SPECIAL ORDER.
The PRESIDENT pro tempore now announced the special order for this hourMr. Bobb's bill (25) providing for the redemption and purchase of Indiana and other State stocks and United States stocks [by the Sinking Fund moneys] the question being on Mr. Studabaker's substitute providing for the distribution of the Sinking Fund page: 154[View Page 154] common school purposes among the several counties of the State - excepting so much as may be necessary to pay the back bonds.
Mr. TARKINGTON spoke in favor of the substitute proposed, submitting figures clearly proving to his mind the advantages of the substitute over and above the investment proposed by the original bill.
Mr. HENDRY argued that a distribution of this fund as proposed by the substitute was far preferable to the investments proposed by the original bill.
Mr. MURRAY thought the investments proposed by the bill would be the means of increasing the school fund $1,000,000 within a few years. He thought the proposition was a fair one, and hoped the Senate would give it due consideration. We have got to keep up the Sinking Fund until 1866, or until these bank bonds are paid, and why not make the profitable investments proposed? He was opposed to the dividing up and frittering away of this fund among the several counties of the State, and was in favor of gradually investing this fund in the stocks of the State.
Mr. LOMAX expressed himself in favor of the substitute.
Mr. CRAVENS [Mr. Hendry in the Chair] was anxious, ready and willing to appropriate this fund in the way which would tend the most toward the advancement of the interests of the School Fund of the State. He would like to see the fund distributed, but as that was a proposition in his opinion which could not be entertained at this time, the investments proposed by the bill under consideration would certainly be the most secure. This fund can not be distributed until the last bond due on the subscription by the State to the bank shall have been re deemed, and therefore he could not support the substitute of the Senator from Adams, [Mr. Studabaker.]
Mr. WAGNER said he should vote for the bill of the Senator from Marion [Mr. Bobbs.] He thought the substitute proposed a continually wasting away of the fund, both principal and interest. He did not think the bill went far enough, yet it would answer for the next two years, when he hoped to be able to vote for a better one. He wanted the whole fund sunk in the debt of the State, the State being responsible for the principal and paying the interest. After 1861 he was in favor of putting every dollar that comes into this fund, above what is needed to pay bonds, directly in the treasury of the various counties of the State to be expended for common school purposes.
Mr. TARKINGTON could not see why gentlemen wanted to take this school fund from the Commissioners when it is paying 7 per cent, and invest it in bonds which would pay but 6 percent This Sinking Fund was paying far better under its present management than it would by the bill "under consideration; it is as safe as though it were invested in bonds; and if the substitute to the bill were not adopted, he was in favor of letting the law remain just as it stands.
Mr. ANTHONY thought it would be well to dispose of all Sinking Funds belonging to the State in order to clear the lobby of a set of men who were always there trying to get at these moneys. For this and other reasons which he submitted in a twelve minute speech, he favored the substitute of the Senator from Adams.
On motion by Mr. WAGNER, the Committee on Benevolent Institutions had leave of absence for the remainder of the day.
And then the Senate took a recess till two o'clock.
