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

ball passed at the late session of the Legisla-
ture for the purpose of lquidating debt held by
tie State against the " abash College, we make
the following extracts from u Circular published
by the Hon. John Beard, Senator from the coun-
ty OF Montgomery.
.sIn the Spring of 1899, the Trustees OF Wa
bash College obtained loan at indianapolis.
from the officers of the sinking fund. of So 900,
to enable them III part TO repair a loss they had
sustained III the destruction of the College edi-
fee. Library, and apparatus by fire, the autumn
previous II has loan was made for a period OF
five years, and al per cent. interest per annum
PAYABLE ii adyance, aud the payment of the sano
secured by bond and mortgage on the real estate
of the College. inclnalng what the College edi-
fee occupies. The interest on this loan paid
by the Trustees for the first three years, making
The amount Of interest paid by them upon said
loan, S2IG1. Since which time, part of Ell
Their principal or interest had been paid. IN the
year lS42, the Leg stature reduced the interest
10 per cent.
Thus matters stood at the commencement Of
the late Legislature, at which time the Trustees
of the College, through their agent, appeared
before the Legislature, and requested permission
to iiGuidate their debt, and cancel their obIiga-
ton to the State for the loan, by paying into the
sinking fund equal amount of tbs bonds or
obligations Of the State. This application of tho
Trustees in the Senate, was referred to the stand
ing committee on Education; and which, after
undergoing thorough examination before that
committee. by vote Of - TO 3, they reported
bill 10 the Senate which provided that the Tru.-
tees might place in the hands Of the proper off
GERS Of the sinking fund, State bonds ea,nl in a.
mount to the due from them TO the sinking
fund; or if the amount Of bonds in their posses
sion was less than the due, the residue in
cash: Prori9ed no interest should be allowed to
the Coieg: OH the coupons or interest warrants
attached to said bonds. Ind that upon the pre-
sentafon of the bonds, the officers of The sinking
fund should be required and instructed 10 surren-
der up to the Trustees Of the College their bond
and mortgag2, ana enter satisfaction for the
The bill further provided that the bonds SO Ia
ken should remain in the sinking fund. a valid
Gebt against the State for principal and interest
due, and to grow due thereon, that the same
should be pals out Of the State Treasury, at the
time, and in the manner that the sinking
fund might he distributed, provided By the
creating that fund.
The bill further provides, that the College shall
receive and educate for FIVE years free Of charge
for tuition, one young man from each county in
the State.
This bill. after undergoing a very thorough ex-
animation, passed the Senate by vote Of IL to
:: and subsequently, passed the House of Repre-
sentatives. It was afterwards alleged, that the
passage OF this bill nterfered with the rights Of
the Bank-thatb BY joint resolution Of the Cen
e1al Assembly, passed January 81, ls42, largely
over $500, 900 of this sinking fund, "thus solemn
" set apart TO the sacred purpose of education,
IS YOU are told" had been appropriated TO thu
payment Of debt due from the State to tho
Bank, for monies advanced to the State 10 enable
her TO carry on the system Of internal improve
ments- Upon this represe ntaiion TO the Senate.
the subject referred to the standing commit
tee, charged u;fh the affairs Of the Bank This
committee being composed of one member from
each branch district in the State. and highly
spectacle for talent after giving the matter their
due consideration, by one of their humber Tar
least as able and guisheG iurlst the au-
thor of pretended veto that has been circulated
amongst you made a report, but with ono dis
senting voice, in favor of the law; and the Sem
ate eoncurred ia it, by vote largely over two 70
one.
Since the adjournment of the Legislature, thu
Trustees Of the College, a. l am informed, sur.