Indiana American, Volume 23, Number 4, Brookville, Franklin County, 12 January 1855 — Page 2

"" TO CT, TO LI I IK TT AHO LW, 4?Ta SWaTt CS, X Jto 4LL ' T. A. GOODWIN, Editor. mi DAY. JAXL'AIIY 12 IfL; Prce ranis The Baak Convention, W beh'eve that lime waa when the lo of money was tha root of but Hit nowlmost true th monCy itwlfis. At all events tic V ' .v.. . -mdofmonf I kUk U IliURi IS eVl If any man doubts it let him r ,y to pas3 some. It will b - . m J iviiuvv tvr vm . fl W A V A tTa 1 A n A A -v A1 J ! uat a very largo number of aave been transferred to the Lck List. We can't help it. And w don't blame the Brookivllo Dank for refusing totako paper that they can not nse. There was a convention of officers of the Free Danks, in Indianapolis last week. We have not received the full proceedings of it, but enough to know that all the banks that appear in the diicreditfi list are refused by the Urooltrilla Hank, and arc- uncurrcnt in business circles in this valley. Yet we doubt not that some of these are quite as good as some of the bankable ones, and we advise our readers not to sac riGce much on them if it can bo helped.

All eyes are cow turned to the l(gis nsrorc, hnowothmg, was la tu re. It is vaio to predict what they elected Mayor, by 105 majority over will do, in detail. We can giro n gen-, Knttain, Democrat, tral idea. They will require addition j jfirTho correspondent of the Dalai security of thoso that continue and timore S'n,writing from Washington, provide for ipecdy windicg up all' says that Congress' will do nothing doubtful banks. They will also prob- j with the Pecifio Railroad bill this sesably provide for some kind of consoli- sion. datloa that will mako each bank re- j jrgrPorlc packin- ia about over, in motely responsible for tho redemption jthe citY( c0ns tvery low figures, of the paper of all others. They will g,)me gf)0(i j,ogJ l0- j jrtHt wrck Rt lcM

provide also, no doubt. lor issuing no notes of less denomination man u-n MM A A

dollars. They may charter a 8Ute :ar0 now about 4 co Baak with branches, butit will bo under J fjcWons PjtniT U in Indianapolis, unheard of restrictions such as will ; begging for tho vote cf tho Old Liners, make bill holders safe, and guard ibyway 0fan endorsement of his course, agaimt too great an issue of paper. j0 owt to get it T,cro is no ((flt. ' i tt r t i. tencr" embodiment of "Democracy as Our good friend II. D.Johnson jUu..thMtn8 man who pronoun7cecl of Nebraska was defeated An the re the DwUr.üon of lRcnc,t . eent elccuon for Congress in that Ter elf.cviJont lic ritorr. The Judgo took the Nebras. rTI . P , ... , . .;!..... . . . , , . X2TThe Governor of Michigan reUS that i. the-r,ght-of-.Uvery-to.go. 'minends tlmt .j, bank bilIof ,CM where.it.ple.se. aid- the qiUon.;doBOffiBal.oi tlum JolUr bo and as rtebraska, is so far from Mu-., ., ... . .. ,,c. , 1T . . , , J A , . . bibited In that State. He is sensible. aouri that TotersfoulJ not bo import !,. ä . . . . ' ' , . rt V-1 Ir rcccoramcnJa also a return to the d. h was defeated, 'by one Mr. Gid1,. , ,. . v . .i - l'censo ystem on liquor acl hng. Not dings. V e are sorry he took the . q m wrong side of the question. Ave did, our best last winter to set him right, j David Kilgour was elected but all to no purpose. Ho must not, .Snc-ftkcr 0f th0 hou,0 0f i.pri;8Cntatheiefore, blame us. jtives, last Thursday. He beat our By tho way, as h will bo permitted ' ritn(1 Hudson thrct votes in the cau to remain at borne this winter,w hope ' eus. Sorry for it. be will furnish us with an occasional rCjr Solon Furman, of Grccncastle, letter from that land of promise. ! beat our neighbor, Bentley, for chit f TieTreatywith Anitria, aFarco. Sry of the Senate Detter ick It appears after all. that tho treaty n,cxt t uulcs, tho S nate . . . jv. v. should fttse, which wu think probable with Austria is so conditional that ' but little good can bo expected from Xo Lio.vs.From tho best wc can it-CSuch at least is the opinion of Lord gher, there will bo no acknowledged John Kussel. In tho debate in Par-! i either house this winter. No liamcnt on tho Queen' announcement K01" ro lllr-rc- A fricnd wLo 8ometit

