The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1860-09-06
The state Election.

1ssas.rs, christie B. Baa Icoross, Jesse stevens.
The state Election.
We 6nd in the Madison Courier the follow
Ing article 10 regard to the financial sfairs Of our
stste. and place il 10 our editorial columns in
the hope that it viii attract the attention Of ev-
ninistsstiou of the sfairs OF the State. Read
it and road il carefully:
In 1647 the State OF Indiana called her cred
itoss and proposed TO give up the w bssh and
Erie Canal TO them for one half Of her iudebt-
edness. and TO issue new certificates Of stock for
the balsucs. New certificates Of Indebtedness
were issued to the amount Of $6.el66O0. The
holders Of $3.50. 600 Of the original bonds re-
fused or neglected TO surrender them under the
provision of the Act TO Provide for the Fun
ded Debl' This sum. added to the s6sl6 600
makes the State debt $7.666,600. This much
IL known. How much the State debt is now DO
man knows. nor will the tax payers ever know
until there is another adjustment made with the
public creditors The Constitution made in
1851 expressly prohibits any addition to the
State debt except to "meet casual deficits in the
revenue. to pay interest on the State debt TO re-
pei invasion, suppress insarrection. or if he still
feusa.' None Of these contingencies have oc.
cured; consequently the State debt has no,
been Legally enlarged.
We have said no man or set Of men krow
how much the debt ID. As FAR back as 1852 The
Auditor Of State reported to the Legislature
that the report Of the Agent Of State 10 his Of
Zee did not agree with the books Of the Agency
and that he, the Auditor, had adopted "a re-
sapitulatory statement Of the bonds ouistand-
ing aad stocks issued" Everything like check
Of Oue officer upon the other WAS theo removed
and with she tacit permission of an over~hel-
ming Democratic majority in the Legislature.
The reader will note the difference between
the debt adjusted in l847 and the stocks issued
,thersfor under that adjustment. The frs. was
q bonded debt, the second certificates of stock.
The State provided an agent to reside n New
Yorx, for the convenience Of her creditors, TO
issue certificates for stock" for the original or
tincates in amounts to suit the convenience OF
the holders. The holder of y certificate of So.
600 might 10 the course Of his trade or business
need Eve certificates Of 81 600 each, or be might
wish TO consolidate several sums into one So
anxious was tie Legislature OF l846-47 to &C.
conmodats the creditors Of the State, this of
fee wss made permanent. Every two years an
Agent OF State has been elected since the al
justment, With one exception. The last Legis
lsturs elected jas. A. Cravens, Of Washington
.cosnty. Agent Of State. Mr. Cravens resigned,
and Gov. Willard appointed one Mr. Slower to
supply the vacancy; OF Mr.. Slower tho tax
payers know bat little. Mr.. Slower appointed
CLERK; Of this clerk very few in Indiana know
anything at ell. This nameless clerk has tn.
millions Of dollars Of State debt under his con-
troll; hs issues certificates Of stock 10 the ab
sence Of Mr.. Slower. takes up old certificates
and issues new ones Suppose A. b. holds
certificate for $4,000. and wants to divide it
- to pay ten persons each 81 Oeo, or for any
other purpose. A. B. goes to this nsmeies-
clerk. surrenders his certificate for $l0 coo. the
clerk cancels it and issues to him ten certificates
of 81. 900 each. registered and ma INBRED. But
suppose the rameless clerk should issue eferen
certificates Of $1,000. Whats to hinder himy
The Stste Auditor At Indianapolis has lost oil
check OF control over the Agent and the Ageu,
could not discover the cheat if he were present
and anxious TO protect the State. In;ths Case
We have supposed there would be one certificate
Of $1,000 spurious. Which one. The tax
payers would have to pay $1,000. VIVA,
temptation 10 Democratic officers. Since 1882
the Auditor of Sta e at Indianapolis has taken
the statement OF the Agent - correct, and the
Democratic Legisistur eshave never raised
committee to examine into the condition Of the |
State debt. The lAss House OF Ref resenta,ises
did appoiut committee Of investigation. and |
the facts We have stated we're developed. o..e
Robert Schuyler deeced the ssockholders OF !
railroad BY On over issue Of the stock of the !
company. Tie tax payers Of Indiana redeemed |
1lS.eQ0 more Of her Issues of Treasury notes
than ~ Democratic Ssats officers had recordsd
% shs hacks 81 the Treasary.
How many certificates Of stock Democratic
agents Of State. or their nameless clerks, have |.
Issued for which the tai payers Of Indiana have
never received cent? This is . question Nj.
HendsiekaL tAs Dsnocratic candidate for Gov. /
srnor. shosld answer aftsr the glowing eulogy he /
makes oysr ~ ssrvicea labors and results OF the
Management Of stsss adain By the Democratic
party ~
WsAavs sAsvs that under the Consultation
IL State dsbt cannot b enlarged except for
Dpseiae sbjestA Any Democrat win boot At
NE charge hat ~ State debt has been increas
% sn4es ~ management Of - great and -
sis'ioss Dsaecrssis psrsy.
Nj. HsadriekA ~ candidate for Governor
would; have - belisvs ,AsA TIA psspls .reI
Indsetsa % ID pasty 1bs III IL Alea.;axs
M asssasz :. S as.s =