Marshall County Republican., 1865-12-28
From the indianapolis Journal
The State Debt Bill.

The act passed for the adjustment and payment
Of the State debt, . compromise between the
friends of the House and Senate bills. and, while
not entirely satisfactory to either, was accepted by
both, as the best arrangement practicable under
the circumstances
Its leading features are as follows
A special tax Of ten cents on each 500 Of the
taxable property Of the State 10 levied for the year
1866, and each succeeding year. until the public
debt is paid; which tax, together with the State
debt sinking fund.- and the sinking fund proper, are
denominated the State debt sinking fund, and are
set apart exclusively for the redemption OF the
principal of the funded debt of the State, except
such portion thereof as is held by the Commits
sioners Of the sinking fund proper, and excepting
also, the unpaid balance OF the war-loan bonds,
which are to be redeemed by the special tax OF
FIVE cents on each 500 Of taxpbles, provided for
In the act authorizing their issue.
The Auditor. Treasurer and Agent OF State are
constituted board for carrying out the provisions
of the BILL and their duties well aud succinctly
defined.
They are required to notify the holders of the
varloan bonds, in the first week of January, 1866,
and each following year, until II paid, OF the
amount OF money the State will have on hand, ap-
piicabe to the payment Of said bonds, on the 6rst
day of the succeeding May, and the holders who
desire 20 receive the money for their bonds, are re-
quired to notify the Agent OF State, at his Office in
New York on or before March 25th, OF their
money is left, after paying all the war loan bonds
surrendered, it is to be applied to the payment
of the registered stocks.
The State debt sinking fund il set apart for the
payment of the principal of the two and half and
fve per cent registered stocks, but the former are
20 be paid in full, il surrendered, before any pay
ment is made on the FIVE per cents.
Payments are 10 be made pro rata on each GER
tihcate, and on payment the certificate must be
surrendered to the Agent Of State who is required
20 execute a receipt thereGor TO the holder, and
transmit the surrendered certificate to the Auditor
of State, who issues anew one for the balance due
which is to be sent to the Office Of the Agent oil
Safe who is to register the same and deliver it tc
the owner. The Auditor is also required to can
eel the old certificates, and retain them until the
meeting OF the next General Assembly, when they
are to be examined ~ the Finance Committee o.
Ways and Means of tue House, and then se burn
ed.
The provision for pro rata payment will sub
Ject the holders Of stocks to some inconvenience
but il will probably prove valuable TO them and
the State, by rendering it easy, after the first pay
ment, to distinguish the Slower spurious stocks
which are now known to the Agent OF State, but
-hich, under the old system, might, at some future
time, Dc transferred by other agents ignorant o.
their character, and thus become a part Of the
State debt
The Auditor, Treasurer, and Agent Of State ar,
20 meet at Indianapolis, on the first "Wednesday o.
April, annually, and ascertain the amount OF mon
ey that will be in the Treasury the 18th day o
:he succeeding June, applicable to the payment o
such registered stocks, and thereupon they are re
quired notify the holders thereof by publication
in two daily papers in each of the cities of New
York and Indianapolis, that they will pay sucl
sum pro rata OH all certificates surrendered to th
Agent Of State, at his Office in New York, on o.
before the 20th oay Of June next succeeding.
FROM and after the Goth day of January, 1867
the Board of Commissioners of the Sinking Fun'
is abolished, its property is to be sold and the pro
ceeds applied to the State debt sinking fund, an,
its books, papers, stocks, bonds, mortgages, mon
eys, rights, credits and ELECTS are to be surrender
ed 10 the Auditor OF State. and il Is made the dnt
OF the Governor, Auditor, Secretary and Treasure
OF State 70 invest all moneys arising from th'
mortgages belonging to said fund, in the y alS
; per cent s.ocks.
IL is made the duty OF the Auditor OF State 3,
draw his warrant on the Treasurer for the interes
accruing on the stocks held By the Sinking Fund
and the Treasurer is required place the same /,
the credit OF its common school purposes as oshe
school funds are distributed from the State Treas
ury- a5fs ss.s. ~.
If this law is faithfully carried out, we shall
within seven years, be free from debt, except wha
We NAV owe to the Sinking Fund, or, rs il ma
now more properly be termed, the school fund
aad as the interest Of that is to be applied to th
support Of common schools, the rate oftaxation "a
school purposes may be reduced in proportion
the sum Of the interest pad 10 that fund.