The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-02-11

be three dollars, and from what can
learn of the average valuation Of lands
including improved farms and town pro-
perry, they will average six dollars per
acre, but for greater safety suppose we
consider them as averaging four dollars
and half per acre, and this is very
low estimate.
This will give US basis of taxation
on real estate alone, of SGG,7009o2
The amount of personal property is
estimated at fifty millions, but to
be sale IN our calculation suppose
we call it 100000
This would give us Il basis oftayotion -
on real estate & personal property ofSlOl ,7O0962
The present rate Of state tax is 80 cents upon the
$780, this will give annually S315,lO sS
Add to this the sum derived from
licences aud commissions, as per
Auditors report, $1,000 %
Add proceeds from distribution law, 100000 90
And we have SjO0,IO2 IS
The annual interest is S5j3,4Gi 05
Expenses Of state gov
ernmen!, if no extra
session Of the lcgsll-
turc is called, $4,000 %
Leaving balance after - ---- ilSiGi 0S
the payment If interest and the -----
expenses Of government, Of Sjl,G3S 50
But it may be urged that this is not a
fair statement Of our condition, because
the canal debt forms part Of the public
debt and that the state will have to pay
the annual interest upon it by taxation
and not by the sale Of canal lands and lots
Admit this to be the case. The bank,
under the suspension law, has to advance
10 the state 100000 annually, which has
not been included in the foregoing esti-
mate. Add to this the sum we shall de-
rive from the taxes Oh manufacturers and
agricultural products, and, with the ba-
lance we have on hand after paying the
interest on other debts, we should be able
TO pay the interest upon the canal debt
also.
But there is another and better course
by which the state could meet her inter-
est. Let her sell portion Of her unpro-
dnc,ive property that she has on hand
and receive in payment state securities,
and thus reduce her public debt. Every
consideration of honesty, prudence, and
good faith should induce us TO take all pro-
per means to reduce the public debt and
lessen the burden Of taxation.
The next inquiry that presents itself is,
what arc our available means and in what
way could they be used'
The state owns $4,000 acres that were
purchased under the internal improvement
system, and consist of the choicest sec
tons along the line of the railroads; and
it would he safe to calculate that, includ-
ing timber, they would bring $40 per acre
in state securities. Also, she owns 10
acres III the city of Cairo, an amount sul-
fCient for so lots, and, if worth any thing,
they will average $4,000 per lot. Also
100000 acres yc! to be selected under the
distribution law, and, at the low rate Of
state securities at present, would undoubi-
cdly bring s. per acre in bonds. Also,
railroad iron, worth at least, in bonds,
$4,000. Also, the entire stock in the
Mcrcdocia and Springfield railroad, which
is now in operation, and could readily be
disposed of 10 a company for its cost,
100000, if taken in bonds or, if il
should not be sold, it will probably do
business enough to pay the interest upon
its cost. and cannot he Dr0Dnrly rccLOupd