Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1865-01-19

in political considerations, and that there
was little room 10 doubt az TO the legal
right and iuty of The Treasury to remit
the MONEY to New York to pay the inter
est. l ut once took issue with these gentle.
men. The State hal failei To paw the in
terest up n her bonds from 1912 to 1916,
during which time she acquired a reputa.
tion for population anil Bankruptcy from
which she only recovered after many years
of faithful discharge Of her obligations
The dark cloud which had thus been pla
ced upon her financial character had scri-
ously retarded her growth in wealth and
population, by lettering emigration from
her borders. In 1916 she effected q CON-
promise with most OF her creditors by the
transfer Of the Wabash and Erie Canal
FOR one half Of the debt. and the issuing OF
new stocks for the other half. upon which
she PLEDGED to pay interest ssmi-annu-
ally. This pledge. and the legislation had
in pursuance nf the compromise. was treat
ell by Governor Whitcomb. and the var-
ous officers Of State, As valid appropria
tion of the monev necessary to pay the in
terest, under the old constitution, which.
upon this subject. is like the present. In
1850, tho trainers of the new Constitution
by the Goth section of tine 10Th article.
solemnly ratified this contract with the
bondholders by appropria,ing all the revc-
nue. OF the State. derived from taxation for
State purposes. after dcfraying the orii
nary expenses Of ths S ate Government.
to the payment of the interest and the H.
quotation of the principal of the public
debt. 1t was clearly the purpose OF the
new Constitution to place the credit Of the
State beyond the contingency OF dishonor
by acts of omission or prohibition on the
Constitution further legislation to pay the
interest was not deemed necessary. and
and this construction was acted upon by
all administrations down to 1868; although
perhaps. in one case. formal appropria-
tion was made. without any definite pur
pose. An action for a maudamus against
the Auditor was commenced by Mr.. W.
II. Talbot, President of the Sinking Fund
Board, for the avowed purpose OF having
the question settled, which was carried
throug h the Circuit ana Supreme Courts.
aud resulted in decision by the latter
against the existence of an appropriation.
Without intending any disrespect to the
eminent tribunal by which tins case was
decided. | mist b. permitted to observe
that the history of its origin. progress AMI
conclusion. was such as to deprive it Of
any moral influence. AMI that the p-inci-
Piles apOn which the decision was made.
have boon since openly di-regsrded by the
Auditor and Treasurer Of State in the pay
ment of a large sum of money to tie Pub
lie Printer.
But leaving ont of view wholly who
was right or wrong upon the legal ques-
ton. it was n matter of the first import.
ance that the obligations of the State
should be promptly met. and her credit
rescued from the disaster OF a new di>hon-
or. 1t hal received a shock in the i,cov-
cry and exposure Of the Stover forgery Of
our State stocks. amounting to nearly
three millions of dollars, from the evil
consequences of which it was relieved on.
lv bv determined effort on the part of
the State authorities to bring the crimi
na's to Justice No argument was requr-
en TO prove that should il again become
impaired by serions failure on the part
of the State to meet her engagements, it
could not be restored during this genera
tioD. AMI the progress OF the State in
wealth and population would receive Sc
rious check. Determined. IL possible. tn
avert the threatened calamity, went To
New York and lail the whole matter be-
fore thu house Of MeSSrs. Winslnw, Lam
Ter IL Co.. with the request tina, they sho'd
advance the amount necessary TO paw the
interest. until such iimo as the Treasury
might he unlocked. and the money obtain
ell therefrom. My request was generous
ly met, AID after full confederation. acre.
de'i to. provided a correct list of the stock
holders conld he obtained. 1t is proper
to state that in making this arrangement
no stipulation was asked for or given, in
regard TO he compensation they should re-
ceive for the use of their IN, ney, AMI the
risk AMI trouble they should incur; but
the whole matter was referred TO the future
action anil good faith Of the State They
at once notified John @. Walker, Agent
of State, OF their readiness to pay the in
terest. anil asked him to furnish from his
books list OF the stockholders. for the
making ont of which they promised TO Y.
This he peIemptorily refused. and denied
access TO the books. from which they de-
sired to copy the lit. They then propo-
red to him that he should pay the interest
in the usual way. upon his own books,
agreeing to honor his checks issued there
for. at che same time exhoneratipg him
from all personal liabilities for any mon
eys so paid. This offer was likewise re-
fused. The CORES ponAence between Wins
low. Lanier & Co and Walker. upon this
subject. is herewith submitted for your
consideration. As Messrs Winslow. Ian
Ter d Co. would not take the responsibil-
ity of paying. in the absence of correct
list. owing to the existbnce of large
amount of spurious stocks. which other
wise they had no means of detecting. the
interest. which fell due on the 1st OF July,
1868. went unpaid.
Determined not to be defeated. II posi-.
bic. in the effort to preserve the credit of
the State. l attempted to secure from 9TH
or 81 irces a correct LIST of the stock hold