The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-12-29

the general fund, and the three per cent.
fund, to which they belonged. This omis-
sion makes failure to show small item of
1892, l33 SO, parted with by the state in IS
for the redemption of internal Improvement
bonds and coupons. He finds irregularities
in the college fund, not so large but large
enough for case. The finest nut for his
predecessors to crack is the problem of how
the common school fund reached its pres
emit condition. TIE deficit on this
fund was recently stated as s17, 1862 43.
Mr.. Smart remarked there should be q
balsncs to the credit of this fund In the
sum OF Sll8,5l2 SO. On examination the
treasurer discovers an aching void. An old
law provided for the superintendent on
certain fixed days adding SIS. 900 to
the sum total of school revenues in
payment of the states indebted
ness to this fund. These additions
were to be made at each apportionment
till the whole indebtedness was paid. In
1850 the state owed the schools sos, 92l Is,
These additions to the spportionmeut
were made till October, 1867, when
there was balance of the
principal in the sum of Sl5,573 56.
Now, this being the balance of the prin-
cipal, and there having been in all appor-
toned $3.50 573 Sc, and distributed, it would
evidently appear that the principal OF the
states indebtedness was paid, instead OF
the gradual payment. This principal was
really balance belonging to the fund, and
had been accredited to the fund, and to no
other fund whatever. But the inter-
est that the state had contracted to
pay the schools was interest on balances on
the fund. According to the records, the
balance of principal due was apportioned.
Therefore, any further amounts added TO
appointments, on account of the states
Indebtedness, were made to pay the inter-
ests, and the record shows that In 1868, go
and 20 the regular additions, SIS 900, were
made to each May and October apportion-
ments, in all $3.50, 900. This debt should
manifestly have been paid out of the
revenues Of the state, and required that
transfer warrants should have been is
sued against the general fund and the
amount placed to the credit of the common
school fund "a receipt on account of the
states interest debt. This not hav-
ing been done, as the books of this
office and the auditors clearly show,
The result of the operation is that the
amount distributed on that account was
school fund money, received from some
other source, and not payment of this in
terest debt of the state at all. Or, in other
words, ii shows the remarkable financial
transaction of paying a debt to the schools
with the money already in the school fund
for tuition. Here we have $50, 900, interest
on it to date, $50. ESQ; total s2D6 $50, not ac-
counted for according to law. Then,
the auditor in 1873, the Hon. James A.
Wildman, failed to draw s1l7, LAB 40 of war
rants for payment OF the states interest
on the non-negotiable bonds, a
sum belonging to the school fund.
Total balance on the school fund,
S344, $40 81. This is mere trihe
for a wealthy state, of course, but the
present curious treasurer will take measures
to hunt down this game and thus secure the
lasting obligations OF certain people in this
who have not the careless
of millionaires. Let the
drama proceed.