Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-12-20
The VETO Message
70 Tie House Of Representatives

. TO The House Of Representatives
i herewith respectfully return to the
g House of Representatives, in which it
originated, with my objections thereto,
Enrolled Act No. AZ, "entitled an Act
to increase the powers of the Board OF
Sinking Fund Commissioners, and to
authorize said Board to loan any moneys
belonging to said Fund, and to invest
any moneys belonging to said Fund in
Indiana State Bonds or Stocks, and pro-
viding for the cancellation of said Bonds
or Stocks, and the reissuing of nom
negotiable Bonds or Stocks payable to
said Fund.
Before proceeding to state my objec-
-tions to the act beg leave to say that
few hours after the bill was placed in
my hands, received from the Senate a
copy of resolution OF that body direct
ing the Secretary of the Senate 6 to in
form the House that House Bill No. AZ
was passed by the Senate as it came
from the House without anv amendment
thereof, and tla i t.eF amendment was
believed by the House to have been made
by the Senate, such belief was 1nfounded,
and that the Senate regards the said
bill ashaving legally passed both branch
aes as the same was when it passed the
House, and in that form will become
Law, as being signed by the Speaker of
the House and the President of the Sen
ate, and approved by the Governor"
AS the Honse has not thought proper
to ask return of the bill, to the end
that any mistake might be corrected, /
of course am reduced to the necessity
of considering thet bill in the
shape in which it is placed in my
hands, authenticated as it is by the sig
nature of the President of the Senate
and the Speaker of the House.
I will say, however, in this connection,
that from the beat information / possess,
Il is not very material whether the
amendments incorporated in the bill, as
presented to me, were, or were not au-
thorized by the Senate They do not in
nv Judgment essentially change the
provisions Of the bill, although the bar
-mony of the language in which those
provisionsa are couched, may have been
impaired by the change. The title and
first section of the bin, as submitted for
my action, read as follows, viz:
San Act to increase the powers of
the Board of Sinking Fund Commission
ers. and to authorize said Board to loan
any moneys belonging to said Fund,
and to invest any moneya belonging to
said Fund in Indiana State bonds or
stocks. and providing the caneeling of
such bonds or stocks, and the issuing of
new negotiable bonds or stocks pay
able to said Fund
0SEcTToS /. Be 1T enacted By the
General Bssensbiy of the State of In
diana, That the Board of Sinking Fund |
Commissioners are hereby authorized
and empowered, IN their discretion, to
purchase any Indiana State bonds or
stocks with any moneys belonging to
said fuad; Provided, it shall be the
duty of said board to purchase said
State bonds in preference to loaning to
individuals, whenever such bonds can
be obtained upon satisfactory terms"
This section, interpreted by the title
of the bill, l understand to vest in the
Board of Sinking Fund Commissioners
unlimited discretion to either invest the
fund in the stocks of the State, or lend
it to individuals without single restric-
ton assto the security that shall be re-
Quired, the rate of interest that shall be
reserved, the amount that shall be lend
to. each borrower, or, the time for which
20 loan shall run. True, the section does
require the Commissioners to give the
preference toiinvesting the fund in the |
bonds of the States, whenever such ,
bonds can be obtained on satisfactory !
terms. bus as the Commissioners are the !
exclusive Judges of what terms shall be !
deemed satisfactory, this requirement /
vouId practically give to the Board an i
uncontrolled discretion as to the choice
If investments. :. I,
With this understanding Of the provi-
iona Of The bill 7 proceed 70 state my /
to its becoming O. law. =
6r ne second section Of the siRhth I