The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-11

CHS1LAO ~ VI lllt (OALAAAo .
lature not be abnor,naily large The
amount of the State debt Jan. III OF the
present year was as follows:
8 per cent. refunding school fund
bonds, series 1898. ,9So,OVo.W
3z per cent. ~refunders, series
1879 oSo,UVVVV
1885 500, 10000
stopped) 5,61512
5 per cent. bond, Purdue Univer-
Slty S4O,OVO.U
5 per cent. bond, Indiana Univer-
Slty lff,VVV.VV
$4,5O4, 6l5.l2
OF the above amounts 8 per cent. refund
ing school fund bonds, series 1889. amount
ing to 1890 600, have an optional clause,
and can be paid from time to time as the
State has the means. The 33 per cent. re-
funding bonds included In the two series OF
1895, amounting in the aggregate to Sl,OS5,-
coo, have no option clause and cannot be
paid until 1915. the maturity of the bonds.
The States stock certificates, amounting to
s., 6l5, II, were issued for internal improve
ments, in connection with the building of
the Wabash and Erie canal, and the proba-
bilities are will never be presented for pay
ment. During the two years past one GER
tificate OF this series, amounting TO Sl,UOO,
has been paid. Notice was issued by the
state years ago of its desire to pay these
certificates, announcing that the interest
would be stopped from tina date, and, with
the exception of the payment above named.
none other of these obligations have been
presented. TIL 5 per cent. bond due Pur-
due University. amounting TO $4,000. will
be due April j OF the present year, and it
was the desire Of the State to pay the
same. But on examination of the law un-
der which Congress made the land grant
from which the proceeds of this bond were
had. shaws that the State guaranteed the
interest in perpetuity, and, as recommend
ed in another part of this message, the
4 oci / frIr will ha no11ad nnnn m r0nRn
some provision for the extension of that
bond. The 5 per cent. bond Of the Indiana
University is not due for a number of
years. So that ii will be seen that of the
public debt of the State less than SO, 0OO,O 900
is available in the near future for cancella-
ton. There has been paid on the public
debt in the past two years 81, 096. 900. These
payments have been made from the State
debt sinking fund of 3 cents on each 500,
and an addition of Sl09.00 from the general
fund. The Legislature of 1899 made ex-
tr2ordinary specific appropriations conSe-
quent upon the necessities of the State in
situations and the substantial Improvement
for the Indiana Reformatory at Jefferson
vile. These appropriations, amounting to
nearly 100000 were more than double that
or any preceding Legislature for years
past. Should the appropriations for the
session of 1901 be of a normal amount the
debt paying ability of the incoming admin
istration will be substantially increased. 1t
is my opinion that this policy of the State
administration is the true one. and the rec
OIO ludl mas OCCh idu ~ % llQCll
of the principal has been paid and the in
terest saved is one that is and will continue
to be Of incalculable advantage to our Com
monwealth In the direction of welcoming
capital and manufacturing enterprises, as
well as the added benefits of substantial
emigration. A State practically out of
debt. with its income exceeding its ex-
penses, and with its public affairs managed
upon the plane of strict business fidelity,
has those substantial elements that cannot
fail to attach and attract a future full of
hope and achievement.
The State debt sinking fund levy. 3 cents
on the 500, now yields about $500, 900 per
annum. In my judgment this should be
continued, and, taking that amount as the
basis, the surplus from the general fund
that Will accrue with the average of appro-
priations previous to the session of 1899, will
extinguish the available portion of the debt
within the next four years.
The tax duplicate of Indiana amounts
to s1.335, TAG, SOS, which is the largest in
the history of the State. 1t Is a source
OF congratulation that the system of tax
alton in Indiana by which corporate and
all other forms of property are assessed
at their true cash value, is largely respon-
sible for this very gratifying aggregate
Of taxables of the commonwealth. What
is known as the OBSERVATION-DISCLOSURES
Legislature of 1899, has not the effect her
aided by many who were opposed to this
measure. While the deductions for the
year 1899 were In round numbers $27, 500. 900.
there was to offset this an increase of s23,-
sos, S06 in the assessment of the personal
property of the State. and of s6,414. $40 IN
the assessment of corporate property.
The total taxes for all purposes, State
and county, accruing from the duplicate
amounted to 81, 659. 1851. OF this amount,
however, all the expenses of the general
fund of the State and the state debt sink
ing fund are met on a levy of IL cents on
the 500. which Is one of the very lowest
levies of any of the States OF the Union.
Truly every citizen of Indiana can take
nrfla IN tho o6nnfroh1o 6n0 nnfo1 Cfnt, YC -
the State, c~ontributory TO the intelligent
and just tax laws. and the faithful
ness and fidelity in which the public bus
mess is being administered.
The estimate of receipts of taxes levied
for the general fund, with the fees from
state offices, together with the earnings of
the state institutions and other income
earning sources, amount practically to ST.
500. 600 annually for the coming two years.
The estimated disbursements amount to
s.. 069, 0l0 for the fiscal year 1902 and So
167, $50 for the fiscal year 1903. i would
recommend that the present levies of 8
cents for the general fund and 5 cents
for the benevolent institution fund should
remain unchanged.
IT is expected that the claim OF the State
against the general government providing
the funds for the equipment and enlisting
Of the soldiers of Indiana in the war for the
made before the adjournment of the pres
emit Congress. A bill has passed the Sem
ate and is now before the House, which, e
enacted lNtO law, Will give 10 the state
near half a million dollars. that has been
due as a result OF expenditures for interest
and discounts on loans that were made and
bonds that were carried In providing the
ways and means incident TO Indiana's
quota of soldiers in the war for the Union,
and for which the Treasury Department
has steadily refused payment. The Indiana
delegation IN Congress has unanimously
given it's support 10 this bill. which makes
provision for the payment of these dis
barred items, and IL is not improbable that
q large proportion OF this just claim will
after so many years be paid. / cannot
too strictly urge upon the Legislature a
purpose on their part to be careful and
economical in the matter OF specific and
general appropriations.
The citizens OF this State desire the ap-
preparation of every necessary dollar III
will keep the public institutions and the
public interests abreast with the marvel
Gus material development OF the State. and
TO that extent the Legislature should cheer
rully respond, but IL this commonwealth
Is to preserve the fame IL has achieved
IN it's record for debt paying and finally be
relieved OF the burden OF interest-bearing
bonds, II must be on such lines of legfs-
lation hat will not e~xtravagantly nor un-
necessarily vote one dollar OF appropria-
ton that Is not essential for a practical
n deserved purpose.
Primary Election
The primary convention IS the basic foun-
dalton OF good government The men, cho-
sen at these conventions determine. In
| large measure. the character OF the men
| who are to make and execute the laws. In
some OF the large cities the methods OF con-