could be any influences. lc(!,mni the principal. When the power is specif-' doubt from the phraseology of the laws They are aware that the officers of the ! that the issue before the country is, shall ically defined, but little is or can be left ! themselves. There is nothing iu those tJt,liera" (Joveinmciit have of late been in wn tax an already oppressed people to
(or construction, the extent of the power . aws prohibiting the sale of bonds on time. (he ,ial)U of nakin, iutI(i professions of support the General dmic - T What is easily determined. The same opinion ' in fact ,IlC F,In,l Commissioners seem by ' ,inI,,v. b)U it is Cv,reindv doubtful ! wo '? ,SO,.!!;Vr'1!!; Jl'll rerof ,hL
:r . . , ... ... ... - ' ' . 'are inc on. -
wouiu no ii.rmtMi i,y every one. jui u ,hope ncts to be vested Willi unlimited d.s- , wIinlIlpr .,mir nrat.ticc- exactly accord i,; nrticliss? Whv. should we raise
.... i 1 1 1 v. v. i in111 -
prop'rt;on toils capital stock ; and tho , ( y .o furnished t. be refunded to the Branches ns soon as tho money can be raised by a sale or by hypothecation of the
Mocks belonging to the sinking fund. The affairs ol tho insolvent Bianch to be dosed and its as-ets converted into money by a Trustee or Trustees appointed by the Board of Control. Tho safety fund to be repaid out of iho moneys so made, and the remainder to be divided among the Stockholders of the foiling Branch. Kach Bianch to set apart to the State n, a bonu, in lira of taxes on its dividend, of five shares for every bundled i i ii...- Stockholders- The divi-
OWneO OJ " dendsontho stock of tho State lobe leSn.rstcd in the stock of the Branch, (to
i"
bo create
Ci.Ia almll
.1 tnrk of each Br rtich. A,
ing them to inquire into and rejort upon tha following resolution, to-wit: "Tho ! -rrl liabdiiv of the Slate of Indiana for tin; payment of her suspended debt, or liability created by the sale or hypotheca
tion of Stato bonds, on which nothing hss been received, or cm be recovered by the State; and whether the Fund Commissioners were tested with power to negotiate the sale of State bonds on "time;" and if. in the opmion of the committer, there be no legal liability on tho part of the State for tho payment of tho aforesaid bonds; whether on account of the Fund Commissioners having violated the law and transcended their powers of appointment, or
in consequence of a failure on the part ol
the purchasers of the aforesaid bonds to
comply with the stipulations of the con
thing is left to the discretion of the agent, '
then arises difference of opinion.
. ,r.ic--i nt l.t ltn rrrtnr Citf
1 f. Ht niirtiMcj until the M"ci, - - -
... . ibn State to tnirsue to release her citizen
lown.say, cent.., "-r-.. r ... . haVf;
irOIII raiuini. . u
'hil the same ui dcr consideration and di-
tvilh their professions whether they are the duty on wines and silks, for instance,
It is conceded that if any of the bonds I1()t mcre "sounding brass and tinkling some politicians ten us, in, ,u n v.u v.-
e .i r . ! .... ...i . . . i hance rue vann; oi uivm .oonoa. .....v.., , remain in the possession of the first pur-, cymbals." 1 hey cannot distinguish be- , w ,
In the sections of the acts referred to clmscr ,inpaul for, the state is not liable for 1 twecn a donation of land and money, so . j ti;it jt vviU be favoring British
and under w hich large amounts of ccrtifi- them, and their transfer may be enjoined faT a3 the morals of tho people arc con-; interest at the expense of French. Such cates of sun k were issued and sold on i i,y a court of eciuity, nor is she liable for cerned, and must doubt the sincerity of arguments certainly evince more of the
time " an; the powers of the Fund Com- ,hoso h for which have been obtain-, ,!OS0 W1Q oppose the one and favor the ; ceinagoguo u..o. ..... - a... . .
missioners definite, specific! In Uic opin- ctj from t-,e firgt purchaser by fraud, but other on this ground. ! ics of this stale, tvhethor silk is 1 M or
ion of tho committee they are not. Much j tll0 burthen of proof would lay upon the That it would be an assumption on the o-, Ju,,. yartj. wjm. si ,r)0 or $2 00 per
is left to their discretion. Hy those acts gnto part of the ticneral Government ot Hie gallon. Vtilh us they are mere luxuries, the Fund Commissioners arc authorized; The committee arc therefore of opinion 1 jc,,s 0f the States, is another objoc ! used to so liniited an .c.x,on,,yjttheN to contract with nny individual, company , ( niat tic sai0 0f stato bonds on time, here-' wliich has of late been started against 1' ,a I 'ence ' Pncc NV'm' - "f v iuft ,i1D .,n r , , c ' , r i i with the rich nabobs ol uie iiasi, mey bio or corporation for a loan or loans, from tofi.re made by the Fund Commissioners, nCasme, whoso parentage, from ns char-1 uxuticg but necessaries artitles of
tirno to time, in all no. exceeding ten mill- ,y tlio phraseology of llio laws under , m-jor, may bo traced to tho author ot the j cyery jay-s consumption, and they would
ions of dollars and to be negotiated that wh,ch sale was made, and the acquies- uold liumbug, and that other humbug, the j the same may be drawn and bear interest conce therein bv the Legislature, are tal- graduation of the price of public lands,; lt appears from the oiliciul reports of the a i. r t . .1 ... . . i band Oiliee, that in the first five years lftef at any time. Ami to facilitate the pnrpo-, ,J anj binding upon the state. : which has been most injurious to western : n.fyU tin )ilsEcd ami vvas ,,cketeil, the scs herein contemplated the Commission- Secondly. If the Fund Commission-; interests by tantalizing us with prospects j ,ii'tribntie share of Indiana would have ers of the Canal Fund shall have power to ers were not authorized to sell bonds on of advantages that can never bo realized. ' been $',oil,ii00 in money. H also provid- ... . , j re 1 . , . ... ., .... .... h . . !P,1 for her 115,000 acre ofland, which at
make sucn arrangements relative u oo- i,,ne, is tho state bound to reuecin mote ll0 mnnty ol tins oujection must be evi- , . o)hrr p,,i,.(.,;ons w,.re -old for,
taining loans as they may deem conducive to the interest of the state. In these icts the powers of tho Commissioners arp defined and circumscribed only as to the
so sold? If tho committee have come to oVnt to every one who will bear in mind a correct conclusion upon the foregoing that thero would not be tho least scmproposition, tho solution of this question j bianco of truth in it, were the Stales not would seem unnecessary. But it seems jn debt. Should, then the fact of tho
would havo produced near $500,000 more. Tliexe -inns added to what ulie would have received for the last four years, make the gross kihd of $4,100,000, which would havp been distributed to Indiana under this bill.
-Tho Gomnor to xoip on tlietock ofp
r