that the treaty bad been consummated, be said; "Austria bad shown but little alacrity In uaiting herself with tho Allies but Austria was a cautious power, and a victory or two gained by tho Russians on her frontier would havo left open the road to Vienna. Austria has now advanced ono step further than she has hitherto done: but tho has not gone the length of saying that if bofore the end of the year peaco were not made with Russia, she would bo a belligerent. She has only said that if she would be at war with Russia, a treaty, offensive and defensive, should ipso, facto, exist between Austria, Englaad and France. She has likewise agreed to take further steps into consideration, before tho end of the year, with respect to term ofpc.ee with Russia. lIe(Lord John KussU) understood the meaning to be, that if France and England shall proposo terms of peace which Austria shall consider as within the four points, but which Russia shall refuse, then Austria will be- - come a member pt the alliance, oifensirc and defensive. But Austria easy, wiihoutbrach of faith, at the last minute, release herself from the alliance." Harris' Draa-oram Is on exhibition, this week, in this .. . i i ! l COUniy. ve wisu we couia inuurr very body to go and sco it. It will cost a quarter; but it may save a fortune. It is not the same picturo that - was exhibited here a year ago. It is aid to be a better painting. But il , no better, it U worth twice what it costs to seo it. We wish too, that we could induce trustees of churches to open their doors for its exhibition. It IsnotLing but an tiluttraUd Tempeiance Lecture, and the cbjection that a . charge is made at the door might be obviated by admitting such conscientious persons gratuitously, or at the expense of -eotne liberal ones. Com13 on aenso will say that such a picture eannot begot up or carried about for nothing; and it is bard that some men : whose consciences are in their pockets, should forbid its exhibition in church ... ' XThe Common Picas Court is now in session.

Arih Uhio river is navinhle. , .. , , , w d nwng slowly.

' JSrrCcf i commanding fronv C 50 t to 7 Ol in the city. Don't tell Berk. 1 - rRcad th letter on the tlrit page from Iiev. ÄL? Gilchrist. ZSTWe regia! to learn that th report concerning th death of Dr. Scott of Oxfoid. wain mistake. XtTTlw late classification of Dank. j discredit! nt lerut half of the .uoner that is in circulation in this county. aXiTThe Ylncenes 6?azrtYff ncvoontea the election of Judge JHall. of Princeton,to the U. S. Senate jTSIIon- Josinh Quiney, Jr., of Boston, lectured last week in TcUdo, on"Joe smith, and the Mormons." XirThe Tcrrc Hwtc I- Alton K. It., is finished thirty miles, begianing at Tcrre Haute. X57"Cars are now running daily fron Cairo to Chicago, on the Central Illinois road. XxTAn English 7papor states that there are four hundred Mormons on their way to the United States, from Denmark. XiTln order tc gire the Governor's Message, and tho expurgated Bank list wo issue our paper earlier than usual. XiTTho frend of Mrs. Eddy will regret to learn that her health has be como very poor since her removal to Indianapolis lO-In Montgomery, Ala, on Monday tilftn 93 pr hundred, owing to tho un'fayorablcness of the weather. I1 ' nets times peeps over our shoulder, says Jetkr is ihcrc, and will bo a man of mark. On tho -Uhin.4., by Iter. T. Crawford, Mr. ALriinu Rlackledoe, of Mctomora, to Miss Klizauktu Kkoektcn, daughter of thclato Urban EJg.'rton, of Laurel. Better lato than never, Alfred. A little more, and you would bavo been lost to matrimony, forever. But, judging from the size uad quality of the cake Mrs. I). sent us, you have done' better tiian many who marry earlier. Still wo are no convert to such dangerous delays. Oh fur some poetry I On Monday, tho 1 st inst., by R.-v. W. W. Hibben, Mr. Jeremiah Moca to Miss 1. Cather'nk, daughter of r. A. Itackleman, Lsq., all of Rush ville. Ah, Kale! wo little thought that ono so amiable as onco you were, would so soon bvcoino a Mock-'er. How could you? On the 17th ult.. by Rov. Mr. Summervilltf, Mr. T. J. Kbimpkr. of the Rushvillc Republican, to Miss Rachel t'oRcn.ol l ranklinvillo, N. J. On tho rooming of the 1st in.t.. by Rev. D. M. Stewart, Mr. J. H. Cau. to ains America Greco, all of Ruh vllle. IlepuUlcan. Ttcfo SUluriisnncnis. 'SALE OF RIJAL USTATfcJ. TV? OltDEE OF THE COTJT.T OF COMJTON D t Irniklni rouuiv, Imliaim. tu unUirlyn.l.luikrliii of Aari.ti bunbnt ntloor lir.rtif M.'Oli! DiiiiIihiii, licow.l will ll hi iittlilto oulry. on Iii iml'. Id mI! C'tiiiiiv.oii Si.irly, tin third uujr of Kobruary l"ii. Um fiilt'twlux Kitat tlMlo ui'tjuf Id j iq ulil mruur, Iii A t)rif tits Wi-l blf of tti.s. v. or. of ac lion II, lowu 9, nngu ?: riinniinclnx 411 rot.a haulh of U V. rrr of itlil ut. irllnn. runiitnj Ihetio bnulD 0 r.Hl I ti. a Ml ml. ihuiicu Nürtii 40 rl iimnco Wit 40 roiln, to ihe Urltiolii. routAinlnff 3D tnor or If.'l. I rnil-Ou UnrJ tluwn; Mane, lit nn anil two jar, wua iblcraai, w l "turo.l l. y nolo and iHrovu.l 4.tcurljr, waiving Uiu tctitniuf sp' prifiiiei,i au. I Taluailan law. bil willwHinwuct kl Ono O'olnrk. Am. ILA MAKIDKN. Jinusry 9, 1S35. iuarUisn. NOTICE TS HEREBY 01 TEN THAT AT Tint JAN XT A X tj i rii. A. L. Iril.ul U. l-niifVof Couimuu l lr, forllioiouuly l r'raKi'llo ami SHI'J f Inliana, U. tataln of Haruut M'Coainb, ilrtMwJ, wa ÜHrUrvU trttjvl-ly lu-olnl, anJ II w a rr IvrrJ ttial pertont liavlnu rluim uH itat uama, bo notia.'dk Ills ll)m by luvuatii.Tiu il wnll vurt,M ta!4 cdalo will bu

U0 Milled acoorvimgir. - . . V.M. II AT HELD. Ja4,13ii. ' AJU.T.

f ' GOVERNORS ME33AOE.

