Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1858-12-23

ford, Hancock, Harvey, Hartley, Jordan
Keofer. Kelly. KemP: Knovlton, Law.
hcadpIeHls, McLain. Major, Massey, Mer.
rifsld. Nelson, Newton. Parrctt. Prosser
Shockley. Sbull. Smith OF Perry. Snyder,
Stanley, Sullivan, Summers. Tcbbs,
Thompson of madison. Turpie. Urscy, Wa
terman. Wheeler. Wood-45. .f
CoIgrovs and Jeffries refusing 10 vote.
On motion Of Branham House bill y for
the election of Sinking Fund Commission
ers, DC, was taken up. .rc
Davis moved to amend the 10Th section
by adding proviso: That it shall only re-
main in force for three years from and after
its passage.I
a discussion sprang up in regard to the
engrossment of the BILL and it was decided
not to have been en.rossed.
Smith Of Perry read an elaborate written
speech in favor Of the bill.
One poin. WIS fixed-in January, S165,
600 was 10 be raised to meet the january
interest. and there was but one fund to make
a loan from. We might borrow from the
banks. but it was unwise to deprive the
trade circles of the use of Sl65, 900. The
State officers have the same power to bor-
row money now as in June last. But it is
yet to be ascertained whether there was any
necessity for SO borrowing. This will be
reported upon by the committee hereafter.
There was repugnance to creating an
other funded foreign debt.
The llmade but two material changes
from the present law, an increase in the a.
mount of bonds and the election of Com
missioners.
The system of open credit recommended
in section IL. is now admitted to be vastly
more convenient, safe aud economical than
that OF loans on notes. for specified time
at least, when such system is practica.
bic; and a company or individual with ex-
tensive transactions, by offering for discount
a twelve months note to meet weekly liza
bilities would lose credit in any money mar
ket at home or abroad. f....-
BY the statement of the Treasurer, male
up to the evening of the 18th inst, the a.
mount Of available finds in the treasury was
sll1,l2l SO, Only small part of this
was actually in his office-the larger part
was distributed in various Banks. The
nominallsalance in the Treasury should be,
by the books 1924 SAG 19-making S113,-
424 SO deposited with Banks and Bankers
and individuals whose obligations are not
so available. The amount available is less
than that not available. There is So, 247,-
% deposited with the Bank of the Capitol,
supposed to be worthless; 81 800 in judg-
ment against II. Z. Talbot, supposed to
be worthless. Also, S5,4S0 43 reported
by j. p. Dnnn not found in the accounts of
II. +. Talbot. The whole amount in the
hands of the An litor, not appearing in his
report, is S34. 29S 80, about Sl3, 052 OF
of which is wholly worthless.
In reference to the salary of the Treasu-
rcr of State. $4,000 is the sum stated in
the bill, which is far less than the amount
now received. 1t is supposed thst the av-
erage amount of the funds in the hands of
the Treasurer annually is $500. 000 Banks
will allow on interest on it of from three to
five per cent. This would give the Treas
urer Sl2. 900 year for the interest.
BY bills Of exchange he might realize nine
per cent. BY pursuing the course of pri-
vatc bankers he might realize still higher
per cent. Under the present practice. by
such use of the funds he might clear from
$4,000 to $50. 900 a year, if he throws
all the losses on the State. By copying
the example Of unscrupulous bankers, he
might double the last sum.
The committee did not raise the question
whether the interest rightly belonged - .i.-
Statv or tho Individual. but they referred
to what was now the practice. They sub
mitted that the people of the State could
not consent TO give any man the opportu-
nifty to exc out such enormous salaries by
securing the profits to himself and throw
ing the losses on the State. True they
gave bonds, but these had seemed to be of
little avail. The evil has arisen from the
law and not from its executors, and the
sooner it is amended the better.
The interest of the bill was to meet pres
ent exigcncies. Future legislation could
modify it.
The amendment Of Davis was adopted.