Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1859-04-07
The sinking runa--comncn schools.


The proposition offered by Senator
Studabaker for the distribution Oft the Sink
ing Fund among the several counties. in
the ratio of their school population. has
become law, and we must therefore ac-
cept it as the popular judgment upon the
management of this fund, created for the
common schools of the State. We give
asynopsis of the leading features OF the
act
It is r ale the duty of the Sinking Fund
Commissioners to distribute the fund
among the several counties in proportion
to the number Of children listci for COM
mon school purposes; the Fund Commits
sioners to notify the County Auditor Of
such counties as may be enlisted to listrib-
utive shares ofthe amount. who shall draw
their orders for the same in favor of the
County 1Fcasurer--the Fanl Commits
sioners being desired 20 first distribute in
favor of those counties in which proper
ton Of said fund is not now loane! in pro-
portion to the children in said county lis
ted for school purposes.
As fast as the said fund is received BY
the several counties, thc-Counfy Auditors
and 1reasurers shall invest said fund by
loaning the same upon real estate security
In the same manner anu subject to the
same conditions as other Common School
Fnnds are now loaned By law
Each county IS made liable for the pro-
portion of fund received, aud lift becomes
necessary III the liquidation of the bank
bonds each county shall return to the Fund
Commissioners such equal proportion as
may be necessary TO discharge the debt
All county officers managing said fund,
shall be liable In their Official bon;ls for
the discharge of their duties according to
law
1t is made the duty of the Fnnd Com
missioners TO purchase tie bank bond.
when they can do so at the market value
and cancel them when purchased.
After 1866. when the last Of the bank
bonds become due, it is male the duty o.
the Fund Commissioners to pay off ths
Outstanding bonds. and as soon as possibl,
collect all debts and convert all property
Of said fund into money, and distribute tin
same as fast as received, as provided b,
this act.
In making the distribution the commits
sionerS are required to equalize the Sink
ing Fand among the different counties
SO that when distributed each county shall
receive sum proportiunate to the nun
Der Of children she may list for sehoo
purposes
The commissioners arc required to hol,
in theis hands sufficient amount of mort
cages and funds to pay which shall b
held as security for the payment of tn
Bank bonds and to make prudent an
economical use Of said reserved fund.
II is provided that borrowers from tn
Sinking Fund when loans are now due o
ormay hereafter become due, may transfe
said loans from the Sinking Fund to til
several counties. giving the security &c
auired in the case Of those borrowing frai
the common school fund in the countie:
and when properly transferred such loan
shall be accepted as so much money b
the counties from the Sinking Fund Com
missioners, and shall be By them ehtere
as satisfaction upon the mortgages OF sal
borrower. If the security upon the rea
estate. where such transfers are made,
not eonal 10 thai required b the laws loan
inc common school funds in the counties
The borrower Is to make it equal by payin
suficient money for that purpose to II
Sinking Find Commissioners. and unf:s
this ursviSion said Commissioners are ne
To distribute more In the several counti'
thaa the dae proportion provided by tn
act
The interest from said fund as tie san
nav be distributed among the 'iIf1ere.