The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1871-01-14

the legislature should and no dou BIT
will unite to pay those old bonds
and thus savethe State from being
saddled by this heavy debt.
Governors Mesa age.
This document would about all our paper
type land although, interesting and good,
We shall have to be content with what the
Governor says about our States indebtedness.
STATE DRsr. nFs 9u 9F
1t af6rds me great pleasure in again well
coming the representatives of the people to
these halla Of legislation; to greet you at
the outset with the assurance that the finan-
cial condition of the State, so lar at least az
the liquidation OF our foreign indsbtness is
concerned, is most satisfactory. Practically
all the foreign debt Of The State, except $176,
900 of the war loan bonds, issued under the |
Legislation Of 1854 has been redeemed. So |
early consummatiou Of such q result was
not anticipated two years ago, even by the |
most sanguine. II was then believed that |
the collection and application Of the revenue |
for the year 1870 would be necessary to COM |
plete the redemption Of the ~ and S per |
cent, certificates OF State stock outstanding, |
and consequently that . portion of these |
stocks would have to continue to bear interest |
until the summer or fall of 1871. The result |
achieved is due 10 the fact that in June last
l received from the Treasury Department OF
the United States an account of the eleye nth
instalment of the Indiana war claims against
the United States, draft or warrant on the
Assistant Treasurer of the United States, at
New York, payable to my order, in my Of
fetal capacity, for the sum Of four hundred
and sixty-four thousand nine hundred and
twenty three dollars and twenty four cents
($46s, s23.2 "a, } which draft or warrant inn
mediatly indorsed to make it payable to the
Board Of State Debt Sinking Fund Commits
sioners Of the State Of Indiana, upon the
Joint Endorsement OF Nathan Kimball, Treas
urer of State, and Thomas @. Slaughter,
Agent Of State. l transmitted the warrant
Of State to the Agent Of State, with the
request that the proceeds Of the draft should
be applied in redeeming, first such Of the war
loan bonds Of the State as might be presen-
ted and secondly, to the redemption of the "a
and per cent. certificates OF stock still
landing. The proceeds of the draft were
applied accordingly, and hence the favorable
condition of our foreign indebtedness before
mentioned.
The Auditor of State in his report shows
that at the end Of the fiscal year, on the 3lst
day of October last, the foreign indebtness Of
the State amounted to. ..........$ 433, 240 2
And the domestic Indebtedness to 3,734,247 81
Making total Of =. ........ 81, 167, 4S7 "a
or the $433, 24O.12 of foreign indebtedness
thus reported the sum of 1854 ,240, 12 consist
ed of and 21z per cent. certificates of State
stocks unsurrendered, as follows: a
Five per cents. $249 ,2l9 80
Two and one half per cents.... 5000 Is
ro.., r" eosa ON 10
On the first day of July, 1876. the Board of
Fund notified the holders nf the 5 per cent.
certificates of stock TO present them at the
Agency in New York for payment on or be.
fore the LIST day Of September, 1870. and that
in default of such presentmsnt the State
would cease to pay interest thereon after
said last mentioned date. The interest on
the ~ per cents. had been stopped long be-
fore BY the Board, because of their non pres
eminent fol- pay ment under q like notice. As
the money is, and has been, in the Treasury
ofthe Agency at New York for the redemp-
ton of these and IN per cent stocks still
unsurrendered, and % the State has done all
that can be reasonably required TO procure
their surrender, they should be treated and
considered as practically paid. and to that
and recommend that the General Assembly
ratify, il such ratification shall be thought
necessary, the action Of the Board Of State
Debt Sinking Fund Commissioners in stop.
ping the interest on these s and ~ per cent
certificates. saa aIrrs- tr' ~ ~
Since the end of the fiscal year, and up tc
January S, 1871, the following State stock!
have been redeemed, viz:
OF the per cent. certificates, ]106, 9i9. 90
reducing the amount still unsurrendered 4
$ll2,300. 90; of the ~ per cents, 1888. l;
reducing the amount still unsurrendered Il
1892 90; of the war loan bonds, $1,000, re
A. IS Alnc Hc ,xsn N,,k
standing to the sum of Sis, 900 90. SIDE
The. principal of the war loan bonds will no
be due for many years, and therefore tn
State can neither compel their surrender o
stop the interest thereon. Treating the
end M per cents. AZ practically paid for tn
reasons already assigned, it follows that th
entire recognized foreign debt of the Stat
$176,O00.00.
The Domestic Debt Of the STATE has bee
increased since the end of the fiscal year, o.
tober 31st, 1870, by the redemption Of Stat
indebtedness with monies belonging to II
Sinking Fluid from 50, 734, 267 80 to 1892
COILS.
State, Foreign and Domestic on the 9Th da
of January, 1871, may be stated thus, viz: 4
s FoRlz0N DIET.
War Loan Bonds, ........... el7B,O0O a
DOMESTIC DHDf.
Non-negotiable bonds given 70
the School Fund. ,55l ,3l6 :.
Sinking Fund monies applied TO
redemption of State debt, for
which no non-n negotiable bond
has yet been given to School -
kun0. 1lst,vv.
Vincennes University Bonds. % ,sS5,
Total Domestic Debt. ,792J6ol.
Entire Debt Foreign and Don'es-
tic on the 9Th day OF January,
The special correspondent