Gentlemen of the Senate, rr r . vml House of RtpresfhtttttitH: ' ' . . emmea lor me nrst time unJr our biennial KVstem of LrifHlation, wc fcndeaUie for uiuiuhI congratulation, in the cir:umstanccs by which wc are surrouded. During the past two yvnrs, the people of Indiana havo enjoyed tho inestimable blessings of pence, and of civil and religious liberty. Although in the course of the year through which we have just passed, some portions of our State have been visited by a fatal epidemic, and although, in some districts, the earth failed toyielJ its usual bountiful returns, to reward the labors of the husbandmen; yet, general health now prevails among our lar;e population; and the cultivators of tho aoil have gathered tho fruits of the earth in sufficient quantities to meet the demands of the home market, and to furnish a largo üiirplus for exportation. Notwithstanding the temporary financial embarrassments, which unfortunately press around the commercial and manufacturing interests of the country, our great agricultural interest is in a prosperous condition; the farmer CnJa n ready market and good trices for his surplus products; the laborer receives a fair remunerationfor his toil; the State holds a position of great and increasing power among her Bisttra of the Union: and tho stroo, steady, and impartial protection of our laws extends over nil the inhabitants within our borders. In such circumstances, it becomes our duty, as a grateful people, to oiler our thank to Almighty God, and to acknowledge our obligation! to lira fortheiunu mtr.illc blessing which wc 'iijoy. xn compliance nun u-.ai ciauo o! the Constitution which requires that your chief excctitivo ofliocr hhnll fron time to time, give to the Uencral Assembly information touching the condition of tho State, and rccomnu-nd inch measures njho shall judgo to bo expedient," I In itc your attention It several suluccts, each of which will. no doubt, receive from you, bcfoio the termination of your present session, all tho couftidcrUion that iti importar.ca demands. Among the subjects iT legislative consideration, the financial condition f the Ktate (Umands your special at tention. It it to your action alone, that tho people must look for the pro tection of their credit, the preservation of their faith, and an exemption from unnecessary burdens. It allorus mo pleasure to say that the fiscal nlfairsof the State are still impiovmg. Economy has teen ob served in the public expenditures; and while the interest on tho public debti has been promptly paid, tho reduction of the principal has not been neglect ed. Tho amount of the ordinary expen ses of the utito 'overnment, as'uiulit! cd, rind paid by tho T-iensurer. for the year tnJin;,' October 31. ICO I, U 351,201, 4 1 which Is 81D.CCU.4. less than the amount pa'd for tho year ending Oct. 31,1853. This atun, n tho ordinary expenses of n govern ment composed ol a million and u (uv ter of inhabitants, will compare vtry favorably with th.i ordinary annual expenditures of any Stato in tho Union being, 2cr capita, four and one third cents for each individual. On'tho first dav of November, 1 051, the sta'e debtof Indiana amounted to $7.031 ,003,o0. Of this sum the Sute h is liquidated the amount of 227.CG4, . e 4I Li' 1 I . .I a'J, Joavin, oi mo puone ueDt, lite Hum of C, 003,109, of which mini 1.7G3.139 is bearing two and a half j . e . a K-r cent, inieresi, ana tno Daiance 3,0 10,000, is bearing five per cent. Th aforc.iid sum of 227,064, 6'J having been paid by the State, under tho act of tho ucncral Assembly cre ating tho Sinking Fnnd, these stocks remain on tho books or ihi Agency, the interest credited and applied annually to tho reduction of the principal of the public ueoc. llcnce, so lar a (he interest is concerned, tho Rtock bclongin-; to tho State is still considered outstanding. Satii-factory evidences of the strength of the financial resources of iho State rnrty bo seen in what wo have accomplished in the last ten years. During this period, without estimating what are called the ordinary expcn-Jcs of tho State, there have been by taxation, levied, clected and applied, the fol lowing sums, nam ly: lor the redemption of principal and intercut of scrip 2,274, 605,9. Inter est on the publio debt, including the payment of tho interest for January, 5 1,790,1 u,9. l'ayracnt upon the principal of tho public debt 7,CG1,5. Pnymcntj to the time Ihncvolnit Institutions 693,5u3..J. Uxpinditnres on tho Stato prison 71,112.3 Making. 5.0C5,t99,o0 If to thi.s wo add the ordinary expenses of tho State government for the same period, amounting to Ol.', 193, CQ, wo havo tho ftim of C.011. O'J3,10, ctjUHl to about tivjht ninths of tho present State debtj raised from our pvoplu by taxnlion. at a rato exceed! n-.; 800,00t annually; five-sixths of which has been annually applied to the payment of mteroHt, and to other object not included among the ordinarycxpenses of thu State, The exhibit hcrcmnde of tho amount already liquid ted of tho public debt, fully corroborates the estimates made in my annual communication of !0o-, which looked to its final discharge in 1B71, No intiicnte machinery has bem required for this purpose, but oimjdy an application of tho surplus means in the Treasury, to tha purchase of the debt. And I deem It an imperativ v duty, whilj prosperity is all around u :tn I our other burdens nro light, to ur-c '.his upon you the continuance ol policy, and to mako an annual lvy of nut less than five cents upon the hundred dollar, to bo appropriated exclusively for this purpose. With the application of these means, and uch other may be at our command, the last dollar of our publio debt will be discharged in 1CG3. Then will be realized thu conaummatton at which wo hac so long aimed, when ttio public stocks of Indiana shall no longer tc displayed in market to tempi the cupidity of the sharper, but freo from dtot, with light taxes, nn voonoinical ndmir.istrr.tiyo," our commerce, our agriculture, our manufactures, the prido and strength of onr people, Indiana bhall truly bo tho envy and nd-

