Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-11-17
GOVERNORS MESSAGE.
Gentlemen of the Senate and House of

The Constitution provides that, if in
the opinion of the Governor the public
welfare shall require it, he may ct any
time, by proclamation, call a special SEES
sion of the General Assembly. The
provision of the organic law of the
State rendering the regular sessions of
the Legislature biennial, and limiting
them to the term of sixty-oue days, the
condition OF parties in this State during
the last four years, and the public ex-
element incident to state of war, nm
fitting as it did, to some extent, the
minds of men for the calm considera-
ton. Of subjects of ordinary legislation, |
have all contributed to prevent the adop- |
lion Of legislative measures which the |
progress of the State and the welfare OF
thespeople would seem TO demand. 81
sAtthe last session of the General As
sembly many important bills were intro
duced, but failed in the different stages
of Their progress for want OF time to
perfect and pass them. That the time
spent on These unprotected measures
might mot be lost to the public, an act
was passed proyi'ing that the business
OF, any regular or special session OF the
General Assembly, on the calendar or
files Of either House, and remaining
unfinished at the expiration of such ses-
sion, shall, at the next succeeding special
session of the same General Assembly,
be transferred to the calendar Of the
house in which it was pending, in the
same order in which such business stood
at the termination of such regular or
special session, and shall be taken up
and disposed of in the same manner it
might have been taken up and disposed
Of at such preceding regular or special
session.. The considerations before men.
toned, the fact that the unfinished BUSH
nessgofs the last session upon which in
telligent labor had been bestowed, could
only be saved by reconvening the Cen
eral Assembly in special session, and
the belief that measures of vital import
ance demanded legislative action before
the time fixed for the next regular SEES
sion, have caused me to issue the procla-
nation, in pursuance of which you are
now assembled.
a va5L TIE PUBLIC DEBT.
The amount of the public debt of the
State consisting of two and half and
five per cent registered stocks is seven
million four hundred and eighteen
thousand nine hundred and sixty dollars
andr hftyJ cents ($7 Ais, 800 50 of
thiss amount. the sum of Eve millions
three hundred and forty.two thousand
Eve hundred dollars (e5, 342, 500) is FIVE
per cent, and the sum of two millions
seventy-six thousand four hundred and
sixty dollars and fifty cents (2,O76, 400
SOY is two and half per cent. stock;
that is stocks upon which interest is paid
at these rates S~Yyrr W
OF these stocks the board Of commits
sioners of the sinking fund have pur-
chased and now hold the. sum of four
hundred and fortyssix thousand six hum
dred and seventy two dollars and sixty
seven -oents ($446,672 CD of the five
per cents, and the sum of ffty-one
thousAndltwo hundred and ,seVenty,two
dollars and fifty cents ($5l, 272 SOY of
the two and half per cents. * ~ sssa
The State Debt Sinking Fund has
purchased and now holds seven hundred
and 9eighty.eight thousand and thirty
FIVE dollars ($7S8, 035) of the five per
cents, and ninety-six thousand nine hun.
dred dollars 1896, 900) of the two and a
half per cents. $ 6 .i2e eai '.,.'fsi.-' :
The aggregate amount of what the
State holds, through these two fundl is
one million two hundred and tbirty-four
thousand seven hundred and seven dol.
larsaG6 sixty seven eents( 81 1884, 707 i67)
ofIthe9 fiveoper cent stocks, and one
hundred and fourty-eight thousand one
hundred and seventy~two dollars and fifty
cents ($l48, 172 50) of the two and a
half per cents in all, one million three
hundred and eighty-two thousand eight
hundred and eighty dollars and seven
teen cents Isl ,S82, $3.50 10, leaving out
standing in the hands of the creditors of
the State the amount of elk millions
thirty-six thousand and eighty dollars
and sthirty-three cents ($6,036, 080s33)y
of whichlfourl millions one hundred and
seven thousand seven hundred and nine
ty-two dollars and thirty-three cents
($4,l07, 1872 33) are FIVE per cents, and
one million nine hundred and twenty
eight thousand two hundred and eighty
eight dollars (s1, 92S, 28S) are two and a
half per cents. w
The face Of the stock or the certificates
of indebtedness provide that "this stock
is redeemable at any time after twenty
years from the 18th day of January,
1886, at the pleasure of the State, and
until redeemed, is transferable upon
surrender in the city of New York, in
books provided for that purpose by the
Agent of State there resident, by in7
dorsement thereon, and according to
such other rules and forms as are or
may be prescribed for that purpose And
for the payment of the interest and
redemption Of the principal aforesaid,
the efaith of the State of Indiana is
irrevocably pledged. saam
The twenty, years referred to will ex,
pire onlthe 18th day Of January next,
and the question first to be considered
is whether thesa stocks fall due at that
time,sand whether the contract made by
the State requires that payment shall
be made on that day. By some it has
been urged that the words, "at the
pleasure Of the State are to be treated
as ssurplusage, and the money held to
fall due precisely at the end Of twenty
yesrs3 Z In support Of this view 1t is ar
gued that because State cannot ne
compelled to pay her debts by legal pro-
cess, that the payment viii in all cases
be "at the pleasure of the State /
fail to Ierceive the force of this, and
must hold that the language in question
means just what it says, that the State
may consult her own convenience IS to
the time of making payment, unless
there is something in the history of the
transaction out of which this form. of
transaction sprang, or something con-
tanned in the law creating It, that re-
ouires different construction should
be placed upon the language The
naked legal effect of the instrument, if
not modified by history or provisions of
the statute creating it, i take to be, th 8:
that until, the end of twenty years the
State has no right to require the credi-
tors to take their money, and thus stop
the payment of the interest, but thatthe.
money was to be paid at some time after
the enc Of twenty years, according to
the pleasure and convenience of the
State. But this pleasure of the State
must be reasonably exercised, SO as not
to defeat the payment of shefprincipal
sum absolutely. The construction
have heard commended for, that the State
may defer the payment of the principal
twenty-five, fifty or one hundred years,
or in fact forever, provided the interest
is promptly paid. cannot be maintained,
for that would be to defeat the opera
tionsef the concluding sentence of the
instrument, above quoted, which SOL
EMMY pledges the goo faith of the
State for the payment of the principal
IN vua1l aa the intaraat This solanan