Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1867-01-17
STATE DEBT SINKING FUND.

islature, creating State Debt Sinking
Fund, for the payment of the State debt,
and abolishing the Board of Smiling Fund
Commissioners and all offices connected
herewith. the Auditor, Treasurer and
Agent of State, acting as the State Debt
Sinking Fund Board, have purchased in
the market four hundred and sixty thou
sand. thirty y-six dollars and ninety-one
cents of the certificates of Stock, bearing
interest at the rate of two and a half per
Ceat. which they have caused to be can
celled.
The board of Sinking Fund Commission
els, by virtue of an act passed also at the
Lite extra session. directing them TO invest
any moneys belonging to the Eund in In
diana State Bonds or Stocks, have purchas-
ed Stocks and Bonds to the amount Of sew
en- hundred and nine thousand, and twenty
four dollars and eighty-fiye cents.
The Auditor of State and the Agent of
State in their reports point out several ma
terial defects in the first of the above men
toned acts which require legislative rem
edy. In addition to those pointed out by
these officers, viii call your attention to
another
The seventh section of the act abolishes
the Board of Sinking Fund Commissioners
on the Goth day of January, 1867, and di-
rects that all the property of whatever
kind. both real and personal, belonging to
said Fund, together with the books and
papers, be surrendred and turned over TO
the Auditor. The annual sale of Sink
inc Fund lands took place on the 18th day
of December. 1866. and by the terms of the
law, deeds are to be made TO the purchas-
ers of such lands as are not redeemed at
the expiration of fSiXty days from that time,
which will I've in February, at which time
the Board of Sinking Fund Commissioners
having ceased to exist, there viii be no
officer having authority to execute the CON
veyances. IL will therefore be necessary
to empower some officer or offices To exc
cute the deeds and perfect the contraci
with the purchasers.
The act is further defective in falling to
give the Auditor authority to collect the
money upon The Bonds and Mortgages fall
ing due. which are 10 he placed in his
hands by the Sinking Fund, by selling the
mortga9ed lands.
Such authority should be directly con
forred and he, or other proper officers,
should be empowered TO execute convey
ances to the purchasers.
As the law now stands. after the Goth of
January, 1867, there will be no officer au-
ihGrized 20 sell the morigaeed lands, or
make deeds To purchasers therefor.
The borrowers from the Sinking fund. on
mortgage security. have, by special enact
men; had their loans extended for five
wears from 1865, by paving the amount due
in eqaal annual instalments. Upon their
failure TO pay aav of these installments,
their lands can he offered for sale, aud If
there are no cash bidders, sold on a credit
of five wears. This may defer collection
oi p.rt of the money for eleven years,
and as the State hes abandoned the policy
of lending money on mortgage security, it
win be inconvenient and unnecessary TO
keep these claims outstanding so long, and
| therefore recommend that the law be so
changed that when the mOrtgaged lands
are sold, they be sold for cash. and thus
close up the transaction FIVE years sooner.
SINKING FUND INVESTIGATION.
AZ the special session concurrent res
olniion was adopt ed. directing the Govern
or to appoint Committee of three persons
to investigate the management and opera
tions OF the Sinking Fund. and the manner
in which the moneys belonging To il had
been invested or deposited
Governor Baker appointed on this Com
mit'ec, Hon. +. w. II: Ellis. Hon. John y
Natson and Major Thomss j. De La Hunt.
The Committee met ari organized by The
appointment Of Charles Il. Jacobs. Esq. as
Secretary. and proceeded to the investiga
ton.
Their rport, accompanied with the evi-
dcnce in the matter, is herewith submitted
AnJUTANT GENERALS REPORT.
10 -, A N, 4 No.,
we'll and ably administered by General
Terrell. The report which he is publish
Ing vii. consist of seven large volumes, OF
which SIX have been already issued, and
will he Invaluable as history ofihe officers
and soldiers of Indiana during the late re
bellion. Ii is intended to give the name
and military history of every officer and
soldier who went into the army from this
state, and thus furnish a public record OF
the service. and honorable discharge OF cv-
cry good soldier, and fix the status of every
dsserter and OF every man who was dis
missed or punished orcowardicc or crime.
The value OF the record will increase with
years, and Will be held sacred by coming
generations 10 when it will perpetuaie the
honorable deeds of their ancestors: and it
is TO be regretted that the Legislature did
not make provision TO have the work sterco-
typed, and the plates purchased and held
by the State. From those who have com
pared ii with the reports from other States.
| am assured that il Will be found to be
more complete in its formation end perfect
in lis arrangement than any similar work.
, AMI General Terrell is certainly entitled to
great credit for the ability. care and indus
Try displayed i'll its preparation.
The State received from the General
Government at various times during the
war for the use Of the Indiana Legion H.
572 pieces of small arms. and twenty-one
pieces of artillery with carriages, caissons,
and equipments. all of which were charged
to the State, and required 10 be accounted
for.
The report of the State Quartermaster,
General Stone, shows that IL PIP guns have
been returned TO the proper United States
ordnance officers at this point, and $50
guns lost and destroyed in the service have
been accounted for by proper aifidavits,
making a total of .742 guns accounted
for to the General Government, and THAT all
the artillery eaissons and equipments have
been returned. This leaves the State clear
OF all liability on the score of arms for the
use of the militia, and the account has been
closed, VIII ich is a most desirable result
General Stones report is lengthy, and
gives a comprehensive statement of the
operations of the quartermaster's Depart
ment from the time of his appointment
The Department has been large and cum
brous machine, but has been managed with
grea, fidelity, ability and success. for which
General Stone is well entitled to the thanks
of the State. His position has been one OF
great responsibility and labor, and its duties
have been performed to my entire satisfac-
ton. Your attention is specially invited
to the interesting details in his report
PAYMAsTER GENERALS REPORT.
The report of Major Stcarns Fisher.
Paymaster OF the Indiana Legion, shows
that about fifty thousand men have receiv-
ed pay for military service in repelling
rebel raids ard guarding against Invasion.
The whole amount of money disbursed