miratiu of her sisters of the Union, Before tho next session of th Gen eral Assembly, the charter of the State Pank will expire; and, therefore, it devolves on' the present Legislature 'j make some disposition of tho interest that the Stato holds in that Inutilution. It is wisely provided by the constitution that, hereafter, the State shall notbea stockholder in any bank, nor lend her credit to any corporation. With the object of carrying out this principle, and keeping in view the interests which the Sial holds in the Bank, consisting of stocks, sinkingfund, surplus revenue, real estate, and other issets, I recommend the. Appointment of a Board of Commissioners with full authority to make a setdement of tho affairs of the State and tho Bank, on the expiration of ihe charter. The State is liable for the bonds f riginally issued for the capital stock, upon which tho Bank has promptly paid the interest, and the stock, at this lime, commands a premium. The whole legislation of tho State, as well as the letter and tho spirit of the constitution, declares the expediency of a Reparation of -the interests of the State from all corporations. I concur,'?fully, with tho Auditor of State in hi views as to the propriety of the future investment of tho sinking fund in the bonds of tha Siate. The law upon the subject of General Hanking, has failed to accomplish the purpose for which it was enacted. It has not furnished, for the use of the people, r. sound circulating medium. The experience of the two past years fully establishes the correctness of my rcmnrks addressed to the last General Assembly on the subject of banking; and I may adopt, in its fullest meaning, the sentiment then expressed, "that past events hare clearly shown that the restrictions provided br the law arc insufficient to prevent abuses of the privileges granted." It ii a matter of regret that this subject did rot engage the attention of the General Assembly at its last session. ' I again urge upon your consideration, the views expressed on this question at that time. The country having over-traded, a necessary dpmand for exchange to meet Kantern liabilities, was created. This state of affairs caused the broker to neck for gold ; and, in pursuing this object, he placed himself in the position of tho merchant or business man. und wtu fulfilling one of those vocations not uncommon in such conditions ef tho country. It was a fortunate circumstance that the broker camo early. We had, in less than six months, issued more thsn six millions of currency an amount not required for tho inaintainance of a ho vlthy condition in our monetary affairs; und if tho broker had delayed his visit font year longer, a greatly increased nmount of paper circulation would havo resulted in greatly inrrcaud pecuniary losses to tho people.

tho practical operation of tho law in many instances, has been that the individual has not sought to locate and commenco the business of banking to uccommodato the commercial community, but to borrow money for himself under tho sanction of the law. Men without capital or with barely credit sufficient to borrow a few thousand dollars of stocks, havo been furnished facilities under tho law, to become bankers to the extent of millions, With the currency procured upon the first deposit of slocks, other securities have been purchased, and other notes procured, and thus a largo cir'illation has been created without a dollar of actual capital. Directois and Bank Presidents are now issuing this depreciated currency over their own counters without any effort, or, it is believed, intention ever to redeem it. With this currency they purchase bills payable East, and tho farmer instead ol petting an equivalent for his products, is paid in a circulation which he cannot dispose of without sacrifice, nor retain in his pos. session without danger. Instances arc not wanting where tho proprietors of Banks, after suffering their institutions to suspend, have themselves embarked, in I tho business of buying up their own paper at a heavy discount, and thus plundtring the laborer of his hard earnings. You will be wanting in your duty to'an outraged people if you fail to adopt prompt measures to suppress this practice, which is not only unjust and disreputable, but subversive of publio morals. The indispensable duty of protecting tho peoplo of tho State from tho evils of a depreciated paper currency require that no special indulgence should, under any circumstances, be granted to any banking institution that neglects or refuses to redeem its issues in coin. Any bank refusing to redeem its circulation, with tho constitutional curreuncy of tho countay, should be immediately wound up. No stato of facts should be allowed to justify any delay in closing the business of Hiich a bank. Every hour's deliy affords to the broker and the speculator, a harvest yielding as the delay continues, richer and more ubundnnt fruits; and always at tho expenso of the laborers and the business men of ths country. Tho law itself is not only glaringly defective but the construction given to it, and consequently tho practice under it. It was evidently contemplated by its (ramers that no bank should be established with a capital of less than fifty thousand dollars, that, it should havo a convenient and accessible place of doing business, that it should redeem its issues promptly on demand, and that its proprietors hould bo nt least men of pecuniary ability, and that it should embark in no other than a legitimate bona fide banking business. And yet in how few instances have theso requisites been complied with. Under the 12th and 2Cth sections of the law it was undoubtedly competent for the Auditor to wind up any bank not doing business at the place where its bills were payable- To give more tllicitncy to tnis provision, and to make the duty impcritive upon that officer, . I culled the attention of the Legislature to the subject in ray last innual communication, but having failed to procurc tho required legula(ion. I renew my recommendations on this point. Tho great error in tho law, is, that tho entire responsibility of the system is placed in tho hands of a single indi

