, 1865-06-10
Qbtfa9o Gril,uue.,,: ): :
STATE DEBT OF Fyn1ANA
s6s 6s77,G77 0ue Next Jnnuary-Eo pro.
Sfsion tor rnJ Ing at-sh ali an Krr-


sG,:M,s7M3 II nTs r. Nsxt January-Eo Pro
. seh&toA OF the L*:fAlaturc be cai1ea
ttof3cependfnec Cincinnati CommereisI.1
Il INDIANAPOLIS, June &. 1ea5.
NA1 session Of the Legislature of Ini,
an am O. ea!ie esueo ans!ng The present ycarr' hi
matter Of considerable doubt whether ar,
:, one, excepting the Governor hfmsetf 49,;
auaNcr It. Il is gcnera1ly unders:ood. Inv NJ
esef, mat IN extra session will be caiIcd /,
t1 t1ae to iake some action upon the rcdcmp D
safe which natures In January, 1866, A'
j. There is no doubt that there ia an cn,nes,
aesfe prevailing TO have session Of The Ier
stature at an carly day, aud some mead.
promptly adopted to adjust the debt at matn
home and abroad. Tho position takcn hr
Colonol Hudson, 1stc agcnt of the State. NJ
New York, and which he has heretofnre
urged; meets with general indorsement.
thongh there arc some, whose Influence h
more Or less potent, who talk carelessly OF
that the State is not in duty bound 10 nav
her debt when II becomes due, or in any m, r! az.
ner to adjust It to please creditors. Thar
seem to think that creditors have no riphts
Wh,ch soEercisn State IL bound to RESPECT :
advantage Of the clause "at the nlea.nra T a1a 81
the stalc:" and enjoy her Immunity NJ ionr "
Us she flndsft conve1tent, ''s III aon%
9akmuch as 'hc clause referred to Nil, n,o.
BADLY DC the objective point" In the oncs.
tha tiun Iega.a'nE thc obligation Of the STATE,
certificates Is herewith Quoted. II may ~ tSe he
Weu TO state, however, that The stock L NJ
two k1nds-fye per cent, issued Tor nrincinai
and two and one-half per cent. issucd ~
ant hat;,a u =, sest 1s1e ana accrning Interest,
Proinise was made with the holdcra AZ tho
old internal improve mcnt bonds Of the E,ata
De IL knoWn that the State Of Indisna
OWES Cor assigns, the sum Of -
aoIafs, a 6c., stating the amount Of interest
and when nndswhc1e paid, tsaud rcdcrns6ic
~ any time after twenty years from t1s 1rash
Of January 1916, at the nlensrrt. Of 1hc tyta
u inc ctr Of New York, aud for The r1ar'' = !
the .hent o. the interest and the redvmpti n or
mn I,. r. 1,e,th. me 'asth Of the State Of IEdi-
THOSE Who maintain that the st ttc nead mt |
1'ay th's dcbt On the 18th of January 1SiN d /
Ect sIop 70 caicalate the effect o. such yirfnaI
txpudihCon, tp T unfortunately, tnr Lecisla-
.,nss tute snouso 10 aaopt their ric@s; md they tx
e1c s. I'm influence which Will tuo easily make |
az impression Oh lhe minds OF those who con,
stltute our General Assembly, especially whrn
1t u known that that Assembly is penerafiv |
mace np Of mcn. the majority Of whom know
nnt little Of our public debt, and who viii |
safe to say that men who seldom successfu1ls
nanaec their own financial atlairs, or who |
hase no financial affairs to menoee. nrs III !
qnaAned 10 devise, or assist III deTislne. the /
Hays end means Of adjusting State lcbt Of !
several millions Of dollars, ~"4 "
Nevertheless 1t is matter tkat ,nrat h.
ao3ustt q, AID IN all probability there Viii be-
NJ ume hen 1t can bo better DONE than now.
put whether the Legislature mecfs in Jnir ~
DecSlnbes next, tic time can be proiitably
employed BY those Who must assume tLs
management Of tie great question.
