Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-07-13
The Interest Question.

OALhkh, agent VI state ana MeSSrS. NINSLOW,
LANIER & Co, 10 regard to the proposition ofthe
latter. upon certain conditions. to advance money
to pay the interest due on that date. This CORE
spondence occurred on the 24th, 25th and 26th
days of June. The final proposition of Wins
Low. LASIER L Co was as follows:
That you should, IN the capacity of the Agent
Of State. go on and pay each creditor entitled
thereto on your dividend books. taking the re-
ceipt OF each in the usual form, you 20 draw
your official check on our house, to the order of
each party entitled thereto. expressing on the
face of such check that it - given for the July
dividend on stocks. These checks we will pay,
and hold the same as our DOuchers until we are
Reimbursed.
This offer was declined by Col WALKEH on
the 26th of June, and on the same day he for
warded to US all the correspondence that had then
occurred between him and W INsL0w ,LANIER & Co.
for publication. Col. WALKER did not refuse the
proposition upon the ground that it would make
"himseIf ana his securities liable to wIssLow,
LASIER & Co.. in case the State fails to pay
them, although it was evidently the intention of
the latter to hold the former personally response
BILE. and such would be the effect if WISsLow,
LANIER s Co. should not be reimbursed by the
State. If the Journal Will favor its readers with
the letter Of the Agent of State to wrNsLow.
LAxIER & Co. they will then be able to appre.
ciate the reasons which induced Col. WALKER to
decline a proposition which they had not the re-
hottest idea would be accepted. We reproduce
Col WALKERS reply to the New York bankers,
to show the considerations which influenced him
in declining their proposition:
$50 OFFIcE INDIANA STATE AGENCY.
NV YORK CRY. June 25, 1863.
Messrs. WiasIop. Lanier q Co.:
GENTLEMEN: Your favor of the oath inst. has
been received and duly considered In reply. /
beg leave to say. that in common with every citi.
zen Of Indiana. l am exceedingly anxious that the
creditors of our State shall be promptly paid that
which Is due to them. The State has amply pro-
vided for them all. Her Treasury is full and her
taxpayers will keep it so for every lawful de-
mand. All that IS needed is that the Legislature
shall have an opportunity to make the approprla-
tons to give the financial officers of the State
authority 20 disbuFse the funds. hope il is cor
rect, as YOU state in your letter. tn It the reasons
why the "next July interest on the funded debt of
the State of Indiana will not be paid at that
time are publicly kno1n." The people Of Ipdi-
ana, with the issues before the country upon
them. elected a majority of Democrats to repre-
sent them in the Legislature of the State. To
prevent the legislation demanded by the people.
the Republican minority of the House of
Representatives, i~nstigated by Governor Nor
ton, and in visitation Of their sworn
duty, deserted their posts. ard left that body with
out a quorum to do business. By this revolu-
tionary proceeding the acts appropriating moneys
TO defrav the expenses Of the State. to pay the
accruing interest on the State debt, to carry on
the benevolent institutions, and to keep up the
State prisons, failed to become laws. In conSe-
guence of this. there are thousands of creditors of
the State at home who suffer already for their
Just dues, and, as you mention, the credit OF the
State abroad is also about to suffer from the an
ticiDaied failure to meet the accruing interest on
her funded debt The majority of the Legisla-
tUre are ready and anxious to make those appro-
~priations, not only 20 pay yourselves and the
class of creditors 10 whom you refer, but other
creditors for a large amount, whose claims are
equally Just.
Through you. Governor Morton now asks me,
as an officer of the State, whose duties the law
prescribes, to cooperate with him and to furnish
the records and facilities of nv Office, for what
p~urpOsef Not 70 facilitate the State to paw her
Interests or to add to her pecuniary resources
for the arrangement you propose is only a trans
fer of some portion of the Indebtedness to other
parties. And YOU plainly state that YOU ask this,
not as an individual about to buy and operate in
the certificates Of the State, in a business way,
(ind as such reasonably entitled TO Information
but in connection with arrangements entered up
on at the Earnest solicitation of Gov. Morton
and other citizens of the State" For an officer
Of Indiana, who has respect for his duty to him
self and his State, to- become a party to Governor
MortOn's real purpose in this scheme, is impOssi-
BILE. That object is not TO save the credit of the
State" but 10 continue himself in his unlawful
and disastrous purpose to override the Constitu
ton and laws of Indiana, to arrosate to himself
the functions of all other departments of the
State Government, and 10 set at defiance the peO-
pie and the legislature Governor Morton, ii he
is faithful to the duties of his Office, and to the
wishes and interests of Indiana, will promptly
convene the Legislature, and let them.
as they will do, il his friends will remain at their
posts, appropriate the money for the payment Of
the demands of her creditors. The Governor
prefers TO rush into AL sorts of rempOrizing expe
dientS and shifts. bringing the good name and
financial credit OF his State into bad repute with
every holder and hawker of claims against her.
The honor and interest of Indiana require that
her faithful servants and friends shall withdraw
countenance from him in his mad career. The
State does not need that creditors at rome or
abroad should be called upon to postpone their
demands, nor, on the other hand, that individuals
should be asked To- advance money for her. The
party OF parties who unnecessarily subject her to
the shame OF snch apparent confession, or who
seem TO sanction it as being necessary. in fact
only insult and dishonor her. Governor Morton
has his partisan politics and his selfish ambition
to prompt him, aud | will not lend myself to a
furtherance of his acts, which are revolutionary
and ruinous. He has no right, after the people
of Indiana have taxed themselves and FLIED their
Treasury for the purpose Of paying their debts,
still in his Obstinacy, to ask them TO accept as n
favor the advancement of fluids from individuals
TO save them from dishonor.
Without, therefore, intending disrespect to you.
gentlemen, l must decline To render assistance to
the GOve,n0r in his attempt to carry on the State
Government in defiance OF law and without that
legislation which the Supreme Court has decided
essential in the premises. -
Truly yours.
j. G. WALKER.
r Agent Of the State of Indiana.
Such are the considerations that Influenced the
decision of Col. WALKER. and what honest man
but viii admit their potency?
But the Journal complains or charges that VIC
did not publish all the correspondence between
the parties. We gave all that passed between
them up 70 aud including the 9th day of June
The court organ produces another letter from
'WISsLow, LASrER & Co, which IL regards o.
high importance, but il does not meet the issues
made by Col. WALKER. Unlike the journal
which refuses to publish the entire correspond
ence and especially the letter of Col WALKER. o
June 25th, we are not only willing but anxiou
that alb should be made pubic; hence we give tb'