vidual, and he an officer of the State already charged with duties and trusts of the most important character. This single individual determines upon the validity of the organization, the character and value of tho stocks, issues the circulation, holds the securities, passes upon the. correctness pf the reports, delivers powers of attorncv for the collection of interest, and in bort settles all questions connected

with the banks according to I113 own unaided judgment. With a bond of

only 810,000 he is the custodian of j townships and towns, the interests of near 810.000,000 of the public secu-! education imperiously demand an earritiea. t f amendment to the constitution. In ;If it be the design of the LegUU- j order to secure efficiency in tha operatare to continue this system. It will, in j tions of any system of public instrucmy judgment be necessary.in order to jtion. the action of tho people in town. secure the confidence of the people, ships and in district organizations, is and to protect their interests, to pro- indispensably necessary, vide for the organization of a bank I cannot, for a moment, suppose Department, with a Boaid of Bank that corporate towns and cities may be Commissioners.wilh full powers to de- ( invested, constitutionally, with the tcrmine upon the locality of the Bank, powers necessary to manage their muthenceeisity for its creation, the sol- nicipal affairs, according to their pevencv of the securities offered, and who. culiar circumstances, in every departshould,al?o, becharged with their cus- ment of local interest, excepting onlv

tody. 1 also recommded, that, inasmuch as the term of the present incumbent ii about to close, a committee, of the two Houses be oppointcd to investigate fully the condition of all matters" pertaining to the Banks connected with the Office of the Auditor of State. A full report will doubtless do much m to allay the apprehensions of the pub-

lie, and establish confidence wherevn land without the disturbing influence of merited. ! legal questions, its action has been The valuablo and interesting report j happy and hnrmoniou; and warrants of that officer will present you in detail j the expectation that witfajslight amendthe operations of the Tiee Bankir.gsys- j raents, not affecting it3 vitalprinciplcs, tcm m his hands. but merely correcting -jome oversights It will doubtless be the policy of the ; and supplying some. dcCcioncics, it Legislature to provide for the imme- iwill rem in amonifourttatutca. nnr.

diate closing, and withdrawal from cir euiationor the paper, ol all such institutions as pcrvist in tho violation of tho palpable provisions of law. In doing no. due regard should be had ft . f mm m tt

both to the interests of th- people, . number of graded schools somt of and of tho banker, so as in ' prevent 'established reputation, and others asundue excitement and apprehensions I piringto that position-find in the lan-o on tho me hand, nndhvs and in-.ol- j commodious ,coblly' ediGccs that have vency on tho other. A contrary poli- hern erected for purpoücsof education, cy might involve the olvent with in various parts of the State. The the insolvent the upright mnn In bu- building of numerous school houses, siness with tho dishonest and corrupt, r.nd the increasing demand for compcWith the stato of things wc have ! tent teachers, are additional cvidenhad for the last year it was not pos.d- j ces of the favor with which tho peoblc to avoid revulsions and monetary p!e regard our educational inteiests. excitements. Tho recent organization of a Teach-

Tho circulation of tho Stato Hank in Oct., 1853, was 3.031, 7G5 CO Circulation in Oct. '51, 2.C03.C 13 00 Decrease, Tho Stock Bank circulation July 1st '31, Circulation January IM., 1855, Estimated nm'tin band. 1,031,117 W)J 9,299,575 00 5, 5C 5,093 00 of Bankers not ia circulation. 1,000.000 00 Decreaso in 6 months 4,731,475 CO Tho prceiso amount surrendered at tho Auditor's office up to the 1st day of January, 1855. is 3.734.475 00 Hero wo haven withdrawal from circulation in twelve months, nnd tho greater in four raonlbs, of $5,700,12300, or more than J of ull thi rirculation is depreciated; U value bt ing at tho mercy of the breher and pcculatDr. The namo facts in regard to tho decrcao of tho currency. are true, although perhaps in less proportions in tho adjoining States with which we havo commercial intercouse. How can any people havo stability under this statt of monetary affairs? We shall always havo revulsions, expansions, contractions, nnd derange ment. in tho whofe business of the country, so long as wo foitcr any sys tem that makes promises to pay, money, instead of gold and kilver. If thn inferior circulation were this day withdrawn, I havo no doubt wc should find,a sufficient amount of the constitutional currency among our people for all ordinary business purposes. We havo not only n depreciated currency, issued under tho authority of law, but wo havoadeprtciatedcur rency, issued by railroad plank road, and insurance companies, without the authority of law. Thousands of dollars of this latter kind of depreciated paper havo been thrown into circulation, and left to represent un unc.rtain and variable value in the orc'iiary transactions of business. The credit of the State, and tho interests of tho people, demand an abatement of this evil. No subject of legislation is calculated to awaken more pleasing anticipations for tho futuro than our system of Popular education. Indiana.under the nuspicea of her new Constitution, has, upon the subject of education, adopted a policy llnttbaj commanded the admiration of soms"of tho older States of tho Union. Let in, by the moot judicious course uf legislation, prevent a rctrogadc movement un the part of the Slate, with respect to thi very important micron. Tho recent decisions of the Supreme Court, on the constitutionality of th? consoli laiion of tho avails of the school sections, and on the township lax for school purposes, while they havn net tled those questions- in u manner sal- . . .! I.I isUctory to tno panic inai ratseu mem do not, in the least degree, disturb the broad basi on which our h'tclU ot public instruction resU. It will be a taik worthy of the ox erciso of your legislative wisdom, to correct, by some im:itns wiimu the scope of your legitimate powers, the inequalities caused by tho first decision, in the annual avuils of thu local fund. In tho distribution of the general fund raiwed by tho school tax.it ia believed that the desired results may bo obtained as readily as 'they could have been accomplished had tho decision been othcrwi.se. Tho second decision.as I understand its import and application, con lines the power and limits the responsibility ol raixing fundsfor purposes of adequate and ircneral publio instruction, to the T.rukturo alone. The restricting of the exercise of this power, and jhe limiting of its responsibilities to the General Assembly, will produce the uniformity contemplated by the constitution. It is not believed, however that the Supremo Court, in deciding the unconstitutionality of the townsh p tax. intended to declare that ihe people of thu several townships nie by the constitution, deprived of the right of taxation, deprived of the right oi taxation for the purpose of building

