The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-02-14
MONEY MARK ET.
sunday. Feb. l3-0 p. M,

We recently published extracts from the report of the
Committee Of Ways and Means for the State of Indiana
That document is of the highest Importance at the pre-
sent crisis in the credit Of the State It will be remem
bered that stated unequivocally that the State debt
would never be paid, and the burden of supporting the
civil government and providing for the outstanding
treasury notes, would require high the people
can bear. The following the words Of the Gem.
mittee upon this subject
The committee have deemed it their duty to levy, and
they believe the people will cheerully psy tax sun.
cien to meet all neeeary expenditures Of the State
government, and gradually to absorb the outstanding
The levy for the ensuing for the purposes men,
year, unless subsequent legislature should determine
to provide means by taxation for the
Tweny cents .~ upon each 500 valuation msy be
,idered the maximum Of aratisn unless di6sren psliey
shall be adopted.
The committee wonld urge upon the legislature the
credit and keep in circulation the treasury notes issued
to pay contractors the public works. Those notes
in circulston-hey are in the hands of the people
and TO allow them to deprecate would create rrrster
loss and impose heavier burhen upon the people, than
the tax which intended to sustain their credit II Is
not probable that there will be any for the
dempion Of the notes in question: other than taxation
aud 10 postpone ii would increase the debt and dsprecia
The eommee hare been somewhat particular in regard TO
the amount Of fGres which wiA be nssesary to iy tina!
TIE idea Of snerous taxation may Be removed from the minds
81 the people. Nothing can operate 30 iBuriousy to any
country as the belief that its citizens liable to be
oppressed by taxation.
The following paragraph frsm the report estimates the
receipts from the taxes, If their recommendations are
adopted
BY which it will be seen that there will be realized
upon polls and assessments on the 500
valuation and 80 cents poll tax Sao5s0 co. and the
redemption Of treasury notes and interest soo ssv.
ing at the close Of ls43 $3.50 90.
Accompanying this report was bill reported to levy
the tax recommended. The report and the bill were
adopted unanimously and the bill passed providing for
tax OF ten cents ON the sloo Of property for State pur
poses cents for the absorption of treasury notes
The legislature then adjourned on the sh February
after being in session eight weeks The debt and in,e-
rest Of Indiana therefore actually repudaed They
have indeed not said 50 in % many words, but they
adopted the report Of the Committee of Ways and Means
containing that declar ssisn and they have not only
made no motion towards paying the interest," but have
reduced the ordinary State taxes in accordance with
that portion Of the report which have above qus,ed
and itacised. The minority Of the Committee made
counter report, which, as 10 Short We give entire, a.
folows:-
MgANs
The undersigned, as members Of the Committee Of
Ways and Means, in coincding with the majority In
their and dissent from the
premises laid Down by them, and particularly from the
had been practsed by former Exec utives Legisa-
lures.
The undersigned are not Of opinion that either has
been wluly Intentionally practised They fur
her Of opinion that the people Of Indiana DESTROYS
and will eventually pay every dollar Of the public debt
which they honestly owe.
JOHN II. BRADLEY,
JOHN 8. DAVIS,
SAM'L GOODENOW.
Notwhstsndng this the result Of the action Of tbs
Legislature appears to be highly popular. The Western
Argus remarks follows upon the adjournment Of the
| legislature:-
aTherc has been less Of real psv erislston durina
the past session. than for past With few excep
lions, the members seemed disposed TO egislate for thu
peoplcthe whole people. This 10 commend able and
they have oversepped the true boundary in their ct
tempss relieve the wants and condition OF their o. fer
ing constituents let the error be ascrbed 10 pure
ives"