The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-02-18
~ SENATE.


securities c. the State Of the 10 per cent.
left on the work done and material accepted
upon the nee Sia' e-house, ~as read the sec
ond tsme-beiug TIE special ORDER ior this
hour.
Mr.. SMITH: In 1873 the Stste-house
Commissioners nndzr the IaV o. 1877 con-
tracted for the pletion Of the new State
house. and It vas agreed that 10 per cent. OF
money due should be retained in the State
Treasury AZ a guarantee that the contract
would be carried out There IS now Of that
fund about Sl02. 90. In case Of failure on
the part OF the contractors to carry out their
agreement this fund belongs to the State.
These moneys lie idle aud there iss neces-
sity for its use by the State just now. The
bill also provides whenever in the future
this amount shall reach S, COO it is to be
Hkewise invested, and ii sccumulstes at the
rate of about g 600 per month. The csn-
tractors have lost money and viii probably
lose more, bat the Commissioners say they
are living up strictly and literally to their
contracts. The bill will resalt to the benefit
OF the contractors or Of the State, and he
hoped Il would pass. Il is universally ap-
proved.
Mr.. WILLARD saw no objection to the
bill. 1t is proper that the contractors should
enjoy the interest to be derived thereuBon il
hey fulfill their contract. he moved to
sfrsud by striking out the word SPAR and
insert in lieu the words lat the lowest
market rate, not less than par" The State
should have the benefit Of any rate above
par thst could be obtained.
Mr.. FOWLER hoped the DILL will not
Fkc L. oHr h. Sc n.
contractor more pay He opposed the
State laying its band on the State.house
contract in any manner. way or form. This
is like the same old bill of two years ago,
which proposed to give these contractors
500 Coo more than their contract calls for.
1t is said they have lost money. Many con-
tractors lose money. notwithstanding which
IL Is their duty to faithfully carry out their
contract. Not one dollar of the Si02. 600 the
Senator from Delaware refers to- is in the
Slate Treasury, and never was. 1t was not
the IBteztion that 10 per cent retained
should be IN the Treasury. Who IS asking
this to De done? The proposition is unfair
TO tax the people OF the State on this $780,
600 and $. 600 in additional as fast as 1t az
cTues 10 order to pay the interest thus re-
cured, over TO these contractors, who have
no right 10 il than anyone else. Why
should they ask to be voted an additional
boIus for doing what they have contracted,
and agreed to do? This is a bad bill It n
q
bonus over and above their contract price
for building the Ss.s-hau
Mr. SMITH, OF Jennlns- was at first in
clired to believe this bill 4 good thing
believing it to be propos lion to take
money lying idle and loan 1t to the Slate
bat on investigation soon arrived st a diff
ferent con clusion. The bill proposes TO loan
10 per cent. of the cost of the State house,
which exists only ia the credit of the State.
There is 10 such fund anywhere. There
has IL
ceeding 90 per cent. of the cost of the build
ing each year. The balance is a reserve,
and Will remain reserve until the adj
ditionsl 10 per cent is Appropriated. IL
this bill hss any purpose il is simply to is
sue bonds for the credit OF the State and
give the interest to these contracto s. II
would be loaning wind and reaping whirl-
wind The bill ought not to be engrossed.
Mr.. SMITH. of Delaware: That fund is
somewhere either deposited to the credit OF
the State or elsewhere in the hands of the
Treasurer of State. He made the statement
upon bis own personal legitimate conclu-
sion. 1t IS Infinitely better for this invest
ment 20 be made than to heye this large
sum in the hands Of the party it now is, sub
ject TO loss.
Mr.. CAMPBELL, of Hendricks: There are
different statements made in regard to this
matter. II there is in the Treasury a ten per
cent. fund then the passage Of this bill is
merely supplying an omission in the origi~
tract should have read: The contrac tors
would have the withheld ten per cent. with
interest. III the contractors have earned the
money and the money is lying idle he great
ly preferred the contractors should have the
interest on il in case they completed their
contract.
Mr.. WILLARD read from the Stats-house
contract and declared the money ought to
be in the Treasury.
Mr.. NAY preferred al investigations in
90 hav Dc hofa
the bill is ordered to the engrossment.
Mr.. FOWLER also opposed its engross-
ment.
Mr. MAGEE did net suppose there would
be much, if any, objection to this bill. it be-
ing proposition that in one case would sc-
crue TO the benefit of the contractors aud in
the other case 10 the benefit OF the State
This bill is 10 fund money already earned,
the accrued interest thereon to go TO the
contractors If they complete the building &C.
cording to their agreement, otherwise il ac-
crues to the benefit OF the State. The State
House Commissioners suggested this bill,
and he saw no valid objection to it. There
is no authority OF law to collect but 90 per
cent. of the State-house levy. These con.
tractors have earned tina. 10 per cent.-it is
theirs absolutely, and why should they net
have interest upon il? They have lost
$4,000, and there is no bill here 10 REIN
burse them, nor VIII there be. This 10 per
cent. has been collected and psid into the
Treasury. as can be seen BY referring to page
eiehty-hve OF the report of the State house
Commissioners. To whom does it belong?
The contractors have advanced this money,
and Is belongs 70 them in the eye of the law.
Mr.. CAMPBELL, OF Hendricks, moved
that the bill be referred 70 a select Commit.
tee of Three, with power to send for persons
and papers. and ascertain as To whether o.
not this 10 per cent. is IN the State
Treasury.
The Presiding Officer Mr.. Willard in the
chair ruled IL out of order.
Mr.. CAMPBELL. OF st. Joseph, with great
reluctance opposed any measure advocated
BIZ bis respected seat mate Mr.. SMITH. II
this money were lying in the Treasury, he
shoUld favor this bill as matter that