Wabash express. [volume] (Terre-Haute, Vigo Co[unty], Ind.) 1841-186?, 1859-01-12

believed thst ft~ss the duty of every Citizen
Of the State to'ftad shstesss ishasnes he had
TO the sJuesi,cn uf he sons and daughters Of
Indiana. shall We. at this ias. when frssn
the result ~ their sfIpn y hobls fund has
been created lay oar hands Upon aud destroy
i forever : Some there are ~te ID ret favor
the edsealion IL the children ~ the State.
Great injustice - SOMETIMES done ia Prov
ding by taxation the means necessary 1" su-
tain the schools. BIT here ~ fund which
nsver eosta CITIZEN az the State one dollar.
sh'sh. " left untouched. will Ia 1866 amount
10 oven oOo.000 AMER fhf its annual In
isssst will be equal Tn one hail our present
school tar I hope therefore. that this faad
may re@sin where ia vas originally placet.
The term ~ service Of the Sinking Fund Con..
assso,"ner- havsnsy - piFed on the I II ~ jana
airy 1883, I recommend that you establish by
law. Beard confirming uPon them fall power
to settle withrhe late Commissioners. and To
esiye from tiru the funds sad securities
ia their possession.
Al your lat session n bin was passed con
timuing the late beard untH thelst Monds. ef
AprS. 1879. | withheld my approval Of that
bill Tor me reasons presented IN ny message
entertain no doubt that the fund would be
entirely safe Ia me hands 81 the late C"is nj :
sinners. andthat ifhs5 would manage II W.T..
Integrity and ability
The constitution gave The Legislature the
power sf establishing two systems os banking
ia th,s State. The FIR. Legislature which as
setnt,led after the adoption OF that constitution
passed a general banking law. undel watch
ntrety .eae banks we're organized Before ne
meeting tf the LsFislssufe.'n isss, experience
showed that the law which authorized their
establishment wks Insufficient
Forty oue Of them hal fsled To redeem their
The ff.rnJ. Of the general bank
Jog system seeing the deficiency az the las
-
urged the passage 81 the act on March y, l~s'
sSipcethe passage ofthat Law thste has been
hut one bank organized untesit, that has
hhed torvdrsm a.. circu laBon. AT the same
session Of the Legislature, an act was passed
establishing the Bank of'thc State Of Iod'sna
The fth amount Of stock required by Law IVES
su'bscrhsd, hnd the bank commenced ~ bust
uess. ets circulation ~ now 81 3t'2 $40. IT,
not.. aud hills discounted IS ID 54J W It's
cash on lad in gold aud silver, 81 .o-Se9f
-. From the time that these laws were pass
ed the currency authors ii by the olh'e hAs
he-n tforspif, redeemed. although ~ the IN
smedlats time. the Il isncal erisIs OF ea' fzS
h..n passed When ven consider that between
IN. nas,ag. of thest laws aud the present time
the State Bank ha- withdraw four mh ifens q!
dollars of tndrbtedness, IN which laws The
State Bank would have been unable IN 80 short
a period 81 time 10 collect the debts due To her
--ons half OF which belonged IN reality TO the
II ate. yoa must regard the legislation at that
session as highly Beneficial 10 the financial ~
tsrests 81 the people any could have been
which provided Tor The establishment of bsrks
aud the circulation Of paper currency The
Bank ofthe State has qn,eliy acquired the Po
sition occupied 10y the old State Bank. Those
who formerly directed the one now control the
other
Ii the rule could be uniiorra through.
ont the United States il would perhaps
be better that no paper currency was CIR
cula,ed But. inasmnch AS that unformi-
ty is practically impossible. think lndi
ara has eslabl shed As safe systems oil
b aukirs As any other State in the Union,
giving to her people as high security for
the redemption of she notes of the banks
IS any other Slaie.
The last Legislature levied no taxes for
the years 1857 mi 1858. b, Officers
OF State were therefore d prived of The CO.
binary revenue which should lave been
provided TO sustaiu the various DEPART
ments and institutions Of the State. Be
lieving that there was no Tea .onabe pros
pect that the member, Of that Legisla
Iure. if resssembl. d. would change tkeiI
pelicy or action, 1 dill not call them to-
gether, choosing rather TO wait until The
people had elected other representatives
Notwithstanding the failure OF the Lrgis
laure 10 levy the taxes, the officers o
State have epdeavored TO carry on th,
government, and in so duing they pre-
sent To you. as the result of their action
that they have only been required TO Dor.
row $50, 900 dollars - les 900 dollars II
June. and 5000 in December. 1865
which has been applied 10 the payment
of the interest npon the public debt
hey have paid from the General Fund
to the Swamp Land Fund 83, 200 dollars.
they have drawn lrUm other funds abou
200. 900 dollars.
1.-THE revenue of those years had beer
collected. upon an assessment equal e
that of 1856. ii would have amounted in
The two years, to 100000 dollars
which would have left in the Treasury
now 500 900 dollars of \ surplus. Still
with all this failure to raise the revenue
there is yet in tho Treasury sufficient
means to sustain tie government until the
ist of next March; and If authority is civ.
en- to negotiate temporary loan Tor 600
600 dollars. the revenue which will be
derived from the taxes of 1889 and 1850
levied at your last session. il-pay ev.
cry debt created and sustain the govern.
ment until the end OF the year 1861.
The taxes of the State mist neces sfi.
~ be collected by the county officers
Hitherto they have bad no direction by
law, as 10 the kind of money they should
receive, the result of which has been thai
the Treasurer of State, ia times OF hnan
eisl difficulty, has been compelled o. ~
ercise his discretion IL receiving from the
rreasusers tho money they had collected
Between the time 81 the receipt of sucl
money by the County Trea,urers aud tn,
/ paying OF the same 10 the State mitch OF
Il has deprecated in value. While ths
County Tstsurc acted in good faith
receiving for the States taxes the ordina
~ currency OF the country. IL would ha,.
been WRONG for the ; ate TO decline &C
cepting the same from them. AMI u
would have been equally wrong To hold
the Treasurer OF \ ate responsible fol
any depreciation in such currency while
in his possession. But IN the receiving
holding AMI paying out Of the money thu
collected the Stale has sustained man,
losses.
The State has never yet provided a safe
depository for her money. Wfile th,
Treasurer has been required 20 give =
bond Cor the faithful return OF all by hin