Western Sun & General Advertiser, Volume 19, Number 51, Vincennes, Knox County, 31 January 1829 — Page 1
WESTERN SUM & GENERAL ADVERTISED
BY ELIHU BTOUT. V1NCENNE8, (IND.) SATURDAY, JANUARY 31, 1829. Vol. 19, No. 51
2
THE WESTERN hUN IS published at 82 50 cents, for 52 numocrs ; which may be discharged by the payment of g2 at the time of subscribing. Payment in advance, being the mutual interest of both parties, that mode is solicited. A failure to notify a wish to discontinue at the expiration of the time subscribed for, will be considered a new engagement ; k no subscriber at liberty to discontinue, until all arrearages arc paid Subscribers must pay the postage on their papers when sent by mail. Letters by mail to the Editor on business must be paid, or they will not be attended to. Produce will be received at the Cash Market Price for subscriptions, if delivered within the year. Advertisements not exceeding thirteen lines, will be inserted three times lor one dollar, and twenty-Jive cents for. each after insertion longer ones in the same proportion. IJlJ Persons sending Advertisements, must 3pccify the number of times they wish them inserted, or they will be continued until ordered out, and must be paid for accordingly.
lie port of the Canal Commissioners
mittee have consulted with the board of com missioncrs on this subject, and have received Horn them an expression of opinion in accordance with their own sentiments. It is Resumed, that a regard for the best intercstof the state will dictate that the different sections of the canal shall be placed under contract at such times as will avoid on the one hand, a too rapid advancement of the work, a consequent increase of expense, and defective execution and on the other hand, such piocrastination as would weaken the confidence of purchasers of public lands, and the dealers in public stock, in relation to the final execution of the undertaking. The committee have endeavored to form such a conclusion on this subject, assisted by the experience of New York and Ohio, and by the opinions of the commissioners, as will merit the public approval. The committee believe, that the public advantage, a regard for cheapness, and lor the perfect execution of the woi k; a deep interest in the final completion of an undertaking, under every aspect of first importance will require that the work should piocccd a;, follows : That the feeder line, and canal from
will be required, and interest must be proi ded for as follows on lean
IstScpt'r. 1829, 825,000,
1st May, 1830, 100 000,
interest,
1st May, 1831, 223,978, 1st May, 183:, 139 256, 1st May, 1833, 206.061,
the payment of interest, and for that purpose only. The committee will hereafter endeavor to mark out a course, by which the largest portion of the interest upon this sum may he saved to the state. Of this sum, 8750 will be required on the 1st of March, 1830, but it is believed that the appropriation ol
825,00u, will exceed the amount necessary j 1st May, 183, 1 1 1,578,
up to that time; and at all events, the next 1st May, 1335, 278,335,
utiitiai iisstuiuiy win uc auic 10 ma te any c i a n,i ,,,..,,,,,. :r ,i . , . 3 . r ,, t 3 , And consequently, if the interest upon the ccssary provision therefor. Wherefore the innnc ,; , , , . r V -,. , ., ... loans negotiated is to be provided for by the committee have considered this sum not r.c-! talo r , , , . , , . , 1 .-, , ,on . . . . j sale ot land lor cash, the land must be so d ccssary until st o May, 830, at which time rnnn...,. .
25 per acre, 800
do do do do do do
g i,c-o 20,933 29.94 41,657 48,352 65,052
one year s interest more, on chat amount, and Qn ,st s ,g29 g,
vuled, making m the whole, g,,50 I his a- lbt M ,83 ,
1 .. A T 1 o .
