THE WABASH CANAL MATTER.
The SPEAKER laid before the House a communication from Thomas Dowling, resident Trustee of the Wabash and Erie canal, inclosing a memorial from the London and New York committees representing the holders of Indiana canal certificates. The memorial sets forth that the memorialists originally held the bonds of the State issued under various acts from 1832 to 1836, which bonds they were induced to surrender under the promises and provisions of the acts of 1846 and 1847, which guaranteed to them the tolls and revenues of the canal for the redemption of the principal and interest of their bonds, and expressly declared that the State would thereafter make no provision to pay principal or interest on any internal improvement bond or bonds, until the same should be surrendered and the holders accepted in lieu thereof certificates of stock, as provided in the act of 1847; that they are now informed a movement is on foot to provide for the redemption of certain unsurrendered bonds in violation of the provision of the said act, and contrary to good faith; and they therefore protest against any step being taken for the payment of any bonds so outstanding unless like provision be made for the payment of the bonds surrendered under provisions of the act of 1847. They ask, however, if the State shall deem it wise in the maintenance of her credit to redeem in cash the outstanding bonds that similar provision be made for the payment of the principal and interest of the canal certificates. The memorial is signed by Dent, Palmer & Co., N. M. Rothschild & Sons, Baring, Brothers & Co., and Frederick Huth & Co., of London, and George Mosle, August Belmont, and A. Gracie King, of New York, the committee of the holders of the Indiana canal certificates.
On motion of Mr. CAUTHORN the matter was referred to the Judiciary Committee.
