The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-16

expenses of the government could be de-
rived from the personal property and lands
then taxable, at the rate of taxes then le-
We'd, but that considerable surplus might
be saved. This surplus, added to the re-
venue that it was anticipated would be
collected from the vast quantity of lands
annually becoming taxable, would 90 far
towards the payment Of interest upon the
internal Improvement debt In the mean
time, 1t was expected that sales of canal
lands would be made to meet the interest
that would accrue upon the canal debt.
But this eXpedient. as before stated, has
failed, and now this debt, if provided for,
must become like that of the internal i'm
provement. burden upon taxation; it
therefore becomes necessary, from this
single source, to raise annually, for the
purposes of interest. $G1O,2S2 II, instead
of S320,700. Nor is this the only obsla-
Gle, great as it is. that must he encounter
ed in adopting this policy.
The experience of this and the past
year has shown that the revenue, derived
from the natural increase of personal pro-
pcrty and the vast quantity of lands annu-
ally becoming taxable. will little more than
compensate for the reduction produced by
the decrease in the value of taxable pro.
perty, caused by the pecuniary embarrass-
mouis of the country.
BY reference to the assessment list, it
will be seen that the quantity of taxable
lands for the present year, exceeds that of
the last, more than 100000 of acres,
which at the lowest valuation increased
the revenue $4,000. Ye, the reduction
upon the value of property previously
taxable, was so great that the aggregate
assessment of the present year is only in
creased $4,000.
1t ought not to be overlooked that this
great reduction in the value. of taxable
property, has occurred under the opera
ton of the precautionary provision cnac-
ted by the last legislature, fixing the mi
ninum valuation Of taxable land at three
dollars per acre, without which ii is owl
dent that reduction would have been much
greater.
1t is now obvious that in consequence
OF the almost annlhilalon OF our circula-
ling medium thai still greater reduction
in the value of taxable property must en-
sue for the next year, and he continued
from year to year So long as the cause
which produced Ii shall exist, while the
quantity Of new lands annualIy becoming
taxable will be rapidly diminished.
Thus it will be perceived, that the
hopes which were formerly SO confident
~ INDUCED, of paying the interest upon
our public debt by this means, have been
doubly disappointed.
We cannot now expect to realize re-
venue from taxation, sufficient To pay any
considerable portion Oft, without greatly
increasing the rate. Under existing cir
cumsjanccs, however. the present rate is
found so burihensomc and oppressive, that
have felt constrained in another part OF
this communication 10 recommend It's re-
duclion.
Owing TO our accumulated misrortuncs,
the tides OF emigration and wealth have
ceased to flow into the state. All the
channels of trade arc completely obstruc'
ted, and the vitality of business seems
almost extinct.
In many places money cannot be rcali
Zed in sufficient amounts to answer as ;
medium Of exchange.
The products of the country cannot bt
disposed OF for cash at any price. and re
main unavailable on the hands of the pro
ducers, or are bartered for the necessary
articles of domestic consumption.
The greatest inconvenience and dill
Guilty will be experienced in procuring
current funds for the payment Of taxes
To increase the rate at the present TINT
would be to inAIct general embarrassment
and distress, and TO impose upon the PEG
pie hurthcn which they coaId not pos
slbly endure.
Therefore, am forced 10 the unpleas
ant and humlIialing conviction, that yo'
cannot from this source or any other a
your command, make any permanent pro
vision for the payment of interest
The only possibility of relief from tho
heavy embarrassmenls under which thu
state is laboring, must be by the reduction
of the principal: 10 the attainment OF thl
desirable objec, all our energies and re
sources should be directed.