Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-12-27
The state Debt BIZ.

The act passed for the adjustment and
payment OF the State debt, was the re-
sult of q compromise between the
friends of the House aud Senate bills,
and while not entirely satisfactory to
either, was accepted by both, as the best
arrangement practicable under the Cir
cumstances,
n Its leading features are as follows:
a special tax Of ten cents on each
800 Of taxable property of the State,
is 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 eiffkir-g, furd, end are set apart ex-
clusiveiy tor the redemption of The prin-
cipal Of the funded debt of the State,
except such portion thereof as is held
by the Commissioners of the sinking
fund sproper, and excepting also, the
unpaid balance of the war loan bonds,
which are to be redeemed by the special
tax of Ave cents on each 500 of taxa
bles, provided for in the act authorizing
their issue. sbrse.so
The Auditor, Treasurer and Agent OF
State ara constituted board for carry
ing out the provisions of the bill, and
their duties are well and succinctly de-
fined. ena hH riST,,
They are required to notify the hold
ers of the war-loan bonds, IN the tirst
week of January, 1865, and each follow
ing year, until all are paid, of the
amount of money the State will have on
hand, applicable. to the payment of said
bonds, on the first day OF the succeeding
May, and the holders who desire to re-
) eeive the money for their bonds, are re-
quired to notify the Agent of State, at
his Office in New York, on or before
March 18th, of their acceptance of the
proposition for payment; and il any
money is left, after paying all the war
loan bonds 80 surrendered, it il to be APP
piled to the payment of the registered
stocks
The State debt sinking fund is set
apart for the payment of the principal
of the two and a half and Eve per cent.
registered stocks, but the former are to
he paid in full, if surrendered, before
any payment is made on the five per
cents. &.
PAYMENTS are to be made pro rata on
each certificate, and on part payment
the certificate must me surrendered to
the Agent of State, vho is required to
execute q receipt therefor to the holder,
and transmit the surrendered certificate
10 the Auditor of State, who issues a
new one for the balance due, which is to
be sent to the Agent Of State, who is to
raOister the same and deliver it to the
owner. The Auditor is also required to
cancel the old certificates, and retain
Them until the meeting Of the next Gen
eral Assembly, when they are to be ex
.amined by the Finance Committee OF the
senate. and the Committee of Ways and
Means of the House, and then to be
burned.
The provision for pro rata payment
win subject the holders of stocks to some
inconvenienea, but it will prove valuable
to them and the State, by'rendering
easy, after the frat payment, to dlstln
~ guish the Slower spurious stocks, which
are now known TO the Agent OF state
but which, under the old system, might
X at some future time, DO transferred
1 n by other agents ignorant of their char
\ acter, and thus become q part OF tn
State debt. 81 lsra
Z. The Auditor, Treasurer and Agent o
State are TO meet at IRdianapolis, on tn
,frat Wednesday of April, annually, an,
ascertain the amount of money that vii
he IN the Treasury on the 18th day c
~ the succeeding June, applicable to th
g navment of such registered stocks, an
fhereupon they are required 70 nom
the holders thereof, BY Pubicatlon 70 NV y
daily papers in each Of the cities OF Ms