The Indianapolis daily herald. [volume] (Indianapolis, Ind.) 1865-1868, 1865-12-01

are compelled To BE- bur,lened far yesr. 4
come; sud "a J. much easier n nav the iuter.--
theron. at ~ OF per cent. than t. nay IN
principal II this time, or even interest 1t Il,
per cent
Mr.. CULLEN. Every speech made ON thi
quo suon has the more firmly fixed upon hi
MIND the conclusion that both amenslns Mt
should BE- voted down and the hin p.s-e,I a. /
now stands. This i one Il the most sacTe,
funds ever placed under our control. and d,
had no other desire than to husband the mean
+ Ahu kuard thl- fund IN every possible WAY. III
could not help how much gentlemen prote-
they DO not intimate but that they have fII
confidence In the Board # sinking FUND Com
lnissiOners, the action Il the senate will speai
louder than words. He for one wa not will
+ ing 10 adopt this amendment and thus say Z,
+ those Commissioner: :" We have no confdenc,
IN you and can not let you manage this fund a,
I YOU may think best
Mr.. NAWTER. II what ha- been said OF
+ this nOor De true. these sinking Fund Com
nis>iOners have violated a plain provision d
law, and no matter how high these gentle
men may stand personally. they are unworthy
the places they occupy: and ~ would east hi.
7 vote 10 take the funds a. speedily A. possible
from the control Of these men-who are ouI
+ serv ants, and who should execute the law a.
we write II. He desired % see the bill amend.
ed. and might possibly vote for both amend
know upon what authority il was stated that
there would be no adjustment Of the state debt
+ this session. Whether il d. in fact due or not,
sound policy would require Us to commence
making provisions for it, payment.
I Mr.. ALLISON contended il would DO no
harm 10 throw around these funds every pos
,ible guard; and could see no objection 10 the
amendment offered by the senator from La
porte. lie referred TO the statement made by
the senator from Lawrence. that there might
linz frff
sion. and insisted that the debt should lie paid
on the 18th Of January next, or some provision
made for it, settlement
The substitute Mr.. Niles for the Committee
amendment was then rejected by ayes -, nays
-.
ment, proposed by the Committee on Finance.
+ Mr.. CHAPMAN. While the Committee
have all confidence In the Board Of sinking
Fund Commissioners, they thought IL better 10
throw every guard around this fund. The fund
/ has already lost some $4,000 in the last six
months by lying idle, and this is one of the rea-
sons for desiring 10 get ii invested i'm six per
cent. bonds. He explained the reasons for the
amendments offered by the Committee.
Mr.. DUN\ING Dir. Richmond i'm the
CHAIR spoke in opposition to the amendment.
Referring To the State debt, he said he felt
some pride in having il paid. He was warm
advocate Of the internal improvement system
OF the state in 1886. and was proud to-day 10
acknowledge the part he took in saddling that
system upon the people of the State. Ii was
the entering wedge To that spirit of improve
ment which has made the state powerful in
times Of peace and great and patriotic i'm time
Of war. He was prepared To vote for the set
Element Of that debt. if il is due. notwithstand-
ing the fact that the people are at the present
time heavily taxed. But if not to adj
just that debt now. let not the interests Of the
children Of the State stand still-let not this
money lie idle in the vaults Of the banks here
or elsewhere. but let it be placed where il will
be drawing interest at six per cent.
Mr.. HANNA. The bill did not quite meet
his views. He could not see that this amend
mcnt gives superior protection to the rights of
citizens, and preferred the House bill in this
particular. Ii was his deliberate judgment
that by party maneuyering. or other causes,
the settlement Of the State debt will perhaps
pass by this General Assembly. and If does,
it don't require any great foresight 10 know
that the stocks Of lndisAa will become depress-
ed from the very hour the Legislature adjOurns.
Then these Commissioners can go intothe mar
ket and buy up these bonds and stocks, and
when the state comes to settlement they will
attain their full value in the market. and the
school fund will derive the benefit. And If
there u 10 be a speculation Of this sort, he
wanted IL should be made right there.
Mr.. CASON rected the provisions Of the bill
and proposed amendments pointing out incOn-
sistcncies as between them. and expressing
the opinion that this matter has not yet been
considered with that care il should be. 1t is
because he desired to shield the Board Of Sink
ing Fund Commissioners and enhance the
value of the school fund, that he contended for
the passage Of measure that will provide a
secure investment for the moneys on hand.
He opposed the loaning Of this fund to ind-
viduals, and for this and other reasons urged
the adoption of the amendment.
On motion of Mr.. CULLEN the amendment
was laid on the table by yeas -, nays aO-as
follows
Yeas-Messrs. Barker. Bennett. Bonhsm. Bowman,
Brewn Of Wells. Cobb. Corbn. Cullen Finch, Fuller
Gaff G f'rd. Hs IA, Ford. Hyatt. Jakens Mcclurg.
Marshall, Mao, Moore. Newlin, oyler, Richmond,
Stages and Nr. President -25.
Noes-Mes-rs. Allison, B.eson, Bradley, B-own OF
Hamilton. Ca.on, Chapman, Davis. Dykes. Lnglish, Mil
hgn, Niles, NoyeS, Reagan, Terry, Thompson, Van
Buskirk, Vawter. Ward, Woods ana wight-20.
Pending the roll call
Mr.. BENNETT explained that he voted to
lay the resolution on the table for several rea-
sons; one was his opposition to that provision
which requires the Lieutenant Governor to
superintend these Sinking Fund Commission
ers I'm this matter. While he had the highest
confidence in the Governor he also had high
confidence IN the Commissioners. and was not
disposed TO insult them by connecting another
officer with them because there Is some 5000 900
in their hands.
Mr.. THOMPSON explained that he was not
willing 10 vote for laying the amendment on
the table, because there is no security required
by law OF those lndlN lttials 10 whom the fund
may be loaned.
Mr. WILLIAMS. for the first time i'm his life.
asked TO be excused from voting. Part of the
amendment he was in favor of:-he was in
favor Of preventing the loaning of these moneys
to individuals; but was opposed 10 placing the
Lieutenant Governor rs superintendent over
the Commissioners.
The Senator was excused.
And so the amendment was laid on the table.
Mr.. WILLIAMS. believing that the Commit
tee would be able TO make report satisfactory
to a majority Of the Senate. moved To recon-
nit the bill and pending amendments TO the
Committee on Finance.
Mr.. CULLEN made an Intellectual motion
yeas %. nays 23-to lay the motion to RECON-
nit on the table.
Mr.. BROWN. Of Wells. made an Intellectual
demand for the previous question.
The motion TO recOmmit was agreed To.
And then the Senate adjourned under the
rules till o'clock tomorrow morning.