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

| per cent. certificates and two aud
one-half per cent. certificates of
State stocks purchased by the,
Commissioners Of the Sinking.
Fund were surrendered by tho,
Auditor of State, and the non-ues
gotiable bond given. The whole
amount Of State stocks redeemed
through the School Fund, as pro-
vided by the above named and
other acts, is as follows
Five per cent. certificates of .--~ a.sses
Two and one-half per cent.
certificateslof State ctsek... 33l, ,3O2 IS
! lnteru al Improvement Bonds 5000 0O
i Vincennes University Bonds. 3,0G0 90
/ War Loan Bonds .--.....-.... 422, ,60e 90
| IN ali.. ............ 81, ,f3l, ,S67 OZ
The balance Of the non-ne egotia.
BILE bonds of the School Fund, to-
wit: 81, 1,Sl9,449 I3, making the
total indebtedness TO tho School
Fund SO, ,3I6 Is, that is, rs it
now stands, the Indebtedness OF
one pocket to the other grew up
| in the dark days of Democratic
power, from 1843 to 1860, when
they neglected, in the onerous dis
charge OF political duty, to pay
the interest on money due the
School Fund, and when, for in
stance, they opened that sacred
repository for money to pay tlie
intert ST on the State debt. See Is.
6. s. H. p. $50, and the report 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
State stock would be redeemed at
par, and of the SlI33,1s7 50 out
standing, all but a few thousand
dollars were presented for payment
and redeemed.
The foreign debt, October 81.
1867, was as follows:
Five per cent. certificates of
state stock SS,1 80 33
War Loan Bends ds........t.... 237, GOO ei
Iotal. al.......,.,.-...~.... s., ,99l go 81
Showing progress, in the work
of extinguishsng the debt, to the
extent of nearly four and half
millions oe dollars
During the fiscal wear ending
October 81 1868, five per cent
certificates were redeemed
amountinc, to.......-...... SA35.S1I 81
And War Bonds to........... q ,000 90
During the year ending Oct.
81, 1859 FIVE per cent. certif-
Gates were redee med amount
inf To-. ....-........ sl,688.S68 IS
And War Bonds amounting to G,G00 %
On the 18th Of July, 1870, the
foreign deot stood as follows
Five per cent. certifuatos....- s1,145,l97 a3
Two and one-half per cent.
ceTtfHcateS q, I9 ID
War Bonds. ds............... 204 600 90
iotai.. i,OOA,j1O Al
During three years past, olders ofthe
War Bonds have been notified that the
State is ready to pay them; but as the
bonds are not due until 1881, and hold
ers will not surrender them for payment
the amount aboye given remains outstan.
ding.
In this latter part of June. Governor
Baker received from the General Gov
ernment in payment of War Claims of
the State, the sum S464 926 23, which
he immediately forwarded TO the Agent
of State in New York, advising the
Agent BY telegraph. and sending instruc-
tions by letter, that the money be applied
to the immediate redemption of State
stocks
On the first day of July, the Board Of
State Debt Sinking Fund Commission
ers, with means sufficient to pay off the
entire indebtedness, met at the Office Of
the A gert of State, to take such action in
paying the debt and closing the long ex>
isting agency as should be deemed neces-
sary Holders Of the stock, however.
did not manifest desire to give up
their certificates for payment, and the
Board at once gave notice that interest
would cease on the first day Of Septem>
Der and that tho stock should be pre-
sented for payment on or before that
| date.
Thus; a few years Of judicious mans
agement OF financial affairs has placed tho
good name and credit of the State in
the front rank, SO that her obligations
are regarded as the best security, and
holders of stocks are compelled by the
notice that interest will be stopped to
surrender their claims for payment.
In addition to the million of dollars of
the State debt that have been paid by
Republican administrations, fifty thou
sand dollars have been paid each year,
since 1861, for apportionmen Mt by the Su-
perintendent of Public Instruction, to
cancel a claim of the School Fund
against the General Fund of the Treas
ury: the direct tax levied by the Gener-
al Government upon the State during
the war, amounting to 500, ,975 .33, was
paid without recourse to additional tax
alton; the indebtedness of the Northern
Prison has been paid, and the Prison
completed; the Soldiers Home. at
Knightstown. the Normal School build.
ing, at Terre Haute, the building for the
Supreme Court and State Offices, and
Female Reformatory, at Indianapolis,
the House of Refuge, at Plainfeld, have
sane Hospital and Deaf and Dumb As.
vlum have been materially enlarged and
improved besides the ordinary expendi-
lures of State government, making in
the aggregate sum exceeding two and
halt million of dollars.
Thus it will be seen, seventeen years
OF Democratic management left the State
with debt exceeding ten millions,
which was soon after increased, by the
necessities of the country in time of war,
to more than thirteen millions
Professor Cox has completed the
First Annual Report of the Geo
logical Servey of Indiana It is
a very valuable work giving a vast
amount of information in reterance