The Indianapolis daily herald., 1865-12-18
Ds.a>sro,s. Psnapeierfng.

The five per cent. stock. u this STATE IN The
hands q creditors amount 20 Sf.f07,I92. and Of
two mud half per cent stocks 20 81, p2S, -
the interest on which l. s3j3,J96 per annun.
These stocks -ell in the market at an average
Of about ~ cents on the dollar No one pre-
tends that they due. No one can de-
nv that II = expressly proved on their face that
they are payable after y years from the 18th
day 81 January isiG. al ne pleasure Of the
State" Not At the pleasure OF the bondhod-
ers bat the state IN state debt bill pro-
poses "a issue bonds dollar for dollar for
these per cent. stoks. TIE new bonds are 10
draw 6 per cent. anil 10 run. we believe, 20
years. IndianaG per cent. bonds are par in
the market.
The State has ? million or more idle money
in the sinking AMI other trust funds. which
wos;ld have lptn Invested in the ; and -
per cent stosks ri saving 10 the state Of two
three hundred thou~aud dollars, had the
republicans passed Tie law authorizing the
investment which the-~inking Fund Commits
sioners asked fur At tie last session. The bin
dnally got through at this session. but a Re-
publican Governor vetoed IT, The powerful
influence Of the boad-h0dcr's money-bags i. ai
work and n conflicting bin j. forced through
IN indecent haste, under the gag. the effect Of
which. should il become law. would BE- 20
prevent the officers Of the trust fund. even il
authorized by law to purchase from getting in
the stocks much, if any. below par. as they
would have nndouited ri yhi 70 IL n any
time before their maturity.
Not only -, but il j. cody proposed by this
State debt hill not only 10 nut the stocks Of
these money sharks At par bui 20 pay them
six per cent interest instead Of Gse. Won
derf,il iuaneieriug. Suspicious liberality!
Facts are stubborn things. and felires will not
le Let us look At them: For The purpose Of
facilitating calculations. we will put the -
outstanding in the hands Of citizens Al four
millions. AMI y 5 two millions: total six
millions. which is something below the real
= x amount The present market value Of the -
is about 80 cents on the dollar an, - = about
~ eents. Larse amounts have changed hands
at these figures within the last year. The
present market value of all our outstanding
stocks. therefore, j. about five millions Of
dollars. The passage Of the state debt bin
viii put them up 10 par. making clear gain
.er To the bond-holdcrs hess what they pay out to
get the Lili passed. of one million dollars.
Even if the bonds should only advance to -
cents on an average. because Of the absorb
ton OF some Of the rs at under par there's
still the enormous profit left Of seven hundred
thousand dollars.
but u l. even worse than that for the new
bonds that are to be issued in place of the five
per cent. stocks are b. draw per cent making
s2ioooo per year interest, and siSO0.OOO in
2oyears. The present stock only draws SOC
"" interest per annum. making difference
every year Of Sieeoo. amounting i'm the %
years To Ssoo.O0o. Thus, il will be- seen, that
the hond-holders would gain in the aggregate
the enormous sum of one million eight hundred
thousand dollars. every cent. of which would
be wrung from the hard earnings Of the people.
The vast amount of money To bc made 10y the
passage of the bill may account for the milk i'm
the cocoa nut. Ifthis thing is TO De done. woe
unto the men who perpetrate il, They may
hope 10 hide themselves from the scrutiny and
condemnation of outraged people. hut it
will be hope n foolish and futile n the
silly ostrich who thinks because its head i,
hidden in the sand. that il is cut Of sight and
safe from it, pursucrs. IL ought to be investi-
gated and exposed and Will be. both before
the people and the next Legislature. We see
no substantial difference between the state
debt bill Of the House and the senate They
arr both Objectionable. and ought 10 ~ 10 the
Tomb of the Capnlets. but fear such will
net he the result. But shall see. and -
will the hong patient aud suffering people.