The Indianapolis daily herald., 1865-12-20

eruing interest, and b. put the principal ef the !
old debt, and the unpaid interest. la shape (,
which would meet the pecuniary ability Of the 4
state. and. at the same time, gave % them some f
return for the money they had loancd 10 In
diana many years before. No one. I apprc- +.
bend. supposed that the SMALL interest then
accepted was 10 run beyond twenty year,. II
was against all the usdges which prevailed
among money-lenders 20 accept i've and two
and a-half per cent. securities, without limita-
ton q time % payment-t0 run on AZ the
" pleasure " II the borrower II any state
has borrowed money on terms 80 favorable. II
has escaped my knowledge. Not even the
National Government. with ~ gigantic re-
sources and crecit. can boast q loan like
that. Indiana plead her poverty for not being
able 10 pay six per cent on the principal OF
the new certihcates-some Of the old bonds
were six per cents: and she urged her srireDae
poverty for Offering 3 two and a-half per cent.
interest on money which she defauted in pay
ing six years before. The state had a reason
able excuse theB for Offering such how rate
" interest, aud IL was accepted for :. twenty
years AZ the measure OF the States ability.
The creditors have waited for six long years.
without dollar In the way Of interest on their
bonds, and IN cOnsenting % accept two and
half per cent. per annum. am 81 opinion that
they manifested deep love for some Of the
Christian graees-lons suffering and patience
being two II them. And for twenty years"
they did not seem 10 repine or get out Of tenn
/ per. Like Job Of 0ld-that afflicted servant Of
God-thesc ccrtificate-hoiders did not let this
/ two and half per cent. vex and annoy them.
+ They bore this new trial with forttude. Ii
/ added but one more sore. and brought but an
other tNinge To the suflerings already endured.
/ I know not what Others may think. but il is
my deliberate judgment that every citizen who
will calmly consider this subject, will come 10
/ the conclusion that these certificates should be
| paid OF in cash. or that other securities ought
! % be rendered 10 the holders bearing legal in
! terest- This is not q new thing even for In
diana 70 DO. The state, as early rs 1871, Offer
| ed To make this kind ~ exchange. At the scs-
sion Of lsi0-il. the General Assembly fore
seeing the states inability To pay the coming
July interest 81 that year from the reye-
enues likely 10 come into the Treasury,
passed n special act. on the 18th Of February
/ OF that year, authorizing the officers Of the
state TO issue sereH per cent. bonds. the same
TO be sold In the market TO raise money 10 meet
the interest. or 10 be rendered In payment Of
the past due coupons attached 10 the bonds.
Indiana was not then defaulting state. and
she had dread 10 become so. She was pre-
pared 70 make any sacrifice 10 avert so great
dishonor.
There is one other feature Of this question
which II may be proper 10 notice. Ii will
show the Intention Of the Legislatures of'45-6
and that Of 49,. The first act, passed Janu-
AIRY II, 1916, provided that the State should
levy an annual property tax OF twenty-five
cents on every one hundred dollars OF value,
and poll-tax Of seyenty-fve cents" 10 meet
Il
abes Of that year, for State purposes were
Si26 200 900. and the polls 10000. IL was then
estimated that the tixables would increase at
the rate OF SIX millions of dollars, and the polls
six thousand annually. up TO 1850. The Sec
Ond act was passed January u, 1877, and the
18th section OF that law offered 10 the holders Of
these i've and two-an,i-a-h half per cent certifi-
Gates the following distinct PLEDGE:
See Is, Now. 90 demonstrate the good faith
OF the State 81 Indiana, and for the removal OF
] ul As a III
10 create general confidence In the said recited
act by the State for The liquidation ~ lis
debt:
BE 10 enacted. That the tolls. revenues and
profits Of the,said canal, and it, appurtenances,
present and future. and the money to arise
and be collected by and from the sales of the
lands and premises contiguous thereto and in
the said act more particularly mentioned and
described and the personal tdreS 10 be ieried
tOtrdrd the payment Of The sad debts. as in
the said act also mentioned and the receipt and
application for that purpose " in the said
aet l. also provided, shall remain and be in
Rotate and IN fnH Jorcei and the payment of
the principal moneys and interest on tho GER
tihcates and stock intended TO be created pur-
suant 10 the said act and this act. and all the
certificates and evidence of title there
of respectively, shall be and continue
cfrectndi and iari0idts hy the EXTRAORDINARILY,
until the objects and purposes Of the said act
and this present act. shall be fally accom-
piished."
