Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-09-29
THE STATE DtBr oUE,r,oS escs


The Journal cannot escape from its dilemma
spon the State debt qsssion. A the organ Of
the Republican party Of Indiana. as the organ OF
the Stats Administrations. and upon iss own ae-
count. it took the ground that the funded oeo'
Of the State created under the act OF le4h does
not bscors due in January next. and II still ad-
here's 20 THAI opinion. Nov. the Journal veil
know. tina, the Governor would not have called
a extra session Of the Legislature. IL IL bad not
been for The purpose Of adjusting this ndsbtsdness
Of the State. If the State deb. does not fall due
In January nerl, then there can be no necessity
fsr convsning q special session 70 pay IL. or ar
range -ith the bondholders for q change Of in
dsbtsdse... which will increase taxation at least
. hundred end twenty FIVE thousand dollars an
nually. II We accept the Journals idea Of the
obligation OF The Stu-, IL must eoacsde with us
that there necessity for called session o. the
General Assembly % adjust Indebtedness which
will not fall due IN January neIs-henee upon
that pon, there can De issue between IT,.
however, il does fall due at that time and We
believe that 10 the view entertained by the Cover
nor, why did hs not call the-st.eLtion Of the
Legislature at its last session to 80 important a
subjsrs be intim ted in bis m sssaKe be should
dof Was /. 70 give bis political friends sn op-
portunity TO speculats in the purchase Of these
Dondsf Our neghbOr entertains the opinion. or
90 intim stes. that are indisposed 10 republish
our article OF February last on tas State debt
question. Nov. il it really thinks so. we propose
to CRAFTY ia wishes in that regard II t will brat
answer fairly few plain questions in regard ID
tho matter. IL SAYS the deb, doe. not fall
due IN January next. The Act of 1876
reads thus Which stock shall be re-
dsemsble at the pleasure Of the State after
twenty years" and The Law was approved Jsns-
AIRY I9. 1916 Nov. We inquire Of the Journal
ifths boud-holders have not the right 10 demand
payment ofthe State for the bonds issued under
that act at the expiration of twenty years, will
they ever have the rghtl Ii the State is no! in
honor bound 10 pay OF adjust this debt to the
satisfaction o. the creditors at the end Of twenty
years. is there any obligation on the part Of tbs
State to pay or change the character Of this in
dsttedness and the rates Of interest upon it,
Eve and two aud halt per cent At any future
We inquire of the Journal If the bonds issued
by the State under the act OF 1916 are
not a perpetual loan. IL the State so
desires it, at the rates OF interest specified
and 21a per cent! And ss also inquire OF the
Journal. If good faith on the part of the State
does not require that demand OF the bond
holders of the funded debt after the expiration OF
twenty years. for payment. shall be met by either
ifs payment. or else renewal Of the debt upon
terms which shall be just and satisfactory I'D the
credtorsl
When the journal fairly answers these ques-
tons. we shall be most happy to grs.ify il By re-
publishing the article upon the subject which APP
pesred in the Sentinel OF the 18Th of February.
last And We will add that il the Republican or
gandesires to discuss this question dsp issonatsly
as question OF State policy. dvesiei OF psrtizan
animosities II can have the o2por tuni,y TO do so.
We are not afraid of il.