The Indianapolis daily herald., 1865-12-16
SINKING FtNp.


Mr. BRANHAM called IN the special order.
viz: The consideration ofhis bin II. u. No 1851
10 abolish the Offices Of President and Commits
sionor, u The sinking Fund. transferring their
business 10 the Auditor and Treasurer of state.
etc. II being on the third and last reading.
Mr.. REESE moved % amend - ~ 10 close
up the business of the Board OF Commissioner,
~ the Sinking Fund in the wear 1856
Mr.. liiANiiAM opposed the motion 10y pru-
DENTAL considerations.
The amendment was rejected.
Mr.. BRANlIAM, from the Committee On
Was aud Means. obtained leave 10 amend
their report by including the amendment sub
ntitrd 10y him Yesterday. directing The touufy
lrct~urgr- 10 pay oyer o. tie state Treasurer
al the muucys IN th.ir hands. excepting those
loaned cat. and the Congressional Township
school Fund.
Nj. spfNC Err said the effect Of this amend
mrui would be- THAI there would bc no more If
the school fund Ten IN the counties. The en-
tire fund would be merged into Stale bonds.
He resisted the amendment aud the bili be-
cause II would take accommodations away
from the people OF the STATE which are ,alua-
ble 90 them.
Mr.. slit El. Large amouni, ~ the school
fund laid iale with his County Treasurer, be-
cause They did not want IL; hecausc the process
81 obtaining these loans was too expensive.
II cost one mau SO o. grt "A loan # 500
Mr. tDfFROrH. since tn. amount that
may be- loaned J. not limitc,lto ~3oo. he thought
, the money would not D. idle hereafter. And
since there could b. no complaint on the -corc
of los. he Was opposed 10 taking thi. fund
away from the counties BY means OF the>,.
clear UP their farms. II had been a good
thing tsr resort On ease II emergency. The bill
Wa - take IN these funds from the counties,
and purchase state bonds 18th them. - " hat
ever they can lc had. There vi, about s.Go.-
NW ~ this fdud On hand. and about - D.9n
LOANED cut. Ii he ~ds correctly informed.
these Fund Cammis>iun,r> owed ii O. the Ls.s-
i>lsiure aud Themselves. II show whether fhev
haze hot ioaEtd luSe sums q this fund IL
+ llrnl>elAes.
Mr. rEANiIAM -iaiedthai there were Il
fhl~ tAut S~tN.uh in The hands q the Gem
inissiouers. ana III .ta.uJo ia the c0ilntie..
M COW GILL showed the satln- a ~i0A.-
HtN ~ buying Indiana state bonds with tni -
>',t".oHla 80 the pre-. lt alur 90 the l,ond.
Nj cor fEpiH continued a. reason al, 4insi
this hill. 'ee ltisc 10 was drawing from the 49,
riculiurd pcriie q Il tse stale ! large amount
81 money. And Instead If Investing in oar
own bonds. Il would hc hetits e. invest IN til
General Cos eminent bonds. exempt fram
taxation. AMI bearing per cent. interest
u hist cur Stale bonds bear lgt i've per cent
lie understood thai cur I've per cents. wer,
about par; anu " cc4l1 bay up the Federal
BONDS III q, - - s-,.ff~
Mr.. COW GILL was INF rncd that our Use
pr cents. could l. bessgsi coz - or ~ cents.
Mr.. BRANlIAN Stated The C,ject el The
! iiil. The amount now 81 hand not loaned
shall Il pnrc be invested in state bonds: ana,
- fast a. The funds eomo> IN i shall be invest
ed in Tire -8fae WAY. lie DEF, ndesl ihis policy
The currency was intla;cd. \ contraeii6a
would make difficulty In paving debts. EscTy
dVhr we pay now would IL just ~ much
made ou Tie excess We woilla have 10 paN
whom W. shall comc deWn u = gold basis
How could we justify taxation q enable Us q
. loan cut this money 20 few II was contrary
20 sound policy. The state had drfer1naed u
mAlntain common schools. Bui the whole a
the school fund /; not sufficient and The d,feil
n"d u he made up by taxation. Then. VIII It.
ever We make rs buying State bonds with thi.
iGnd. would by - much reduce the taxe-. IL,
siderafions. II w LEI the state Ieht On az,
without paving Till the money pressure Gomez
Ne in cfieet increase IL by - Per cent.