The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1863-05-22
$1,000
UNITED STATES OF AMERICA
FATE OF INDIANA,


Fire Per ccntum State .Stock.
"Under two acts of the General Assem-
bly, Of the State of Indiana, entitled "An
act to provide for tine funded debt ot the
State of Ind ana and for the completion of
passsa sas fysR .Ra Eis G4Sa! ta
supplementary to the said act'" passed
- 1847.
:. Principal chargeable on the revenues
cf the State. pursuant to acts of the Legis-
lature of Indiana, passed the l9th OF Jan
uary, 1876, and -, 1847.
Be it known, that the State of Indiana
owes to A. B or his assigns, the sum OF
one thousand dollars, being part of the
principal Of the bonds of the State. declared
to have been surrendered to the State 6y
act of surrender Of this date, and which
amount of one thousand dollars bears inter
est at the rate Of five per centum por annun
from the first Of January. I847. payable
half yearly in the CITY of New York, at the
times and in the mannor declared by the
acts of the Legislature above mentioned
This stock is redeemable at any time
after twenty years from nineteenth January,
lS46. at the pleasure of the State, IN the
| City Of New York, and until redeemed Is
transferable upon surrender IN the City OF
New York, in books provided for that pur-
pose by the Agent Of State, there resident.
by endorsement hercon, and according TO
such other rules and forms as are or may
be prescribed for that purpose and tor the
! pavmept of tn, interest and the redemption
of the principal aforesaid, the faith OF the
4 State OF Indiana is irrevoeablv pledged.
This debt is duly recorded. Nc.
! Witness our hands at indianapolis the
- day Of - 1S47.
Countersigned, Treasurer.
Andttor."
To this oblg alton postscript is attached
in these words
| N S-The State reserves the right,
! according to the terms and conditions OF
! the said acts,) to postpone payment OF
norton of the interest due upon this certh
cate until irst January, 1858, paying inter
est on the same at the rate OF SIX per centum
per annum, and to fund one per centum OF
The same withou. interest after that period
a, tie rate Of two aud one-half per centum.
Is i, possible that further Legislation II
required 10 authorize the State TO pay tn
interest on this obligation The Stat
!, makes her written promise to pay at paruc
= ular times, and delivers il to her creditor
n which upon presentation 10 the proper 9th
: Ger is direct and sufficient authority 10
Q pavmeut. 1t it is not, then, the promise {
i the State carries with it no obligation. An
u the authority to pay must be derived soiel
! from subsequent legislation.
II TIE old Constitution contained the fo
:. lowing
u "SEc. ai, ARrIcIE III. No money sha
'e be drawn from The Treasury, but 10 cons
auence Of appropriations made by law
y The new Constitution went into fort
lnpon the Ist OF November, 1881. and COZ
J tanned .he followiug provision
! "Sxc. 8. AarIcLE 10. No money shs
" be drawn from the Treasury bu. Ia purs
,s s anee Of appropriations made os law.
of i,win be seen that these provisions ?
10 in substarce the same. The successi
he l Le,islatures cf 1S47. '48, '4a and 81,
a. cepted the Sections quoted from The scts
ce 1896 aud A.. as an appropriation 70 p
interest With n the meaning OF the Cons
le. tuition. aad made no other except w tnf
sy special acts in l849 1850 and 1851. aath'
lar iziug the borrowing Of money and direct'
&c, the money thus borrowed to be paid on
i'm interest on the public debt. which directs
ion was nothing more than a statement Of
The purpose for which the money VAS borro
ct, ed eAat Il E@
OIL The State Officers during tile same d
cd accepted thsmas.aa appropriation !