Page 1 of 23 Nov 1865 Issue of Connersville Weekly Times in Connersville, Indiana

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Connersville Weekly Times (Newspaper) - November 23, 1865, Connersville, Indiana La Hibray and Ufton now and fore top a it one and i Separ a Webster. Vol. 16---no. 5.connersville, Indiana. Thursday november 23. 18�$. Whole no. 785. The times. Messa a of Goy. Morton. Con Tlemcen of the Senate a Quot mud Toaso of representative a the Constitution provides that if in the opinion of the governor the Public Welfore shall require it he May at any time by proclamation Call a special session of the general Assembly. The provision of the organic Law of the state rendering the regular sessions of the i legislature biennial and limiting them to the term of sixty one Days the condition of parties in this state during tiie last four years and the Public excitement incident to a state of War unfitting As it did to some extent the minds of my i for the Calm consideration of subjects of Odin any legislation have All contributed to prevent the adoption of a Stative measures which the Progress of the state a id the welfare of the people would seem to demand. At the last session of the general As a Embly Many important Bills were introduced but failed in the different stages of their Progress for want of time to perfect and pass them. That the time spent on these unperfected measures might not be lost to the Public an act a was passed providing that the business of any regular or special session of the general Assembly on the Calendar or files of either House and remaining Lin. Finished at the expiration of such sesion shall at the next succeeding special session of the general Assembly be transferred to the Calendar of the House in which it was pending in the same order in which such business stood at the termination of such regular or special session and shall be taken up and Dis it used of in the same manner it might have been taken up and disposed of at such preceding regular or special session. The considerations before mentioned the fact that the unfinished business of the last session upon which much intelligent labor had been bestow red could Only be saved by reconvening the general Assembly in special session and the belief that measures of vital importance demanded legislative action before the time fixed for the next regular session have caused me to Issue the proclamation in pursuance of which Jou Are now assembled. The Public amount of the Public debt of the state consisting of two and a half and five per cent registered stocks is seven a in Ilion four Midred and eighteen thousand nine Hundred and sixt a dollars and fifty cents 87,418,960 50. Of this amount the sum of five million three Hundred and forty two thousand five Hundred dollars 85,342,500 is five per �ent., and the sum of two million seventy six thousand four Hundred and �i3 dollars and fifty cents 82,076,-460 50 is two and a half per cent Stock that is Stock upon which interest is paid at these rates. Of these stocks the Board of commissioners of the sinking find have purchased and now hold the sum of four Hundred and forty six thousand six Hundred and seventy two dollars and sixth a seven cents 8446,672 67 of the five per cents., and the sum of fifty one thousand two Hundred and seventy two dollars and fifty cents 851,272 50 of the two and a half per cents. The state debt sinking fund has purchased and now holds seven Hundred and eight a eight thousand and thirty five dollars 8788,035 of the five per cents., and ninety six thousand nine Hundred dollars 896,900 of the two and a half i or cents. The aggregate amount of what the state Bolds through these two funds is one million two Hundred and thirty Lar thousand seven Hundred and seven dollars and sixty seven cents 81,234,-707 67 of the five per cent stocks and one Hundred and forty eight thousand one Hundred and seventy two dollars and fifty cents. 8148,172 50 of the two and a half per cents in All one million three Hundred and eighty two thousand eight Hundred and eighty dollars and seventeen cents 81,382,880 17leav outstanding in the hands of the creditors of the state the amount of six million thirty six thousand and eighty dollars and thirty three cents 86,036,080-33of which four million one Hundred and seven thousand seven Hundred and ninety two dollars and thirty three cents 84,107,793 33 Are five per cents and one million nine Hundred and Twenty eight thousand two Hundred and eighty eight dollars 81,928,288 Are two and a half per cents. Quot be face of the Stock or certificates of indebtedness provide that a this Stock. Is redeemable at any time after Twenty Yean from the 19th Day of january 1846� at the pleasure of the state and Imatt redeemed is transferrable upon surrender in the City of new York in Iki fcb provided for that purpose by the agent of state there resident by in Monement thereon and according to such other rules and forms As Are or my be prescribed for that pnq>08e.