The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-29
PILOT q TRANSCRIPT.
TUESDAY, DECEMBER 30.


Senators and Representatives He recommends
that the practice of farming out the penitentiary
be discontinued, and that the inmates of that es-
adjustment, under the immediate care of the
State, shall be subjected to discipline better
calculated to reform them. AS our readers have
doubtless some curiosity to know accurately the
financial condition of the State, we make the
following quotations frsm the message:
The number of polls returned to the Auditor
amount to one hundred thousand one hundred
and sxty-six-greater by four thousand eight
hundred and seventy-fve than in 1882 The
quantity of land assessed appears to be 1878 900
acres, valued at ffty-eight millions three hun
bred and forty-three thousand nine hundred and
ninety-two dollars; being an increase of 79S,6SO
acres, and decrease in the aggregate value of
seven million six hundred and forty thousand
eight hundred and eighty-seven dollars. In like
manner, the value of the town lots has reached
only twelve million five hundred and three
thousand five hundred and nineteen dollars Cor
poration stock to enc million one hundred and
sixty-eight thousand three hundred and forty-
three dollars; and personal property to nineteen
million seven hundred and forty Thousand one
hundred and sixty-six dollars; making the en-
tire amount of the taxable property of the State,
ninety-one million seven hundred and flty-six
thousand and nineteen dollars; less than in 1889
by fifteen million five hundred and eighty-one
thousand six hundred and ninety-six dollars.
Fortunately, we have it IN our power to dis
perse portion of the gloom which such results
are but to well calculated to produce. They
are not true; and unless promptly centradicted,
and correct exposition given, would tend, much
to our modification, to place the State in false
position in the eye Of the public. Take, for
example, the number of polls returned and com-
ms that nuunbpr with the vOte 81 at fha lata
Presidential election, and you at once that be-
tween eighteen and twenty thousand polls have
been altogether'o mitted-one-fifth nearly of the
whole number returned Nor is this the only
error susceptible of detection. According to
the report OF the Commissioner OF the General
Land Office, 10, sos, OPS acres are legally taxa
BILE this year, whereas the Assessors return but
S,273,l2O acres, as already stated-2, 235, 9O6
acDes less than the true amount. If, therefore,
we acknowledge these examples as Just criteri-
0ns, by which tojudge of the balance, we can
not possibly avoid the inference, that at least
one-fith of the entire taxable property of the
State escapes taxation this year.
But further: the average value of lands
throughout the State appears to be seven dollars
and five cents an acre. The 1926, 1906 acres. |
therefore, not assessed, is worth, for tax purpos-
$, fifteen millions seven hundred and sixteen |
thousand one hundred and thirty-seven dollars. |
dred and ffty-six thousand and nineteen dollars
assessed, would give one hundred and seven mil |
lion hve hundred and nineteen thousand enc hum |
dred and hfty-six dollars, as the lowest amount |
which should have appeared upon the assessment |
rolls this year, subject to taxati0n-one hundred |
and eighty-one thousand dollars above the same
amount in 1889, the diminutien of value in pro-
perty to the contrary notwithstanding.
hope shall be excused fer dwelling upon
his subject NV ohtaaf hoe aar t,,,o f,IJ G.
o expose the gross defects in very important
part OF our present revenue system; and second
y, to vindicate the credit and character of the
State from the imputation of having refrigerated
n wealth and resources.
A thorough revision of the revenue law is the
,nly effective remedy that can suggest against
he recurrence of similar evils; and when Won
re advised that, in 1S41, 1888, 1886 acres, in
S42, 15,00S,054 acres, and in 1S43, 1850, 479
ores become subject to taxation, the necessity
or the searching exercise of your supervisory
,ewers over the subject needs not to be enforced
The public debt of the State, as exhibited in
he report of Gen. Stapp, one of our fund COM
nissioners, amounts to S12 ,S73, 509-S9, 96S, 500
or internal improvement purposes; 1924 900 fer
urplus revenue bonds; 1921 900 for the Law
enceburgh and Indianapolis railroad company,
md ~, 1916, 600 for banking purposes. The Ia
crnat Improvement debt consists of the follow
ng items, to wit: to the State Bank, S692 ,435;
or the Wabash and Erie canal, 81 ,727, 00e; for
he system proper, Sc, 235, 900; and for Treasury
otes, u, 314,075. Of the Sl2,373, 500, only
10, JOE, 652 have yet been received, leaving
z. SGT, 1857 due from the purchasers of our State
onds. This circumstance is much to be regret
ed, as it appears that very large proportion of
his Indebtedness is in most hazardous condi-
ion; indeed, it is highly probable that the grea-
er portion OF it may be ultimately lost to the
tate. .,.
Upon ascertaining the large Indebtedness of
ne State, prudence suggests that we should in
uire in what manner the public funds have been |
and what equivalent have we re-
eived in exchange fer them?
The query is answered by pointing to near
hree hundred miles Of public works; twenty
We of railroad, forty-two of MICA lamized road,
nd two hundred and thirty miles of canal, to
early two million of dollars in bank and sink
1g land stocks, and to upwards of half mil
ON OF dollars for canal lands disposed of by
nat State
The amount of interest chargeable upon the
ublic debt is easily calculated. 1t is supposed |
nat the interest on about ~, 164 ,6S7 of the
ended debt will be promptly paid by the hold
rs of our State bonds Substracting this "a
lount from the sum total of the debt would !
ave $40, 70S,92l, as the amount upon which
interest has to be provided for by the State this
ear. This, at the rate Of five per cent, includ-
~ contingencies, will be about S595,000.
The State Bank of Indiana S71,O25
Interest ON canal lands, $4,000
Surplus revenue, $4,000
Lawrenceburg and Indianapolis R. c. 1850
Canal tolls 5000
Madison railroad 10000
Sl51,075
This, deducted from the S595,00O, would still
cave S443,925 unpaid. This is certainly for
nidabie deficit, requiring, to meet it, at least
evy of between forty-6ve and fifty cents on every
undred dollars worth of property throughout
he State. Are you prepared, then, to lay this
AK? Or In other words, can you avoid it with
nut ieopardizing the credit and character of the
state? Before answering, or attempting to an
wer queries so interesting, it is highly necessa-
" that we should first determine the extent aud
.haracter of the means you will or may have
lnder your control. For this purpose name to