Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1847-04-27

rendered to the officers Of the sinking fund the
State bonds in their possession, in satisfaction OF
their bond and mortgage which were then delIv-
cred up TO the Trustees.
It has bee n said that the education Of one schol
ar from each county in the State, paid Oft the
College debt. This, you will discover, is an en-
tire mistake. The College has paid for this loan
of s. 900 the sum Of s. $50 in cash, and SlO,4oo
in State bonds-making, in all, t,oeioe thousand
seuen Aundred and eighty doildrs--being every
cent Of both principal and interest due from the
College upon said loan; and for the privilege Of
settling the debt above stated. the law reqn
her to educate one scholar for FIVE years from
each county, for which the College does not re-
oeive ono single dime. Tho law also requires
the College to lose about four hundred dollars
being the interest on the coupons, or interest war
rants attached to the State bonds"
"Bnt, it is said that the bonds OF ths Sta'e, Ia
ken mp and held by the College, were NOT que.
This is true the principal OF those oonds OUT
there were three thousand dolia.s OF INFER
est on them, that was due, (some four hundred
IF ,vbich by the BILL was not alowed to the Col
lege.) But the whole sum, both principal ana
interest was drawing interest
Tho interest on our State bonds become cue
semi-anuually; and there as many coupons,
nv inter notes attached to each bond, the re
nre semi-annuaI payments of interest to make.
Thus. to Il thousand dollar bond, having - years
to run and bearing per cent interest, 'nrfc
are so coupons or interest notes attached, Tor SD
each: one Of which coupons falls due every SIX
months; and if not paid, IS at interest from thdl
time until it is paid; so that II no part OF me IN
terest is paid until the boni becomes due, you
have all these 50 coupons interest notes 10 pay
with interest on each, fro IN the time they sever
nllv become due-the first Of which Will nave
run "a years and six months Now az me y o.
leoe debt was at simple interest, would IL nave
bcen wisdom in the Legislature to have longer
r.f,.ed TN. settlement? For had the College
debit urjncpal and interest, renamed UNPAID uh-
ill the bonds Of the State which she hetd became
due her debt against the State would nave ck-
ceeded the College debt to the sinking luna oil
near $4,000: simply because the State bonds are
running at compound interest, and the College
debt at simple interest
Rut il il asked why not compel the commits
.ioner, of the sinking fund to sell out the Col
le1. and collect their debt7 Without stopping
10 inquire into the morality or expectancy oil inc
State selling out one Of he citizens, or coen
COLLEGE, when they are at the door OF the treas
ury with her own paper, proposing TO pay ever.
dollar Of their indie btedness in her own "soiefni
and irrcvocable pledges /, for one, as did al
no those 40 Senators who acted with me, oclIev
cd that if the State sold ont the mortgaged pre-
misses she would not be likely to realize more
than her principal, interest, and expenses. 1--we
~ dollar of this the College has PAID; ana owe
and above her Indebtedness, transferred to IN
sinking fund 800; being the interest due on I'M
counons or interest notes attached to the bonds
which the legislature did not allow to the Col
1eoc And in addition to all that, the IoHeTr J
10 educate for period of years one voun
man from, each County in the state. 10 Gnaiii
him for teacher of common schools "hlcn,
the prices charged by such institutions US al
;rformcd amounts to over S9,0O0-ihere bern
"a counties in the State; and the opportunity
edncstion TINS furnished the young men OF IN
State free OF charge. equals III the aggregate
465 years. A.. a.,
Now the whole operation is simply this-'n
College having taken up some Slo.noo OF "
outstanding bonds of the State, transferred fhei
70 Tho com nissioners of the sinking fund.- III sal
- ,,af rnrr her
These hon Is thus transferred BY the College
the sinking fund, fall due Mt least as early as IL
Rank bonds for which the sinking fund was cre
,ted to pay-the n'ccI1rafion from high s9Atce
n. countru Notwithstanding. Will 1t not be
easy for the State to pay these bonds to me co
rnissioners of the sinking fund as to any one e,s
Iunu az n ~ MIA pissed unrouyn IN. nhh - OF II
Trustees of the College? These questions
seeIns 70 me, admit only OF an aiiirila,i'
answer.
1t is no new thing in tho history OF lndiar
Legislation, TO permit the State to be paid in III
own bonds. The Lawrenceburgh and lndia'
apolis Rail Road company paid a debt 10 II
State of some 500, 00) in State Bonds-Nlilto
Stapp was also permitted to pay debt due fro
him in State bonds-Wm Hendricks. Iohn W 90
burn, and Victor King. were all allowed to ,
the same thing; and in no instance has n Ike al
plication been refused to any inGividual, boo
corporate or polite"