The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1859-01-11

wise MIN 10 ADVANCE any uDdppFOpflateu
funds in his possession to maintain every in
stitution. He doubted whether he had the
power thus to act. By his failure to adj
vance the necessary means, the Hospital for
the Insane was closed on the Sd day of
April, 1857, and the Institution for the edu-
cation of the Deaf and Dumb on the 10th of
the same month, that for the Education OF
the Blind not until the close of its regular
term. The Treasurer of State, upon mature
reflection, became satisfied that you would
approve his conduct if he advanced the
means to sustain the institutions. He
accordingly signifed his willingness thus
to act. Thereupon the officers of State,
on the 10th of September, 1857, by unani-
nous resolution, advised him to pay the
money of the State in his possession to sus-
tain those institutions, and they were open
ed. He has paid from the treasury the
money for their support, and for this adj
vance by him | recommend that an appro-
priation be made.
Whatever conflict of opinion may exist
concerning national or State policy, on
other subjects, | am unwilling to believe
that it is essential to the success of those
who entertain either the one opinion or the
other, that the most afflicted Of our people
should be deprived of the education and
comforts which alone can make life to them
desirable, much less that those who have
been deprived of reason should be denied
the best hope of restoration. If economy
alone was consulted, these Institutions cost
less than the counties would be required to
pay in sustaining their inmates at home
In addition to that, there are secured to the
Deaf and Dumb and Blind, far better oppor-
tunities for Improvement where they are
gathered togetheres in numbers, compe-
tent teachers secured, who de"ote SER
vice of a life to their improvement
And as to the inmates of the Insane Hospi-
tai, every well advised physician will ex-
press his opinion that the best prospect for
the restoration of their reason is to be
found in placing them in the asylum. The
institutions have been Conducted with eeaaa-
my and skill. The reports of their officers
urge upon you that appropriations be made
for thee enlargementEof the Hospital for the
Insance, and the repair of the others. l
most cheerfully join with them in their
recommendations.
I recall your attention to the condition of
the Penitentiary The number of convicts
there confined is 484. The prison is crowd
| ed SO that they cannot be employed with
profit. When the warm season arrives there
will be great danger of disease. With re-
| ference to the remedy which should be APP
| piled, l refer you TO the message delivered
at the special session. The reports of the
Directors and Warden will be laid before
you. They exhibit the result of the sys-
tenn adapted for the government and
management of the State Prison So far
as the health and discipline of the prisoners
are concerned, the result of the new organi-
cation has been beneficial. The State has
pseuniarly suffered no loss.
On the 18th of January, 1884 an act was
approved establishing State Bank. Said
act, by its terms, ceased to be law on the
1st of January, 1859 Under this law the
Bank commenced and continued its opera
tons as a corporation authorized to issue
and circulate notes, discount paper, and
transact all other ordinary banking busi-
ness, until the first of January, 1859. Al
that time its outstanding circulation was
S4,208, 725, with debt due to the institu-
ton, principally from citizens of this State
| of Sc, 095, 1858 u. Between the LIST Jan
uary, 1857 and 1859, the Bank redeemed
nearly all its circulation and provided amply
for the redemption of that which has moi
been returned. She has collected from most
of her debtors the money which they owned.
| The gentlemen who have conduced this in
stitutiou are entitled 70 credit for the ability
they have exhibited in the management of
its affairs. The State is interested in the
Bank. She invested in its stock 81 800 900.
| The money to make that investment was
procured by the issuing Of per cent bonds,
the last of which will be payable July LIST,
1866. The President of the Bank and four
Directors, all chosen by the Legislature,
were constituted of Board of Com
missioners of Sinking Fund. They were
charged with the duty of receiving dividends
upon the State stock, paying the interest
upon.the bonds, and investing the suDlus in
mortgages upon real estate, for the benefit
of the fund. The gentlemen who at various
times have had charge of this fund have
managed the same with care and fidelity
The report of the Commissioners shows that
its nominal profits are So, 78o6O4 SO. By
the law creating the Sinking Fund that
Fund was appropriated: First, to pay the
principal and interest upon the bonds
second, the expenses of the Commissioners
and lastly, to the cause of Common School
education.
The faith of the State being thus solemnly
: pledged, enabled those who negotiated tho
bonds to sell them at a premium of $50
496 50. There is now due upon these bond.
1919, 002, payable between the 18th of Sep
tember, 1904, and July LIST, 1866. Unless
the fund should be diverted from its original
purpose, those who control it will at all
times be a1le ts pay promptly this indebt
edness. But had there been no interference
on the part of the Legislature with the
original act, that fund would now amonn
to $3,000,000, and by the time the interes
can be drawn for common school purposes
more than 100000.
a Unfortunately, however, during the years
/ lS4l and 1912, S676,388 Oh were applied
to other purposes. True, the State engaged
to return the amount with interest This
however, has not been done. But withou
, resorting to the collection of the mortgage
held by the Commissioners there are Il,
| 052, 1896 % of available meaas. This will
: be sufficient to pay the bonded debt.
| think the State could not divert an
: more of the fund to the ordinary expense
of the Government. Justice to the holder
| of the bank bonds requires that an amour
/ sufficient to meet them when due, should al
| ways be at the command of the Commits