Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-01-07

M,
State the money having been expended for purpose
for which the State honoraby and pairisteslly
bound 10 make provision.
FINANCIAL STATEMENT
Ire total amount Of ca, received ~
! have disbur sed-
For civil irpo-eS on YOU D.
erS .........-... sls9 ia -
For military purpo
vouchers ........-..........-..... Io2, iSO 10
Total sc2 COS Os
Ie~vinx = balance in my hands Of - sl24 2ss %
OF this bal nee s. 76s IS belongs 20 the funds
ceiyed account of civil expenses. and sll54s p
on account Of funds rec lived for military expenses
In conclusion on this subject respectfully request
thu, JOINT Committee Of the TWO Houses be speed
ly appointed 10 investigate the civil and military
pendltures | have made since the adjournment OF
the last egsla IRE. and 10 examine the vouchers
for the same file in my Department. and that the
Leg stature Will make prompt provision for the re-
pay ment Of the money | have borrowed for puh'ic
purposes. Ii was advanced from patriotic motives
with full reliance upon the good faith OF the State
for ts reimbursement, and without Il the machinery
Of the state Government could not have been kept
IN motion
Isuponted the Hon " H. II. Terrell As Financial
Secretary, and placed under his care and manage
msnt the examination and settlement ola accounts
He deserves great credit for the ability and success
with which NJ has conducted the business, and de-
sre in this public manner 10 express TO him my
thanks for his services His report 10 herewith sub
mitied ~ sn accompanying document.
INTEREST oS THE STATE DEsf
sh rily sster the IL gisstn-e adjourned. the qses
ton sprung To the e1i ience ofiezsl sppropri
st for the payment Of he lntere ST upon the pub
lie debt, nj the opinion Of Mr.. Hold, Attorney Gen
ersi, szs published. ieny'ns the r. existence and
a Y power n withdr%. the money from the
Va endorsed and ted upon y NJ Rlstne, di-
tor ~ sts,s. Believing that the q estion had it's
little Dom doubt the legal rs ht and duty of
the Treasurer - rer II the money 10 New YORK 20
pa. the interest at on9s too issue with these
gen emen The State h - sil. to pay the ctere II
upln her bond rom 1893 10 1876, DUNG which
tine she acquired repntst n for reped-tio ard
bsnkr. Pt y Tn IN, shish she only teoo-sIel after
The da-k eoud p h oh had thus been plsced upon
her hnsrcl,l character had riousy retar-ed her
growth wealth and popu' tor Inv lie OF gra-
{ on from her hord srs ls46 he effecteS a com
promise with most Of er ditors by the tran sfer
ofthe Wabash a, d Ere Cana 70 e-hsl' OF the
debt. and the issuing Of stocks for the other
half. upon which q solemny pledged herself to
nay the interest semi sonusliy- TINS pls dss, aud
IN. iegsla19 ID esa 70 Ut wenee 'hs 80 prom Sc
officers Of State, as valid appropriation rfthe mon
10 sy the nter-t uDder to old constitu-
ton. which. upon this subject, il like the present In
1850 the trainers o the new Constitution by the goth
section Of the 10th article, solemny ratified this
tract with the bondholders by appropriating all the
revenue Of the state, derived from taxation for gen.
eral state purposes, after defrsying the ordinary
penses Of the State Government, TO the payment OF
the interest and the liquidation or the principal ri
the public debt. IL was clearly the purpose Of the
Constitution 10 place the credit OF the state be-
you'd the contingency of dishonor by acts OF omis-
sion prohibition on the part 81 the Legislature
Under the new Constitution further Legislation 10 pay
the interest not deemed necessary, and this
construction acted upon by all ILLUSTRATIONS
down Ia leoJ, although, perhaps IN one case, a
ornsl Appropriation was made, without any definite
purpose An action for msndsmns against the
Aud or commenced by Mr.. w. II Talbot, Pres
dent OF the sinking Fund Board, for the svowed
purpose Of having the question settled which was
carried through the Circuit and supreme Courts,
and resulted in decision by the latter against thu
existence OF an Appropriation. Without iptend ng
any dsresPect 10 the eminent tribunal by which this
case was decided, | raust be permitted to OTIS rye
that the history OF Its origin, progress an conclu
sion, was such a. 70 deprive il OF snv moral infu-
ence, and that me principles upon uhich the decis
sion was made have been since openly disregarded
by the Auditor and Treasurer OF State in the pay
ment of large sums Of oney TO the Public Printer
But leaving out OF view wholly who was right or
wrong upon the legal question, u matter OF the
hr-t IMPORTANCE that the Obligations Of the State
should be promptly met, and her credit rescued
from the disaster Of anew dsLonor. IL had received
shock 10 the 81 covery aud exposure OF the stover
forgery of our state stocks, amounting TO nearly
three millions OF dollars from the evil consequences
ofwhch 1t was relieved only by determined effort
the part OF the State authorities TO bring the GRIM
mails 70 justice. No argument was required 10 prove
that ahOu'd i again become impaired by serious
failure upon the part OF the state to meet her
gsgements II could not I've restored during his gen
er-tOu, and the progress OF the state 10 wealth and
population you q receive seroua check. Deter
mined, II possible 20 avert the thresten ned calamity
went TO New York and laid the whole matter before
the house OF Messrs. Winslov, Lsnier 4 Co., with
the reque.t that they shou,d advance the amount
necessary 10 pay the interest until time the
Trea ury might be unlocked, anu the money on
tanned therefrOm Nv request was generously met
and after full consi Grafton acceied TO. provided
correct list OF the stockholders could be obtained
IL Is proper % state that in making this arrangement
no stipulation asked for given, " regard to
the pensstion thav should receive totlbense Of
their money AMI the rsS and trouble thy should
incur but the whole MISTER referred 10 the
future action snd good faith OF the state,
90 saA nRpE alb f..gG fof
Of their readiness To nay the interest ard asked him
to furnish from his books list OF tho stock holder.