A lhl & I I IKS-'
may be called in round numbcis, 8200.000, j Jst 5ja j 333' and that amount will be required as follows . i , t i. cV
12$ per cent, or S25,000, on 1st Sept. 1 829 ; i st fIav 50 percent, or 100,000, on lst May, 1830 ; I Iis jviav 37 5 per cent, or 75,000, on lst May, 1831 j 1 i
1835, 1836,
do
do do do do
do
do do do do do do
Ti.e committee have proceeded on the sup- j o lst Sept. 1859. if at S2 per acre, position, that a loan would be directed to be I 1st May, 1830, do do
negotiated. j They do not think that an argument from
them, can be ncccsiiiy to show that aside of!
the feeder to Little river, be placed under
i contract by the first of Sept. 1829, and be j '-he lands granted to the state, for the purpose
i completed in the summer of 1832. j of laising money whet c with to defray the ex Mr. JUDAII, from the sotnnnttec on Canals j Tj at . e , , T .... . s , i ,HiSC fil .,,t. . v.ould he insnf
1st Mav, 1831,
1st May, 1832, -1st Mav, 1833, 1st May, 183!, 1st May, 1835, 1st May, 1836,
do
do do do do do
do do
do do do do
6,000 16,750 23,433 33.365 38,681 52,f 00 52.0( O 4cres. 500 3,750 10,46fJ 14,647 20.K.:J 24.176 52,5:r 32,526
and Internal Improvements, made the following
report : The committee upon Canals and Internal Improvements have had under their consideration the report of the Commissioners of the Wabash and Miami canal, and the documents which were with that report submitted, and also the annus petition relative to that proposed canal, and to the lands granted to the state by Congress to aid the state in the formation of the canal which have been referred to them. The committee are satisfied that the utility of cannal navigation ; its superior advantages over all other modes of transpo ti !i ; its importance to the inhabitants of an agricultural state, situated at a great distance from the ocean, are considerations which do not require argument or illustva tion from them. These are propositions which have been long approved by public opinion, and which have been sanctioned by the example of the most prosperous government, and most enlightened people. Amongst the various improvements, by canals, which have been projected in state, a can.nl to connect the navigable waters of the Wabash with the navigaMe waters of lake Erie, under every aspect, whether considered in relation to its importance to the inhabitants of a large portion of our territory, to whose products it will afford a choice of markets or, to its consequence in connecting together the various and distant parts of our country, in opening a new channel for commercial cnterprize, and in ollording increased facilities for defence in war, is of primary importance, The examination of the United States' Engineer, and of the Commissioners of the Wabash and Miami canal, have ascertained that the facilities allordedby nature in the formation of the country through which this canal will pass, are very great; far exceeding those presented upon any other canal route, of the same or greater extent, in the Uniou that a suthcieat supply of water can be commanded in all scasans, and that those obstacles, which, in New York and Ohio, have required the expenditure of vast sums of money, do not exist. These examinations have conclusively answered all doubts v 'tic!? heretofore existed relative to the practicability of this proposed canal communication. A serious consideration of the whole subject referred to the committee lias brought them to the conclusion, that the time has arrived for the General Assembly to decide, w hether the state will progress in, or will recede from, the proposed improvement, yard it does appear, now, that the superior advantages of canal navigation are so generally admitted, and that the practicability, and indeed, remarkable facility of forming the proposed canal, is so clearly ascertained, that the onlv reasonable cause of hesitation, which could arise relative to this important undcrtak-
tnr. nillSt (ll' C t:iU uni'liMuiuunun as m tin.
impo
foi
itic. The const qnence would i lie woik wcjfjlii be ball cum-
the fund wm.hl be
ex haustc d.
Making at Sl 25 per acre, 223,000 acres, and at S per acre, 140.000 acres to be sold, to pay itll interest which may be due on or before th's
1 st day ot Mav, 1 837. At v. hich time, or within
mine, and also fiom the feeder cast, to lock bcient U
No. 1, be placed under contract bv thelkst be, ihat V
of September, 1830, and completed 'in 'the i plcle
summer of 1833. J 3 j The committee tonsidci that the lands ' four months after, the whole canal will have be en That the canal fiom Sabniinc to Mississin- j granted to the stale, should be held as a fund completed; ami leaving at Sl 25 per acre, 177,-
cwa, be placed under contract by th first of i hr the p anient o! m-cest. and to assist in acres, and at per acre, 260,000 acres for
September, 1831, and be complete 1 in the j the dLcli.M gc of the : ps incipa;. The otnir.it-
summer ot 1834 tec believe tint a loon is t ,e n v resource.
