The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-09-01


been said that, when the Republican
State Administration was iuaugurated
on the l4th day of January, 1861, the
entire debt of the State. foreign and
domestic. was $40, 179 267 O9. and not
sentation consists in emitting alto
gether the domestic debt, which then
was S2.408, 993 SO
INCREASE OF THE DEBT BY TIE Me-
CEssITIEs OF THE WAR.
To start with then, the Repub.
licans, In -January. 1881, sue
ceedeo 10 debt Of-....s.... ivy ~ w
To this should be added the
war loan bonds. rendered
necessary by the war, nd au-
thorizad By the Legtslatura
at its special session In lS6l.... 100000 %
Add, also. Indiana's portion or
the direct tax ass ssed By
Congress In le62 which was
Repu oltcan Administration
without any fresh levy on
the property OF the poop e...... 994Sl5 30
Total ......-...tl3sO l42 AZ
By these additions, we see that the
necessities of the war increased the
States liabilities in 1862, from $1O,-
179. 267 90 to $13, 084 142 AZ.
AMOUNT OF ENTIBE DEBT, JULY Is,
1870.
The question remains to be answered
how much Of this large indebted0ess
has been paid of, and how much
thereof still exists? In answer
to these questions, ] state that on the
18th day Of July, 1870, the account
stood as follows, viz:
Five per cents outstanding........sl, l45, 1871 80
Two and one-haif per cents out 800
standing S,ll9 u
War Loan Bonds...................... 1900 90
Total of Foreign Debt ON which
the State pays tnterest..........s. ,352, 3l6 40
To meet THIS we have on hand,
in the Treasury OF the State
Debt Sinking Fund Commits
sIoneTss belonging TO the states 9,029 ~
Bslance......... 1853, 2S6 50
To meet this we have Trust funds
which may be applied by law to the
redemption of this balance. amount
ing TO $500,000; 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 $640, 900,
and will replace the Trust funds so
used, and leave a balance of 1926. 600,
which can, if the Legislature shall
see proper to recognize them as a part
of the State Debt, be applied to the
redemption of the 1914 Internal I'm
provemeat Bonds still outstanding,
aud amounting, exclusive of interest,
to 1884 900, or Whereabouts.
This disposes of the foreign debt of
the State and it only remains to. state
the amount of our Domestic Debt:
1t is as follows, viz:
VIncennes University Bonds..s 635S5 90
Due School Fund, for which
nou.negotiabie bond has been
issued payable to that Fund
with interest payable semi =
Amount due iis''- same Fund for
which no bond has yet been
Issued ..-.........-. ...-.'..-..''s.... 6EFOO W
Total Domestic Debt.........s s,eS. .8O1 Is
By way of recapitulation, the fig
ures may be stated as follows, viz:
Entire debt inherited by the
Republican administration
in 1881 from their predeees-
Increased By the war in 1851
Foreign debt in 1870. paid or
provld d for as before stated s,ss2,eOl Is
Deduct this from the liabilities
of the sta te in 1882. before
stated Sl3.OS4l42 81, and you
have positive reduction OF
the liabilities of tire State
since the accession of the Re
publican administration in
1881, Ohm. 8, 40l 54I 50
The small domestic debt still out
standing, with TIE exception of the
Vincennes University bonds-Which
only amounted to $63, 585-the State
owes to her own school fund, aod 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 ofsuch a record as this.
mcn may deny that there has been
aoy substantial reduction Of the State
debt inst 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 viii .k"e.
how 70 appreciate such s-niais.
l will here state what : ought to
have stated Ia aBo -aer connection,
tbet. while Oh. Republicans have
wiped or sue foreign debt of the
State = before shown, they have in
doug so only added 81 ga. COZ Sc TO
the domestic debt. For the domestic
debt was as before stated,
On the Ist day OF Now, ls6O......s2. 4Os. S93 So
Aud IL now 5,6o2,u0l 10
D1neren ce..-... yZ73bO4 %
SPECIMEN OF DEMOCRATIC FLNANCIER-
ING.
Now, In contrast with this, look for
one moment at a specimen Of Demo
cratic inancieriDg:
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 !
properly of the State, as a sinking
fund for the redemption of our bonds. \
The proceeds Of this tax was 10 be
used in the purchase of the bonds Of
the State. ADD these bonds were to be :
held by the State Debt Board of Sink
Irg Fuod Commissioners, and the in
tersst thereon was to be collected
from the State, and used in the pur. !
chasing Of more b0nds and by this I
process the Democratic Administra-
loa had. up to November /. 1858, re {
deemed 1891 SO, of the State stocks I
Now, what do you suppose Lecame
IF the stocks 70 redeemed2 / think 7
hear all say. why, of course, they =
vera cancelled, and that was the last
IF them, except that they were held Y
ly the State Debt Board in gheir can.
,elled condition, SO that they might O
collect the interest from the State on
hem. and with this interest take up L
)ther bonds. 0
No such sensible disposition, 1 as
ure you, was made of these redeem D
d bonds. s
Wha', then, was done with them? b
fear if / should tell you in my q
wn language, you would think was q
to buIlesque my political Il
pponents, and l will, therefore, IL