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Isp1AsA.-We have already published cor
respondence from Indianapolis giving an account
of the meeting of the Indiana Legislature and
the organization of the two Houses. Governor
BI9GER's valedictory Message was sent in on the
9Th The Message is short, but able and manly.


The current expenses of the State for the fiscal
year ending 3ls: October last, were 800, ,89I.-
The estimate for the next year 100000. Rev
enue for the present year, most of which will be
paid in Treasury Notes, s240,0O0 The Cover
nor recommends that no more Treasury notes be
issued, as they are now below par, and q reissue
would tend to their still farther depreciation.


Throwing these Notes again into circua-
ton" says the Message, "ls TO require the people
to again redeem them: and it is respectfully sub
mitted. whether it would not be the better course
to resort to such temporary loans as might be
found expedient and practicable.''


The State debt in le41 was sl5,059,000 on
which no interest has been paid since except upon
that portion OF It borrowed from the State Banks.
The stockholders of the Lawrenceburgh and
indianapolis Railroad Co. have returned bonds IN
lieu of those issued by the State to the Company.
Some OF t1e DJliuS D tlle 'SLtlc LdN Z
been taken up, and part Of the Treasury notes
in circulation have been received in the collection
OF revenue, so that the debt of the State stands
| about the same as in Al.


a company has been recently organized under
the act of 1912, providing for letting the public
works to companies, with view to the compile
ton of the Cross Cut Canal terminating at Terre-
Haute, under very favorable circumstances.
On the 9Th the Governor elect JAMES WHIT
COMB, took the oath Of office and delivered his In
augural Address. He deplores the distress and
embarrassment which Indiana, together with the
rest Of the Western States, is experiencing,
" consequent upon system of over banking, and
its natural progeny over.trading and deceptive
speculation" and recommends industry and
economy.


{" Our consumption says the Governor, /" hav-
ing exceeded our income, the balance must be
restored by corresponding excess Of our receipts
over our expenses"


TIE failure of the State TO meet its indebted
ness has not proceeded from disinclination to
preserve the public faith, but from absolute ina
bility to pay. Gov. Whltcombs as also Gov.
Bigger's remarks on Reputation will be found in
our Commercial column.