�? and for the payment of the interest and Ndon Tion of the Principio aforesaid the Faith of the state of Indiana is irrevocably _ the Twenty years referred to no expire on the 19th Day of Jain any next. And the question first to be considered is part matter these stocks fall due at that Tipe iii Ether the contract made by a made on that Day. By some it has been urged a hat the words it at the pleasure of the state a Are to be to ted As Surplusage and the Money had to fall due precisely at the end of the Twenty years. In support of this View it is argue that because a state can not be compelled to pay her debts by legit process the payment will in All cases be at the a pleas ure of the i foil to perceive the Force of this and must hold that the language in question Means just what it says that the state May consult her own convenience As to the time of Malang payment unless there is something in the history of the transaction out of which this form of indebtedness sprang or something contained in the Law creating it which requires that a Dif Terent construction should be put upon the language. The naked Legal effect of the instrument if not modified by history or provisions of the statute creating it i take to be this that until the end of the Twenty years the state has no right to require the creditors to take their Money and thus Stop the payment of the interest but that the Money was to be paid at some time after the end of the Twenty years according to the pleasure and convenience of the state. But this pleasure of the state must he reasonably exercised so As not to defeat the payment of the principal sum absolutely. The construction i have heard contended for that the state May defer the payment of the Principe Twenty five fill or one Hundred yes or in fact forever provided the interest is promptly paid can not be maintained for that would be to defeat the operation of the concluding sentence of the instrument above quoted which solemnly pledges the Good Faith of the state for the a Anent of the principal As Well As interest. This solemn pledge would be nullity if the state was at Liberty to defer the payment of the principal forever or indefinitely by the prompt payment of the interest. The next xxi estion to be considered is whether there is any thing in the statutes creating the Stock or in the history of the whole transaction showing the intention of the parties As to the time when the principal should be paid or pointing to a period beyond which the state would have no right to defer its Pannent. On the 1st of july 1846, the state was indebted upon Bonds issued and in the constitutional convention and continues i have referred particularly to this debate to show the views entertained by the committee reporting the constitutional provision and the under striding of the convention at the time of its adaption. It seems clearly to have been sold for purposes of internal improvement in the sum of eleven millions and ninety thousand dollars 811,090,000. On these Bonds the interest had not been paid since 1841. The interest due and in arrears amounted to three million fifty five thousand four Hundred and thirty dollars 83,055,430. These Bonds were issued Between the years 1832 and 1842, were of different denominations and were to run for Twenty five and thirty years and bore interest at the rate of five six and seven per centum per annul payable Semi annually for which there were coupons signed and attached to the Bonds the state finding herself unable to pay the interest on her indebtedness accepted of a proposition made by her creditors the details of which will be found embodied in the act of january 1846, and the supplementary act of january 1847 which taken together constitute what is generally known As the a Butler Bill. By the Compromise and settlement finally c a included in the supplemental act of 1847, the Wabash and Erie can Al together with the lands which had been granted to the state to Aid in its construction were transferred the canal in perpetuity and the lands in free Sim pie to certain trustees in Trust for the bondholders in absolute payment of one half the principal and accrued interest of the debt which have henceforward and forever ceased to be a liability against the state or a charge upon her revenues. The bondholders on their part agreed to make such additional subscriptions As might be necessary to Complete the canal to Evansville estimated at eight Hundred thousand dollars 8800,000which condition was complied with on their part and the canal so completed. For the other half of the debt principal and interest the state was to Issue to the bondholders certificates of indebtedness or Stock. Upon such Stock issued for the principal sum the state was to pay interest at the rate of five per cent per annul Semi annually. The interest in arrears from 1841 to 1847 was funded and interest on the aggregate is funded was calculated at the rate of two and a half per cent per annul from january 1, 1847, to january 1, 1853, and added to it and for the whole