The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-02-21
State Funds.

Months ago we expressed apprehensions
that as the State Bank closed its affairs
and the public fun1s would necessarily be
transferred to the management of other hands,
they would afford temptations for designing
msn to get possession Of them, ard turn them
to their own profit. We expressed the fear
that nothing but the most vigilant care and
watchfulness on the part OF the people would
prevent their entire loss ultimately.
A scheme artfully and silently designed, has
already been diyulged, which, if permitted to
perfect itself, will most certainly defeat the
wise policy. the prudent care, and labor Of the
last twenty years in creating our valuable
trust funds. Ifpublc attention be not imme
diately and earnestly aroused to the subject,
the schemers may effect their purposes before
the people are aware of it. On Wednesday, a
bill was introduced into the House appointing
Ransom w. Aiken Of Monroe, Hugh ONeil Of
Marion, Joseph Ristine Of Fountain, board
Of Trust Fund Commissioners to receive from
the old State Bank all the funds ofevery kind
belonging to the State in the bank and its BRAN
ches, as fast as they can be collected; and to
take sHch steps as may seem to them necessary
to procure final settlement ofthe State interest
in said Bank and its several branches; and the
commissioners of the sinking fund are directed
to collect as fast as may be, all sums due that
fund in money, and pay the same into the
hands Of these new Commissioners, who are
to have the entire control ofall the State funds
and at their discretion to employ them in the
purchase Of the State bonds, whenever in then
discretion the interest Of the State will warrant
the purchase. II they should not buy up the
are 10 call in the Governor, State Treasurer
and Auditor 70 advise with them on the sub
lject.
BY the provisions of this bill between three
and four millions, sacredly pledged for hei
debts and to her public schools, are to be placed
in the hands Of three men, appointed for liz
and irresponsible to the people-for no provi
sions are made in the bill for their removal OF
the expiration Of their ofIice-to manage thi.
immense sum at their discretion, and as ma,
suit the interest and convenience of the man
ayers. The bill says, they shall give bonds
but what bonds can they give to cover the risl
in so great sum; and what will the bonds b
for?-their honest intentions in the manage
ment Of the funds. They may recklessly an'
ncgligently squander the whole of it, or b,
ostcnsib!y fair and legal operations, let thei
friends partake of it,or take slice of the profit
to themselves, and unless actual neglec
and dishonest intention he proven, tn
bond will not cover the dedication. -
The bill provides, too, they shall go to tn
penltentiary If they steal or misapply tn
funds; but We imagine that it will require NOR
public virtue than is now current in the Court
and Legislature, to shut the gates of the peni
Tertiary upon these men with there million
in their pockets. These funds arc in danger
Something must be done with them, and wit
our present incompetent Legislature they wi
surely be lost, unless the people are arouse
to their protection. We speak without an
party bias, for we do not know, nor have W
enquired to which party, the men engaged i
this scheme, are attached.