The Indianapolis daily herald. [volume] (Indianapolis, Ind.) 1865-1868, 1865-12-01
AFTERNOON SESSION.


The Senate met at o'clock. and proceeded
with the consideration of the business pending
nj the time Of the recess for dinner.
Mr.. CORBIN'S prejudices all along have
been against the changing of this fund, and
now he l. called upon 10 take choice between
two eyis-this bill rs u comes from the House,
il l. proposed to be amended by the re-
port Of the Finance Committee. He spoke in
opposition 10 the amendment under considera-
ton, and gave his reasons at length for prefer
ring the section n il came from the House.
Mr.. NILES had desired for years that this
fund should De withdrawn from its present
channels. lie had looked upon the system a.
fraught with evil almost unmixed with good.
Ii creates the necessity of employing n multi
tude Of officers and agents, aud almost neces-
sarily must he, in the present state Of society
and the world. kind Of corruption fund. He
had frequently remarked that rather than have
these funds hawked about over the state. as
they have been, for the sake of having one
half securely invested in our public securities.
he would be willing to see the other half
sunk in the bottom ofthe ocean. He proposed
the following substitute for the committee
amendment:
And in case said bonds and obligations Of the State
cannot at any time be purchased at rate deemed
reasonable said Co omission hereby authorized
20 invest funds in the bonds other public securi
Of the United States at rot exceeding their narse
value and said bonds of the state
be pu based at reasonable rate. said Commits
,opers NAV sell said securities Of the United States
any part thereof for cash. and shall immediately re-
the in said bonds of the State as si're
said
Mr.. NILES advocated his amendment at
some length. lie remarked that the original
bill proposed 10 authorize the sinking Fund
COMM S>ioners 10 loan out the funds 10 lndl-
Vidual> i'm ease bonds Of the state cannot De
purchased NJ Il aspnable price. lie should
regard il a. great public calamity TO have the
/ sinking fund distributed through the state
and loaned 10 individuals or banks A. 10
those funds, IL was hi> first object 10 have them
invested IN our public debt.
The amendment proposed by the Committee
would compel the Commissioners 10 Keep the
funds locked up in their vaults. whenever the
obligations Of the state can not be purchased
AZ reasonable rates-thns ncces>itating loss Of
interest.
ON the contrary. his amendment would au-
thorize the investment of funds otherwise ~
lng idle. in the bonds Of the nted states.
such bonds can always be bought or sold IN
the public markets, az a well known price. and
tall the money can - iudiciou>lN invested IN
our own securities. would Ia drawing high
rate Of interest. Ii would leave no room fer
peeulation-cau~e no lo>s-and be attended
with no expense. and would bring revenue
L. the state.
perfect a. possible. without now determining
whether IL would be Just 10 our creditors, or
whether he ought 10 cte FOR the bill ON it, pa
Sage.
H. Il
Committees amendment. on the ground that
il would b. extreme folly for ~ 10 occupy the
position Of money -lenCer for any great length
: II time while We are involved in debt. All
the objections urged against the Committee
amendment. IN hi judgment, applied with
full force against this one.
Mr.. HOkD. after reading the bill and making
some few inquiries concerning II. va, more
fsVorahlV impressed with IL provisions. lie
directed however. 20 the amendment propos-
81 by the senator from Laporte Mr. Miles.
and also "a the amendment Of the Committee
He preferred the section ~ IL comes from the
House: and on reflection since the reccs> for
dinner felt disposed o. vote for the bill.
Mr. COBB was not sure this bill indicates a
proper mode Of investing ihis fund; but n
+ there seems o. be disposition 20 push II
through in some shape. he desired % - II
perfected without committing himself Tor OF
against H. The amendment OF the SENATOR
+ from Laporie Was no better than the Committee
amendment: and his remarks were IN OPP
position o. both. without going into the detail,
Of the bill lie understood. from information
+ impaired TO him on the subject. that Al tni'
session there would be no adjustment OF ule
state debt-that the majority I'm this lSestsia-
+ ture contend IL l. not due. And II II l. mol
due he was unwilling 10 pay II. for the reason
. that we are now burdened with taxation. anu