IN SENATE.
SATURDAY, January 26, 1861.Mr. WILSON presented a petition praying for the repeal of the new county acts of 1857 and 1859, which was read and referred to the special committee on that subject.
THE STATE BORROWING MONEY.
Mr. WAGNER, from the Committee on Finance, returned the bill [H. No. 104,] to provide for a deficiency in the State Treasury by a loan of $75,000 from the Commissioners of the Sinking Fund; recommending its passage without amendment.
The report was concurred in, and the bill read the third time.
Mr. CLAYPOOL. I am distinctly and radically opposed to the passage of this bill. In the first place, I am opposed to it upon the principle of economy. The bill provides for borrowing at the rate of seven per cent., while I do know the State can raise the money required by that bill at six per cent, on six months time, from the Bank of the State of Indiana. I am opposed to it on another principle; it provides for borrowing out of a particular fund that has been raised for a particular purpose. I think it bad policy for the State to borrow out of one fund for the replenishing of another, for the reason that very rarely these funds are repaid.
Mr. WAGNER. It is perfectly immaterial to me from whence the money comes ; the fact is, we owe money and must have some. The State of Indiana is the custodian of a certain fund, the interest of which is to be appropriated to school purposes, $75,000 of which is now lying in the city, not making one red cent. The only way that money can be used is by loaning to somebody. Now, sir, the committee propose to borrow this money for the State instead of letting it lie idle.
Mr. COBB. I never will vote for any bill which authorizes a loan from that fund, because it is like an individual taking money out of one pocket and putting it in another. We ought not to permit this fund to be loaned when there is no way of getting it back. If I recollect right, the State has borrowed from time to time over a million of dollars from that fund, and the children of the State have never received one particle of interest from those loans.
Mr. WAGNER. The Legislature of 1859 made provision for that. The interest was calculated up to the first, of July, 1862, for which Indiana officers gave bonds to the Sinking Fund Commissioners.
Mr. COBB. I admit the State is always making herself liable, but I am informed that not one cent of interest has ever been paid on these loans. There are gentlemen who oppose the common school fund ; and this is a good way to cripple and break up that system. I move to recommit, with instructions to strike out ''Sinking Fund'' wherever it occurs, and insert "Bank of the State of Indiana."
Mr. HAMILTON. As the gentleman has anticipated me. I move to amend the amendment by striking out "seven per cent." and inserting "six."
Mr. COBB. I accept the amendment.
Mr. LINE. I want to know the necessity of hurrying this bill in such a manner, before I am prepared to vote on it As far as I am concerned, I shall vote against the State borrowing from the school fund.
Mr. STONE. I really hate to be called to vote upon this question, from the fact that I do not like to vote against the proposition, seeing its source, and I do not like to vote for it with the present lights I have before me. I would like to have it postponed till Monday afternoon at two o'clock.
Mr. JONES. It occurs to my mind that wo can provide for the deficiency in the Treasury without resorting to a loan from any quarter. I am reliably informed that many of the coun page: 112[View Page 112]ty Treasurers have large portions of the State revenue now in their hands, and it seems to me if the demand was made in a proper manner, that the demand would be responded to and the Treasury relieved. In order to get this matter before the Senate, I have prepared a joint resolution calling upon county Treasurers to send up all moneys belonging to the State on or before the tenth of next month.
Mr. TURNER. I am opposed to a postponement. I apprehend it is about as good as the State can do to borrow from the Sinking Fund. The only objection is, it postpones the distribution for three months. I am not particular whether the money is got from that fund at seven per cent, or the Bank at six.
After remarks by Messrs. Miller and Wolfe--
The consideration of the bill and pending amendments was postponed till Monday two o'clock.
[Mr. STEELE offered a resolution, which was rejected by yeas 15, nays 23, adjourning over till 2 o'clock Monday.]
JURISDICTION OF JUSTICES.
Mr. MARCH, from a majority of the Judiciary Committee, returned Mr. Claypool's bill [S. 9] to give justices of the peace jurisdiction throughout the county, recommending indefinite postponement.
Messrs. Claypool and Miller opposed the committee report, and Messrs. Williams, Campbell, Ray, Conley and Line favored concurrence therein.
The report was concurred in by yeas 31, nays 5.
COMMON PLEAS JURIES.
Mr. CONNER, from the Judiciary Committee, returned Mr. Shoemaker's bill, [S. 65,] introduced day before yesterday, with amendments, recommending passage.
The report was concurred in by consent.
CONCERNING NEW TRIALS.
Mr. CLAYPOOL, from the Judiciary Committee, returned his bill [S. 52]-described on page 69 of these reports-with amendments, recommending passage.
The report was concurred in by conset.
TRANSFER OF DEEDS.
Mr. TURNER offered a resolution, which was adopted by consent, directing the Committee on County and Township Business to inquire into the expediency of doing away with the law requiring the transfer of deeds to come before a recorder.
[A resolution was offered, which was laid on the table, granting leave to all Senators desiring it till 2 o'clock Monday.]
THE JEFFERSONVILLE PENITENTIARY.
Mr. ANTHONY offered a resolution directing the Committee on the State Prison to inquire into matters in controversy between the directors and contrators of the State Prison South, with power to send for persons and papers.
Mr. CLAYPOOL moved to amend by directing the resolution to the Attorney General and requiring him to institute suit to force parties to comply with their contracts.
Mr. MILLER moved to amend the amendment by requiring the Attorney General to report what information he may have upon. the subject before bringing suit.
After debate-
Mr. ANTHONY made an ineffectual motion to lay the amendments on the table.
Mr. MELLETT made an ineffectual motion to refer the matter to the Judiciary Committee.
On motion by Mr. WAGNER, the resolution and amendments were referred to the Committee on the State Prison.
INTEREST FROM LOANS OF THE SINKING FUND
Mr. JOHNSON offered a resolution, which was adopted by consent, directing the Committee on Education to inquire whether there is a law requiring the interest derived from loans of the Sinking Fund to be distributed among the various counties ; and if not, to so amend the law.
[Leave of absence was granted to Mr. Hull till Tuesday, and Mr. Slack for a week.]
Mr. JOHNSON offered a resolution which was adopted by consent instructing the Committee on Agriculture to inquire into the expediency of repealing the law requiring assessors to make out statistical lists for information.
DELINQUENT TAXES.
Mr. WILLIAMS offered a resolution which was adopted by consent directing the Committee on Finance to inquire into and report a a more effectual remedy for the collection of delinquent taxes upon a basis requiring the county auditor to furnish township trustees with a copy, and making it their duty to collect, &c.
A resolution was adopted adjourning till Monday, 2 o'clock.
