Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1852-08-12

The Fund Commissioners, in open violation Of law,
without any regard to prudence, sold the bonds of the
State to worthless corporations credit, acithou
rty In the of the Detroit and Pontiac Railroad
Company when they took its for 500 000 the road
at the same time was mortgaged for more than the
work worth, (see Doc. Journal s42'43. page 26).
The Fund Commissioner who sold the majority Of
the bonds to the Morris Canal and Banking Company
was at the time large stakeholder in the institution
and knew its conditions yet he took the bonds of the
State and sold them TO the institution, uirtually
10 himself, credit. The bank broke and you lost
| 81 500, 900.
We might upon each of the mentioned and
show the proceeding throughout but it is unnecessary.
We refer you the Report ofNoah Noble (aWhig) found
in the Documentary Journal of 1S412 and the report
the Agent of State found the Documentary Journal
1923. These Documentary Journals are should be,
in every county Clerks Office On examining them you
will find that the Commissioners sometimes became in
tereed in the sales themselves the Of the sales
to the Erie county bank, (See Documentary Journal
1929 where the commissioner employed agent TO
sell for him. dividing with the agent the profit of s6 O0O
in sale. The losses in these sales, denies
Milton Stapp, one of the Wing Fund Commissioners,
in his report to the legislature (See Documentary
Journal lS4l-2 page 1885, says "The suspended debt
in the year 1898. The anticipated esses of
that year and year previous in consequence of the
sale of State bonds, may be estimated near
81 500 000 The losses of the year 1899 by the Fund
Commissioners account likewise of the sale Of State
bonds $500 900, and by the President of the
State Bank, in the same year $96O,00o. Since that
time nave lost 500, ,000" Thus do they admit,
that in the short space Of three years. by mismanage
ment, extravaganza and selling bonds to Institutions in
which they interested they lost So, OOO of your
money and yet they have the presumption ask you
them Office The first effect of these losses
was the suspension of the labor the public works.
The money which shoud have gone to the contractors
was squandered by these commissioners Had the
money been secured and the public works classified as
proposed by Gov. Wright, who then young man
in the Legislature, some of the Improvements might
have been completed and yielded to the State
Let us examine this amount of money which lost
by these Wings who protesting economy. The
money was lost fourteen years ago. The loss with the
interest which has accumulated upon now, to
over 81 900 900. Had this money been wasted by
these economists the last dollar Of Indanas debt would
be paid The annual interest upon this vast sum
amounts s420, ,0co Hor many aooodsa~yers, door
keepers and clerks pould this emplOy1 Will some editor
speaker well versed in economy make the calculation
Great complaint is made by them of the ex
penses OF the Convention which formed the const.
tution and the legislature which adapted your laws to
its provisions. If the people had paid 50 900, for
that constitution and the code Of laws before they
elected Wing Fund Commissioner, it would have been
a fortunate investment of their money.
DEMOCRATIC POLICY.
When the Democrats called to administer the
State government her credit prosraed no interest
was paid upon her debt, and dark and gloomy was
the future that the fearful thought Of repudiaton was
sprnging up in various parts Of the State The State
debt then was almost SIT ooo and the interest was
increasing with fearful rapdity But look at the change
which eight years has made The State now owes less
than 81 oo her credit 10 sustained In every nsrkst