amount stocks were issued bearing interest at the rate of two and a half per cent per Annin from the first Day of january 1�o353, payable Semi annually. The arrangement was a comply Saied one Ini Roli a Many details which it is not necessary to give Here and i shall Only present a very Brief outline. The act of 1846 was in Many important Rrapo cts mod de and amended by the supplement any act of 1847, and the two i ther con Lute the Bis and consideration upon which the creditors released the state from a liability fair one half the principal and interest of to fax debt a a he Ove mor a refers at tent to the history of legislation understood by the convention the the Butler Bili guaranteed the continuance of the tax of seventy five cents on each Joll and Twenty five cents one a one Hundred a dollars Orth of property until the debt was liquidated and the main subject of discussion was whether the guarantee should be specifically incorporated into the Constitution. If the Levy and continuance of a specified tax for the payment of the principal and interest of the debt was guaranteed in the original arrangement made by the legis Hilture with the creditors it would be conclusive evidence that the state and the creditors we looking to the payment of the principal sum As Well As the interest and that the state could not in Good Faith indefinitely postpone the payment of the principal sum. But it is Equay Clear from or. Butlers calculations that he did not expect that the taxes which were guaranteed would be sufficient to pay the debt by the 19th Day of january 1866, for in fact by his tables the principal of the debt could not be paid before 1872 or 1874, and when we take his tables in connection with the language of the certificate a redeemable any time after Twenty years at the pleasure of the state a it is Manifest that or. Butler had no Assurance that the principal of the debt would be paid promptly at the end of the Twenty years. It turned out however that the basis of taxation was far More favourable to the speedy payment of the debt than was contemplated by or. Butler and the legislature in 1846, for the average increase of taxable property from this time until the present has been As before stated nearly Twenty one millions of dollars per annul instead of six millions. And a calculation which i have caused to be made will show that if the guaranteed rates of taxation had been a intoned there would be in the Treasury on the first Day of january 1866, a surplus of four millions eight Hundred and ten thousand seven Hundred and four dollars and thirty one cents 84,810,704 31, after defraying the Ordi Staie pc quirks that payment seau be the state quoting largely from Debaie Inary expenses of the state government and the interest on the debt from year to year and it is easy to show that if this surplus had been applied from time to time As it accrued to the Purchase of our stocks at their Market value the whole debt would have been paid by Quot the 19th Day of january 1866. This legislative history it must be admitted is rather curious and comes Short of performing the obligations which the state in 1846, entered into with her creditors. For this non performance up to 1861, a valid excuse can hardly be found f but for what has happened since the excuse is ample. The contingencies and necessities of War override All other considerations and if they cause a failure in tie strict performance of a contract it would not subject a state to the imputation of being wanting in Good Faith. In View of the whole matter As i have presented it the just conclusion seems to be this that while the state is not bound to pay the principal of this debt on the 19th Day of january 1866, or be considered in default yet that she is not at Liberty to postpone the payment of it indefinitely that to do so would be to violate the fair construction of the certificate itself and the explicit understanding that existed in the Legislatures of 1846 and 1847, and in the convention of 1850, As shown by their several enactments and debates but that she is bound to make provision to pay the debt within such reasonable time after the Twenty years As May comport with the original understanding of the parties the ability and condition of the state As left by the War the faithful performance of her contracts and the preservation of her Good name. The whole subject is therefore commence to your careful consideration in the Hope that your conclusion whatever it shall be May be announced before your final adjournment so that the state and her creditors May know what they have to depend upon. As before shown the amount of these stocks outstanding in the hands of our creditors and to be provided for is six million thirty six thousand and eighty dollars and thirty three cents 86,036. 080 33. The auditor of state has furnished me a statement in which he estimates that the re will be in the Treasury on account of state debt sinking fund on the first Day of May next the sum of one million dollars 81,000,0 a the Board of commissioners of the old sinking fund win probably have on hand in a Asli on the first o january 1866, the sum of six Hundred thousand do Llars �?