Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1859-01-13

Blind, far better opportunities for improve
ment, where they are gathered together in
numbers. competent teachers secured, who
devote the service of a life time to their
Improvement. And as to the inmates of
the Insane Hospital, every we'll advised
physician will express his opinion that the
best prospect for the restoration of their
reason is to be found iD placing them in
the asylum. The Institutions have been
conducted with economy and skill. The
reports oftheir officers urge upon you that
appropriations be made for the enlarge
ment of the Hospital for the Insane, and
the repair of the others. l most cheerful
ly join with them in their recommendation
| recall your attention to the condition
of tie Penitentiary. The number of con
victs there confined is 484. The prison is
crowded SO that they cannot be employed
with profit. When the warm season ar
rives there will be great danger of disease.
With reference to the remedy which should
be applied, | refer you to the message de.
livered at the special session. The report
of the Directors and Warden will be laid
before you. They exhibit the result Of
the system adopted for the government
and management of the State Prison. So
far as the health and discipline of the prs-
oners are concerned, the result of the new
organization has been beneficial. The State
has pecuniariy suffered no loss.
On the 28th of January, 1884, an act
was approved establishing State Bank.
Said act. by its terms, ceased to be law
on the first of January, 1859. Under this
law the Bank commenced and continued
its operations as a corporation authorized
to issue and circulate notes, discount pa
per, and transact all other other ordinary
banking business until the lst of January,
1857. At that time its outstanding circu-
lation was S4,2O8,72 with debt due to
the institution, principally from citizens of
this State, of $6,O95, 1868 IL. Between
the 1st of January, 1857 and 1859, the
Bank redeemed nearly all its entire circu-
lation and provided amply for the reGemp-
ton of that which had not been returned.
She has collected from most of her debtors
the money which they owed. The gentle
men who have conducted this institution
are entitled 10 credit for the ability they
have exhibited in the management of it's
affairs. The State was interested in the
Bank. She invested in its stock 81 $780,
600. 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 Beard of
Commissioners of a sinking Fund. They
were charged with the duty of receiving
the dividends upon the Stale stock, paying
the interest upon the bonds, and investing
the surplus in mortgages upon real estate,
for the benefit of the fund. The gentle
men who at various times have had charge
of this fand have managed the same with
care and fidelity. The report of the Com
missioners shows that its nominal profits
are S2,780,604 Sc. BY the law creating
the Sinking Fund it was appropriated:
First, to pay the principle and interest up
on the bonds; second. the expenses of tie
and lastly. to the cause of
Common School education.
The faith of the State being thus SOL
EMMY pledged, enabled those who nego-
tiated the bonds to sell them at a premium
of $50, 1876 90. There is now due upon
these bonds, $4,000, payable between
the 9th Of September, 1864, and July LIST,
1866. Unless the fund should be diverted
from its original purpose, those who con-
troll it will at all times be able to pay
this indebtedness. But had
there been no interference on the part
Of the Legislature with the original act,
that fund would now amount to $3,OOO,-
BOO. and by the time the interest can be
lrawn for common school purposes more
han 81, 1000, 900.
Unfortunately, however, during the
years 1841 and 1912, s676, 3os OF were
we're applied to other purposes. True,
he State engaged to return the amount
With interest. This, however, has not
been done. But without resorting to the
collection of the mortgages held by the
there are Sl,O52, 896 25
If ava liable means. Thisswill be sufficient
o pay the bonded debt
1 lulHk TIE IOttlc SnOulu nOI UlEerL any
more Of the fund to the ordinary expenses
If the Government. Justice to the hold
IFS Of the bank bonds requires that the
sufficient to meet them, when due,
should always be at the command of the
And the interest of ed
lca.ion in this State requires not only the
preservation of wha. remains Of the fund,
nut an early return of all that the State has
lrawn from it. Those who, twenty four
rears ago, saw in the future the prospect
# creating common school fund, not by
axation, but by faithful administration of
he law. are worthy of our commentator
They believed that it was the duty of every
itizen of the State to lend whatever in
luence he had to the education of the sons
nd daughters Of Indiana. Shall we. at
his day, when, from their action, noble
und has been created, lay our hands upon
nd destroy it forever? Some there are
vho do not favor the education of the chill
rem of the State.
Great injustice is sometimes done in
by taxation the means necessary
o sustain the schools. But here is fund
which never cost citizen of the State one
ollar, if left untouched, will, in 1866,