The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1867-01-12

ifTOrmef perIOu III ner history, ana pre-
4 sents the gratifying prospect that by
1870 she will have taken up all hel
stocks and be out Of debt, without
4 adding to the taxes which have been
4 already imposed fa2Ns9 eHi ee
4 To avoid confusion of ideas il mus
be borne IN mind that the money and
property of whatever kind, belonging
to the old Sinking Fund, or held foi
the benefit of the School Fund, and
\ while so much of the State debt as
4 may be purchased by the Sinking Fund
4 is thereby extinguished in so far as
/ creditors and the public are concerned
tyet it must, in another form, be kept
alive for the benefit Of the School
Fund
The report Of the State Auditor
will be found to be an able and thor
ough document, giving full exposi-
ton of the business affairs of the
State.
In the above estimate of the in
| debtedness Of the State [ have omit
ted the internal improvement bonds.
amounting to three hundred and fifty
three thousand dollars ($353. 000).
The Auditor, in his report, follow
ing the example of his predecessors
for more than twenty years, has put
these bonds down as part of the in
debtedness of the State They be-
long to the old debt of the State upon
which a compromise was made in
1916, the holders of them falling or
refusing to enter into or take part in
the compromise Upon these bonds
interest has not been paid for more
than twenty five years. The attitude
Of the State in regard to them is not
.creditable and ought to be changed.
Year by year the State by her account
ing officers publishes and confesses to
the world that they are, a part of her
indebtedness, but pays no interest on
them, which has now accumulated to
more than half a miilionaof dollars,
and makes no offer to- pay the princi-
pal although it has long. been due.
The character of Indiana is too high.
and her.p0sltipn too proud, TO allow
her to occupy an attitude so equiv0cal
It'll not my purpose to enter. into any
discussion at this. time as to the legal
and moral obligation Of the State to
pay the interest and principal of these
bonds IN whole or in part; but l. de-
sire simply to say that if the State be-
lieves that she is not bound to pay
them and does not intend to do so,
she should through the Legislature
promptly declare that fact to the
world, and have them stricken from
the books of the Auditor.
If, on the other hand, she holds
herself bound to pay the whole or
any part, she cannot honorably longer
delay to take action for that purpose,
as her ability to pay cannot be denied.
STATE DEBT SINKING FUND.
In pursuance of the provisions of
an act passed at the late special session
of the Legislature. creating State
Debt Sinking Fund, for the payment
of the State debt, and abolishing the
Board of Sinking Fund Commission
ers and all offices connected there
with, the Auditor, Treasurer and
Agent of State, acting as the State
Debt Sinking Fund Board, have pur-
chased in the market four hundred |
and sixty thousand thirty dollars
and ninety one cents of the certificates
OF Stock, bearing interest at the rate
OF two and a half per cent, which
they have. caused to be cancelled.
-lFhe Board of Sinking Fund Com
missloners, by virtue of an act passed
also at the late extra session. direct
lHg them to invest any moneys belong
Ing to the Fund in Indiana State
Bonds or Stocks, have purchased
Stocks and Bonds to the amount of
seven hundred and nine thousand and
twenty four dollars and eighty FIVE
cents.
The Auditor of State and the Agent
Of State in their reports point out
several material defects in the first Of
,he above mentioned acts which re-
luire legislative remedy. In addition
o those pointed out by these officers,
will call your attention to another.
The seventh section of the act
lbolishes the Board of Sinking Fund
Commissioners on the 10th day of
January, 1867, and directs. that all
he property, of whatever. kind, both
.eal and personal, belonging to said
Fund, together with the books and /
papers, be surrendered and turned
,ver to the Auditor. The annual
ale of Sinking Fund Lands took +
place on the 18th day of December,
800, and by the terms of the law,
leeds are to be made to the purchas-
RS OF such lands as are not redeemed J!
It the expiration of sixty days from
hat time, which will be in February.
t which time the Board of Sinking
fund Commissioners having ceased to
xist, there will be no officer having
to execute the CON
-eyances. 1t will therefore be neees- /.
airy to empower some officer or Off
ers to execute the deeds and perfect
he contract with the purchasers.
The act IS further defective in fail q,
L. IL l.