school houses, and furnishing appa ratus, furniture, aod fuel for the use of the public schools. They mean, by the construction that they place upon the word "uniformity," as it appears in the constitution, to eonvey the idea that the tax levied for purposes of education, and to be applied in the pay

ment of teachers, must bo levied by the Legislature. If, however, they intend to apply the principle of the deciiiyn t.j all the details. ofthe munici ipal rezulations of the achool affairs of '.!.. ..-... - that most important of all interests.the education of youth. It would be a ruinous j-olicy to make an exception so fatal to all prospects of efficient action on the part of one of the most essential elements of human progress. It is gratifying to know that, where the ßchool law has been carried into effect, according to its obvious import, under the control nf ofliitnt rn ,... jponent of the wisdom of its framcrs, und a blessing and an honor to the State. The fignr of our educational prug ress may bo seen !n the increasing en Institute, and the later organiza lion of a Sta'e Teachers Association. with its associated lectures, I hail as omens of good; and predict that ben elicial and far-reaching influences will How out from these institutions. During the pattwo years, thcr.tcadv increase of the number of students in oursovtral Colleges, and the manifestations on the part of thoso Mho have charge of these Institutions, of nn ac tive sympathy with all tho educational movements uf thu Stale, have afforded additional and gratifyingevidences of the State, of popular opinion on the u"ject oi education. It is tho duty of the Stato to extend to all the general educational enterprises of her citizens, the countenance and encouragement ol a liberal policy; and, in tho miinlainanco of such'fi policy, t j exempt from taxation at least those funds thnt havo been bestowed by privalo munificence, for the moral and intellectual training of the yoikUi of the state. Tho allaics of tho State University, at Bloomington, require some prompt ana ucame action on tno part or the Ooncral Assembly. In tho early part of the vear 1G54, the main college uuii Jing, ana tno very valuable Library that it contained, were destroyed bv fire. The Trustees immediately 'adopted energetic and economical means to repair tho damages; and a - I I ' ! . . new nnu commodious cuince, designed for the principal department of the U niversily, is now nearly completed. You ure aware that, for some years tho ntlairs of this institution have been embarrassed by the progress of a iaw buh, which iiivuivcu aDOUl sixty thousand dollars of its funds, and which grew out of a controversy between the Slate and tho Vincennes Uuiversity. The suit has been decided against the State; but no decision has been made in any controversy wherein the State University wua n party; and it is believed the judgmentof jhe Court cannot, without further legislative action, be carried into effect by any transfer of tho fnnds in question, to tho Vincennes University. Having no doubt of tho power of tho State to adjust this difficulty, (in wincu mo nguis ana liabilities or tho parties nroso under tho old constitution. by any means ntber command, or ou lime, I tiarncstly recommend the adoption of measures for the early nettlomcnt of this controversy, in some way that will not deprive tho Ptato University of its present resources. The suit, to which reference has been made, was instituted under tho authority of nn act of tho LegisJatnre; nnd, whatever opinions may bo entertained as to the results of futuro litigation on the p;irt of tho Stato University, the interests of tho people of the Stute, of the Institution, aud of the community in which it is located, require an early pnd linal Kcltlement of th. question. V f tatcment of the condition of tho funds of the Stato University will be placed bcforn you, iu the report of the fruütecs, These officers, in the course of tho past year, obtained u loan of MX thousand dollars from the Sinking Fund: and they should bo invested with authority to mo.tgage a part of the college lauds to secure the payment of this loan. The wholo subject of iheKtleof the lands granted Jby Congressand amounting to about twenty lour thousand acres, is respccfully submitted for thu consideration an J action of the General Asse mbly. In tho I ate revision of Statutes of Indiana, the law on tho subject of the Sabbath, it seems unintcntir.ally over looked, and annulled by general repealing clauses. The ooervanco of this day, as a day of rest from the common secular concerns of life, is not only a religious duty, but it ia a politicul and social interest, which no enlightened peopl.) may disregard with impunity. From the past, and from the present, many sad examples rise up beforu us, to warn us of the inevitable decline of strength and vertue nnd prosperity, in nations and States where tho Legislators and the people have looked with indifference on 'the profanation of the Sabbatbr With respect to this aubicct, tho present General Assembly rill, doubt

less, take into consideration the propriety of re-enacting those laws which, up to a recent period, and through all changes, have stood among our Statutes since the foundation of the State

