Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1867-01-18
ooyEnNoR BAKER.

u public acknowledgment on my part prop
er as we'll as great pleasure The dntie.
which desoissd upon him we're Of an i'm
portaRt character, and were SO we'll and
faithfully discharged as ito be satisfactory
to all ,aso~l f94t 20 gs sat
RI IHE PUBLIC DEBT or THE STATE. =
The public debt of the State outstand
ling in the hands Of creditors to BIZ proyi
ded for, is as follows.
Five per cent. stocks -. s299 8:
Two and half per cent stoeks.......i ,t9l,osi @:
Total amount Of stocks. .....s5 0zl .o2l q
War loan bonds sS0g0oo "
Viacennes niversity bonds 49,. -. 90 ,5S5 o.
- - - =
Total public liedebt.--.-......-..r...s5,ss6,5l2 ,5l2 u
! The Auditor estimates that the State
Debt Sinking Fund tax for 1866 will, on
the lst day Of July next, furnish nin'
hundred thousand dollars 5000, 900, aBt
that enough can be drawn from the Gen.
eral Fund In the Treasury at tha. tim,
and added to this amount 10 redeem al
tho outstanding two aud a half .pcY cent
stocks, which wili leave outstanding in til,
hands of creditors to be provided for'oth.
thousand 6yc hundred aud tweAty-oue
dollars and thirty three cents 4,205,,
52l 80 S. g'easa f'e9 o. es..f g. ..ss
The assets of the Sinking Fund, inde
pendent Of State stocks and bonds, which
by The Ias OF last winter are to be applied
to the payment Of the State debt, may b
safely estimated at one million dollar;
/ - ~ h
drcd thousand dollars (s50o,000) can be
Eade available by tho lst OF July, 1870
and which, If properly applied, would leave
the balance OF the debt to be provided for
and paid by taxation, three million seven
hundred aud fve theasand Eve huudrec
and twenty.one dollars and thirty-thres
cents (s3,705, ,52l 33), which it is estima
ted By the Auditor will be fully accom-
plished at the present rate of taxation fol
that purpose by the lst of July, 1870.
This shows the financial condition of the
State to be better than at any former peri
cd in her history, and presents the graft.
flying prospect that by 1870 she will have
taken up all her stocks and be out Of debt
without adding to the taxes which have
been already imposed. s- -
To avoid confusion Of ideas, il must be
borne in mind that the money aud prop.
erty Of whatever kind belonging to the old
sinking fund are held for the benefit of the
school fund, and while so much Of the
State debt as may be purchased by the
sinking fund is thereby extinguished in
so far as creditors and the public arc con.
ccrned, yet it must, in another form. be
kept alive for the benefit Of the school
fund. tl
The report of the State Auditor will be
found to be an able and thorough docu.
ment, giving full exposition OF the bust.
ness affairs of the State
In the above estimate Of the indebted
ness of the State have omitted the inter
nal Improvement bouds, amounting to
three hundred and flty.three thousand
dollars 1888, ,000)
The Auditor in his report, following the
example of his predecessors for more than
twenty years, has put these bonds down as
part Of the indebtedness of the State
They belong to the old, dcbt Of the State
upon which compromise was made in
1916, the holders them failing or refus
ing TO enter into or take part in tho com
/ promise. Upon these bonds interest has
not been paid for more than twenty-five
years. The attitude of the State in re.
gard TO them is not creditable and ought
to be changed. Year by year the State
/ by her accounting officers publishes sug
confesses to the world that they are par
of her Indebtedness, but pays 70 interest
on them, which has now accumulated I,
more than half million OF dollars, and
makes no offer to pay the principal, al
though il has long been due. The char
acter Of Indiana is too high, and her posi-
ton too proud to allow her 10 occupy al
attitude SO cquiyocal 1t is not my pur
! pose to enter into any discussion at thi'
time as to the legal and moral obligation
of the State TO puy the interest and prin
eipal of these bonds in whole or in part
but desire simply to say that if the Siat,
believes that she is not bound to pay them
and does not intend to do so, she shoul(
through the Legislature promptly declare
that fact TO the world, and have then
stricken from the books Of the Auditor.
If, on the other hand, she holds hersei
bound to pay the whole or any part, she
cannot honorably longer delay to take ac
ton for that purpose, as her ability to pa,
cannot be denied.
STATE pEBT SINKING frSp.
In pursuance of the provisions OF al
act passed at the late special session o
tho Legislature, creating State Deb
Sinking Fund, for. the payment of The
State debt, and abalishing the Board Q
Sinking Fund Commissioners und oil odi
GERS connected therewith, the Audito.
Treasurer aud Agent of State, acting !,
the State Debt Sinking Fund Board, hay,
purchased in the market io1r hurdrec
aud sixty thousand thirty.six dollars ant
niuety. one cents OF tho certificates oSstock
bearing iutorest at tho rate of two and 1