The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-05

that the time had come to place the bond of the
Treasurer of State at 81. 600 000 There is reason
in this. The law provides, in regard to trust
funds generally, that the amount of bond shall
be double the amount of the funds Take
guardians bond for example. The guardian
can't put single dollar in his pocket for any
money he loans. He cannot, by subterfuge.
loan his wards money at higher rate OF inter
est and put part in his own pocket Yet a guar
dian of ward has to make his bond for double
the amount of property in his hands,. both real
and personal Why should we make another
rule for man who has the custody of half
million dollars belonging to the State. and who
confessedly loans this money and receives
interest upon 1t, In defiance or the
statute, if you please-a statute which
has been violated by every treasurer of every
party since it was enacted. There is very large
amount of the States money loaned out upon
which interest is received, therefore claim the
reason exists more strongly for sufficient bond
than it does in the case of guardians bonds. 1t
may be said that this will prevent poor man
from becoming Treasurer of State. l think
not The test of whether one man will go upon
the bond of another comes not so much from
wealth as from character for honesty ana
probity. Every senator knows many man who
is poor but whom he would rather trust upon his
simple word, than many weather. man upon
his bond. This bill unanimously passed the
House, which is nearer the people than the
Senate 1t represents the wishes and desires OF
the people that solid bond should be required
from the Treasurer of State which will protect
the people against loss.
Mr. Smith. of Jennings: / believe the Treas
urer of the State ought to give good and
sufficient bond, but don't believe the law ought
to require him to give bond which is not with
in the reach of ordinary individuals If alb the
senator from Lawrence Mr. Willardl sand were
true, 1t is no argument that the penalty on this
bond should be increased unless he desires to, be-
come the advocate of special class of persons
who can only place themselves, by reason OF
their wealth and influence in that direction. In
the hands of those who would control the Treas
ury of the State, if he had to give such bond.
1t is ry>cear if the Treasurer of State is re-
quired TO give bond of s., 100000 that the only
persons he could secure to go upon his
bond who would be acceptable would be
those who are operating moEopolies and banks.
1t Is placing the Treasurer of State in the hands
of monopolies. For that reason the amendment
ought to prevail. 1t cannot be truthfully said
that the State would be in danger of losing a
single cent of money if the bond shall be placed
at $500, 900. There are only two or three months
In the year when greater sum than the amount
named in the amendment would ever be concen-
trated in the State Treasury, and then it only
remains there short time it is paid out almost
as soon as it is paid in.
Mr.. Johnston of Dearborn-I am in favor of
the amendment of the senator from Jennings
MIR. Smith), and will vote for it whenever an
opportunity presents itself. My are,
that this is different trust from the trust of
guardian or administrator. We don't make
When the new State house is completed presume
there will be proper place provided for the
Treasurer to keep the money. Then the Treas
urer will simply act as agent of the State and
hold the money for her use. he will have no
right to touch the money other than to dispense
it upon proper warrant drawn by the State
Auditor 1t will be great hardship for man
of ordinary means, care not what his repu
tation may be, to make bond for million OF
dollars. 1t will be hard thing to get twenty
600 hOndSmAn
| think it will be a very difficult matter for a
Treasurer to procure bond of $1,000 900 unless
he is very nearly worth the amount himself.
Mr.. Weir: There is no occasion to pass this
bill as it came from the House. [ care not
whether the House passed it by 80 to l. ii is for
this body to act upon its own judgment in de-
termining what legislation is necessary. Because
apparently there has been a little panic pro-
duced in the other house by various rumors that
have gone out about the State Treasurer's Office
we should not make undue haste. When Gov
ernor Porter, in his message, gave out by innuen
do, if you please. that there is something wrong
in the Treasurers office, an investigation was
prompted, and but this morning have had a
| report from the majority of that committee
This investigation has been carried out, and the
committee reports that every single dollar of the
peoples money is perfectly safe; but il the neal
| time the House has passed a bill to require the
| State Treasurer to give bond in the sum of
! 81 0000 600. 1t ought to be entitled IAN act to
provide that no man who is not a millionaire
shall ever become Treasurer of the State of
Indiana" In other words, if a Treasurer of
State shall be elected under this bill, however
honest he may be, or from whatever section of
the State he may come he must be handed over
to the mercies of the financiers of the city
of Indianapolis. / don't believe there is
any demand for this legislation, and
had not the senator from Jennings
offered his amendment, l should have
proposed reduction to $1,000 900. The Treasurer
of the United States has charge of over $400, 0O0
ox,2I hfr,lZh civ h1,S1 30
of $1,000 only, and why is it that rational, SEN
sibie men-men of experience and Judgment
should be carried off their feet under such cir
| cumstances as surround this question in both
houses of this Legislature. / am aware there
may have been violation of the statute, but no
man can discharge the duties of Treasurer of
State without doing it, \
Mr.. Campbell, of ST Joseph: I am one who
believes that when the State of Indiana elects
man for Treasurer and his friends have become
responsible for his acts to the amount of half
million Of dollars that the people who elect him.
should assume the responsibility beyond this
amount. Torequire that bond OFFS ,000 900 shall
be given is to require that the Treasurer shall
virtually mortgage himself to. and actually
hamper himself by being dictated to by banks
and monied men, in whose hands he must place
himself before bond can be given. / am there
fore. in favor of the amendment to place the
bond at $o0O,OOO instead of $1,000, 900, but
approve requiring twenty responsible men upon
the bond. | ask for division of the question
Mr.. Smith, of Jennings, withdrew all of his
amendment except the portion to reduce the
Treasurers bond from ST 600 00Q to $500 OOO
1t was agreed to-yeas, 80; nays, Is
Mr.. Willard latter the recess for dinner) moved
for dispensaton of the constitutional restriction
that the bill may be pressed to the final vote.
Mr. McCullough: am opposed to the motion
at this time--nOt because not in favor of
the bill as far as it goes. but think it ought to
be postponed till to morrow, for this is one of
those matters which, in my judgment, needs
cool and careful deliberation as to what the law
is now, and what the effect of this bill will be-
think there is an undue scare about haste in this
case. The Supreme Court has decided that the
Legislature may increase or diminish the bond
of an officer at any time. / think the most dan
gerous thing in reference to the State Treasury
is the condition in which the law is 1t is doubt
FIJI whether his bondsmen would be liable if a
Joss of funds should occur without fault of the