Government. The law of 1853, on th: subject of the traffic in intoxicating liquors, has been rendered inoperative by a decision of the Supreme Courtof this State; and an unusual degree of excitement has prevailed among the people, in relation to the laws that should be passed by the General Assembly for the purpose of restraining the desolating evils of intemperance. The necessity of restraining these evils by the force of law, has been acknowledged by our legislation, from the organization Ol tno Government to the present time; and in the course of the past year, mis suojeci, involving me nappiness and prosperity of our race, and rising far above all party considerations, was forced, in some measure, to assume the nature of a political issue. Some of tho best citizens of the State entertain serious doubts, not on ly aa to the constitutionality, but as to the expediency of adopting stringent legal means for the suppression of intemperance; and it is neither prudent nor just to assume from this fact, that: such men arc among the foes of tcm-1 perance. All experience shows that very stringent penal laws against privileges and habits long indulged in, are calculated to produce a re-action in public sentiment. We have, in our State some coun' ties in which, even under our defective laws, not a solitary dram-shop is to be found, and in which no person could find a support, as a retailer of spiritou liquors lo be drank as a bev ago. Here, then, are examples of the prevalence of a sound public opinion in communities where agitation, discus sion, and mornl influences have effected ft reformation, and where the people now rcqutro only sound legislation to protect them in Hhe enjoyment of their harpjr condition. The legislative department of the Government is, un questionably, vested with tho right to prohibit the manufacture and sale of ardent spirits as a beverage; but, In framing a law for this purpose great care should be observed, in order to protect from violation and from anoyance, the constitutional rights-of every law abiding citizen, in tho security of his own home. The evils of intemperance are so numerous, so great, and so destructive, that all good men will rejoice to see them abated. No estimate of the loss of business, the loss of dollars nnd cents to the maoufacturcr or retailer, or the loss of trade and commerce to tho State, should for a moment rise into importance, in contrast with those ternblo realities ot poverty, torrow, wretchedness, moral degradation, and crime which darken our land, and fill our aim houses, hospitals and penilen liaries. Benevolenco and public poli cy alike require n suppresion of the evils of intemperance; and if the wails of the widow and tho fatherless fail to reach our hearts, and urge ui to ap ply a remedy, considerations of econ omy in the administration of the law should not bo disregarded. It bar. always seemed to me, that the individual who sells intoxicating hqnors in violation of the law, and the person who becomes a drunkard by the habitual use of such liquors, are both L'uiltv. A drunkard should bv Uw, be disqualified for the making of contracts, or rhe management of property, thereby protecting his family from the designs of tho ennning und cruel, in the waste and destruction of his eslatc. Wc 6hall fail in our duty unL'6 we can get tho strong arm of the law uround ti e wife and children of the inebriate. No one can doubt that there is a strong public sentiment in Indiana in favor ofa change in our laws upon this subject; and it is tho duty of the people's servants to carry out that sentiment. It will give mo pleasure to co-opcratc with tho Reprcsenatives of tho people, in the adoption of any constitutional measure, that may be calculated to remove this acknowledged evil from tho State. The report of the Trustees of the Benevolent Institutions exhibit the condition and management of these monuments of the benevolence of In diana. The people willingly pay their taxes to sustain theso Institutions. It is, bowtver essentially necessary to provido tidditional checks in tho expenditure of the public money raised fro their support, Their cost per year, amounts to more than tho sum paid nnnually on account of the ordinary expenses of the State government. As they are now placed upon the Treasury proper, tobe mstained by direct nppropriations.it is hoped that the necessity of borrowing money to support them, will not again arise, I recommend that the management of tho affairs of the Thrco Benevolent Institutions, be placed under the control of ono set of Trustees, not exceeding five in number; und that tho law which governs tho expenditures of the Deaf and Dumb Asylum, b3 extended over tho other Institutions. At this time, while financial cmbarrasmtnts ure affecting Bomo of the commercial and manufacturing interestd of tho country, it is gratitiving to observe that there aro evidences or industry , prosperity and improvement amoriL' the farmers and mechnnics of the State. All classes of our laboring nopulatiou are turning their uttention, as members of various industrial association, to tho consideration of the best means of promoting tho interests of tht ir several pursuits. Under tho authority oflbc Act or the General Assembly, approved February 17, IC62 about sixty Agricultural Associations have been established in Indiana, nnd a very large portion of this number held interesting and profitable fairs, in the fall of the year 1C54. I sug gest that tho law under which agricultural societies arc organized, be so amended that these t ociations shall be invested with the r.ht to hold real estate, for purpose. connected with iho holding of their animal fairs. Many of tho societies' havo purchased valuable grounds, on which they are making permanent improvements. Tho Stato Hoard of Agrioulturo is . . '.i r II 11 i! now in session, wuuaiun delegation from various purts oftbu biate. Uy I J A the operations of this board, during, the oast vear. more than four thou sand volumes on agricultural subjects have been distributed among the

