The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1862-01-22

OF the loans were mace DclOre the UOneIary CT
sis Of 1857, and the securities taken for their
repayment were in many cases insufRcicnt orig
inally and have become much less valuable
since by reason of the general depreciation OF
the value of real estate : many of the borrow.
ers have ceased to pay interest AS It falls due,
and the results are rapidly increasing debt
with greatly diminished security, and an in
creased taxation upon our people to supply the
deficiency in the school fund caused by the non.
payment of interest More than this under
our Constitution, all losses to the permanent
School and University Fund which shall have
been occasioned by the defalcation, mismanage.
ment or fraud of the agents or officers controll-
ing and managing the same, become perma-
nant de bt against the State. Large losses to
both of these funds have already occurred, and
the amount is steadily increasing, for the want
of proper attention aud proper laws. The re
sponsibilty for these losses rests with the lsw-
making power of the State; and the response
bility for all further loss must rest there until
by the enactment of proper laws. that respon-
sibili, y is placed elsewhere. recommend that
provision be made for the prompt closing up OF
all loans which are unsuficiensly secured, or on
which the interest has not been paid within .
reasonable time, unless the borrowers shall en-
title themselves to further time by giving fur
ther securities, or payment Of the interest due.
J.
fciently secured and the interest paid, an ex-
tension of time be given to the borrowers, il
desired under proper limitations, that no new
loans be made, and that sums Of the principal
Of either of said funds that may be paid, shall
either be paid into the State Treasury, and used
as other State funds, the State paying interest
thereon, or invested for the support of the
proper fund either in the stocks Of the United
States of this State. lR%et
lae Ssase onlselMty 10 now M sueecssluI sue ISL op.
eratiol' ai.housin nucn enioarrasseu poc rans
vi Heahs a,ls'ng lro.n t'e non pay y MI
est que On ioans VI us Perniaheht iuiu. ine
enactment OF .aws requiring the more prompt
paynehs VI in.e1ss.' anu .or Tue sa,ets anu pes-
ter inyes'mens OF .he Pernanens iund % aoove
Is ABOVE sugges'ed VIII enao'e tne llIssees -.
ana taculsy 70 ea.eaa .ne uselalness oI sne ln
s.'.uslon. : am aec'ueaiy VI une nP'h,on snas
nos ony sne lI'e,ess VI .'le institutlon guy aiso
she lnseres1 oi she S.ase requires tnas you
snoaio provide Mintary department 70 tne
= Uriverslty, ana soouid - essaDnsh Mlltaary
:, Irolessorsnip tnereln. Inc sao experience OF
tne iast rev montns mas SHOWN US the neces'
s.ty OF mhitary khowiedge among OUT peoP'e.-
ny giving 10 the young men VINO may attehu
the University, mihtary instruction ana tram
ing we ,, viii NOT ohiy grea.'y Dehent tneM, ou'
put WIN also MAKE provision ior WHAT ous pres
ent experience SHOWS may AT any moment pc
come necessity 20 our people: Inc board OF
Education AT tneir recent session dlrcctea .ne
trustees OF the University 70 make provision
for Military Department therein as soon as
the General Assembly should make the neces'
sary appropriations tnerefor' ana l earnestly
recommend the sun1ect 20 your iavoraple coz
slderation;
THE PENITENTIARY.
The affair of the Penitentiary have been we'll
conducted dnr;np the last two wears It's nres
ent faithful and Efficient officers. although la
bo, ing under many difficulties. have, by their
careful management. maintained excellent dis.
cipline. preserved in a remarkable degree. the
health Of the ot,nyicts, and have go economized
its expenses, that of the sum appropriated at
the last regular session for the general support
of the prison. there remains nnexpended an
amount 40 large that. il, the the opinion of the
Warden. no appropriAtion for that purpose
will be needed at the present session. These
officers. however. as well as those in charge of
the Insane Asvhm.. the Asylum for the Deaf
and Dumb. and the Blind and all Others. who
have been charged with the duty Of procuring
for the State, either labor. materials or mer.
chapdise of any kind for ordinary State purpo.
SEES. have been continually embarrassed for want
of money, and have been compelled to carry on
their operations and make their purchases at
great disad vantage with warrants on the Treas
ury. OF course they have been compelled to
nav higher prices in warrants than they would
have had O pay in cash. Assoon as these war
rants are delivered, they are presented at the
treasury, and endorsed unpaid for want of funds
and from that time draw eight per cent. interest
SO that the excess of price and interest are SO
much clear loss to the State that might be saved
If our taxes we're promptly paid. Neither States
nor individuals can manage their, affairs in,this