The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-07-24
STATE DEBT OF ILLINOIS JAN. 1913.

school, college seminary f'ds. sSs.Sss sssiss
Total debt upon which interest ac
cues $l3.836,379 &ll,Hi,T8
The bank stock has been cancelled by the liquidation
OF the banks. The Improvement debt for railroads
and other matters The canal debt the State proposes
cancel by giving the property to bond holders and let
them fulfil the object for which they first lent the money
and pay themselves in full That DONE the State will be
possessed Of of the most important works in the
country completing the circuit of water communication
round the States The population and OF the State
will be immensely advanced, and the will and ability
OF the people to pay small tax for the discharge the
remaining $6sS Of debt restored. The expenditure
of the to complete the canal in the State, will
infinitely advance the ability of paying the Improvement
debt 1t cannot be conceived what ground So judi
dicious aplan for all parties can be opposed But what
is the remedy proposed is to let the canal 60 to ruin
to let the money spent to waste The people of the
State TO have dollar of benefit from but
the creditors to be paid Howl Why, they wait
until the United States issues 900 Of three per
cent stock based upon the public lands The portion Of
this stock which Illinois would receive is s76
bearing annual interest of $ls6 sH This she would
give the holders of III 900 stock bearing ss7O AGO in.
teres annually Theywoud thus lose s474 per annum
and the Stateweuld lose the whsle deb-because all the
money spent would be thrown away. Her incomplete
works would soon be destroyed and the only remnant
the splendid improvement schemes of 1896, would be
direct tar levied upon the citizens the United States
pay the interest the three per cent stock. The
pretence is, that the public land revenues would
pay the interest the United States stock This
made with full knowledge Of its fasity The
interest on per cent stock of $500 would be
S. 600 per annum. The land for the last
three were S., 1857 81 per As.
Stunning that the future income will be $2,e00O00 per
mum, which is the estimate oil the Secretary it will stand
thus
Interest per annum stock, 100000
Revenue from public lands 1000 900
To be raised by direct taxation, 81 900 900
That this deficit must be raised by direct taxes requires
proof because the customs duties yet equal
to the ordinary expenditure and during the last
years there has been deficit of 900 600 in the
Of the Federal Government. Now the sole motive for
swndling the States their public works. and their
creditors out go per cent either DUE deprive the
empty Federal Treasury of the paltry proceeds Of the
public lands These lands which the property Of all
the States and were coded for national purposes and
form the only bond of unity among the States In the
Federal Treasury they make little deposite in which all
the States interested it is that which each csntri.
butes to the support of that glorious Union in which all
are bound up They form military OF national
defence They give little assistance to the support OF
government in peace and they base for operations
per money issued them in time of would give
pie to the government and form the available
mode of taxation The enemies of their country seek
sever this common bond-to break up the inter.
est in the Federal Treasury and give each State its pal
try share-like ominous division of capital before
dissolution Of partnership.
But this is not all The Federal Government sought
tobe brought into odium by compelling impose direct
taxes-war taxes in time of peace Hear the Wall street
Courier Of Saturday.
II be denied that the burden oftaxation-drect
taxation-s of all others the most oppressive people
may submit to thing else yet into resistance
when taxation becomesa burden The revolution which
cost Charles Stuart his throne and his life found much of
its impulse in the resistance to taxation When Spain lost
her Finest European possessions the people reused
TO that contest which made them free by the noleabe
burden of arbitrary taxation. II is a measure al
ways odous because reaches to the hearth of every
family and retrenches theicomort Of every poor mans
home.
This odious is to be fore cd upon the Federal
Government For VIII at7 To defend the country against
common enemyf to maintain the national honor1 to pre-
the efficiency of the government None of these
is to create dssepsont is to send the gatherer
into frugal New England pay the debts of spendthr
Missssppi is to take the proceeds Of land sold in ILL
nos to pay debts in Maryland. In Short to weaken
the Union in all points at home and abroad to the
foreign creditor by cheating him out Of 60 per cent of his
claim, to create discomfort in the citizen by throwing
away the proceeds Of the money they have borre we'd
and while smarng under this disappointment the tax.
gahsrer Of the Federal Government for money
pay debts uselessy contracted These the objects
which spectators and bankrupts endeavoring at
tain
The following table of the sales OF public lands in
each State for three years:-
SALES OF PUBLIC LANos IN EACH STATE WITH The 40