Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-09-25
rHR EXTRA sEssrox-TuE PCsLrC
DIHr

HE EIcellency IN calling the extra session vas
10 adjust the public dett which was TIE result OF
the compromise With BrrLIH Co. ia 1857
Dare the Journal deny that tsat purpose vas
the main consideration which induced him to
convene tie Legislature 10 special session, in
November ne1tl Dare the Journal deny that
the principal object of the Governors recent
visit 10 New York vas 70 consult with bis 6nan-
ei.l agent, ia reference TO the mAtterf Will the
organ Of His EEcelIency deny that he returned
from the East With the full intention Of recon-
needing to the Legislature the adjustment Of
the funded debt by substituting 6 per cent bonds
for the per cent and 211 per cent. bondsl
And will il deny that the Governor since bis re-
turn has become little weak in the back in re-
gard 10 the measured
The Journal says We wrote an article in Feb
ruary last. recommending that the Legislature.
then in session. should take some action in refer
snce 10 the public debt falling due in January
neIt We did go. and certainly good faith on
the part Of the State to is creditors demanded
that il should make some provision for the pay
ment Of lie obligations when the time for their
payment arrived. IL there is any portion OF the
public debt falling due in January next, it vas
the duty Of the Legislature at that session, to
have provided in advance for it, payment, and at
time when no suspicion or doubt in regard TO
the motives of tae State officers. and the mem
bers Of the Legislature In regard to them, could
properly have arisen
The Governor. in his message to the Legisla
ture. in January last. thus refers to the matter
"srArE DrBr AND SINKING FUND.
The subject of the State debt and Sinking
Fund will be reserved for a special commsniea-
ton to the Legislature AZ another time"
Tha, another time" however. never arrived
The Governor made no official communication
10 the Legislature upon the subject IL il evil
dent, however. from his reference to the matter
that he regarded the bonds issued under the CON-
promise between the State aud her creditors in
ls46. as falling due in January mex, This view
Of the case is confirmed by the fac, that the
House Committee OF Ways aud Mesrrs. majority
of whom were the political friends of the Cover
nor. during the session reported bill to provide
for the adjustment OF that portion OF the public
debt OF the State. We have not a copy of the
bill, but tin effect recommended that tue Bank
Fund aud Sinking Fund should be used for the
purchase OF those bonds, and that in addition a
new loan Of four millions. bearing six per cent.
interest. should be negotiated and the proceeds
applied 10 the same purpose OF course such
proposition would not have been made without
consultation with, or without the approval of His
Excellency, neither would il have been offered to
the House by the Committee of Ways and
Means. unless il was their conviction. aud also
that Of the Governors. that that portion OF the
debt became due in January. 1867.
BY referring to the acts Of 1916. the Law Ito
provide Tor the public debt of the State of Indi-
ana. and for the completion of the Wabash and
Erie Canal to Evansville" will be found IL is
provided in section /
THAT whenever the holder of any bond or
bonds OF this 81 re (the bonds Issued under the
original bank charter excepted). shall choose u
surrender the same up q the State. there shall
be issued 10 such holder new certificate of
stock, which stock shall be redeem BILE at the
pleasure Of The STATE after t,eeniy years" &c.
This act was approved the 18Th of January.
1876. The general impression has been that
the bonds thus issued fell due on the 18Th of
January. ls47. Sach has been the view taken
by the Agents of State who have had occasion
TO refer TO the matter, and We accepted this con-
strueton Of the act OF 1916. in the editorial
the subject in February last, TO which the Jour
nal refers. But the Journal thinks differently.
In its issue of Saturday referring to the article
We bad written upon the adjustment Of the debt,
the day previous, remarks;
If il can convince the Legislature OF that,
o-wit: that the debt falls due IN January next
the arrangement will be mide, for if che debt
really becomes due IN January, the good faith
and honor OF the State requires that il shall then
be redeemed. We DO not beliere that The debt is
due. and we. some months since, so expressed
ourselves in reviesIng article that subject
prepared by the Hon. X. y Hudson, aud pub
lished in the Cincinnati Gazette"
The Journal, the organ Of the State Admins
Gstion and protesting represent its views. says
emphatcally. that i, does not believe that the
debt falls due in January next IL such is the
case there can no longer be any issue upon the
question. Il is a subject upon when there can
be no farther controversy. IL the debt does not
fall due then the honor of the State does not re-
quire its redemption at that time until il does
II the honor Of the State is not involved, the
people should not be asked nor will they be
willing TO pay sl25 900 additional taxes
annually 10 beueht lot Of spectators
who have been purchasing the bonds at low rates
in anticipation Of their being exchanged for SIX
per cent. bonds in January nett Aud what ne
cessity for an extra session OF the Legislature,
saddling the State with $4,000 more expenses.
when there is no exigency in the public Affairs
which demand IT, The taxpayers Of the State
will not be able - see il But the Journal
stands sponsor for the extra session under such
circumstances.
The Journal charges that "A 10, of Demo
crotic operators have bought large quantities Of
our State stocks with view to speculation. -
We challenge the Jo4rnal to name them. There
10 no truth In its sssertion--it i misrepresenta
ton manufactured out of whole cloth. And
more than this. il knows il 70 be SO. when il
SAYS they. meaning the Democrats opera
tors. sill m.rshsi strong LOBBY influence" in
its favor when the Legislature assemblies What
necessity for THE, il The Governor desires the debt
to be adjusted by substituting 6 per cent bonds