The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1870-08-13

Whole Nnmberl Nn SDSD
On the first day of July, 1849.
the debt of the State, IS reported
by the Auditor, Doc. journal,
l849, PIP. 33, 81, s5, 36, was as
follows:
Inter nal improvement Bonds not
surrendered under the "Butler
Five per cent. State stocks is-
sued under the Butler Bill" 100000 90
Two and one halt per cent. State
lie, Bill" 1856, 20, so
Making the total bonded deb. 49, $s,o44,2 SO
To which add the domestic debt,
October 81. 1S49, ,........... 2l5,530 90
Total. .ss.259, 1877 SO
At the close OF Gov. Wright's
administration, January, 1857, the
domestic debt had been extingnish
ed, and the foreign, or bonded debt
I Auditors Report, 1857, p. %, !
was S7,771,073 so.
In October, 1860. after seven
teen years of almost uninterrupted
Democratic government, during
which time the population and
wealth of the State had increased
very rapidly, and all the facilities
for the successful management Of
financial affairs were at the com
mand Of the dominant party, the
debt of the State had been dc.
creased. On she contrary, it had
grown, as shown by the report of
| Auditors Report, 1850, p. 26. to
an amount exceeding ten million of
dollars, as follows:
Internal Improvemen, Bond.
outstandiag- iag--.......-..... 1898 900 %
Five per cent. State stocks
standing g........-...- 5,3Z2, 900 90
Two and one-hsR per cent.
State stocks outsta ndileg.. 2,054,773 so
Bond held by Commissioners
of Sinking Fund .......... 1,lss.2la 81
Eincennes University Eonds.. 66,5S5 90
Loan from Sinking Fund to pay
interest on State Debt, July
1898 Io0,eUo Oo
Indebtedness of General Fund
to other Funds osq,lss s5
Total .......... $40, ,l79, 267 %
This will appear all the more
painful when it is remembered that
in 184o. and continuously forward,
tax was levied and collected for
the special purpose of ext:nguish-
ing the funded debt, and that if the
tax thus provided had been faith
fully applied, and reasonable econ
cmy observed IL State expenditures
the entire debt might have been
paid in 1880. In the brief schedule
OF duties imposed upon Democrat
ic officials, however, the word
economy did not appear; and re
trenchment was term of classic
derivation to which they did not
deem Unnecessary to give attention.
When they wanted money to pay
the interest on the State debt, they
eswens through the Sinking Fund;
and by assiduous attention to all
important matters excepting official
duty and the welfare of the peo-
pie, they managed to get the Gen
eral Fund of the Treasury indebt
ed to Funds set apart for specific
purposes, to she extent of $685.
1873 95.
In October, 1860, the Republican
party was successful, and in jam
a.y, 1861, a Republican General
Assembly convened at Indianap-
oils, and Republican officials took
possession of their respectiv Of
fees.
Soon after, at the breaking out
of the war, Governor Morton call.
ed a special session Of the Legis-
lature, aud that body found it
necessary, in the exigencies of the
situation, to issue War Bonds to
the amout of $4,000, 900, thus
necessarily adding large amount
to the great debt, and increasing
the responsibilities and perplex-
ing duties of the new party in
power.
AS means of paying the War
Bonds at the earliest practicable
moment, the act authorizing the
bonds provided specific tax, and
also, that payments made by the
General Government for money
expended by the State authorities
in eauipping troops and providing
materials of war, should be appli-
ed to the immediate redemption Of
the bonds. The matter and tables
following will show that these re-
quirements were strictly complied
with.
During the years 1868, 1864. the
Democratic party was again in
power. They made their brief re-
turn famous by refusing to pay the
interest on the State debt when
there was n million Of dollars in
the Treasury, thereby embarrass-
ing the State at critical period,
and by their course generally. Civ.
ing aid and comfort to the rebels
in arms.
In the election of 1864 the Dem
ocracy were permitted to retire
we're praemptorily dismissed by
majority of 2O,000-and in Janu-
ary, 1865, the Republican party
resumed it's laboIs.
In December, 1865. the Legisla-
tnre, in special session, passed the
Estate Debt BILL providing tax
for the specific purpose Of paying
the State debt, and describing the
manner in which redemption should
be made.
In June, 1856, before the tax
authorized could be levied
and collected, with the funds
they had at their disposal, the
Roard of State Dah. Sinking