Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1857-01-15
S6,969.O77
FxurRrr or cosuov scuoor rr~n

Bank Tax Fund, on loan
from State Treasury =. 6,626 81
Bank Tax Fund, on hand in
State Treasury ........ 1867 8s
Saline Fand. on loan. -. $3.50 90
Saline Fund, on hand in the
State Treasury, ........ 1851 90
Estimated value Of unsold
School Lands. ........ l6l.590 90
Estimated value of Sinking
Fund in State Bank, to
date, -. ............ 1856. 46i SO
Total. 4.9l2,012 10
The Sinking Fund Commissioners should
be directed. by law, to invest these funds
rs they may accumulate in their hands. in
the stocks of the State; and they would a.
lone be sufficient 10 absorb nearly our en-
tire indebtedness. The policy, however,
of continuing the annual Sinking Fund tax
for the liquidation OF our debt, should no,
be abandoned. On the contrary, as every
interest of the State is buoyant and pros
porous, it should, in my judgment, be in
creased to FIVE cents on the hundred dol
lars, per annum. If practicable, the first
Investment. of either our Sinking Fund or
School Fund, should be made in 81 per cent
stocks. With this annual diminulion of
our indebtedness, and the investment ofthe
School Fund as indicated. in less than
eight years we shall convert our foreign
debt into home debt; the interest upon
which. when drawn from our tax payers,
would Immediately be returned to them. in
a thousand streams of intelligence, blessing,
with their benign influence, parent and
child, and eevaiing to the highest pinnacle
Of honor the character of our beloved
State.
On reference TO the report Of the Audi
tor Of State, it will be seen that, under the
restrictions of the amended statute, the cur
rency of the free banks is amply secured,
and fully entitled to public confidence. II
banks of issue be necessary at all, they
should be as free from the feature of mo-
nopoly; and, in this respect. therefore. the
system of Free Banking is entitled to our
appreciation. To perfect the system, how
ever, a Banking Department should be cre-
a,ed, separate and distinc. from all others,
but subject TO the inspection and supervis-
ion of the Executive officers and the Leg
slature. The concise and able report oi
Auditor of State, and his valuable sugges-
lions, in this department, are commended
to your consideration.
While to other subjects We apply the zig
id test of sound practical common sense,
upon the subject of currency, we cherish
The shadow and reject the substance. No.
content with such issues as arc tolerated
BY law, the solvency of which has been
guaranteed by legal enactment, We have
encouraged and fos:ered the spurious and
fraudulent emissions of individuals, Plank
Roads and Insurance Companies: all hav.
ing an origin in our own State, and exis.-
ing in defiance of law, and sound public
sentiment. In addition to this, Indiana
has been the great field for the circulation
of the worthless and fraudulent issues Of
other States, sent here by unprincipled
spectators, who amass fortunes at the ex.
pense of the unwary and credulous. In al
these cases, when the bubble bursts, these
worthless rags are found in the hands Of
the poor and laboriag classes. The result
% a liberation e this policy. is, to make the
poor poorer and the rich ri'her.
1t is in your powv. to apply the remedy
to protect your constituents from imposi
ton and loss, 10 prohibit l,e circulation o.
an irresponsible currency, by severe pen.
allies, and TO prevent,as soon as practicable
Tie diffusion among our people, of any cur
rency but that which is constitutional, OF
such as may be convertible into COIN Il
will be a most fortunate day, when we shall
have learned The simple truth, that we car
never have steadiness and permanent pros
perity, in the business of the country, sc
long as we shall continue 10 encourage any
system that converts promises to pay, int
money.
1t was the intention Of the trainers d
the Constitution, and they expressed it II
language too plain 10 be misunderstood
that there should be but one State Bank in
Indiana, at the same time; and yet. in the
face of this provision, four years before the
expiration ofthe legal existence of the State
Bank of Indiana, the Legislature of 1855
chartered a new State bank, under tue name
and style of the Bank of the State Of Indi
ana.
1t is the spirit of our Constitution. tina
the people are the source of political pow
er; and, therefore. all legislation affecting
their interests, or the character of the State
should emanate directly from them. Blu
in the case Of the charter Of the Bank O
the State of Indians, the subject was sprung
upon the Legislature without previous dis
cussion, without notice, without investiga
ton, without any expression of the popula
will. and without any indication OF public
sentiment, in favor of the measure. Ifsucl
Legislation were valid and constitutional
two years before the expiration ofthe char
f ter of the State Bank of Indiana, what i
there to prevent the present or any sue
ceeding Legislature. from extending tn
monopoly of the business of banking 70
anotherperiod oftwenty years. to the sam
or other more importunate corporators? l
such is to be the Interpretation Of our Con
] stituiion. and the practice under it,it is tn
sheerest mockery to talk of a government
of the people. One mischievous.isn orant