STATEMENT IN Relation to THE SCRIP EAST AND WEST of Tippecanoe, Redeemed BY THE BOARD OF TRUSTEES, UP TO THE 1ST DECEMBER, 1850. EAST OF TIPPECANOE. The amount of Scrip outstanding at date of Auditor's report of November 3, 1846, is stated by him to be In report of Auditor of State of November 5, 1847, the amount outstanding is stated then to be about And in his letter to Trustees of 13 November 1847, at After a settlement made by the Resident Trustee and Auditor in May, 1849, the amount outstanding at the commencement of the Trust is stated at..... Of which the Trustees had redeemed and paid over to the Treasurer of State, up to that time,.. Leaving balance outstanding,. $52,590 83 67,000 00 66,607 51 80,237 18 66,890 07 13,347 11 All of which had been issued for Canal purposes, except $2,666, which had been paid out for the Northport Feeder Dam. The Trustees have redeemed of scrip, in principal, the sum of $82,988 74, being an excess over the sum reported by the Auditor to be outstanding at the passage of the State Debt Act of $30,397 91, and over the amount fixed upon as outstanding at the settlement with the Auditor in May, 1849, of $2,751 56, and there is still probably some of this scrip unredeemed. WEST OF TIPPECANOE. Of this scrip there was stated to be outstanding at the date of the Auditor's report, November 3, 1846, the sum of about..... $130,475 00 On the 6th November, 1847, the Auditor reports the amount then outstanding at. 83,330 00 At the settlement in May, 1849, the Auditor reports the amount outstanding, after deducting the amount redeemed by the Trustees up to that time, $24,735, at..... 33,035 00 Since then there has been redeemed by the Trus tees, the sum of...... 24,280 00 Leaving a balance yet outstanding, of. · · $8,755 00 WILLIAMSPORT, May 25, 1850. GENTLEMEN: Our citizens having concluded that the side-cut opposite this place would not soon be constructed through your agency, have organized a company for that purpose, subscribed stock, and caused surveys and estimates to be made. From these estimates and surveys it appears that, to construct with the means within their reach, it must be on a plan and route which would not be selected if their means were greater. Fully intending, however, to let it on contract by the middle of June, and finding their means thus circumscribed, and knowing that you represent interests to be affected, they have directed me to address you upon the subject, and ascertain how you felt disposed in the matter, and whether you would aid in the construction of the work, by an advance of funds, looking in return to receive a release from the Legislature of the liability which rests on the W. and E. Trust fund. To obtain this equivalent, they believe their efforts and agency would be of much efficiency, inasmuch as they represent 150 stockholders (land holders all of them) whose aggregate interest in the benefits to be derived from the side-cut by whomsoever constructed, is as great as any others, and very probably greater than all others. In what manner you might prefer to render this aid, whether in the light of a donation to the company to assume your liability, or of a subscription to the stock, would be for you to decide, if the proposition meets with your approbation at all. Aware that the time is short, in which to hear from you, and desirous of so far explaining matters that a first conclusion might not be afterwards reversed on a further development, a little detail will not be out of place. The amount of funds at the command of the company is $15,000, and is sufficient to make the work on one route by locking down at the canal; another route and one on which the level of the canal would be maintained to the river, would cost about $22,000 or $23,000; the latter is the one the Board wish to select, and to construct a work permanent and substantial as its importance demands. They believe you have been misinformed as to the importance of this work, and that it will bring to your canal produce, and particularly corn, which would otherwise never touch it; it makes the entire west side of the Wabash down to Perrysville, places of depot, where canal boats may take in loads and then re-enter the canal. Farmers in Illinois, 20 miles off, subscribe to this stock; there is nothing men see so clearly as their own interest. I have laid the matter before you, gentlemen Trustees, and leave it for your decision. I have but one request to make: that, decide as you may, you will make known your decision in time to alter our plan, if such should be the result. With much respect, I remain your obedient servant, To Hon. CHARLES BUTLER, A. M. PUETT, THOMAS DOWLING, WM. R. BOYER, Sec. Trustees of W. & E. Canal. TRUSTEE'S OFFICE, WABASH AND, FRIE CANAL, Terre Haute, June 8, 1850. SIR:-Your communication, under date of May 25th, has been received, and at once submitted to the consideration of the Board. I am instructed to say, that, believing as they do, a side-cut, if constructed from the Wabash and Erie Canal to the river opposite Williamsport, as proposed by you, cannot be supplied with water from the canal, without injury to the navigation, it would be obviously improper, therefore, in the Trustees to entertain any proposition for its construction. It is due to you, and to the interests of the State confided to us, that we should advise you of what we conceive to be our duty. You are thererfore hereby notified, that we shall resist any attempt on your part to divert any water from the Canal for the purpose of supplying your side-cut, as it will seriously affect the navigation on the main-line of the canal. WM. R. BOYER, Esq., Very respectfully, Your obedient servant, Resident Trustee. Williamsport, Ind. Secretary of the Williamsport Canal Lock Company, |