That the canal from Mississincwa to Eel
future disposition, with the proceeds of tolls and w ater privileges, to form a fund for the payment of interest, and redemption of the debt. But the. abov e calculati on in tact, will not he true, as the whole amount of loans are made to bear interest from the supposed date of negotiation, which for
In the considerate n ol this portion ol the
river, be placed under contract by the first of j subject tonunined to 'hem, the c mmittee September, 1832, and be completed in ihe.'av-c- been brought to t e conclusion, that
summer of 1835 I loans may be obtained for the whole amount ! one half of each loan after the first loan of S200 - That the canal from lock No. 1 , to the Ohio ! cquii ed to complete 'he canal, il the faith of 000, v ill be too soon, by one year or more, state line, be placed under contract by the i the stale be pledged f r ho payment of int-; It is s.d'e to assume, that if this mode be adopt-
first of Sept. 1833, and be completed in the 1 crest, and redemption of the principal. In ' aU-'r thopav n.ent of all interest up to the lst
summer ol 1 836. That the canal from Ed river to Tip p'f canoe be placed under contract by he first of September, 1834, and be completed in "tc summer of 183T.
It will be recollected that the co umission-
" . vr... io- mi
, connection with this posit on, the committee CV ' , , ulLl V P"ess zp.uuu acre:
will observe, tha li e le: n s upon which a loan 1;imls cn u cmlit, rescrvii)g Lcrelt, pavab e m can he negoiiau d, vvi l cc pend upen the guar- advance t meet the interest on loans. Valuinc anty giM n t .r ti.e .clcmpimn ol the debt ;( the lands at Sl "5 per acre, this plan would meet upon tin- sreuiitv aH'oukd for tlic legularjthe loans proposed for Sept. 1829; lst of May, payment o' m'eres; upon the lenrth of the! 1830; lst of May, 1831; 1st of Mav. 1832: and a
crs have rcnorted. that the summit secii:,n re. iod for u hich the loan will be made, and ' small part, say Sl2,C00 of the loan of 1833: the
can be placed under contract by the first of upon 'In- pk.ee and time of paying the inter- I 1.s34ancl tiQ. 1 Lof 1835 amounting to September next; and that, if at any future it. Hence it would be necessary that by in .: . .,. . ' . , i i .i i it . i uing the land at jz2 per pcre, this mode would time, greater rapidity in the execution oi the law the : general assembly appropriate and lcavc SJ000 ofthe loan of 1834, and the loan work should become necessary or advisable, pledge fur the payment of the intciest first, Sc 1835 to be nrovided forpfin;,! to Qfion fnr-1
if t, ill i n In I l.n ...fi.. . i .1... I..lti.... ... tll.lt Fill I li n . ( x n .,..nnrl ..I ! 1 I " t - ft J" rir 1 f i . r - '
11 "in in int; iiu i k uiU i e i 3 1 a l ll I v lO -t i ii i jh ion ui int piitieiai, n cll'ect the same. j all loans which may be negotiated by the s ate Upon these positions the amount of the cost (,,, account of the Wabash and Miaim canal, of the canal, 1,031,970 dollars, will bo rccjui- the lands granted to this state by con itsby
j the act ot .Mai cli 2d, 1827, ai d the rocceds 8 3 'thereof, -md also all I he ii ocetds of tolls and
water p: ivikges upon the canal.
It is the opinion of the committee, that the
red as follows :
By the first of May, 1S30,
167,8 14
136L5
I) o
52
278,333 UJ
The committee have assumed the hist ol
do do 1831, do do 18 32, do do 1033, do do 133 1, do do 1835,
206,' iV
11 M
a J, w
length of time for w hich the loan should be
ti.vt :! conhi not well be fixed at less than eats; ibr (h hi to be sul)icct to redemnti-
on trom hat tune in annual instalments, at the
!!!' C )
May, in each year, as the period at whi'h lise! pleasure of the s'.aie. Aral it seems, that the
several sums necessary, will be require i; but nearly from an eighth to a fourth ofeac sum will be requited on the first of Scpt-mber preceding, a'id one half of each of these sums will not be required until one year after each of the dates specified. Experience wilt hereafter afford light upon this subject, and enable the state to make such arrangements as convenience and economy will require however, it is very doubtful whether the limes when the several sections of the canal can be placed under contract, and consequently, the periods when the several sums of money will be required, entirely dependant upon circumstances, varied in their nature, and some of them beyond the
rv expenditure.
