Year: 1864

ootn cases denying the existence OF any
appropriation by whiclfAehe interest
could be paid upon the State debt And
here l leave the law suit.


In future time the legal antiquarian
will pause amidst his researches to ex-
anime this case as the greatest curiosity
in the annals of American Jurisprudence.


The dead lock was now placed upon the
Treasury. 1t was full of money paid in
to it by the people to defray the interest
upon the public debt, support the Benev
olent Institutions and Penitentiaries, and
liquidate all the expenses incident TO
the operations of the State Government
The situation was full of embarress
ment and responsibility to me. and the
affairs of the State were in a most critical
and delicate position. To have called an
Extra Session of the Legislature would
have realized the hope of the repudia-
tors. A careful examination of the de-
signs and temper of the majority failed to
present the slightest prospect that diff
ferent policy would be adopted from that
which prevailed at the Regular Session,
while the danger and excitement which
then prevailed would be renewed
with increased violence. Every Union
member, so far as could learn, was ut
u
have yet to find the first Union man in
this State who did not protest against
such a measure as being fraught with
danger and powerless for good. Deter
mined, however, to leave no effort un
made to preserve the credit of the State,
in the month of June / proceeded to
New York and opened negotiations with
Messrs. Winslow, Lanier & Co. That
| able and distinguished house promptly
offered to pay the interest if the proper
evidence could be procured as to who
were the stockholders entitled to receive
! it.


On the 22d day of June they address,
| ed letter to John G. Walker, Agent of
the State, elected by the late Legislature,
resident in New York, informing him
that they were prepared to pay the inter
est if he would furnish them from the
books of the Agency in his office, a list
/ of the stockholders, or allow such list to
to be taken, and offering to pay the ex-
pense of having it copied. This list was
made necessary by the existence of spu
rious Stocks issued by Stover, the former
Agent, which could be detected from the
genuine only by the books of the Agency.
To this letter Walker replied in long,
malignant and frivolous communication,
in which he assailed the Governor, and
ended with refusing the list or allowing it
to be taken.


In June they addressed him a second
letter, in which they urged him to pay
the interest on the State Stocks in the
usual way, by issuing checks to the stock
holders for the amounts due to them,
upon their house, which checks they
would pay upon presentation, and also
expressly eXhonerating him form all per
sonal liability or responsibility for the
money thus advanced.


The interest had been paid in this man
ner through the house of Messrs. Wins
low, Lanier & Co, for the preceding
ten years, the Agent depositing his mon
ey with the house and checking upon it
in favor of the stockholder


This proposition was also abruptly re-
jected by Walker. have no Language
to express the contempt and aversion for
the conductapf Walker which must be
universally entertained. No commentary
can add to the intense disgust which it
must inspire in every honest and intelli-
gent mind. The office of Agent of State
was created by an Act of Settlement with
our creditors in 1856; which have before
referred. Through it the interest was to
be paid semi annually in New Y ork, and
the business of the Agent was to watch
over and preserve the credit of the State.
and for which he receives a salary of
$1,000 year, and 81. 500 more for office
and incidental expenses.


He was not, however, entitled to the
sole credit of defeating the arrangement
made with Messrs. Winslow, Lainer d
Co. Mr.. Ristine, the State Auditor, was
present with him in New York aiding
and advising, and i entitled to share the
glory and responsibility of that transac
ton.


Walker having thus defeated the ar
rangements with Messrs. Winslow, Ian
ier d. Co, the interest on our stocks went
to protest for non n-payment on 1st of July
Their value was Immediately affected in
the market, and the fair fame of the State
again became the subject of doubt and
discussion. Steps were taken to inform
the stockholders, as far as possible, of
the true state of the case to prevent panic
and sacrifice, pledging myself to make
further efforts to effect an arrangement
for the payment of the interest.


Determined not to be defeated if pos
sihle in the effort to preserve the credit
of the State, l attempted to secure from
other sources correct list of the stock
holders and in this attempt succeeded
in November. In the meantime the ne
cessity for action had became more mani
fest and injurious than before While
the American stockholders in general had
a correct knowledge of the true state Of
affairs, and but few stocks were chang
ing hands or being offered in the mar
ket. the case was quite different with our
stockholders in Europe. In Europe
American politics are always badly un-
derstood, and the principal fact which
they clearly comprehend was that they
did not receive their interest They as
sociated this failure with that of 1s41,
and began to say that there was some
strange fatality attending Indiana scuri-
ties, and declared their intention of sen
ding them back to America and getting
clear of them at once and forever. Such
measure would have given the State a
bad name abroad, seriously affecting emi
grafton to her borders, and would have
been followed by great depreciation and
loss of credit throughout the United
States


Having presented the list to Messrs-
Winslow. Lanier Il Co, they promptly
renewed their offer, and give public notice