�600�0�. There is due Ahio to the of sinking fund about nine Hondred thou Euid douar8 890q,000 on Loans secured by mortgage on re Al estate Bich however could not be invade Ayto Uble for Severa years owing to the a a to fion of time made by to in state to a the mortgagors unless by the Issue of a like amount of Bonds Baring six per Sejat interest which is one per cent less than bal which the state Revei Tospon the Jiin i a Ges the Bonds to tie paid a the proceeds of the Mort is when Coue it. Triese Bonds disposed of to on cry to is or others at Par value and the moneys referred to if promptly invested in our stocks would pro tire some two Miloh six Hundred and fifty Thi Zinsli id 82,650,000 of our stocks Imd reduce a amount in the hands of on creditors to three million three Hundred and eighty six thousand and eighty dollars and thirty three cents 83,386,-080 33. The Cash on hand in the old sinking fund draws no interest and has not for Many months and without regard to the conc Sidn you May come to As to the time or Mode of paying the Public debt i name stay recommend that All the Cash and other assets belonging to the old sinking fund be As Spe ily As possible invested in our state stocks and the somewhat formidable and costly machinery by which that fund has been Mani de abolished. The fund thus converted into our stocks can be easily my aged by the auditor of state with equal a advantage to our common schools and at a saying of no Small of course it will be understood that such stocks As now belong to the old sinking fund or May be purchased by its assets must in some form be kept alive for the Benefit of the school fund so that that fund which is Nide inviolable by the Constitution May not suffer by the conversion. The financial system of Indiana is complicated expensive and anomalous. The state is a debtor owing Large sums of Money upon which she pays interest Semi annually and incurs All the expenses thereto necessarily incident such As the keeping of an Agency in new York the Purchase of Exchange and other items of Cost too numerous to mention. She is at the same time a Lender of Money and maintains an expensive machinery to carry on that operation and is subject of course to occasional losses incident to All Money lenders. If therefore the Trust funds of the state could be invested in her own stocks it would greatly cheapen and simplify her financial system and restore to its administration that Public Confidence the absence of which has Long been Felt. Should the assets of the sinking funds be converted into our Public debt As have suggested the whole debt of the state left outstanding in the hands of her creditors to be provided for might be Tims stated hour of Reform for juvenile offenders. Iland has been purchased for the per two and a half and five per cent. Stock.$3,388.080 83 War loan Bonds. 438,000 00 Vincennes University Bonds. 66,685 00 floating debt estimated at. 100,000 00 pose of establishing a House of Reform it nol go fairer has been done. The attention of the be Slature is called to the Bill passed at the last session for the Relief of soldiers families. The provisions of that act Are variously Lens in different sections of the i state and tiie Goy Emor recommends that it be so Amend As to leave no doubt in regard to its proper construction. In re a pet to the taxes levied under the act tiie governor says the act contemplated the Eye my collection of a three to Nellte on a taxable property and a poll tax of pne Dollar on each taxable poll for each of the years 1865 and 1866. J. Respectfully that under existing Ireum Stan it it will neither be Necessia nor proper that these taxes should be levied or collected for tiie year 1866, believing that the Levy for 1865, if properly disbursed will be sufficient to furnish All the Relief that the altered condition of the country demands. By the Aid of voluntary contributions temporary soldiers Home has been established at Indianapolis. The legislature is reminded that it is the duty of the state to make permanent provisions for the care of disabled Indiana soldiers and seamen. Sub cts Fob lbs isolation. The governor recommends legislation to Render the sureties on official Bonds fully responsible for their principals and to prevent them from setting up any plea that will defraud the state to restore to grand juries jurisdiction Over misdemeanours to encourage immigration to the state to make provisions for the representation of Indiana Industry at the worlds fair which will be opened at Paris on the 1st of april 1867 to establish a state Normal school and to indemnify citizens cured by the a Morgan under the present Laws of the state negroes Are not taxed for school purposes nor Are they allowed the privileges of our school system. The governor justly remarks that an ignorant and degraded race is a Burden to society and advises that the negroes be taxed for educational purposes that total debt.