!, The debt Incurred by the State thrauo,,
me 2 neeessitifs Of tas war Is comparatively
email tat tlis da:c s91G, 600; tla. Ia in nr;.
eess OF certain liquidation, and NEED no lev.
ls!alion; During !he scss,on Of the General
man Of the Committee Of Waye ana Means
introduced bill into the House. which hs5
iof its OBJECT The redemption OF The prescnt
cctuncatcs OF stock. and the Issue to credt.
teIs o. couTon bonds bearing the legal ratio
This plan was thought to be feasible mn
anu one that would be acceptable 70 atork''
holders. Its adoption, or the adoption Of nne
similar and equally good, will abolisa the
statc Agency At New York aud the l.syg ~
Ienses "thtteun1o PERTAINING" close up "
I1ous avenues to defalcatfon md currunt,nn
simplify the Transaction Of large portinn n
ne financial business: Of the State, and main |
1an Inc 1als name of Indiana, Of which eyer,
man wortay to b. o citizen is Justly proud.
fol tne benefit OF llt 50 who baTc not seen
~ Hgufes; give herewith the ex,ct amount I !
1s6G: |0 N"s eaaaA's.
Five per cent etock. e. ,,s KIN IN I
Two ind one-hsH per cent. ..,,....' ss:E 81 - j
OF this amount he siitc Deht ;ioStny;s
Eund Commiseloners hold, fur The
Fire per cent stuck ek..! s.n 49, ~ |
Two and one-half per cent ....,..... M;1HST
Making iae tota ataount falling drs in s"l''Ss"
January, aEd which should Then be
'.''.....-.. .
= As stated before, this debt is now In the
form Of certificates Of stock. transfer,}ie ,s ~,
1be books Of the Agent Of State at New Tork,
and the Auditor Of State, Indiapapo1ls. Whcn J.
sne ea1e o. stock takes place, the certiff ,atc T.
. auiy ASSIGNED by The party se1llog, forward !,
.ai - 10 me agent oi State. transferred on bis
new certificate, back again -
% New York Tor The signature Of AZ Acrnt r =
tnd then to the party nfchaslng-aif of =
shich can he avoided b. having coupon bonds !;
0 pass from hand to hand.
Another diff u1ty, and IN uauy ca sea averv g
f1eTous onr, otten arises with The stock in -
q It's present shape Under the Inv. fhe :,
aEtnt u Ssate can pay Interest onlv to the | -
,sity u whose name The stock Is registered. =
J. III, ruaeuasef ~ maE nave possession Of stocg :,
luly assigned, but he can not collect The in. e, e.
crest until 1t is transferred Us pescribcd hr (
y or ny power Of atto'n-r, frsm the nartv -
no p'cviously owned the certificate, Wnen :. :.
=. Is Kn2Wn that very large portion OF our - -
eot : Is 6eld 6E the stockholders In England, r
cen N It's proper light. ~ =.
But nc n.sin question Is the redcmptiou Of u
be Stock at maturity. Many Of the forei,n
!, ldeIs Of Indiana bonds. are the sane men a
!! :ho O held the original stock, and who accept
.ne t1s eomE1o'nise offered BY the State, tax
r'neiral they held, and two and one-half
q cent Tor tls accrued interest. Il IN
'!emn ccmp1cs between them and those Win ~
~ on bchsl! Of the State, that when these II
onas became due th.y should rex. .iye their in,
one ths ~ he1aafen:ure, no acti' is taken de-
9cet the honest and just demands ofh5ud. ~
'ldefs, when the time has expired. what "e
slrance will they hare that the Sale eyer s,.
u pay. There Ia no limit to the 't pleasure ~
u tnc state, and failure to pay In January. ~;
IG, will very reasonably tc constrned a. COZ
't!ca to Stockholders, tint as tler hsrs 1oE
anntAtAg fakcn, or purchased the promise 49, 49,
e most o; It. ~''N1 AA'0A''
A. consequences, the credit Of the State an: e.f;
'nio oe sadly damaged her stocks and HIt
: 90 9 nans would roy be thrown entirely out Of ,,a,
'uld follow. But this, It is Whlsnersd III
'nid be an adIoit financial stroke. Il t toa
'uld, IN fact, reduce our debt conaiderab1r. m ano
cause *c could then buy up our denre. q9a q9a
as seo &c. cetaeates at low figure and tue tho
casuTJ many Thousands OF dollars That LII -
I'd Of pecnlation, however, Will uot do ~ !
oyere:gn State, md. therefore, can mt he lne
eIfalned In the halls Of our State Ier;s. p1o
Ue. -'1s1=~ a'fi
n