The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1858-03-12
PART-PAID BOND DEBT.
s1'366,25O 90
$4,000 "a

Total prin & accum'e ed int S2,322,21l Il
The interest upon the Accumulated In
terest alone, at seven per cent. (the int.
paid on part-paid debit amounts to sos,
637 56 year, or Occr Ten Thypsand
Sir Hundred and Wirty-secen Dofiars
More Than the Entire State Tax Of $685.
900 levied last year The interest Upon
the accumulated interest aud princip pal
amounts to sl62,55 rs, or Oter lSeUea-
ty-scren Thousand Fire HaHdrtd and
r I'?'J9- 's'-- ki-IA-.se marc than the entire
State tax OF last year. and $50, .tj4 rs
more than We charged in the article to
which the Enquirer excerpts Z.
Thus do democratic official records
fully, and more than prove what we then
said, "that, with the most prudent man
agement possible, the people of Michigan
will have to pay Direct Taxes for years TO
come, in consequence Of this Democratic
Folly and Neglect" and that 1" but for the
Folly and Neglect of democratic admin
istratiCns to pay the Interest on the loan
and part-paid bond debt, there would not
now be any necessity for State Tax of
single dollar"
And this evidence of democratic folly
and neglect the Enquirer claims was a
wise policy" and that cit has been approx
cd by all men Of all parties ~ Approv-
ed, indeed TO what depth Of ignorance
must man be sunk, who cafito. realize
the historic fact, that the People of Mich
igan have repudiated and condemned it
and its authors, by an emphatic majority
of nearly twenty thousand voters
But, more than tnat, TIE democratic
folly in not paying the interest referred
to, wos more from policy and design than
neglect The facts warrant the assertion
that, during the last four years at least, it
was purposcly adopted as the policy of the
democrats, in order to retain the Use Of the
surplus money in the treasury for the
State officers uHtom interest They want
ed the FREE use of these funds, and they
adopted and pursued the policy of not
calling in the part-paid bonds, an order 10
secure the free use Of them. They would
neither call in those bonds, nor proride
for or pay the interest on them, nor pay
interest on the surplus. And not until
1854 did they ever pay any interest for
the surplus--and then only one per cent,
amounting to less than 81 500 in all. So
tenacious were those democratic State
officers to retain the surplus ,cithom inter-
est that only III rec days after The Legisla-
ture once passed law requiring them to
nav fire per cent, they obtained a repeal
of it and had the interest reduced TO Ons
per cent Auditor SwEEGLEs, in his re-
port to the Legislature of Dec lst. 1858,
abiding to this subject says:
"In view of the case, the legislature
passed, and the late Gov. McClelland APP
proved, on the ninth of February last, an
act requiring the depositarics of these
funds to pay interest thereon at rate of
fre per cent. per annum butt the same
legislature, by Strange and unacconntable
oyerturn of Justice, on the nceitM of Feb
ruary, only three days after the passage of
the above act, passed supplementary act,
which was also approved by the same
Governor, McClelland, reducing the rate
to ono per cent per annum. The result
is, the depositaries pay interest to the
State at the rate Of one per cent, while
the State has to pay six per cent on her
funded debt, and seven per cent on her
unfunded dcbt'-and seven per cent ON
the surplus in the Treasury Trib.
The 'Lccompton Swindle doctrine also
RACES in that portion Of Illinois, and il has