Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-07-06
The Interest Question.


We publish this week, as a matter of pub
lie interest, the correspondence between Messrs.
WINsLow, LASIER & Co.. of New York, and Col.
WALKER, the Agent of State, in reference to a
proposed advance by the former to pay the in
terest upon our public debt. due or the fret Of
July. The correspondence between these parties
speaks for itself It will be noticed that there
was no proposition to place the money in the
hands of the State Agent, Internationally. as is
usual, to pay the interest upon the State bonds
due on the first of July. That was not done.
Notice the wording of WISsLow, LANIER &
Co.'S last letter. They say that Colonel WAL
KER, the State Agent. must endorse off,
ciauy. on each check. that it is drawn for inter
est, and they will hold such check or checks as
their pouchers until they are reimbursed. Who
is to reimburse WISsLow, LASIER & Coz The
State, if Col. WALKER has the right to obligate
il to do so. If not, then they hold Colonel
WALKER and his securities as obligated to reim-
burse them on those vouchers. Col. WALKER
of course. AS of honor, the Agent Of
State would not, without law. assume to borrow
the money to pay the interest, and obligate
either the State or his securities TO pay the debt
thus incurred
There is no necessity whatever for these extra
ordinary proceedings. The money is in the
Treasury to pay ali the debts and obligations Of
the State. 1t is the province of the representa-
tives of the people not only to raise the money by
taxation to sustain the Government and meet
the obligations of the State. but to direct the
payment of all public Indebtedness The remedy
is plain for the present embarrassment. Let
Governor MoRTos assemble the representatives
of the people and place the responsibility upon
them But this Governor MORTON is unwilling
to do. He assumes that he has not only the
right to discharge the duties con6ded
to him by The Constitution. but likewise
legislative and judicial functions This is
modest, very. We are unwilling to believe
that the people are ready To place the State Gov
ernment in the hands and to be at the disposal of
one man. They not yet quite prepared to
acknowledge dictator, and especially one got up
on so small scale.
We call attention to the correspondence pub
lished herewith, which explains the conditions
upon which Winslow. Lanier K Co. propose to
pay the State interest II in effect compels the
State agent to make them the bankers of the
State surrender his Office to them and assume all
the risks of their delnquencies. should any oc-
cur What honorable man would submit to such
terms? Read:
BANKING OFFICE OF WISsLow. LASIER & COL
80 WALL STREET, New York.
June "a. 1868.
John C. Walker. Esq. Agent Of the State oi
Indiana, Netc York:
DEAR Sra: 1t being now quite certain that
the next July interest on the funded debt of the
State of Indiana will not be paid for pub
licly known, we have. at the earnest solicitation
of Governor Morton and other citizens of that
State, agreed TO pay the same to the bolders OF
the certificates of Indebtedness, to protect the
credit of the State. To do this safely 10 our.
selves. must take assignment from each
creditor of the amount of interest DUE with power
of attorney to collect the same when you are
placed in funds to pay the same. To enable US
TO do this satisfactorily, must have a certified
copy of your pay roll for July, or list. giving the
names oil tile holders, as also the amount or 0lvl
dend due TO each, &c.
We therefore respectfully request that you fur.
nish with the same at early day prior to
the day of payment your convenience will
allow. We shall expect to pay you all expenses
that NAV be incurred in and about furnishing the
same We shall be pleased to hear from you as
soon as convenient.
| Yours. truly.
| WiysLow, LAsIER Il Co.