The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1865-11-23
THE. PUBLIC DEBT.

The amount Of the public debt of the
State consisting of two and halt and
five per cent. registered stocks IS seven
millions four hundred and eighteen thou
sand nine hundred and sixty dollars and
fftv cents 81 $3.50 50 or this
amount the sum of five millions three
hundred and forty two thousand five
hundred and sixty dollars S5,342, ,560)
is five per cent, and the sum of two
millions seventy six thousand four hun
dred and sixty dollars and fifty cents
(S2, ,O76, 400 50) is two and half per
cent stock; that is stocks upon interest
is paid at these rates.
OF these stocks the Board of Com
missioners of the Sinking Fund have
and now hold the sum of four
and forty six thousand six
hundred and seventy two thousand dol
lars and sixty-sev cents (S446,6I2 6i)
of the five per cents, and the sum or
fifty-one thousand two hundred and sew
enty-two dollars and fifty cents (S51,-
272 50) of two and a half per cents.
The State Debt Sinking Fund has pur-
chased and now holds seven hundred and
eighty eight thousand and thirty five dol
lars (S7sS,035) of the five per cents
and ninety six thousand nine hundred
dollars (S96, ,900) of the two and half
per cents.
The aggregate amount of what the
State holds, through these two funds, is
one million two hundred and thirty four
thousand seven hundred AMI seven dol
lars ane sixty seven cents { ) ,234 1o1 90
of the five per cent stocks, and one
hundred and forty eight thousand and
seventy two dollars and fifty cents
(sl4S.l 50) of the two and half per
cents; in oil one million three hundred
and eighty two thousand eight hundred
and eighty dollars and seventeen cents
(sl 49,. $50 l7) leaving in the hands of
the creditors OF the State the amount OF
six millions thrty-siN thousand and
eighty dollars and thirty three cents
$50, ,0i6. 0S0 33) of which four millions
one hundred and seven thousand seven
hundred and ninetv-two dollars and
thirty three cents { -, 1o1,I 1872 33. are five
rrrr cents. and one million nine hundred
and twenty eight thousand two hundred
eighty eight dollars { 81 ,92s, ,2Ss are two
and 4 half per cents.
The face of the stock. or the certiti-
Gates of Indebtedness provide that '.this
stock is redeemable at amy time after
twenty wears from the 18th day OF Janu-
arv, lS46, at the pleasure of the State,
and until redeemed Is transferable upon
surrender IN the clty OF New 1oFk. IN
books provided for that purpose by Agent
of State there resident, by endorsement
thereon. and according TO such other
T rules and fogms as are or may he pre-
scrihed for that purpose. And for the
payment of the interest ana redemption
of the principal aforesaid the faith of
the State of Indiana is irrevocably
pledged
The twenty years referred to will eN-
pire on the 10Th day of January next.
and the question first u be considered is
whether these stocks fall due nj that time.
and whether the contract made by the
State requires that payment shall be
made on that dav BY some it has been
urged that the words, ''at the pleasure OF
the State are to be treated as surplus
ace. and the money held 10 fall due pre-
cisely at the end of twenty years In
support of this view. it Is argued that
because a State cannot be compelled tC
pav her debts bv legal process, the pay
inent will in all cases he at '-the pleasure
of the State / fail To preceive the
force of this. and must hold that the Ian
guaCe in question means Just what 1t say ;,
that the State may consult her own con
yenience as TO the time of making pay
ment. unless there is something IN the
! ont nF which