No one can misunderstood this language
There was pledge given in regard TO these
certincates, and the question l.. has that
pledge been redeemedy 80 far A. the interest
on these certificates l. concerned, the State has
honorably aud faithfully discharged her duty.
But then there are the principal moneys ="
now almost due. Have these heen provided
Tor, and has the surplus of the twenty-five
cent tax and the sevcnty-fvc cents poll which
the state promised IL levy ON all the property
within the State FOR the last twenty years, been
\ = . -
principal moneys" | ask the question not
for the purpose Of discussing IL, but 10 direct
your mind aud the attention Of others 10 the
subject. have not the time TO go through the
revenue bills passed since lSi1 10 ascertain
hOr far this provision has been kept No
doubt twill attract the attention of those hav-
lng time and opportunity to look intoit. which
have not.
Many Of the membcrs Of the Senate and
House, participants in the deliberations of
those days, have gone to their final rest, and
are no longer competent 20 testify before earth
~ tribunals. \ few Of them are vet spared.
and will he heard from on this question. no
doubt. There must bo more or ies4 error i'm
attempting To relate impressions OF facts hap
penng 80 long ago. | apply this remark 10
my own ease as well all others who may
speak on the subject. Twenty eycntfu year,
have passed over their heads aud mine. Child
rem IN the cradle then are men and women
H0tc. and these persons will. at the present day,
measurably control the settlement of this ques-
lion. All That we can ask II the new genera
ton i that they my hear our testimony and
decide ON tue evidence. For myself. | claim no
more IMAM q TAR ami patient hearing remark
ing that have clear and strong recollection
Of the incidents and discussions which or-
CURED pending the deliberations on that mcn-
Sure-thc restoration Of lndianaS financial
the knowletl-r that aided In that work
must hc allowed 10 say for myself. that
design no imputation on any gcntleman's rec
objection OF facts which may differ from the
views here presented. MANY OF them may
have impressions differing from those which
rest upon my memory. The pledges Of the
| law, however. must be our chief guide. with
! the collateral discussions which preceded H.
I These covenants Of the state In the act, re-
ietIed To; stand ~ an unimpcachablc record
/ and neither my recollection nor that of my
colleague, can offset them. These laws win
stand forever Ne the act of the state, sanction.
cd ~ they have boon by tho popular verdict OF
the people 81 Indiana.
ltmV be proper for me TO say that have
hrNef held, nor do now. dollar I'm value of
these certificates. | have no interest immc-
/ ulato or remote, IN any decision which the
state may make In regard O. them Nv interest
/ IN any discussion which may arise. ~ that Of a
/ private citizen aud taxpayer alone, governed
/ by the anxiety which htveeVcr felt that Meth.
er the states nor the Nation shall rcpudiate it,
= honest obligations. During my services "A. A
member nom Nlgo county. running through
I PeIipd Oh 'lEht years, nom 1877 10 lSlS. |
have not knowingly given aNote which would
encourage the disregard Of State fidelity, and
nov, when IN the honorable position of A pr.
Natc citizen. IL II my duty. ~ Il y my desire 10
encourage that sentiment. which can alone
make Indiant honorcd AMI respected. The
T people may honestly differ on many subjects
+ erecting the action II political parties and vet
preserve their personal self-rc>pcct; bat they
owe u % their own good name. and b. the
proper training 81 their children. that no dis
sn AL fitsa fair
thcir Governments. state or national. As q
rtix'n, stand prepared "a meet INV share If
these hurthcns. and would greatly prefer e. see
them arranged and settled noir than leave them
A. = charge % those who MAY follow US.
Your icllAN -itlxrn.
THOMAS BOWLING.
J. H. WILLIAMS, Esq.
ferrc lautc, Indiana.