$3,900,765 33 the conversion suggested can be made within the next six months and there is no propriety in the state appearing to the world As being indebted in the sum of seven or eight millions of dollars when she has the Means in her own hands of reducing it to less than four millions enumeration and apportionment. Upon this subject the governor remarks More than fourteen years have elapsed since the adoption of the present Constitution of the state and to this Day there Are two subjects on which its language is that of positive command where there has been no corresponding obedience one of these subjects being almost vital to the existence of the legislature itself. The first of these is the periodical enumeration of the White male inhabitants above Twenty one years of age and the periodical apportionment of senators and representatives based upon this enumeration. The other is the providing of houses of correction and reformation for juvenile offenders. The a Rovenor after giving the history of the legislation of the state in this matter says a literal compliance with the Constitution As to enumeration and apportion ment is now impossibly but the nearest practicable approach to it should be promptly made. To this end i recommend the passage of an act providing for an enumeration such As is contemplated by the Constitution to be malt in 186i6, Imd another in the year 1st and another every sixth year after the year 1871. These periodical eur Mere actions should be provided for by a permanent enactment Itiat would require no renewal at the expiration of each period of six years and to secure its enforcement there should be adequate penalties for any failure of do on the put of the officers changed Width Mak a the e Enuine ration. To meet Ilie plent emerged i further recommend the Passi of a Law Tempo nits Eha a Acter making a new a senator a and represent nmn it Qlson this ors this of tto totes cast at the pre ii tial election in 1864, such a Poi of Uneit to continue until a new one can be made muted Sidon tie Nett Meratto Reno Ira a by fkr no a to a. The Yenor then proce to speak of the. Duty of establishing houses of Reform and says it is doubtful whether county jails should be used in any cake As places of punishment for any Clais of offenders a id whether they should not solely be employed As a place of detention a in Iez add and undivided people of the United states. The work of reorganizing the gov Ermente of the rebel states and bringing them again into practical relations with the government and people of the United states is now upon the country and demands for its successful performance the greatest Wisdom patience . But while it is important that a he work of reorganization shall not be Fri necessarily delayed it is More Ini it Octant that it shall proceed upon sound Princi. Pies which will furnish guarantees for the future integrity and peace of the Beira Blic. The principal Dos us Sions which arise on this subject pertain to 1 to future status of the negro in the a path i is a Tes. By some it is urged a that conferral suf Elfage upon him shall be made a Condi Uon of reorganization or in other words pie states lab la in rebellion shall not be uni ted to resume their practical relations i the government except upon the teens of first convening the rights of us upon the freedmen. As to the m separate schools be provided for them and that they be allowed their proportion of the school fund. He also thinks that the Law should be repealed which makes negroes incompetent witnesses before a court of Justice in cases where Whites Are concerned. Indiana is now the Only Northern state whose statute Book contains this barbarous 6ode, and Justice to the Whites As Well As Blacks requires its repeal. After referring in appropriate terms to our soldiers and reviewing the part taken by Indiana in aiding to sustain the National government his excellency discourses at length on National affairs Kobo animation. Since the adjournment of the legislature the civil War which had desolated our country has terminated in the Complete Triumph of the go it Hemment and the suppression of the rebellion. The evacuation of Richmond and the capitulation of Leeds army were rapidly followed by the surrender of every other rebel army in the Field and irregular guerrilla warfare almost passed away in a few weeks. The suppression of the rebellion and the subjugation of armed rebels seems to be Complete while every rebel state has confessed to the irretrievable destruction of the institution of slavery. The people of the South have been beaten and overpowered in the Field to have wholly lost their property in slaves much of their country has been overrun and made desolate by the March and ravages of great armies poverty and wretch Edness have been brought Home to e classes who before had lived in and luxury Lair in Umbers Weait and luxury Large numbers of their population have perished in the conflict and there is