The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1859-10-06


levy during their s years.
Further about the same subject.
FALSE CHARGE NO. Z.
In the Auditors report Of Nov. I,
1857 "he certifies the State Indebtedness
10 be 1893, s43,9S. In March 1853 the
State borrowed the further sum Of 5000,
900. Cast the interest on the sun, repors
Ell due Jron, The State By the AIditor, on
the lst Of November 1857, and the in.
ferest on 100000 and you find the in
sercst amounts to more thin $4,000
This shows then the following facts:
Due by State, Nov. l, 1857, s2o3, sl3,os
add loan BY State, 200, 900
Add interest. $4,000
Total State Indebtedness Of 5l9,a43.9s !"
They then, by tn. most cxtrat rdinary
figures, add another 100000 to the
State debt, Of their own free will, and
call the State debt "ncarly 5000,
O0O."
(Scc page II, Of pamphlet specify
THE TRUTH.
The want Of candor, aud palpablc dis
honesty, for thi charge is made appar
cntby the following fact:
!. In their preceding statement OF
tho State debt under Democratic rule.
they put it at s79,7o5,75, and say not a
word about interest paid or unpaid, al
though the Auditors Report # Nov. /,
1854, contains items Of landed debt and
interest account to the amount Of over
$1,000. Aud under Republican rule
they carefully, I'VE should say rcck'ess'y
conjecture an interest account at G26,
600! Yet tina! same AUDITORS Report,
in order to make up tho total liabilities
above, contains this item.
"To this might be added the interest
on the above loan, due Jan l, 1858
Sl6,5f4,G7." and this very item goes IN
TO make the total Indebtedness certified
by the Auditor as stated in the charge
Thus they first duplicate, and then com
pound, their own conjcc,ural inter
est
2. The fact is the States whole deb,
today is only 100000 the Republican
Administration having paid off the Phil.
adclphia debt Of $50 900, created ~ The
democracy in 1877. Besides this school
fund which the democrats put into the
State Treasury, as above stated, il add
ton to the taxes raised by their high
rates Of assessment. the Republicans
and Democrats combined, With great
unanimi'y in 1856, at The Extra Session
took $4,000 more 10 save il from Eads
the Democratic Sup't Of Public instruct
lon, who was squandering it SO rapidly
as to alarm every honest man IN the
State, Of either party, and this was used
BY the State as directed by law. With
the balance Of this 5 per cent Fund
not distributed to counties tc be loaned,
a Republican Administration paid OF
the old Democratic debt and interest
amounting to $57,50o
On this amount SO retained by the
democratic and Republican Administra
tions, the State is bound in honor and
good faith to pay interest for the support
Of schools. 1t has done SO and will con
tinue to do SO. But the 50 called DEBT
is only payable to itself no person or
corporation but itself could bring suit
for it. none but Itself can control it, or
TX the time and manner Of payment. Il
can in no constitutional sense be called
debt. It is styled debt by these
roaming politicians only to sw,ll the
magnitude Of their fuse chsrges, SO as to
make out seeming color Of case Of
violation Of the constitution. That they
do not believe it to be SO is evident from
tho fact that this very loan Of so0n,O,0
which was effected to give the people OF
the State time to recover from the crisis
Of 1857, and pay tAeir taxes at q later
day, was supported IN tho Legislature BY
% Democrats for it, to IL against it,
there being majority. If Democrats
sworn to support the Constitution OF
Iowa, who supported it il bath Houses