" This part of the subject, the manner of obtain
ing funds to meet the necessary expenditure, has received from the couiinittew all the attention
manner of obtaining funds to defray the necess a- reach of ordinary foresight, can be regulated
oy i:vv. i nese must prooaoiy De icu to me discretion of the commissioners 8c engineers In addition to the sum of S187,S 14 85 els the further sum of S4 500, in addition to the balance of former appropriations, say &I07 55 cts. now on hand, will be required to de-
ifiav the necessary expenses (the items of
important.
merited.
ha been c.iaiate ;
Moore
which a consideration so
Assumine for so much of the work
located by the Commissioners, their I f,. il.,. lvil'im-i1 tin' ist i m it OS ( (
the whole amount which will ho re pare 1 for ; wi'icl are stated in the appendix,) ol the the completion of the v.ork is SbO Urc CVJ. commissioners, engineers and assistants, duThere is no doubt but that these estimates exceed i ring the ensuing season. Making in the
the amount which toe wu w,n n...u. ie A inc. .-whole, the sum ot .y,3l4 85. 1 Ins sum
will be required as follows : First of September, 1829,
T'n ronimissioners made considerable ad-at;ces
upon the costs of similar works thewhore, for l " ' the p-irpose of preventing any di-.app intra jnt ;
V. IlIKl .1 V U.IIIKll ' .ww.. - -
the part now actually located, with th- e.ti.n.ites j
of the coinnusMonrrs lor tnc same p:i:iei me line a!f ulsa strong presumption that the cost for the whole canal will fall below hi; cVihnates. Nor in any circumstances, won'd the whole amount be required at once. It is true, by a vi.rorousciV u-t the whole canal route might he located and placed under contract by the first ot September next, and made ready kr navigation at the termination of the second vearatur. Hut it is believed that the completion of the v hole canal should be deferred to a meie distant pet iod. The committee have been influenced by
the known opinions of the late De Wilt Clinton, given lo the commissionei s ol the Ohio
canal; mat oy progressing giaouaoj m completion of a canal, instead of placing the wl,', nm'pr rontr.ir at rmcc. 41 as the ODCI a-
is tion proceeds, there will bean augmentation r.1-".ll o f-rnii vi linn rT viifriinrr. which
VJI .J II 1 1 1 1 Ml.v. mv - ' will produce economy and improved workmanship' and that u'thc banks will become consolidated before muth-tisc." The coin-
First of May, 1830, First of May, 1831,
225,000 95,000 72,314
15
S192,314 85 It is well known that in public, as in private affairs, confidence is entirely dependant upon punctuality ; and should a loan be ne ccssary at any time, its terms will greatly llc pend upon the assurance that may be afilded for tire punctual payment of interest ; and that the futuie character of the state will depend upon the promptitude with which its obligations are executed. Therefore the
and f 5,600 for 1835, and 65,600, for 1836.
By the one plan, the title ol theslatc to 175,000 acres of land, wotth at gl 25 per acrc, in round numbcis, g220,OCO, will be extinguished by the other en additional d b of more than gUO.OLO must be incurred. This would apparently leave a balance of 80,0C0 in favor of the last mode But it musi be ? ecollccted, that under the first plan, the landr, which are sold, will not be sold until a later period, in proportion to the amourt to be disposed of, than under the last And that consequently, the giadual rise in the prire of the land, which must ensue, furnishes an argument in favor ol the fust, of considerab'c weight. That the value of the lands which will remain in the hands of the state, alter 'ho completion ol the canal, will be gradually increased, is another argument against the last plan, and in favor of the first. And another is, that the collection of the interest from tho purchasers; the repetition of sales of tho
ol making this provision have been suggest- j same land when forfeited for non payment of c d to the committee and have received the j interest; the protection of the interests of the
state, while the lands are in hands of debtors; .1 . . . 1 1 !