prevailing among go eat exam spa ration and bitterness Mich Tinis alone can assuage. The great majority however Appel to regard the verdict of War As irreversible and to promptly accept the situation As one they can not Modifer or put i Ide. But while the heresy of state sovereignty has been extirpated and the question involved in the conflict settled a the arbitrate ment of arms is yet of the greatest importance to the nation that these questions be adjudicated and determined by the Higl est judicial tribunal which might most to Propri lately be Doro in the Trius for he treason and other atrocious ii Crip of the i chief Natl Ator and a Pios wicked and Blody Reb woj should be do of lately a stable she do a v in our Constitution How i by jul cry lesion an4 example of pm ashment that Rel a a re lil of a ii treason is a Chi a the May not be committed wit ii and that there la but one soy in which this measure shall be aces if polished the friends of it differ oms Are in favor of persistently excluding the members of Congress Flom the Southern states until negro suffrage has been incorporated into their several state constitutions. Others assume that the states lately in rebellion Are no longer members of the Union but have forfeited and lost their character As states and Are in fact held As conquered provinces and like unorganized territories which May have been acquired by the government Are under the Complete control and jurisdiction of Congress which May Confer suffrage upon whomsoever it pleases. The subject of suffrage is by the a Ilion Al Constitution expressly ref Are Ltd to the determination of the several states and it can not be taken from them without a violation of the letter and spirit of Tufti instrument but without stopping to discuss a Heo Ries or questions of constitutional Law and leaving them out of View it would in my opinion be unwise to make the work of reconstruction dependent upon a condition of such doubtful Utility a9 negro suffrage. It is a fact so Manifest that it should not be called in question by any that a eople who Are just emerging from the barbarism of slavery Are not qualified to become a part of our political system and take part not Only in the government of themselves and their neighbors but of the whole United Stetes so far from believing that negro suf Frage is a remedy for All of our National ills i doubt whether it is a remedy for any and rather believe that its enforcement by Congress would be More Likely to subject the negro to a Merei less persecution Thui to Confer upon him any substantial Benefit by some it is thought that suffrage is already cheap enough in this country and the immediate Transfer of More than a half million of men from the Bonds of slavery with All the ignorance and degradation upon them which the slavery of generations upon Southern Fields Lum produced Widd be a declaration to the world that the exercise of at a Riel a suffrage involves no intellectual or moral qualifications and that there is no difference Between an american fireman and an. American slave. Which majr not be removed t a a Mere act of Congress. What is far More important to the freedmen than suffrage is that their several stated shall give the right to testify in courts of Justice afford them the Ordinary judicial mfg Shine for the Protection of their civil rights provide for their education and this enable them to Quality themselves Fri the higher political duties of the Tizen. It is not less vital to their interests that the constitutional amendment be adopted which not Only forever prohibits slavery throughout the nation but confers upon Congress the Power of is lating for the Protection of their lilt Orty and civil rights and these Triin among others the president of we United states has imposed its a it race Dent conditions in the work off a lieu in station and has declared his purpose to hold and govern these states by Milita it Brity As in a state of tii they Haye be complied win it it i time and the influence of by i Chat Edge sri cd a a it we a ele trate the condition of one Rifle and soften the prejudices and Asper to a a of the other and jul accomplish hit prions await ii ii a to a Ignaty pli9h collective Lei Slation Imd Violet political Chan can not the Ine to Ible pres cd 6f both races upon the same so tiie demand and necessities of capital and la Bor and the unavoidable of into rest will in process not doubt Force a reciprocity or Rigits and privileges. The institution of slavery was so closely intertwined about the foundation of society or in the Stu the in states that when it was destroyed so Eity was uprooted and broken to Piir Ces. Cess of its recon Steric a is but a Fin Ning but it Isyl in certain that tie new Structure will differ in most assent particulars of rpm i the old. Labor free Sci Oola i come ii Ito it and Powei to elem a ii of of change old Progress and Large i do Tion from a Northem states and i a Europe Bing Commerce my inf a. Or a Hwy Paoi

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