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Letter of Charles Butler Esq to the Legislature of Indiana in Relation to the

Cover Letter of Charles Butler Esq to the Legislature of Indiana in Relation to the
Letter of Charles Butler Esq to the Legislature of Indiana in Relation to the
Butler Charles
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The same opinion would be formed by every one. But if the power is not specific or definite ; if any thing is left to the discretion of the agent, then arises difference of opinion.
In the sections of the acts referred to and under which large amounts of certificates of stock were issued and sold on " time, " are the powers of the Fund Commissioners definite, specific? In the opinion of the committee they are not. Much is left to their discretion. By those acts the Fund Commissioners are author
...ized to contract with any individual, company, or corporation for a loan or loans, from time to time, in all not exceeding ten millions of dollars and to be negotiated that the same may be drawn and bear interest at any time. And to facilitate the purposes herein contemplated the Commission- ers of the Canal Fund shall have power to make such arrange- ments relative to obtaining loans as they may deem conducive to the interest of the State. In these acts the powers of the Commissioners are defined and circumscribed only as to the amount to be borrowed, the rate of interest, time of payment, and certificates of stock to be issued.

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