The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-09-28

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Bapk bonds will ba due rs Wit: inferred 3
5sbooat per cent making, HIS dol
Iakb. II &C "a 8 LffR e u. p - !
Interest on this from as march Ie4a
20 1st March l843s fass 87,ES;
Tso,ss;
Deduct this amount ifpm balance due th
State an above, to wit: 73s. and Il leave
balance on LIST July 1S4s 4 favor
of State, Of - .96,4o:
Interest on this to Isl July I6l1, IN
-e~ ---.
&. 49, f,3g4g lo4, ~:
i1nstaidient OF interest due By the State on
the Int July FAX On account df Plan.
tiers Bank bonds. 1880.
From which, deduct amount aaue 60 s. -
State - above. lo4.I7s
n AZ r s.s>~s.e.
Balance against State on account d 9I
OF Planters Bank bonds on Est ia.
ly I644, rF ~ .207
From the foregoing statement It appears
that on the LIST July, 1844, all the interest due
on the Plantersf BaBk bonds and the install.
nent of principles amounting to one hundred
and twenty Ave thousand dollars excent the
sum OF eight thousand three hundred and
seventy seven dollars may be pad out Of the
Town Lot and Sinking Fund. We now sub
JOIN statement made out with al much accu-
racy as the ture of the. subject is suscepti-
bic OF by which ii Is, as we think demonstra-
ted that the present rate of taxstion doubled,
VIII De sufficient to pay of the annual expendi-
lures OF the Government, and the principle and
interest on the Bonds issued for stock in the
Planters and Union Banks. e
In this calculation we have Tot included the
amount due for outstanding warrants, to wit |:
three hundred thousand dollars, because we be.
hsve the i've hundred thousand acress Of
land lately surveyed for the State, will kbe
much more than sufficient to extinguish them.
In order that the people may correctly I'M.
deFstand the statement herewith. appended,
4 Will be necessary to make some explana-'
tons. ai
The last lnstalment Of interest due on the;
MISSISSIPPI i Union Bank Bonds, was paid by
the Bank on the Slst August, 1910; so that
there is now three years interest due on these
bonds, winch amounts TO seven hundred and
fifty thousand dollars. This amount of inter-
est, we purpose. by the annexed statement to
be paid by the State in six annual lnsta lrnents
with interest. Each instalment will CONSEQUENT
" be one hundred and twenty five thousand
dollars. We charge the state each year with
tie amount of this instalment and interest on
I've also charge her with the annual
State expenditures, and with the interest
which falls due annually on the Union Bank
and Planters Bank Bonds. We also c.iarge
her with the instruments of principal as they
severally fill due, and we then credit the
Stale each year, with the amount of her nett
revenue which at the rate eff taxation we pro-
pose, will be six hundred and fifty thousand
dollars each year until 1850. 1t will then be
$4,000, until 1865, when it win increase to
&65OOO0. The data On which we calculate
hat this amount of feKeuUR WIN ne receIHedsls
ms The assessment ostaxes for the fiscal
year, ending March, 1645 according to the
report of the Auditor, was 1927, 1888 SO. This.
however did not include the assessmenfeein
Pike. Jasper, Yalobasha, and
Jones counties and the auditor saya be is adj
'ised that insgnany counties, the assessment is
incomplete ISeG Report ST Auditor, page 8,
znd9 Besides this, wetknoW that the valua-
ion in many parts Of the State Was much be-
ow the cash value of the lands, aud that al
great quantity of land not heretofore tax
ID, WILDE taxed hereafter. Taking all these
.hings into consideration, it may safely az
'umed that under the present revenue law, the
assessments for 1914, AS and e, will exceed
E4OO. 1000, at the present rate of taxation. This
amount doubled, will make the assessment,
amount to $8O0.0O0 each year. Deduct from
his $l50GOO for losses and commits toner's
(which as there is lien on all the property
axed, is quite liberal deduction,) and it will
cave $650,OON the nett revenue of each year
il the rate of taxation with which we propose
b pay off the State debt. This amount,
$780, OO we put down each year until 1850,
although in each year it must necessarily he
:rease from the INCREASE of population proper
y &cs In 1851, we put the revenue down at
$780, OO, because by that time. the popula-
ion and property would have greatly increas-
id land IN 1858, we put the further increase
If the revenue at the same rate of taxation at
485O,OOO, The moderation of this calculation
40 one win, 1t is presumed deny.
/ The State expenditures we have from the
best information we could get, put down at
Sl75OOO annually, though we believe it will
not amount to more than 10000 dollars.
We feel assured that If there is any excess
in the calculation. it is against the State.
With this explanation, we ask candid exam
nation Of the subject. We wish the people
10 be satisfied tbatthe rate OF taxation pro-
posed By Us, although moderate, is ample to
sxtinguish the debt; and we think, no man who
has the interest of the State at heart, viii hes
itate for moment lE saving, If this is all that
il required Of him, in the name Of the Justice,
let the debt be paid.
Repenus and Disbafseaserts IF the State Of
Misssssippi. tre E
1874 Annual instalment, being one
sixth part of the interest due on
the Union Bank Bonds. @f25'O0U
! years interest thereon 6,&oO
Interest on the Union Bank
bonds, @oUsuVV
! PLANTER Saaers Bar Bsnf II bonds, Isee e.442
previous statement1 aaI5.s
Annual expenses ofState, 10000
$751; go
Balance due State this year, $3.50
CR. -
BY Revenue this yr. 60O,OuQ-0QVsOUU
1e45-Tnstalment cfintefest 40 -
above, $500 49,
Two years interest," 12,5PU
Interest ON Union Bank bonds, 200, GU
4 Interest on Planters Bank
bomdB, 1ss10s4 aL@sOU St
State expenditures H5OOu
balance ii fasoF ofs,zsssIis !. Z, ..
VIZ usV1e@