Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1844-11-30

sing the amount necessary 10 redeem these bonds
at that time, il is respectfully submitted, that new
bonds be issued for the amount bearing less in.
terest, and that the money arising liom their sale
be applied TO the payment OF the first named
bonds. State bonds, bearing eight per centum
per annum, issued Mt the last session OF the Leg.
islsture, were readily sold, md have no doubt
but that others bearing similar ratio O. interest
could be as readily disposed Of By this opera.
ton the Treasury would gain the sum OF five
thousand, FIVE hundred and sixty. five dollars 90.
nualy.
This, however, would eford but partial relief.
When 10 the current expenses OF the Govern.
ment is added the amount Of interest annually
accrung on the State bonds, it will be seen that
The annual expenditures Of the State will greatly
exceed its income. The deficit thus arising it
is thought will not be less than fifty thousand
dollars annually.
To cxtricate us from this condition, no alter.
native is left but 10 continue the issue OF State
bonds, or 10 resort 10 an increased rate OF taxa.
lion,
cannot recommend the first mode, for the Oh.
v,ous reason, that such course would only rem.
der our difficulties the greater. The interest &C.
crung on this fresh issue Of bonds would swell
our debt so as to require eoch year new loan,
and the payment Of the debt, thus continually in.
creasng, would be rendered a matter OF serious
difficulty.
Taxation, then in my opinion, must be resort.
ed to for this purpose; and | respectfully susges.
to the General Assembly, whether it would not
be advisable 10 free ourselves from this burthen
Of debt at the earliest practicable period, and
whether we should not make the attempt now,
when that burthen is comparatively light.
We owe it to ourselves to pay the debts Of our
own contracting 1t is most assuredy bad policy
10 wait Tor the increasing resources Of the State
TO discharge debts that are increasing still more
rapidly, and to me it seems matter OF very ques.
tonoble morality for US to incur obligations and
to leave to our posterity the task OF dchargiDg
them.
am aware that the proposition Of an increase
OF axation is not likely to meet with universal
favor; but we cannot close our eyes on the pros.
pect Of our increasing debt, and it becomes my
painful duty to urge upon you the necessity Of
this course.
Although the rate OF taxation was increased at
the last session OF the Legislature about twenty
per cent, yet, in consequence OF the very great
reduction in the price Of all kinds OF property,
and the very low rate at which the assessors val.
ued the property in their respective counties, it
is very certain that the amount Of revenue that
will be received will not increase in cores.
pondng proportion, notwithstanding the greater
amount OF property subject to taxation in this
State in each succeeding year.
1t is true that the various taxes, 10 which our
citizens are subjected, render their payment some
times difficult, yet am inclined to think tina,
the taxation levied by counties and corporations
constitutes, in majority OF cases, the chief por.
ton Of burthen. Ii the right exercised by these
powers be limited, the revenues Of the State may
be increased in corresponding degree, without
imposing any additional burthen on the people.
The condition Of our university and OF orr
common schools will be duly communicated 10
you by the Secretary OF State. 1t is very much
to be regretted that the dividends declared by
the Bank OF the State of Missouri, on these
funds, have been so small as to impair seriously
the benefits expected to be derived from them.
There are now invested in this institution, by
the State, the following sums: The sum OF ono
hundred thousand dollars for the use and benefit
Of the university, and five hundred and seventy
five thousand, six hundred and sixty seven dol
lars and ninety six cents on account Of the com.
mon school fund. On the 3ls day of December,
1872 the bank declared dividend OF three per
cent. on the capital stock paid in, and it has
declared no dividend since. Judging from the
experience Of the last four years. the seminary
and common school funds will be rendered al.
most useless if they depend on the profits arising
from their investment in the bank. The amount
arising from this source will be entirely INSULT.
cent TO meet the demands made annually on
these two funds; and in my opinion, the General
Assembly should provide some means by which
they may produce a greater amount OF income.
II indeed the position be correct that our free in.
sIutlons cannot be preserved and perpetuated
without diltusing general information among our
citizens, how many sacr fees should our people
not consent to make to preserve from deprecia.
ZION and loss the sums which were placed in
their possession for such important purposes?
For it should be borne in mind that the State is
entirely indebted, under compact with the Gen.
eral Government, for the funds now under con.
sderation, and that our own citizens have not
contributed towards any portion Of them.
1t will be seen by the report OF the cura,ors of
the university, herewith Transmitted, that the time
has now arrived when that institution must cease
to exist, and all the fond hopes which were at
one time entertained Of its usefulness, be forever
blasted Shall this result be permitted to take
place? It is for this Legislature 10 determine,
It is we'll known that, without pecuniary aid.
the university cannot be sustained; and in this.
as in every other system OF public instruction, i,
IS essential TO success that the income accruing
should be certain and permanent Every
plen Of education must languish and die that
subjects professors and teachers to fluctuations
and delays in the receipt Of their compensation.
| The question now is, what aid will the State
Afford tie university in its most rvinu neceSs,,7