people of the State. These volumes contain not only valuable information derived from the experience of some of the best farmers of Indiana, but, sJao many useful and interesting facts in relation to the agricultural experience of the most distinguished farmers of other states in the Union. It is the duty of those who represent the people in the Oeneral Assembly, to aid and encourage the efforts of the State board of Agriculture and its auxiliary societies. By stimulating labor, by rewarding industry and skill, by encouraging the useful arts, and by diffusing, in various ways, useful and practical knowledge these associations have exerted a 'most beneficial influence in promoting . the agricultural interest and in increasing the amount and the valao of the products of our borne iudustry. ' I recommend that you appropriate the sum of 85000 for tho permanent inclosing of the military grouads at the Capital. This sum in addition to that which will be furnished by the citizens in Indianapolis and the agricnltnral society of Marion Cnunty, will be aufficitnt to provide suitable f-ounds for the periodical display of wie most valuable stock of the State and for the exhibition of the labor nnd skill of our mechanics and manufacturers, , . . The correppo- 'ence on the subject of acquiring territory in Liberia, for the colonization of our colored population, will be found in the reports of the colonizatioa agent. From this correspondence, it appears that the contemplated quavtity of land cannot bo acquired in a body. Tho object in view may, however, be accomplishe by such a modification of the law as shall authorize ihn Sclectioua of lands, in smaller quantities, for families and individuals who may emigrate from Indiana to Librria. The expediency of making such h modification of the law, is worthy of your consideration. Hiucc the passage of the law authorizing a Stale organization for the purpose of aiding the cause of African colonization, 43 persona have been sent from Indiana to Liberia. A majority of these emigrants were good mechanics, industrious and intelligent men, and well qualified to exert a good influence in that infant republic. Time bus demenstrated that the scheme of African colonizstion is practicable, and no enterprise of - tho age holds out greater promises of good "t tho colored raee. Within the last twenty yean, through the influence of

ine iioeuan government, the principles of christian civilization and civil liberty have accomplished more, among the twenty-five million of that portion of Afrioa, than had been achieved by tho efforts of philanthropists in tho course of many preceding centuries. The colored man, in his native land, has established ftepublic, built towns anJ1. cities, founded churches nnd schools, and adopted a policy calculated tv, en coungo agriculture, mechanic, manufactures, and other industrial pursuits. Wo must look to this land for the elevation of tho African, for the seperalionof the white. nnd, colored races, and for the removal or mitigation of a great source of evil. I reccommend that you continuo the annual appropriation for thu. cause of colonization und thatlyou be heard in the National councils of asking for the recognition of the independence of ihe ltepublic of Liberia. . In former messages, my views in relation to the necessity of making provisions, by hw, for a thorough geological and topographical survey of the State, and in reference to the importance of creating a Burea of Statistics in ono of the departments of Statcharc been laid before the Legislature. Again, earnestly, I in'ite your attention to these subjects. In tho cm ly part of the year 1854 the State Board of Agriculture, at an expense of five hundred dol'.ars, employed Dr. Brown to make a cursory geological examination of the State, and to publish the results of his labors in thu third annual report pf the Board. In that repoit, which haa'been placed on your tables, you will find much valuable information on the tubiect of our undeveloped agricultural and man ufacturing resources. Wc have ne. glected these interests too long, and the present is a favorable time to correct the error of our home policy. Europe is now convulsed will a content, tho end of which cannot be foreseen, but which will, while it Lasts, continue to disturb the comnuiri! nnd manufacturin:' interests of the world. While wc cannot bo indiffer ent spectators of thU terrible conflict among the nations or hurope, wc should be admonished of the necessitr of cultivating the drts of peace, and of developing thoso boundless resources of wealth that a bountiful Providence has scattered broadcast over our land. Without depending upon the fluctuating and uncertain influences of national legislation, it is our duty to strengthen nnd encourage the arms'of enterprise and industry, by tho strong lorco of a wise and Keady btato poli cy. With a coal Celd of seven thousand square miles In extent -with inexhaustible beds of iron ore with a soil of unfailing fertility with is central position between tho cast and the westand with railroads traversing the SHnte in all directions Indian, if true to her own interests, may within the course of the next ten Years, dou ble the present amount of her wealth and popnlation. If we deräro to bring into our State a portion of the now hoarded capital of Europo and the enst, we mut be able to point with certainty to the places at which it can be profitably invested. To enable us to do this, wo want reliable facts, such as the actusl investigations of scientific men only can furnish. The expenditure ofa few thousand dollars would secure to us the advantages of & thorough geological nnd topogrnphical survey x( the State. While our sister &.tcs, by the aid of acience, aro unfolding their agricultural and mineral wealth, we arc trusting these great interests to chance and to individual enterprise. In view of the fact, that there are in Indiana twenty-five hundred xuiks. of railroads, either now in ruaning order or approaching a bUte of com pletion that thu affairs of some of these roads a ru cou trolled by the in uresis of citueus of other ötate that our railroads furnish employment to thousands of bands and that the policy of these corporations exercise &d