Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1863-08-20
The Law and the Profits.

distribute the money, now amounting to
nearly S500.C00 we understand, in their
hands. and to the injury inflicted on the
children OF the State to whom that money
belongs, and to whose education its profits
are assigned by the Constitution and laws,
and to-day we renew our appeal to the
people to demand their rights and compel
the Board to obey the law That the mall
feasance of these men may be fully under
stood, we copy the sections of the law of
March 1st. 1859. commanding the distri-
button and proving what reservations shall
be made.
SECTION ]. Be it enacted by the Gsnsr-
al Assembly Of the State of Indiana, That
it shall be the duty of the Board of the
Commissioners of the Sinking Fund, as
now constituted by law, TO distribute said
fund as constituted by the one hundred and
fourteenth section of an act establishing a
State Bank, approved January %, 1884,
among the different counties Of this State
in proportion to the number of children in
each county listed for the purpose of COM
mon school education; and in making such
distribution among the several counties.
as may be entitled to distribute shares or
parts, from time to time, of the amount so
ready for distribution, and thsreupoa the
said County Auditor shall draw his war
rant in favor of his respective County
Treasurer, on the Board of Commissioners
OF the Sinking Fund, for such sum or sums
as he may have been notified is ready for
distribution for such county. Such Treas
urer shall present the same to the Board
of Commissioners of the Sinking Fund,
who shall pay the same to such County
Treasurer; and such Board of Commission
ers shall first distribute in favor of those
counties in which proportion of said fund
is not now loaned, in proportion to the
number of children in such county listed
for school purposes.
SEC. 5. Said Commissioners of the
Sinking Fund shall have full power to buy
and purchase the Bank bonds so called +,
and shall purchase the same when they can
do so on reasonable terms, not paying
n ore than market value for the same, and
as fast as they may purchase the same,
they shall cancel the same. keeping a cor
rect record and description Of each tond
so Cancelled, the amount thereof, and the
amount paid for the same. and also shall
keep the said bonds for future Inspection
Sec. 8. Said Commissioners of the
Sinking r'und shall keep back in their
hands sufficient amount of mortgages
and funds to redeem the Bank bonds, tt at
they shall not distribute. which shall be
held as security for the payment of said
bonds.
Sec. II. Tho interest from the said fund,
as the same may be distributed among the
different counties of this State shall be US
ed for the purpose of school education as
other school funds are now used.
The commissioners are commanded to
distribute the money paid in by the debt
ors of the Sinking Fund. reserving. 1st.
So much as may be necessary to purchase
Bank Bonds when offered for sale in the
market-this is discretionary. however.
and not preemptory-and %, So much as
may becessary to secure the payment of the
bonds when they fall due. The command
is positive. The reservations are not con-
ditions which must be fulfilled before any
money is distributed, but simple provisions
for the preservation of the faith Of the
State which is pledged for the payment Of
the Bank bonds The law clearly intends
that they shall be complied with and the
distribution 60 on at the same time. 1t
enjoins the retention Of enough money to
pay off the bonds when due, but fixes no
time at which this retention shall begin,
and it permits bonds to be bought before
they are due, if they can be got at the mar
ket price, and it says the money not neces-
sary for these purposes "shall" be distrib-
uted to the counties for the benefit Of the
to be obeyed, and their purpose is to bene-
fit tbs children of the State, without risk
ing the credit of the State. The good of
the children is the object Of the law The
protection Of the States credit is a mere
incident. By distributing all the fund but
the little necessary to buy such Bank bonls
as come into market-and there are SO few
offered that the reservation on this account
is hardly wovth making--and by hold ing
back during the last year, or six months,
before the bonds fall due, the amount nee-
essary to redeem them, the law is fully and
honestly obeyed; the children get the inter-
est on the large sums accumulated up to the
time when it is necessary to reserve money
to redeem the bonds; and at least one hun
dred free schools are created that could not
be if no distribution were made. This
we say, is the manifest intention of ths
law. The reservations were not intended
to nulify it. and are only by the accident
Of the States indebtedness on the bank
bonds put into tho law ct all. The duty
of the Commissioners is, therefore, plain
They can, two years hence, reserve all the
money necessary to pay the bonds on their
maturity. and during that two years give
the children from $4,000 to $50, 900 q
year. if they distribute the money as fast
as they get it. To this command of the
law, which their oaths require them to
obey. must be added the demands of their
duty as citizens. As officers they arc
sworn to carry out the intention of the
law, and as citizens they are bound to give
all possible aid to the cause Of free educa-
ton. The Copperhead Commissioners,
with impartial contempt, spit on their pub
lie and private duty alike. They refuse tc
make any distribution. They have hall
million OF dollars on hand. and won't Givs
out cent, though they can't redeem the
bank bonds till 1866, and can't buy any
in the market. They rob the children o
$50, 900 year, that they may speculate
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