Indiana Mammoth Internal Improvement ACT (Paperback)

High Quality Content by WIKIPEDIA articles The Indiana Mammoth Internal Improvement Act was a bipartisan 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.