Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1864-02-29
Governor norton ON state policy.

Governor Morton ON state Policy.
Governor MORTON. in his speech to the Repub-
lican Convention at this place on the 23d inst'
among other things, said: There IS another
Transaction connected with the refusal TO pay the
interest on the public debt, which must, if posi-
BILE, Increase the adherence entertained for it in
the public mind. On the : day of August
-Messrs. RIsrISE and BRETT, the Auditor and
Treasurer, advanced to WALKER, from the State
Treasury. the sum of fifty thousand dollars, to
be invested by him in our war loan bonds or the
State stocks, of which / have been speaking.
Messrs RrsTISE and Brett have also taken
from the treasury the sum of $50 900, with which
they have purchased Indiana FIVE per cent. stocks,
making in all the sum of 100000 taken from
the treasury for that purpose. RIsrINE & Co.
decide that it is unlawful to pay interest on our
stocks. but that it is lawful to take money from
the treasury to buy up stocks themselves, re-
duced in price by the failure to pay the interest.
Surely the State might have been saved this last
disgrace"
0sfhe 18th day of March, 1861, this same
Governor signed and approved an act entitled
Gan Act to authorize the Governor to issue
bonds; 10 appoint Board of Loan Commission
ers, and defining their duties; requiring the
Sinking Fund Commissioners to purchase bonds;
defining their duties in relation to the interest
received on the same. and levying tax to meet
the payment of The interest and principal of the
bonds to be sold" In section 5 of said act we
find the following: "For the purpose of paying
the interest semi-annualiy, and the final payment
of the principal at maturity, on the bonds in the
first section mentioned, an annual tax Of FIVE
cents on each one hundred dollars in value of
the taxable property of this State is hereby levied
commencing in the year 1861, and the excess of
money collected by said tax eac year, after paying
the interest as it beomes due. shall be paid to the
Sinking Fund Commissioners, who shall pur-
chase these bonds If they can procure them on
reasonable terms, and if not then to invest the
same in other State stocks An act approved
June 4. 1861, directs that the purchases of the
bonds and stocks shall be made by the State
Debt Sinking Fund Commissioners. * aolfse
Was Governor MoRroN when he made the
statement above quoted, ignorant of the ex-
istence of the law that he had approved. or did
uc NCShC " tHpoSC Oh ittS hCaicso- hC
makes special appropriation Of the money de-
rived from this tax il can be used for no other
purpose The interest has been regularly paid
on the war loan bonds. and the Commissioners of
the State Debt Sinking Fund have been using
Che residue in the purchase of bonds and stocks
required by law, and the Governor of the
State denounces the act abhorrent and dis
graceful Had the Auditor and Treasurer, in
stead OF using the money as they have done, ac-
cording to law. given it to him to run an institu-
ton unauthorized By the laws Of this State or of
the United States. the act would no doubt have
been much more creditable in his estimation.
: RIsrISE & Co, did not decide that il was un-
lawful TO pay interest on our State stocks The
Supreme Court of the State decided that no APP
preparation had been made for that purpose.
RIsTISE 4 Co respected the decision Of the
Court. as all men having proper respect for the
laws and courts of the country should. When
the people come TO investigate these matters they
will find that while the Auditor and Treasurer of
State have kept strictly within. the limits of the
law his Excelency has rot