The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1858-12-24
sinking Fund Com missioner
We publish, on the first page, the mate

State, and it is incumbent upon those who
have the maintenance of our system of free
schools at heart, to arouse public attention
to the danger Of the scheme for placing the
principal school fund within the power of
the reigning political party of the day.
The safest disposition of the fund is to
distribute it to the counties to be invested
as the seven per cent school fund now is
That fund, by the good management of the
county Auditors, under the supervision Of
the boards of Commissioners, has in all the
counties-with one unfortunate exception
been most safely and proftably administered.
The business was well DONE and a careful
superintendance maintained over it, with
but very slight expense to the fund or the
public. e..
There is in this county upwards of $42,-
900, belonging to the common school and
township school funds, which has been, for
nearly fifteen years, under the charge of
our county authorities, and which has been
paying its regular annual interest to the
fund of seven per cent, while-distributed
as it is among the farmers and property
holders in small sums--it has added largely
to the prosperity and improvement of the
county. 1t is probable that the use of this
fund, by those who have been clearing and
improving the lands of the county, has adj
ded many times its own amount to the value
of the taxable property of the county. Its
influence has been silent, and its benefits
,unperceiyed, but it has probably done more
good than much larger amount of Bank
capital. The money has been loaned in
sums of 800 to $500, which have been ne
| gotiated without cost or trouble to the Dor
rowers. If the money had been kept in a
! general fund at indianapolis, under the
charge of board Olive men who knew but
little or anything of the personal characters
of our citizens and the value of their prop
erty or the title to it, how many of our citi-
zens-who were worthy of credit-would
have incurred the trouble and expense of
going to the capitol with their records and
vouchers to procure the paltry sums in
which the fund is distributed. How little
Of the fund would have been brought here
and how small would have been the share
! in its benefits which would have fallen to
the share of the people of Vanderburgh and
other Southern counties, it is not difficult to
guess s.s
BY the sagacious management of our Au
ditor, who has done the business for 800
year. there is not dollar of the $43, 900 be-
longing TO the school fund in this county,
that issnot most amply secured and the in
terest on it promptly paid; nor has there
ever been any losses to the fund. In all the
other counties of the State from which we
have any Information, the same care and
success has attended the administration of
the fund by the local authorities, with the
exception of Posey, where, by imprudence
and violation of the law many years ago,
a portion of the money was embezzled by
entrusting it without safe guard to the sole
care of the School Commissioner.
1t is objected that the fund cannot be dis
tributed for three years-till the bank bonds
are paid If this rigid adherence to the let
. ter of the law must be observed, then let the
fund be deposited on loan and in trust to the
counties till the bank bonds are due. The
present condition of the seven per cent fund
is enough to satisfy us the money would be
as safe in the custody of the county officers,
as board Of sinking fund commissioner
If there be any fear that the funds will not
be forthcoming from the counties when
needed, reserve 5000, 900 to pay the bonds
outstanding, and deposit the balance with
the counties, subject to any claims which the
bondholders may have on it in case of the
1 loss of the sum reserved to pay them. Place
the 100000 for the redemption of the bonds
with tie State bank under an agreement to
pay an interest on the amount, and that
she will purchase and redeem the bonds as
they can be obtained, under the direction of
the State. She can give better security for
the safety of the funds than the official bonds
of five sinking fund commissioners, and the
bondholders would feel that the money in
her vaults, with her capital as guarantee
for payment, their interests quite as safe as
e if their money were in the charge of men
who had no personal interests in its safety.
-r
THE ELECTION OF U. S. SENAToRs-The
passengers by yesterdays train brought in
telligence of the election of Henry s. Lane
and Judge McCarty as o. s. Senators in the
place of Bright and Fitch On the recon
sideration of the bill providing for the cleo
ton of Senators, in the House of Represen-
5 tatives on Tuesday, the bill was lost for the
want of constitutional majority in its IA
vor; the vote standing AZ ayes, and 48
noes; one of its friends was absent, and an
other had paired off, On Wednesday an
other vote was had and the bill was passed
! we presume, by adding the votes of the
j friend absent and the one who paired off tc
e the 40 who voted on Tuesday. We learn
that Immediately after the passage of the
: Senatorial bill on Wednesday, the Legisa
ture proceeded to the election of Senators