Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-02-27

TRANSACTION con1ccte1 Win the refusal 70 pay Tue
interest on the public debt. which must if posi-
bic. increase the sbhorrence entertained for IL in
the public mind. On the = day Of August
Messrs. RIsrISE and BEETr. the Auditor anc
Treasurer. advanced To WALKEK. 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 RisrixK and Barr have also taken
from the treasury the sum Of $50 600. with which
they have purchased Indiana Eve per cent stocks.
making in all the sun of 100000 taken from
the treasury for that purpose. RIsrrSE x Co.
decide that IL is unlawful TO pay interest on our
stocks. but that it Is lawful to take money from
the treasury 70 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"
On the 18th day Of March, 1861. this same
Governor signed and approved an act entitled
An Act to authorize the Governor to issue
bonds; TO appoint Board of Loan Commission
ers, ana 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 annually and the final payment
of the principal at maturity, on the bonds in the
first section mentioned an annual tax OF i've
cents On each one hundred dollars in value of
the taxable property of this State is hereby levied
commencing in the year lo6i, and the excess of
money coIectsdby said tax each year. after paying
the interest il becomes due. shall be paid to the
Sinking Fund Commissioners. who shall pur-
chase these bonds il they 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.
Was Governor MonroS. when he made the
statement above quoted. ignorant OF the ex'
istence Of the Law that he had approved. or did
he desire to impose on his hearers? The law
makes special appropriation of the money de
rived from this tax; it 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
the residue in the purchase of bonds and stocks
as required 10y law. and the Governor of the
State denounces the act as abhorrent and dis
graceful Had the Auditor and Treasurer, in
stead of using the money as they have done, ac-
cording 10 law. given it to him to run an insttu-
ton Unauthorized by the laws of this State or Of
the United States. the act would no doubt have
been much more creditable in bis estimation.
RIsrISE & Co. did not decide that it was IN
lawful to pay interest on our State stocks. The
Supreme Court Of the State decided that no ap
preparation had been made for that purpose
RtsriS. Co. respected the decision Of Che
Court. rs all men having proper respect for the
laws aud courts Of the country should. When
the people come soinvestgate these matters they
Will End that while the Auditor and Treasurer OF
State have kept strictly within the limits Of the
law bis Excelency has not.
The Situation and the PrOspecs.
- From the London Tines
Although the future looks dark for them, the
Danes have no reason TO regret the first events
Of the ca mpaign. They have undoubtedly stood
their ground against forces probably much su-
perior 20 their own, ard have proved. as in the
last war. that in anything but numbers the Scan
dinavans arc quite match for the Germans
Thu Ausrians and PruSsians are no doubt both
engaged in bringing up their forces for a more
general assault of the Danish line. At present
the fighting Is for-the possession OF tho town oil
Scieswig aud the rotd which runs northw eastward
from Eckernforde through Missunde and over
the Schle 10 Flensburg The Prussians acting
on the right of the allied line have vet failed
i'm taking the works nj Missunde and passing the
Schlie Their defeat was the first event OF the
war; and in the few days that NAV intervene be-
fore another attack is made. the Danes will prob
ably be to still further strens then their position
During the last three DAYS the fighting has gone
on with exactly the same result as on the 21
Hardly any Impression has been made the
D,nish line In attack on the 81 m Austrian
brigade is said TO nave lost four hundred. men.
with many superior officers. The next day the
works near Sehleswig were assaulted. but with a.
little success The Ausirisns appear to be before
III ,deby a place on the south side OF the Schlie.
opposite Schleswig, and their missiles make their
wsv even into the Latter town But as vet there
is no sign that the DaDes will 10 other than make
a stubborn resistance. Ii they retreat it will be
from vastly superior numbers and the failure of
those natural defenses by which alone so small
force could hone to keep its ground.
The frost has. unhappily for them, set in
again. and il seems likely that there will be
late aud, possibly, long winter. The waters
which make part of their line of defense are not
yet so much frozen TO permit the passage OF
the enemy. and. of course. the Danes will do all
they can to break the ice But If the hard
weather continue IL will be difficult for them TO
derive any real security from the Schle or the
Treene aud the overwhelming forces of the enc
nv NAV turn their position and compel them to
retreat, "a they did sixteen years ago. This, in
fact was the design of the Prussian General in
his attack on Missunde
In the last war the Danes fell back SchleswIg
to FIensburg. aud then made good their retreat
10 the island OF Alsen: where they were able TO
DEFY ali the efforts of Germany
Field Marshal Won Wrsngel, with. no doubt, a
good recollection of past events. was desrous, II
seems, TO cross al MssLnde, on the Danish lett.
and thus cut of the main body from their line of
retreat This maneuveg has been Tor the time
defeated: but it will. OF course. be tried again,
especially IL the freezing OF the Schle facilitates
the passage OF troops Possibly the Danes and
ing themselves LETT To struggle alone with the
whole power OF Germany. and percevng that the
weather Is unfavorable To the maintenance of
their positions may think il prudent to retire be
fore the enemy gains the power OF cutting of
their retreat But their present attitude seems
rather TO Indicate that they will hold out as long
as they can. in spite Of insufficient forces and
frozen rivers