Randolph County journal. [volume] (Winchester, Randolph County, Ind.) 1855-1862, 1859-03-10

SpctCu Ot ifous - tOisioNC III TIC
House OF Representatives, Feb
ruary 18th, 1859.
Mn. SrEAKER:-Thc question in
volved in the provisions of this bill is,
perhaps, the most important one of
this session of the General Assembly.
1t involves the question of the custo-
dy, safe keeping and future manage
ment of three millions of money, set
apart and Dedicated to one of the most
noble and praiscworthy undertakings
Of the age. allude to the support OF
a uniform mode of common school ed
ucation.
If we view this question in regard
simply to the amount of money in
volved in it, it is very important
one; but when we look upon it as a
question of policy, for the safe keep
ing and management of our funds, it
becomes a question of still greater i'm
portancc. 1t may not be considered
ont of order for me, at this point, to
give a brief history of the origin OF
this fund and is subsequent manage
ment.
AS far back in the history Of Indi-
ana as the year 1884. for the purpose
of afording her citizens a safe and
sound circulating medium, an act was
passed for the purpose of chartering
the State Bank OF Indiana, an inStitu-
tion whose history can be looked upon
by the sons Of Indiana with no other
feeling than those of emulation and
pride; and Sir, for the purpose of Civ
Ing credit to that institution, both al
home and abroad, it was the policy
of the State to become a partner in it
and for the purpose of enabling the
State to pay her part into the capita
stock of that institution, she was au
thorized to. and did, issue and sell the
bonds of the State, to the amount o
81 800, 600, for the redemption o
which, the 18th section of the char
ter created sinking fund, which con
sisted OF the surplus of the loan pro
cured on the part of the State by th'
sale of the bonds; the semi-annua
payment of the interest by the stock
holders to the State on the loans mad,
by the State, and the sums received
in payment of the dividends declare,
semi annually by the bank on TIN
stock of the State in the bank; an,
dividends on the stock belonging t.
other persons. whose stock was pal,
for by loans from the State, and no
repaid by the stockholders. Thi,
sinking fund started with an aetna
capital of S2S1, al 93. and under tn
iudicious management of its officer
has accumulated, until it is now sui
ficient to pay the unredeemed banl
bonds, which now amount to 1919,
600, and will leave balance of nea
S3,000.000
BY the 1l4th section of this act tn
entire fund is pledged for the redemp
ton of the bank bonds, and the resi-
due is solemnly dedicated to common
school purposes. So large a fund a
! So, 600 900 dedicated to SO noble
purpose. becomes an object of solici
tude to the people of the whole Stat,
the question of its custody and futur
management is one of most engagin
interest to every philanthropist an
friend to common school education.
/ am aware that there is a diversit
of opinion upon this subject anon
the honorable members of the Legisla
ture. / believe. however. that th
opinion and sentiment of this Legisls
ture is mainly concentrated upon tw
propositions: The one contemplate
the investment of this fund in I'll
bonds of the State; the other, the di,
tribution of it among the sever.
counties, to be loaned, used and maI
aged In the same manner a that po
: tion of our common school fund ari:
ing from the sale OF our Congression,
township lands.
The bill now under consideration
OF which have the honor of havin
I introduced, embraces the latter polic,
a and it is my desire to present, candi,
ly ami impartially, and to discus
without any degree of prejudice, Il
merits oil the two propositions.
Sir. l am opposed to the first pro-
ositIon for various reasons. Tn.
proposition, when viewed in its prop
light, amounts to nothing more M
less than to invest the entire fund
making purchases Of the stocks of Il
State. from the holders thereof. an