Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1867-03-29
The state Indebtedness 10 the
Sinking Fund.

! imOng the MANY crcditable acts passed
/ by the late General Assembly. was one for
settling and consolidating the various debts
Iue from the State To the sinking fund
| Pursuant TO an act passed in 1859, the most
of The floating Indebtedness of the Stale to
that fund was settled by the execution of a
non negotiable bond, amounting 10 the sum
of Z l,lSS.3l9 6f but there was then due
the further sum of ! 100, for money. bOT-
rowed in s5S to pay interest on the public
debt which was not included in that set
tlcment. and no part OF which. either prin-
cipal or interest. WIS afterwards paid.
There were also internal improy oycnent
bonds of the State, amounting TO $4,000,
which had been purchased many years ago
under the authority of an act of the Lcgis-
/ lature, on which the interest had not been
paid for about twenty five years. and had
| run up to the respectable sum of $40, i22 20,
making due to the sinking fund on that ac-
count SlS.422 20 The State treasury had
also received, and during Governor Viii
lard's administration expended for current
expenses S3i.32 80 of the saline fund, and
81. $50 - of the bank fax fund. both of
which the State held. or should have held.
in trust as a part Of the common school
fund
| The Board of Commissioners of the Sink
ing Fund had purchased from time to time
bonds and stocks of the State, to the
amounts following. Five per cent stocks,
! Si69. .422 81; two and a half per cent.
stocks, S13. 50 90 war loan bonds, Si22,
oO0 and Nincenncs University bonds
! $1,000
For the purpose ofconsolidItng all these
debts, including unpaid interest thereon, an
act was passed at the recent session, pro-
| f;.,i,f -,
he issued TO the school fund bv the Gov
crnOr and other executive officers of the
State for the sum OF S2,GJS. .Oj7 30, bearing
SIX per cent interest payable semi-annualiy
which is to be distributed "a other income
arising from the school fund, for the sup
port of common schools.
| Under the authority of an act approved
December ~. 1885, the Sinking Fund Com
miSSioncrs had purchased other State
stocks and bonds. amounting to S1O9.O2i =
-. of the following descriptions: Five per
cent. stocks, S3l3,9oS,00, two and a one
half per cents S27S, ll6.Sj: war loan bonds,
! SlI7.OO0. Pursuant to the act of 1865, the
Governor and other State officers issued a
non negotiable bond for the aggregate
amount of these last named purchases dated
January lst. 1867. drawing six per cent in
tcrest. PAYABLE semi annually. which is also
to he distributed with other school monies
for the support of our common schools.
This makes the present bonded debt OF the
State to the school fund, S3.367 .0S2, Is, on
which the interest will be S202.02 ,93, per
annum. making very respectable addition
to the fund for paying for tuition in the
common schools.
/ The residue of the sinking fund proper
amounts 10 about Ss0O.0oO the most of
estate, all Of which arc required to be paid
: within the wear 1870. and the State debt
sinking fund act of December ~. s65. pro-
vides that as fast as collected this shall be
= invested i'm the purchase of five and two
and half per cent. State stocks, and when
t so purchased the latter are TO be cancelled
' and destroyed, and non-negotiable six per
2 cent. bonds are directed to be issued to the
school fund in lieu thereof Within few
years, therefore. the whole of the old sink.
= ing fund will be represented by non-nego
r table bonds of the State, which can not be
, stolen as they would be worthless in the
hands of thief, and the loss or destruction
of which would involve no injury to the
$ sch0Ol fund. because the laws and public
records would show the precise amount ant
character of the debt, and new bonds coult
r be issued without the danger of subjectins
: the State TO double payment. This will Ie
: main permanent debt of the State as long
;, as the latter may choose, the interest will
: be assured to the school fund, and after th,
$ whole shall be invested in this name
i there need not be y dollar of expense incur
e red in managing this magnificent fund
/ which, by the time the whole is collected
i and invested, as now provided by law, vii
n probably amount to $i,400,OO0.
It Heretofore the school distribution fun
: has derived no assistance from the profit
a of the Sinking Fund, but this year, as W
e have shown, over 5000, 600 will be receives
It from that source, and the amonnt will in
+ crease in future years until the whole c
/, the principal and accruing interest on out
/ standing mortgages shall be funded.
:, In his late report to the General Assem-