borrow money. Prudence requires that we should guard against every possible state of things that may arise. Is private credit exhausted in this State, that it is now asked to exhaust the public credit as far as possible, by offering in our public and deliberate acts of legislation to pay any rate of interest, however large, and to sell in market our credit for any price to raise money? Does the public pulse throb with such feverish anxiety as to make us capable of all this? If so, it is time that at least all considerate men should pause and ask themselves the question-what will be the consequence and end if these things are permitted thus to go on? But upon what principle and for what purpose is it proposed to issue bonds or other obligations of the denomination of fifty dollars? If for the purpose of borrowing money, that object could be better accomplished by issuing them of the denomination of one, two, or five hundred dollars. If they are issued for the purpose of paying for work and labor, as a matter of convenience it would seem that that could be accomplished by one share of stock in said company being taken, in place of the bond or other obligation of the same amount. It occurs to me that the effect of putting into circulation these bonds, and other obligations of the denomination of fifty dollars, by the various companies of the State, will be to make them a kind of circulating medium. Thus they would pass from hand to hand as a currency, and when a depreciation should occur, it would fall as all depreciations of currency do, upon the labor of the country. It is very rare that such a loss is felt by the more opulent portions of the community. They are watchful and prepared for the event, but the unsuspecting laborer is too frequently found, with the fruits of his labor in such a currency, while the more vigilant has passed the same away on the first approach of alarm. If we shall hold a a firm and steady hand-exhibit to the speculator of our own State, and to the capitalists abroad, that we are determined to keep all our past engagements faithfully-that we regard our State, county, and individual credit, not as mere empty sound and promises, but that which is real and substantial, and worthy preserving--Indiana will be able to obtain all the funds she may need to prosecute her works at a proper rate of interest-will move forward with increasing energy-her resources will be developed--and, in a short time, by her canals, rail and plank roads, will present the greatest chain of improvements of any State of the Union. But if in this hour--the turning point in her second history of improvements-we over-leap the proper bounds, trifle with our credit, place in men's hands that power, unlimited, that they, in a moment of excitement and phrenzy, may employ, to the prostration of our whole credit, through a laudable zeal to advance their peculiar work, we shall repent for years that we had part or lot in the matter. December 31, 1849. JOSEPH A. WRIGHT. |