The Indianapolis daily herald. [volume] (Indianapolis, Ind.) 1865-1868, 1865-12-11

The speech Il the Honorable Representative
from Jacks county appears IN our paper Of
to-day. II j. charagtsd<cd by the ability
which di-tingui-he, al the Effort. Of that tai
enicd Young gentleman; and. - % the ohjec-
lions urged, IN the speech, against Mr.. Bran
ham's biii. they may ~ and probably are valid,
bat n this we arr not prepared O. peak def
nitely i-ocan-e we have not seen the bin and
been able 70 compare IT, provisions - that we
could judge u the part Il the bin IN conncc-
ton y ith the whole.
our purpose in what We now say j. 10 put
in our dissent, AZ once. u the opening para
grapis 4 Mr.. Brown. speerh. IL says, II We
understand him Alright. that the special 49,
-ioa wa called o. adjust the public debt,
that it ought o. be adjusted. that II falls due.
that j.. the two AMI a half pr cent. bond-.
next month. We have heard thi. argument
before from Mr. Hudson. anil other interested
IN the bonds mentioned, have reflected on H.
and have answered u In former numbers. We
inquire how II i known that the special 49,
sion Wa called 70 adjust the public debtS The
Governor has not said 40; but if the Executive
did call the session for that purpose. i il
10 be said that the Legislature j. 50 thoroughly
the slave Of the Executive that II j.. therefore.
bound 10 adjust the dcbts II Mr. Branham',
bill j. opposed a., for aught we know. II ought
to be. let the opposition rest On the merits Of
the ease, and not Do made with a view TO de-
feating It. in order 10 make way for another
bill 10 saddle still more burden-one taxation
on the people.
In our humble opinion the proposition that
the two and a half per cent. bonds are not due
next month j. a plain a one was ever sub
mittcd u the judgment Of man; and i as
clearly demonstrated in the Executive Message
a. argument can reach 10 demonstration. The
written contract speaks for itself and merges
all outside Understandings in itself. Talk
about adjusting the state debt. The contract
creating i makes the adjustment. The bonds
are payable when the state without imposing
too severe a burden Of taxation on the peO-
I pie Of the state, can pay them. And this is
with reference 10 all contingencies that might
happen. in the meantime. 10 the state. IL is as
II the parties had said, in fuller terms, the
bond shall be given payable in twenty years,
and the state shall levy such and such taxes,
etc; but, as Unforeseen eVents may occur, such
as short crops, war, or the like the state shall
have the right to control her actions in the pre-
Mise, To change rates Of taxation, divert funds
I etc. as exigencie, may require, and the condi-
ton 81 her people, in the judgment Of the state
demand. This is the contract; this IS the Gd-
justH,eat made By the pdrties; and we say
unhe-itatngly that the affective taxation that
the war has brought upon Us, at this time
brings the ease clearly and honestly within
the contract for delay, To avoid the doubling
up Of burdens. And the debt i, not payabl,
in parts. IL one man gives another hi, note
payable when he is able, he /, not bound t.
pay any part Of it till he /, able to pay the
! whole; nor IS he bound 10 give new note
nor is he bound 10 increase the rate Of interest
10 pay part before the whole fell due. would
Dee generous. but il would not be duty; be-
cause it would not be required 10 DE done D,
he contract And, If men and States fulfil
their contracts, that trW do. OF course. ia,
bonh-holders desire, earnestly desire to hay,
the interest on these bonds raised, and caI
Wen afford to make immense efforts to accom-
pl>h il; because. IL will not only more than
double their annual interest income. but. a
once. double the value Of the stocks in theii
hands. Zach million Of dollars of them. the
moment the vote carrie, 10 raise the interest
will. a by magic touch. become worth TIVE
millions; each thousand VIII be worth tive
thousand: and We know Of 10 easier. and Ger
tainly Of no quicker way for the bond-holder'
To double their fortunes, than to procure N
act 20 double them from this Legislature: bu
the history Of such an act will be long talkeC
over in the chimney corners Of the farmers an,
laboring men. a. il will be annually called I,
their minds by the visits Of the collectors from
them Of the gold Of affection" with whicl
the increased interest saddled upon them vii
have 10 be paid The matter, we remark
again, has been adjusted for twenty years; i
needs NJ tnkerins al the hands Of thi. Legis
lature.