Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1857-02-26
S3,9S0 90
al expenses


The Agent has received no warrant fol
his salary during the last year.
1t may not be out of place, in this con.
nection to take brief retrospect of the for
mer and contrast it with the present eondi.
ton of our financial affairs. The internal
improvement bill, as has been stated, was
passed in January, 1886, at q time when
everything was buoyant and prosperous,
and when every kind ofreal estate was ssoughi
after with avidity. At that time, and in
deed for some years previous, during which
the eastern part of the Wabash and Erie
Canal was in the course of construction, no
difficulty was experienced in the sale Of OF
State Bonds on favorable terms; and for a
a short time the public works were vigor-
ously prosecuted, the large amount of mo-
ney disbursed giving rapid impetus to
every species of enterprise. In 1888 re-
vulsion took place. which put stop to the
speculation in real estate, prevented the
further sale of State Bonds, suspended op-
erations on the public works, caused sus-
pnesion of specie payments by the banks,
and produced general embarrassment, not
in Indiana. only, but, to a greater or less
extent, in every part ofthe Union. AT that
time no facilities existed in Indiana for the
transportation of produce to market except
by wagons, over difficult roads and of course
it commanded low price at the place Of its
production.
When the public works were suspended,
considerable balances wee due to contract
ors as well as to the Banks for advances
made in anticipation of the continued sale
of Bonds; to meet which, with other press
ing demands the revenues of the State
were wholly inadequate. For the purpose
of relieving as far as was in the power of
the Legislature to do so, the demands ofthe
contractots on the public works, large a.
mount of Treasury Notes, bearing six per
cent interest, were issued in the early part
of 1910, and paid to them; and for the pur-
pose of meeting the indebtedness to the
Banks, another species of Treasury Notes,
denominated Bank Scrip, bearing five per
cent. interest was issued early in 1912, and
delivered to them in payment for advances
made by them These Treasury Notes were
receivable for State dues, and constituted
the principal currency for the payment Of
taxes. 1t was even difficult to find means
to meet the ordinary expenditures of State
Government. The Fund Commissioners
managed to pay the interest on the public
debt until 1S41, after which it remained un-
paid until 1S47 when the arrangement with
the bondholders was consummated. At the
period when this arrangement was made, the
Salue Of all taxables in thcState amounted to
about S123 ,000, 900 whilst the value of
taxables for 1856, # returns were received
from all the counties, would exceed $780,
600, 900, and if new valuation Of real es-
tate had been made in 1855, as was contem-
plated by law, the value of taxables would
now reach nearly S400, 900, 900, The pop
ulation of Indiana in 1S47 was probably
about 500 900, whilst it is now but little
short of 1900, ,000 The public debt, now
little over S7,000,000, has become in
view Of the growing wealth and popula-
tion of the State, comparatively small
matter, and is within the easy control ofthe
public authorities Ifitwere parceled out
equally among the voters of the State, the
share of each would not exceed $50. Ev-
er since the new arrangement was made,
the interest of the public debt has been
promptly paid. and our bonds are in as good
credit as any five per cent securities in the
market Thus with credit fully redeem
ed, with population and wealth thus great
ly augmented, with common schools estab-
lished in every neighborhood, and with
railroads running through almost every
part of the State, Indiana needs but wise
legislation, and prudent and skilful man
agement in the various administrative de-
partments, to preserve her present elevated
financial credit and secure to her citizens
enduring prosperity. e