SOLON ROBINSON, 1845 523 



present course. And to hold out the idea to our creditors 

 that we intend to pay and try to borrow more money, is 

 to try to obtain money upon false pretences. 



Do you know that with all the present high taxes, that 

 many, if not most of the Counties are in debt, and their 

 scrip ("County orders") are under par, and that the 

 State Treasurer complains that he don't get money 

 enough of the collectors to pay his postage. The collec- 

 tions are all in scrip and little else but scrip. This "scrip," 

 to the amount of about a million and a half of dollars, 

 was issued in 1840 to pay off contractors, &c. when the 

 State "suspended" and took the first step in hopeless 

 bankruptcy. Afterwards some $700,000 more scrip was 

 issued to pay the Bank debt. 



This is what is called the "domestic debt" of Indiana — 

 and very well named it is, for it stays at home very do- 

 mestically This scrip was all originally issued in five 

 and fifty dollar bills upon 6 per cent, interest. But after- 

 wards the Legislature thought it would tend to keep the 

 whole debt still more domestic to repudiate the interest 

 upon the $50 scrip, and allow the holders to take $5 

 scrip in lieu of it, drawing interest at the rate of 14 per 

 cent, per annum. 



This scrip is receivable for taxes, by repudiating a 

 little more of the interest every year, and as it is usually 

 ten per cent below par, even at its face, without interest, 

 it is no wonder that the treasurer gets no money while 

 the people have scripture ("render unto Caesar that 

 which is Caesar's,") for rendering unto him nothing but 

 scrip. And as nothing else gets into the treasury, of 

 course nothing else can be paid out for all expenses. The 

 only advantage gained is, that all the 6 per cent, scrip 

 thus absorbed is held fast, and none but "green scrip" 

 (the 14. per cent interest kind) is paid out. 



But can you tell how long it will be, by this process of 

 absorption, before the whole stock is absorbed? Because 

 we cannot think of paying the "foreign debt," until the 

 domestic one is done for. 



