The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1848-12-25

ION Alle Oldle ucOb tOOh pIdCc III Tue OeHdtc vi
Monday last We are glad to see that the ma
jority in that body, in favor of carrying out the
Butler Bill' in letter and spirit, and sustain
ing the State credit at all hazards, seems firm
and decided. AS usual, however, there is a
very large number of persons at Indianapolis
this winter, in and out of the Legislature, who
are disposed to throw every obstacle in the
way of the successful accomplishment of this
beRifcent measure, and who only want the
power to insure its total overthrow.
Mr.. Morrison, from the committee on fl
nance, reported back without amendment, the
| bill authorizing the Governor, Auditor and
Treasurer OF State, to borrow any sum not ex-
ceeding $4,000, TO pay the January install
ment of interest on the State debt, and recon-
mending its passage.
| Mr.. Robson moved to amend the bill BY adj
ding, That from and after the passage of this
act, the salaries of the trustees of the Wabash
and Erie canal, shall be fixed and established
at the following rates, to wit: the salary of the
resident trustees shall be and they are hereby
! fixed and established at 81 200 each, per an
mum, and the salary of the nonresident trus-
tee be fixed at 81 300 per annum.
| Mr.. Morrison was opposed to lacking this
amendment to the bill. He was willing to go
as far as proper with the gentleman, in reduc-
ing the salaries of the trustees at proper time,
but he was informed that unless provisions
were made for procuring the loan Immediately
if the passage of this bill were delayed, in
all probability the money could not be obtain
ed IN time 10 meet the payment of the install
ment OF. the LIST of January, 1919, then the cred
1t OF the State must sink. He wished to sus-
tain the credit of the State, and that could be
done only by immediate action.
Mr.. McCarty here raised point Of order
The President decided the amendment BY
Mr.. Robinson, in order
Mr.. Rousseau moved to lay the amendment
on the table.
Mr.. Robinson replied to Mr. Morrison at
some length. He did not yet know whether
ne would vote for or against this bill-it de-
pended upon what shape it might assume. 1t
was the duty Of the Senate to maintain the
credit of the State, but he did not see how the
faith OF the State was 10 suffer. If this loan
was not made, certificates would be issued in
compliance with the law providing for making
up any deficiency in the Treasury, when these
instruments became due. The contract of the
State would thereby be complied with on the
part OF the State-the faith of the State would
be preserved-there would be no violation of
contract. 1t was the duty of the Legislature to
curtall the expenses of the State, and not put
additional taxes upon our citizens for the pur-
pose OF paying interest and compound interest.
1t Senators knew their duty, they would not
lay this amendment on the table.
The amendment was then laid on the table
ayes %, noes 10.
Mr.. Morrison thought it polite TO borrow
the $4,000 for six monlhs The interest would
amount to only about S., 700 90, while to is
sue certificates paya bic in 1858, the interest
thereon would be S22. 800 90; it was there
| fore a matter of policy to borrow this money
He did not contend that the issue of certifi-
Gates would be a violation of the faith or con-
tracts of the State; but by borrowing this mon
ey, the credit OF the State would not only be
sus stained, but vast saving of interest and ex-
penses gained. We have to do one of two
lhings-either issue certificates or borrow mo-
ney; it was for US now to determine which is
the better plan-which would the better sus-
tain the honor and credit of the State2 He was
willing, for himself, to take his share of the
responsibility, IN thus sustaining the faith,
honor and credit of the State.
| MIR. Henry thought that Mr. Ellis, evas very
far from the right mark, when he supposed that
it would be saving to the State to issue GER
tilicdtes instead OF borrowing this money
That while the borrowing OF the money for the
! July instalment cost only little over s., 900
the issuing of these certificates, owing TO the
time they would draw interest the expenses
would be over S22 900 90. Mr. Ellis had said
that 5000 had already been paid to the
State of Indiana, TO induce her to become hon
est, but he, Mr.. H y thought there was still
enough old fashioned honesty in the State OF
Indiana, and in this Legislature, to act honest
| ly without being hired So taraS the contract
was concerned, the State certainly had right
to issue certificates 10 make up the deficiency
in the State Treasury, without any violation OF
her contract; but by borrowing this money, il
would not only be saving of interest bat would
preserve the reputation and honor of the
State.
Mr.. Milliken hoped that Mr.. Orih's amend
ment might not be adopted. 1t would be
clearly great saving to the State TO borrow
the money, and ii was highly necessary for the
| preservation Of the credit and honor of the
State. If this money was not borrowed-il
the interest was not promptly paid the n. Y.
papers and bond holders, would immediately
publish TO the world, that the State OF indiana
mad failed 10 meet her payments, and the re-
suit would be that the credit OF the State must
sink. He hoped the bill would pass, that the
world might know that the State of Indiana
was able and willing TO sustain her credit
Mr.. Orlh said that the reason he had Offered
his amendment was TO point 10 the July install
ment. There was no provision made for the
payment Of the July lnstament, when about
| 1925 900 would be wanted. The faith and
credit of the State would be as dear to him
next July as it would be on the LIST day of Jan
uary. lie wanted 10 relieve the state officers
OF the responsibility under which they rested;
| ba law