Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1859-01-13

sioners. And the interest of education in
this State requires not only the preserva-
tion of what remains of the fund, but an
carly return Of all thatth State has drawn
from it. Those who, twenty-four years
ago, saw in the future the prospect of crea-
ting common school fund, not by taxa
ton, but by faithful administration of the
law, are worthy Of our eonlmen,lation.-
They believed that it was the duty of every
citizen of the State to lend whatever infiu-
ence he had TO the education of the sons
and daughters of Indiana. Shall we, at
this day, when from the result of their ac-
ton a noble fund has been created, lay our
hands upon and deStroy it forever? Some
there are who do, not favor the education
of the children Of the State.
Great injustice is sometimes done in pro-
viding by taxation the means necessary to
which never cost citizen Of the State one
dollar, which, ii left untouched. will in
1866, amount to over "a, 200, 900. After
that its annual interest will be equal to one
half of our present school tax. l hope
therefore. that this fund may remain where
it was originally placed. The term of
service of the Sinking Fund Commits
sioncrs having expired on the first of Jan
uary. lSo9. recommend that you cstab-
lish by law, a Boarl, comforting upon them
full power to settle with the late Commits.
'sioners, and receive from them the fund,
and securities in their possession.
At your last session bill was passed
continuing the late board until the first
Monday of April, 1859. Withheld INV
approval of that bill for the reasons pre-
sented in my message. l entertain no
doubt that the fund would be entirely safe
IN the hands OF the late commissioners =.
and that they would manage it with intcg
rity AMI ability.
The Constitution gave the Legislature
the power of establishing two systems Of
banking in this State. The first Lcyisla
tnre which assembled after the adoption of
that Constitution passed general bank
ing law, under which ninety-one banks
were organized Before the meeting O:
the Legislature in 1855. experience Shove
that the law which authorized their estab-
lishmcnt was insufficient.
Forty one of them had failed to redeem
their circulation. The friends of the gen
eral banking system seeing the deficiency
in the law, urged the passage Of The &C, Of
March 3, 1855. Since the passage of that
law there has been but one bank, or
ganized un'lcr it, that has failcl to redeem
N A. al Al
Legislature. an act was passed. establishing
the Bank of the State of Indiana The
full amount Of stock required by Law was
subscribed. and the bank commenced its
business. Its circulation is now 81 .502.-
BIG. Its rotcs anil bills discounted. So
15f. 80 or. Its cash on o md in gDld aud
silver, Sl.GS5. 1914 93 FIR m tn: time
that these laws were passed.. the currcnc,
authorized by the State has been promptly
redeemed. although in tie intern late
time. the financial crisis Of 1857 has been
pas,el. When you consider that bctwc N
the passage of these laws anil the pres.
time. the State Bank has with lrawn fou.
millions of dollars of her circ .lation an
cailc'l IN. six millions Of Il liars of he.
indebtedness, in which the State wa
deeply interested. ami without whi.h
laws the State B,nk would have been nm
able IN so short periol Of time to co.lc,.i
the debt due tn hcr,--on half Of which
belonged in reality to the State, you mus:
regard the legislation of that session a
highly beneficial to the financial interest %.
the people as any gould have been which
provided for the establishment OF bank.
anil the circulation of a paper currency
The Bank "f the State has quietly acquir-
cl the position cupicl by the oil State
Bank. Those who formerly directed the
enc now control the other.
II the rule could DC uniform through
ont the United States it would perhaps be
better tn It mo- paper currency was circtla-
latcd. But. inasmnch as that uniformity j.
practically impossible. think Indiana ha.
established rs sale systems of banking a
any other State in the Union. giving to
her people as high security for the re,lcmp-
ton of the notes Of the banks MS any other
State.
The last Legislature lcvic,l no taxes FOR
the years 1887 and 1853. The officers of
State were therefore deprived Of the orli-
nary revenue which should have been pro-
vilcd To sustain the varioas departments
and institutions Of the State. Bclicvin.
that there was no reasonable prospect that
the members of that Lc.,i,lature. il reas-
semblcl. would change their policy or ac-
ton, did not call them together. choos-
ing rather to wait until the prs,ple hal g.
leetcd other representatives. Notwnh~ta- Il
ing the failure of the Legislature TO levy
the taxes, the officers Of State have ,en,lea-
vored to carry on the government. and in
so doing they present to you, as the result
Of their action. that they have only been
required to borrow 1885,. 0O0-Sl65. 900
in June, and Sl65. 900 in December, 1858
which has been applet to the payment
of the interest on the public debt. They
have paid from the General Fund to the
Swamp Land Fund $4,000. They have
drawn from other funds about 5000. 900
1.-THE revenue for those years lsasl been
collected, upon an assessment eqnal to that
Of 1856. it would have announced, in the
two years, to 81. 200. 900, which would
have left in the Treasury now $500. 900 of
a surplus. Still. with all this failure to
raise tile revenue, there j. yet in the Treas