, 1844-11-30

now bearing an interest of at the rate
of ten per centum per am UNI, and
these bonds are redeemahlc in l846,
As there is no probability OF raising
the amount necessary to redeem
these bonds at that time it is respect
fully submitted, that bonds lie is
sued. for the amount, bearing a les:
interest, ard hat the money arising
from their sale be applied to the pay
ment of the first named bonds. State
bonds, bearing 8 per cent Ter annum
issued at the last session OF the Leg
stature, were readily sold, and Ihave
no doubt but that others bearing a 81
milar rate of interest could be as rea'
Oily disposed Of. BY this operation
the Treasury would gain the sum Of
S5,565 annually.
This, however. would afford but
partial relief. When to the current
expenses of the government is added
the amount of interest annually ac-
cruing on the State bends, it will be
seen that the annual expenditures OF
the State will greatly exceed It's in
come. The deficit thus arising, it is
thought, will not be less than $4,000
dollars annually.
To extricate US from this condition,
no alternative is left but to continue
the issue of State bonds, or 10 resort
TO an increased rate OF taxation,
! cannot recommend the first
mode, for the obvious reason, that
such a course would only render our
difficulties the greater. The inter
est accruing on this fresh issue of
bonds would swell IL debt so as to
require each year, a new loan, and
the payment Of the debt, thus con-
tinually increasing, would be render
ed a matter Of serious difficulty.
Taxation then. in my opinion, must
be resor,ed to for this purpose, and !
respectfully suggest to the General
Assembly, whether it wauld not. be
advisable TO free ourselves from this
burden Of debt at the earliest Practi-
cable period, and whether we should
not make the attempt now, when
that burden is comparatively light.
We owe 10 Ourselves, To pay the
debts of our own contracting. ii is
most assuredIy bad policy 20 wait Tor
the increasing resources OF the State
to discharge debts that are increasing
still more rapidly. and to me II seen.s
a matter OF very questionable moral
iy for us 10 incur Obligations and TO
leave to our poslerity the task OF dis
charging them.
am aware that the proposition Of
an increase Of taxation is not likely
to meet with universal favor; but We
cannot close u eyes on the pros
pect of our increasing debt, and It be-
comes my pcinfnl duty to urge upon
:, on the necessity of this course.
Although the rate OF taxation was
increased at the last session of the
Legislature about 90 per cent. yet IN
consequence of the great reduction
n The price Of all kinds of property.
and the very low rate at which the
valued the property in their
counties, ii Is very certain
that the amount OF revenue that will
be received, will not increase in a
corresponding proportion. nOtwilh-
standing the greater amount Of prop
erty subject to taxation in this State
each succeeding year.
it is true that the various taxes 10
which Our citizens are subjected, rem
ler,heIr payment sometimes difficult.
get | am inclined to think that the
.axatlon levied by counties and cor
1orations constitutes, in a majority of
Eases, the chief portion of the burden.
{ the right exercised by these pow
RS be limited, the revenues Of the
State may be increased in n CORES
bonding degree, without imposing
my additional burden on the people.
The condition of our University
nd of our Common Schools will be
communicated 10 you by the
of Stale. 1t is very much
o be regretted that the dividends de.
Jared by the Bank of the State of
Missouri, on these funds, have been
o small as 10 impair seriously the
expected 10 be derived from
hem. There are now invested in
his institution, by the State, the fol-
owing sums: The sum of one hun
red thousand dollars for the use and
enefit Of the University, and five
undred and seventy.fve thousand
K hundred and sixty,seven dollars ,
nd ninety-six cents on account of {
re Common School Fund. On the i
lirty-first day of December. 1912,
lie Bank declared a dividend of three {