The Winchester journal. [volume] (Winchester, Ind.) 18??-1920, 1870-07-28


Now 90 you think that the Repub.
lican party that has done these great
things ought TO Ice turned out now. for
the E.rpose Of giving the Democratic
party n chance 10 retrieve their di-as-
ters OF heretofore? That is the only
argument. All that you can say i,
that the Democratic party are in dis
grace, and ought 10 have chance t.
redeem itself.
Now let me speak about the State.
| see Governor Baker here tonight.
and | may assume 90 say in his
presence what ] am going 10 say.
have little statement here, that he
was Kind enough To make out for me,
which shows that what has been hap
pening to the nation in this grand
way, has been happening TO the State
on smaller scale. 1t shows the con-
dition OF the debt Of Indiana, and our
financial affairs as q State. We have
now in the treasury between nine and
ten hundred thousand dollars for the
purpose of paying our public debt.
We have outstanding seven hundred
thousand dollars in round numbers, Of
what are called the five per cent. and
two and a half per cent. bonds, the
old bonds issued under what Is known
rs the Butler bill i'm 1886. We have
been offering the money 10 the men
who hold these bonds, but they are
not inclined 10 take ii, and Governor
do not come forward and take their
money by the first Of September next,
the interest will stop. / think their
regard for their own interest will make
them take their money. Then there
is five hundred thousand dollars OF
the sinking fund that is available, that
would pay off the five per cent. and
the two and one-half per cent, bonds,
and leave some 100000 in the Treas
ury. But we have some $500, 900 of
war loan bonds issued during the war,
and the taxes that are now due and
and not collected for that purpose,
will realize more than s500,0U0, so
that in the course of few months
from this time we will have the
money in the treasury to pay off the
State debt, and half q million Of II
surplus.
Now, how does ii come that this tax
was levied? At the time the tax was
levied the State did not expect that
the general Government would be in
condition to settle with the State as
the general Government has settled to
the amount of nearly half II million,
and so the Governor applied that
money to the payment of the bonds.
That is the financial condition Of In
diana Enthusiastically out of
debt, and, if | do say it myself, one
of the best governed States in this
Union for the last ten years. Loud
and protracted cheering.].
Now, | want TO tell you something
about the condition of Indiana before
the 1st of January, 1861, when the
Republican party came into power.
Up to the 1st of January, 1867, from
the first Of April, 1910, the State debt
had been reduced only S4s5, O00-in a
time of profound peace, and when
taxes were all the time levied to pay
the State debt. But from the lst OF
January, 1857, TO the 1st Of January,
1861, it had been increased some two
millions of dollars within four years.
Why had it not been reduced i'm an
equal ratio during the former period?
What was the cause of ito Bad gov
eminent, mismanaReme nt-squandcr
ing the money of the State.
Mr.. Hendricks, the other day, speak
ing Of this at Ninccnnes, said: "Sup-
pose this Republican party has paid
Off the State debt, did they not tax
the people for it," laughter To
be sure we did. We are not slight-of-
hand gentlemen. We do not claim
that we have found out way to pay
the State debt, or the national debt,
without costing any body any thing.
Ne; we tax the people for it, but The
beauty of it is that we APPLIED all the
money to the payment of the debt.
Not n dollar of it was squandered;
every cent Of il was faithfully applied.
What is the difference? Why, for the
ten years preceding the war, the peo-
pie of Indiana were continually taxed
to pay the State debt, as you will see
by looking Oh the statute book during
that time, but the money was not
applied; that Is the difference. We
did not expect Governor Baker, or the
Treasurer of State, to pay the debt out
of his own pocket, but there was n
tax levied, and every cent
of it was faithfully applied, and the
State tonight is substantially out of
debt. The last four years before the
war, the State debt was increased two
four hundred thousand dol
lars. This is what the Democratic
party did in the previous decade, and
what the Republican party has done
during the last decade. Do you think
you have any first rate reason now for
to exchange the Republican
party for the old Democratic party,
and take these old Democratic finan-
ciers back-unless it Is that you want
TO give them chance to redeem them
selves? ] have spent as much time as