for the making out OF which they offered 10 pay.
This he pcr"mptorly refused. and denied access 10
Ais books from which they desired 10 copy the list
They then proposed 10 him thst Re should pay the
Interest the usual way upon his own books, agree
ng 10 honor his checks issued therefor ~ the same
time generating him from al personal liabilities Tor
my moneys :" pad ihis ot-r va hke~ire re-
fused. The CORES poudsuee between NinslOw, Lan-r
Co. AMI Walker upon this subject, Is herewith
submitted Tor your confederation. A. Nessrs VIM
low, Banier a % would not take the responsib lty
Of paying, IN the absence OF correct list OWING 70
the existence 81 Il x amount Of spurious stocks.
winch otherwise hey had no means OF detecting he
interest which fell du. on the fret lay of July, lsbt,
went unpaid
Determined not 20 - defes;ed. = po-sible in the
effort 20 preserve the credit 81 the State sttempted
to secure from other sources correct lie o. the
stock holders, add IN this attempt succeeded ia No.
vemhcr. In The mean time the rece-sity Tor action
had re ONE more manifest and impcrat We than be-
fore v bile the American stockholders had a cor.
rect knowledge Of the late Of Affairs, and but ~
stocks were changing hands or beiog offered IN tie
market the ease quite different with oEr stock
holder 10 Europe IN Europe, American politics
ways badly unierstood, and the principal fact
which they clearly eonprehepded Wa, that they did
not their interest. They associated this failure
with That o' lsSi. aud began % ssy hat there
strange fatality attending Indiana securities.
Nnd 10 tNei INC intention ~ ending Them bsk
To- Amercs ana getting clser OF them At once and
ireger such measure uli have gwen the
state bal nam. abroad. seriously affecting em
grafton 20 her borders. AMI would have been followed
hy great depreciation aud loss OF credit throughout
the United states
Havnz presented the let q Nes-r-. Winsos.
fsneI %, they promptly renew "a their Offer and
gave public notice that they would pay IA. hack ~
forest winch foil due july. and st~f~srd gave
further notice that they would pay the interest
crr.i GA the st Day - Janu ~ 1904, the -t dsy Of
JulV n T. AMI IN. isi day of January. SO. and up
To thu SLIT % November last, a. an advised. had
paid DOT ssi6.t7T us How much thss have paid since
the lsi Of January ISIS, an not advised. bat pre-.
.umc 10 sl MAKE the aggregate a. much - sbl5..o
the not. and generous conduct - tins house should
and will be appreciated by the people of Indiana. and
Mr Lanier, IN hs clear comprshenson aud adj.
management Of tn Altar. has displayed not ouly
financial 10 Try. but broad stsies an-hp no, often
eth bted IN financial Affairs.
trust that the generous ma isnos vhioh he has
r. posed % the good faith 81 the people Of Indsns
" n not De- fi-%ppol nfei and that the Legislators
vii has'sn 9, reimburse him for The money he mas
~tpendei. aud indemnify him for the use % "a. sod
FOR the trouble h has incurred
IN c0aoluson upon this subject. am slAd 70 -
aos % sav that the credit % the state hss o~sn ly
preserved. ana that her stoeys noe command .
tfah,r tr4.e relatively 10 The market vhsn &C n pAx