Indiana Mammoth Internal Improvement Act
The Indiana Mammoth Internal Improvement Act was a law passed by the Indiana General Assembly and signed by Whig Governor Noah Noble in 1836 that greatly expanded the state's program of internal improvements. It added an additional $10 million to spending and funded several projects, including turnpikes, canals, and later, railroads. The following year the state economy was adversely affected by the Panic of 1837 and the overall project ended in a near total disaster for the state, which narrowly avoided total bankruptcy from the debt. By 1841, the government could no longer make even the interest payment, and all the projects, except the largest canal, were handed over to the state's London creditors in exchange for a 50% reduction in debt. Again in 1846, the last project was handed over for another 50% reduction in the debt. Of the eight projects in the measure, none were completed by the state. Only two were finished by the creditors who took them over.
The act is considered one of the greatest debacles in the history of the state and the public blame was placed on the Whig party who had been in control of the General Assembly and the governorship during the passage of the act and the subsequent bankruptcy, despite that fact that only nine members of both houses voted against the bill. After the scope of the financial disaster became apparent to the state, the Whig party gradually began to collapse in the state leading to a period of Democratic control of the General Assembly that lasted until the middle of the American Civil War.
Despite the dire immediate effects on the state's finances, the project ultimately fed a 400% increase in state land values, and provided numerous other direct and indirect benefits to Indiana. The Wabash and Erie Canal, which was partially funded by the act, became the longest canal in North America and remained in operation until rendered obsolete by the railroads in the 1880s.
Other articles related to "indiana mammoth internal improvement act, indiana":
... Indiana portal History of Indiana Wabash and Erie Canal Whitewater Canal Indiana Central Canal ...
Famous quotes containing the words act, improvement, indiana, mammoth and/or internal:
“By act of Congress, male officers are gentlemen, but by act of God, we are ladies. We dont have to be little mini-men and try to be masculine and use obscene language to come across. I can take you and flip you on the floor and put your arms behind your back and youll never move again, without your ever knowing that I can do it.”
—Sherian Grace Cadoria (b. 1940)
“The American people owe it to themselves, and to the cause of free Government, to prove by their establishments for the advancement and diffusion of knowledge, that their political Institutions ... are as favorable to the intellectual and moral improvement of Man as they are conformable to his individual and social rights.”
—James Madison (17511836)
“Cant get Indiana off my mind, thats the place I long to see.”
—Robert De Leon (19041961)
“Do you know I believe that [William Jennings] Bryan will force his nomination on the Democrats again. I believe he will either do this by advocating Prohibition, or else he will run on a Prohibition platform independent of the Democrats. But you will see that the year before the election he will organize a mammoth lecture tour and will make Prohibition the leading note of every address.”
—William Howard Taft (18571930)
“A State, in idea, is the opposite of a Church. A State regards classes, and not individuals; and it estimates classes, not by internal merit, but external accidents, as property, birth, etc. But a church does the reverse of this, and disregards all external accidents, and looks at men as individual persons, allowing no gradations of ranks, but such as greater or less wisdom, learning, and holiness ought to confer. A Church is, therefore, in idea, the only pure democracy.”
—Samuel Taylor Coleridge (17721834)