interest shou.d be payable semi annually, at the placa u here ibe loan is negotiated. It is presumed, that a creation of a transferable sciip, will bo most acceptable to such persons as may become interested in any loan. The nece-sily of providing a fund for the pjymcnl of interest on any loan which might be aulhoi ized, has afioidcd matter of serious reflection to the committee. Several modes
and the special legislation which will ensue; will cause considerable expense and trouble. The committee have been induced by various considerations which have been sug
gested in the course of their investigations,
most attentive consideration. 'J 'he committee aie satisfied that loans can be obtained upon the faith of the state. But the committee consider, that it would be exceedingly improvident and extremely hazardous, to engage in an undertaking, however
interesting to our citizens, or beneficial to the j to conclude, that the money necessary for tho
slate, requiring an expendituic ot a minion or , payment ot interest, should be provided by more, and a number of years for its comple- j the sale of lands to be made for cash, in such tion, without the provision of the funds ne-, quantities, and at such times as "will meet ccssary to pay the interest of any debt which j the amount required. might be cieated. This provision may be! The next subject of reflection with the made by taxation; by loans negotiated to pro- committee, was the source, whence money cure money lor the payment ol interest; by a; could be had for the payment of interest afsale of lands annually for cash to an amount ter ihe fust day ol May, 1 837, and for the cxstiflicient to pay the interest due; or by a sale tinguishmcnt of the canal debt. This must of lands annually upon a credit of 20 years, be obtained in part from the proceeds of tho and interest to be paid annually in advance, to; land sold at the completion of the canal, such an amount as will give annually an int- The quantity of land then unsold, will avccrest, computed at six per cent, a sum equal j rage from 177,000 to 260,000 acres and may to the amount due by the state for intciest. (be estimated at 225 000 acres, worth at g2 The first, a resot t to taxation, the commit-' per acre, 8450,000 This sum, if funded, tee are satisfied would not receive the appro- j will pay the intciest on that amount of debt, batiou of a majoi ity of the people of the state until the time of redemption, and then extinThe second, to raise money by loan forthc;guish that amount of the. principal. This payment of interest might answer for a ; sum deducted from 81,081,970, (the supposhot t time, say two or three ycats, but even ; scd canal debt) leaves a balance to be provifor so short a time, its policy might w ell be ! ded for of 86.11,970, the interest on which doubled. It is supposed that no prudent go-1 will be 837,918 per annum at six per cent. . vernmcnt would adopt this course for more i For the pavmtnt of this sum. the eommittr
i y
thrn a very short period.
The piospcct of a piogrcssivc accumula-
committee will now observe, that in their o- j tion of debt is rather appalling; and a piofuse river
rely upon the tolls, and proceeds of water pri-
vilcges on the line of the canal west of Littlo
pinion, it win ne necessary to mciuuc in me
amount to be borrow ed, a sum sufiicient to meet the interest of the first instalment of 825,000, for 18 months, and on the second ol 895,000, for 12 months; which sum, with such further sum as will make the sum of 812,000, shall be held subject to the orders of the proper officers, to be applied to make up any deficiencies in the means privided for
policy of that soit, would certainly tend to j The proceeds of tolls upon the New York sink public ci edit, and thus impede its own ; canal, and on the Ohio canals, authorize tho
object. In the opinion of the committee, ci
thcrthc 3d or -1th mode must be adopted. For the present purpose, the quantity of canal lands may be estimated at 40,0C0 acres, and valued at 81 25 per acre, or 8500,000. If the statements already made, as to times and amount?, be assumed as correct, loans
assertion, that the tolls of the Wabash h Mi
ami canal, after the summer of 1837. will be more than sufficient to pay the interest, and gradually redeem the debt. For the purposo cf shewing the trade that will probably pass upon the canal when completed, the committee have prepared estimates of tho trade