The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-08-05

levied and collected for the special |
purpose OF extinguishing the funded |
debt.and that If the tax thus provided !
had been faithfully applied, and rea-
sopable economy observed Ia State ex- |
penditures, the entire debt might nave |
been paid in 1850! In the brief |
schedule OF duties imposed upon |
Democratic officials, however. the |
word economy did not appear; and |
TetreRchnIent was term Of classic de- |
rivation to which they did not deem |
1t necessary to give attention. When |
they wanted money TO paw the inter
est on the State debt. thew went
through" the Sinking Fund; aud by
assiduous attention to all important
matters, excepting official duty and
the welfare of the people, they man
aged to get the General Fund Of the
Treasury indebted to Funds set apart
for specltic purposes, to the extent of
1899. 1873 95.
Iu October, 1860, the Republican
party was successful, and in January,
1861, Republican General Assembly
convened at indianapolis, and Re-
publican officials took possession of
their respective Offices.
Soon after the breaking out of the
war, Governor Morton called a special
session of the Legislature, and that
body found 1t necessary, in the ext
gencies Of the situation, to authorize
the issue of War Bonds to the
amount of two millions of dollars,
thus necessarily adding a large amount
to the great debt, and incre asing the
responsibilities and perplexing duties
of the new party in power.
As meaos of paying the War
Bonds at the earliest practicable mo-
ment, the act authorizing the bonds
provided specific tax and also that
payments made by the General Gov
eminent for money expended by the
State authorities In equipping troops
providing materials of war, should be
applied to the immediate redemption
of the bonds. The matter and
tables following will show that these
requirements were strictly complied
with.
During the years 1868, 1864, the
| Democratic party was again in power.
They made their brief returns famous
By refusing to pay the interest oa the
| State debt when there was a million
dollars Ia the Treasury, thereby EN-
barassiDg the State at critical period,
and by their course generally, giving
aid and comfort to the rebels in
arms.
In the election 10 1864 the Democ
racy were permitted to retire-were
peremptorily dismissed by majority
of 20.O00-ana in January 1865, the
| Republican party resumed it's labors.
/ In hoV - 1-fa
Ia special session, passed the State
Debt Bill" providing a tax for the
| specific purpose of paying the State
debt, and describing the manner In
| which redemption should be made.
In June. 1865, before the tax
| authoriz d could be lev ed
aud collected, with the funds
| they had at their disb OsaI, the
/ BOARD OF State L eDt SINKING
| Eund mmis~ioners declared
! a dividend of 80 per cent. on
| the outstanding two and one
half per cent. certificates thus
reoeeni n9--.-... ...'....... 2440YOlU %
There had been previously pur-
| chasso, as provided by an act
| in relation TO the State i.ebt,
approved March 9, 1861, fist G.
| q II Sup. p 50, Five per cent
cerIifieates amo4 nting to-. III, 4s3 90
amounting to...................... $4,000 co
In all,.................... ...... sl,29,, AIS So
In the meantime the War Bonds
were taken up and redeemed as fast
as they could be obtained from the
holders. From the date OF issue to
October 81, 1866, there had been re-
| deemed the sum of 81 ,69l 900, leaving
outstanding 1909, 900.
In March, 1867, the Legislature
passed an act entitled an act to con-
solidate certain bonds, stock, and ac-
counts OF the School Fund into one
non negotiable bond" &c, in pur-
suance of which act, the five per cent.
certificates and two and one half per
cent. certificates Of State stocks pur.
chased by the Commissioners of the
Sinking Fund were surrendered by
the Auditor of State, and the nom
negotiable bond given. The whole
amount of State stocks redeemed
through the School Fund. as provided
by the above named and other acts,
is as follows
Five per cent. certificates OF
state stock ..-...-..-.-........-.... t957.56t 81
Two and one-haIf per cent. GER
TIN ates OF STATE stock. 33l ,302 81
Internal I'm Drovement Bonds. s,O0j 90
VIncennes University Bonds. 3 600 o.
war Loan Bonds...-.-....-.-.. 422,OO0 W
In 81. 7Sl ,S67 OF
The balance of the non.negotiable
bonds OF the school fund, to-wit:
81 819. 449 IL, making the total in
debtedness to the school fund 50 3d.
BIG 10; that is, as it now stands, the
Indebtedness of one pocket to the
other-grew up in the dark days of
Democratic power, from 1913 to 1860,
when they neglected, in the onerous
discharge Of political duty, to pay the
interest on money due the school
fund, and when, for instance, they
opened that sacred repository for
money to pay the interest on the
State debt. See 1st G. & H.. p 582,
aad the rerort of Mr.. Dodd, referred
to before
In June, 1867, the Board of State
Debt Sinking Fund Commissioners
gave notice that all the two and one
half per cent. certificates of stock
would be redeemed at par; and Of the
81, 1S3, 1S7 90 outstanding, all but
for payment aud redeemed.
The foreign debt. October 81, 1867,
was as follows:
Five ger cent. certificates of
state lo4 ~ %
War Loan Bonds....................... $4,000 W
Sc 99I 2S3 SO
Showing progress, in the work of extin. |
gushing the debt, to the extent OF nearly |
four and hslf millions OF dollars!
During the fiscal year ending
Octoner 81, 1855, five per cent.
certificates were redeemed,
amounting to.........-.. Sf35, 3II 81 |
And War Bonds to =. .............. 1850 90 1
During the year ending OctO-
Der 81, 1853, i've per cent. GER
amounting tn........... ''.e..... 81 gs6 S6S 80 |
And war Bonds amounting TO 6,co0 % 1
On the 10th of July, 1870, the for
aim dnhk sfnnH ~ Hnllnrrr.