Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-08-17
The FUND.


The court organ. representing the interests of
o. p. ". and company. has had a good deal to
say lately about the Sinking Fund Upon that
matter. as il Is aud has been upon all questions
it discusses. il is full of misapprehsnsions and
misrepresentation. The MoRroNIIEs are 50 in
tensely partisan that il is impossible for them to
discuss any public question fairly and honestly.
Alaw Was passed by the Legislature. March ].
1883. directing the distribution of the Sinking
Fund. pro rata. among the several counties of
this State. The policy Of this Law was not only
questioned, but it met the opposition Of all who
had been connected with the management Of this
fund. The main or principal ground Of opposi-
tioa was. that the funds which had been distribu
ted to counties had been squandered or lost, and
the fear was expressed that the magnificent fund
which bad been accumulated for educational
purposes would share a similar fate under the
distribution law of 1859. If we arc not mistaken.
such we're the views entertained by Gen. DuMosr,
further enumeration. the other gentlemen who
have had charge of the Sinking Fund.
Let us briefly examine the facts in the case.
The present Board Of Commissioner came into
Office about the first of February last.
The old board handed over to the new
sbou, $26l 900 in money. or It's equivalent. OF
this amount about sl24.OO was in the hands of
WNsLow, LASIER 4 Co, of New York City,
upon which the fund Is receiving four per centin-
tsrest. Including this deposit the money now on
hand is about s456. 600. an increase of sl95. 900
since the present board came into office.
The old board. just before the Inauguration of
the new, ordered a distribution of sl70, 900 under
zoe law of 1859. during the month of February
last. The new Doard postponed this distribution
until October next. upon the ground that a bill
was before the Legislature authorizing the Com
missioDers of the fund to invest the surplus
money on hand in the five per cent stocks of the
State. and the proposition would have undoubt-
eddy been authorized by the Legislature If
q quorum Of the House had remained in session.
And since the adjournment Of the Legislature
the board has taken no further action in the
matter, upon the supposition that the public
interests Of the State would demand a special
session of the Legislature. and that that body
would amend the law of 1859.
There is about s4S6. 900 of the fund on hand.
According to the report of Mr.. NEwcoxp, dated
January 8. 1863, there are outstanding bank
bonds 10 the amount Of s5S6. 900, for
which the fund is res onsible. These
bonds fell due in 1864. 1865 and 1866.
The law regulating the Sinking Fund requires
that the Commissioners shall keep on hand a
sufficient amount Of money to redeem these
bonds whenever presented. Mr.. NKwcoMs, in
his last report. January s. 1868. says these bonds
have been redeemed by purchase at various prices.
varying from 50 to 96 cents. to the amount of
s6ed, 900. Il would have been sound policy to
have used all the surplus on hand for the rcdemp-
ton Of the bonds at those rates. The bonds have
nov gone up to par. and they can not be pur-
chased in any large sums even at that rate.
Both the late and present Board of Sinking
Fund Commissioner were and are unanimous
against the policy Of distributing the fund to
counties NATHAsIEL KEMP. ESQ. the emily
Republican member of the present Board, Is most
decided in opposition to the distribution policy.
and voted With the other Commissioners in favor
Of postponing the distribution with the e1pecta-
ton that the Legislature would change the law
OF 1883 in that regard
There is no doubt out Governor MoRros is
opposed TO the distribution policy. After the
.sdjournment Of the last Legislature the Governor
applied to the Sinking Fund Commissioners for 9
loan Of a hundred thousand dollars or more. to
carry on the State Government independent o;
legislative action If be regarded the law oil
rls59, authorizing the distribution of the fund 10
counties. as Imperative. why did he propose to
thus disturb the operation Of that act7 Either
he desired 20 place the Commissioners of the
fund in a false position BY ~acceding TO his 70
request. or else he was Of the opinion that the
Commissioners had the right to withhold the
distribution upon the ground that the public in
tsrsse would be best promoted thereby. And
WY did nos the court organ complain ofits own
p~olisic.l friends when they had charge Of the
fund. for not complying with its present iuterprs.
tation Of the law Of 1887 II can offer no rea
sonabls apology for is present partisan position
The court organ need not give itself any IN,
e-zsiness about The fund. The Law Of 1859. re-
curing a distribution Of the surplus money Ia
the hands Of the Commissioners. will be com
piled With IN October next. nnIess the LegisIa,
ture should be assembled In the meantime and
sdirect a different investment OF the fund over and
above the anouus required for the redemption Of
TIE bank bonds.