The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-08-29

Sinking Fund Commission
T ees ,d9n from same Board to %
pay interest in July, lS5S-....-... 165, coo 90 |
And the Indebtedness OF the
General Fund to the other
Funds..... $50 l6o 70
The way the last named item oc-
Cured was by the Democracy adopt
ing the financial system of Wilkins
Micawber, as improved upon by the
female MicaWber, wife of Wilkins
aforesaid.
Wilkins, you know, to replenish
the MicaWber Exchcquer always re-
lied upon something turning up.
and when the starvation point was
reached. his faithful Emily, who
never did and never would desert
him, always insisted on his turning
something mp. as, for instance, draw
ing bill and selling it at any sacri-
fee.
The Democracy improved upon
this device by turning up the trust
funds whenever they were short, and
taking a slice and charging it to the
General Fund. They seldom, how
ever. had grace enough to give a bill
or AMI 0. U. for the amount appro.
priated, and when they did they
failed to pay the interest.
It is manifest from what has already
been said that, when the Republican
State Administration was inaugurated
on the 14th day of January, 1861, the
entire debt of the State. foreign and
domestic. was SO, 179 ,267 90, and not
$7,770, 223 80, and that the misrepre-
sentation consists in emitting alto
gether the domestic debt, which then
was g, 408, 993 80.
To start with then, the Repub-
ncans, in January, 1861, sue
ceeded 10 debt l79 267 09
To this should b0 added the
war loan bonds, rendered
thorized by the Legislature
at us special session in lseI...: 100000 90
Add, also. Ind1ana's portion OF
the direct tax assessed by
Congress in 1852, which was
assumed and paid by the
Republican Administration
without any fresh levy on
the property Of the peopie...... 904.Sl5 80
Total 0S4 l42 AZ
By these additions, we see that the
necessities OF the war increased the
States liabilities in 1862, from $10,~
179, 267 09 to $13, 0S4. 142 ~.
The question remains to be answered
how much of this large indebtedness
has been paid off, and how much
thereof still exists? In answer
to these questions, / state that on the
10Th day Of July, 1870, the account
stood as follows, VIZ:
Five per cents outstanding...... 81 l45, 1877 80
Two and one-half per cents out
standing o,dis Is
War Loan Bonds..,.........,........... O4,OOO 90
Total of Foreign Debt on which
the State pays 1nterest............ $50, 3l6 IS
To meet this We have on hand,
in the Treasury of the state
Debt Sinking Fund Commits
s1oners, belonging to the states $1,000 u
Balance............................. 85s, 288 90
To meet this we have Trust funds
which may be applied by law to the
redemption of this balance, amount
ing to 100000; and, to reimburse
the sum which may be temporarily
borrowed from the Trust funds, we
have the State Debt Sinking Fund
tax for 1870, now on the duplicate
which. judging from the results of last
years collections, will yield S640, 900,
and will replace the Trust funds so
used, and leave o balance of $3.50, 600,
which can, if the Legislature shall
see proper to recognize them as part
of the State Debt, be applied to the
redemption of the 1874 Internal In
provement Bonds still outstanding,
and amounting, exclusive of interest,
to 1894 900, or Whereabouts:
This disposes of the foreign debt OF
the State and it only remains to state
the amount of our Domestic Debt;
Ii is as follows, viz:
Vincennes University Bonds...s 6S,Cs5 90
| Due School Fund, Tor which
non-negotiable bond has been
issued payable to that Fund
with interest payable semi
| Amount due same Fund for
which no bond has yet been
Issued 0IsIOO W
Total Domestic Debt.........s 8,6Sl,6Ol Is
By way of recapitulation, the fig
ures may be stated as follows, viz:
Entire debt inherited by the
Republican administration
in 1861 from their predeces-
to-. slsOsl.l42s 81
provided for as before stated s.6s2, 6OI Is
| Deduct this from the liabilities
| of the Sta te In 1852, as before
stated, Sl3, .I42 81, and you
have positive reduction OF
the liabilities of the State
since the accession of the Re-
publican administration in
The small domestic debt still out
standing, with the exception of the
! Vincennes University bonds-which
only amounted to $63, 585-the State
owes to her own school fund, aad the
| interest paid thereon by the people is
returned to them by being apportioned
semi-annually among the counties for
| the education of their children.
In the face of such a record as this,
men may deny that there has been
apy substantial reduction of the State
debt lust as Mr.. VOORHEES, denies
that there has been any reduction of
| the interest bearing national debt, by
| General Grants administration but
candid and intelligent men will know
how to appreciate such denials.
Now, in contrast with this, look for
one moment at specimen of Demo
cratic financieriDg:
| In 1852, the Democracy did, as the
| Sentinel claims. provide for the levy
of tax of two cents on each hun
dred dollars in value of the taxable
property of the State, as a sinking
fund for the redemption of our bonds.
The proceeds of this tax was to be
used In the purchase of the bonds of
the State, and these bonds were to be
held by the State Debt Board of Sink
ing Fund Commissioners, and the in
terest thereon was to be collected
from the State, and used in the pur-
chasing of more bonds; and by this
process the Democratic Administra-
ton had. up to November /, 1858, re-
deemed 1891 80, of the State stocks.
Now, what do you suppose became
of the stocks so redeemed2 I think
| hear all say. why, of course, they
were cancelled, and that was the last
of them, except that they were held
by the State Debt Board in their can