Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-01-24

lily be obtained to bank upon, for we have NJ
Surplus capital 10 give for them. The crcula
ton of the State is already much too large; il
decrease will bring every thing TO its prope
level, and greatly enhance the profits of plant
ing--the merchant will also be benefited
The passage of general banking Law, similar
in its character to the one in New York, under
existing circumstances, would only aggravatt
the distresses of the country
II appears, from the Report Of the Auditor
that the total amount Of receipts into the Urea
sury, from the 9TH December, 1897, TO the SIS
of December, 1898, amount 10 the sum of one
hundred and ninety-six thousand nine hundred
and nineteen dollars and ninety-six cents; and
The disbursements, during the same period, to
the sum of three hundred and fifty thousand
six hundred and foriy-four dollars and nineteen
cents; showing IAN excess of expenditures over
the receipts, Of one hundred and ffty-four thou.
sand four hundred and twenty-iour dolalrs and
forty-lour cents olmoney paid into the Troasu-
ry duringIthat period was on account OF the
Literary Fund, and five thousand nine hun
dred dollars on account ofthe Three per cents.
Fund and is mot subject to be drawn out to de-
fray the ordinary expenses OF the government.
The Report of the Treasurer shows one hun
drcd and forty thousand four hundred and
seventy dollars and fourteen cents in the Treas
ury on the thirty-frst day Of December, 1888.
This sum, if il can be realized in money which
the public creditors will receive, will be eX-
hausted by the close of your present seseon;
and il will be necessary, either TO resort to a
loan to carry on the operations Of the govern
ment, or provide more efficient means for the
collection the balances due to the state, by
tax collectors and others. The burthenS on
the people'are already sufficiently onerous.-
But few of our banking institutions pay any
tax, either on their capital stock or real estate.
The report Of the Auditor, herewith transmit
ted, will show the amount Of tax assessed on
them last year. The Commercial bank Of Man
chester, am informed, was not assessed, be.
cause the act to tax bank stock provides it shall
be taxed as provided in the act Of incorport..
ton. The charter Of that bank contains mol
clause in relation to taxation. Some of thel
banks have refused 10 give TO the assessors q
description oftheir real estate, aedging, that
inasmuch as their capital stock was exempt
from taxation, no faxes could be imposed on
their real estate. Efficient measures will, in |
due season, be taken to enforce the collection
Of all arrearages Of taxes now due, and TO col
lect taxes Of all the corporations liable to taxa
ton, under the xisting laws, which have not
been regularly assessed
Believing the right of the legislature to tax
any property in her borders to be unquestiona-
Die, recommend that tax Of one quarter ola
,ae per cent, be imposed on the loans # all the t
banks in the state, except those that are, in good
aith, constructing the Railroads they were Il
chartered to make.-An individual who loans Q
lis money ut interest is taxed one quarter olb
me per cent, but he who invests it in bank b
took and draws interest on three dollars for d.
ach one he pays in, is exempt. from taxation, lie
y an express provision in some of our bank o.
hartcrs, and in most of them the tax is limited Of
D one quarter of one per cent, on the capital Il
aid in. This is clearly wrong II enables the II
of bank to draw treble interest on 81
is money, and exempts him from the burthcns e
{ taxation A tax Of one quarter of one per 81
emf, on the loans and discounts of the banks u
OF engaged in the construction Of Railroads, lie
,ould yield an annual income Of more than dt
thousand dollars. These instu- pr
ons are participating largely in the benefits Of
ur government, and justice requires that they 70
houd bear fair proportion Of its burthens TO
he usurer shaves paper, and when called on 10
} give in under oath, the amount of money he al
as loaned at interest, denies that he has any b
lyestcd in that manner. 1t is deserving your III
whether q tax should not be i'm lie
oscd on all notes, bonds and bills purchased &C
y the money lender. d'