Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1845-01-24

vinced as they now mus. BE-, that their payment
Is 1t least doubtful. and, whether proposition of
TINS kind, is not more credt,bie TO US. than the
past seeming indifference on this subject. We
have reason to believe. that such would be the
light III which it would be regarded by crcdi-
tors, and that they would avail themselves of it.
\ compliance in good faith on part, with such
arrangement if made. would Immediately restore
our credit, and who so lost to correct feeling
not 10 desire such result!
The annual interest on the debt thus founded,
would be NJ ,2l3, 10 which add the annual
pcnses of the State, about $4,000 and the sum
of S492,3l9, would be required each year. To
raise this amount. It would only be necessary to
assess thirty cents on each hundred dollars of tax
able property, which would produce S. 1911 -.
TO which add one dollar on each poll and the sum
of S174 3O6 is produced. Then add to this all
other resources. least 800, 0OO per annum. the
Wabash and Eric Canal alone atlordIng near this
amount. and S:,7I 300 is the result, being ox-
cess of S72.0S7 above the amount required. This
sum- and the increase OF taxable property ncXt
year. Will more than make up for all delinquent
cies IN the collection Of taxcs. Tho outstanding
/ Treasury notes easily be absorbed during the
next fiscal year, BY the same ratio of TAXATION.
As the State increases in wealth and population.
an assessment of less sum would produce euf-
| ficient rovanuo
To render taxation light possible, the
State should apply all her 10 this object.
| 1t is with this view, that the committee recon-
| mend that the net proceeds of the Wabash and
Erie canal. which Will amount the next year to
! near Sl0o,"0O TO be then paid INTO the State
Treasury be applied TO tho pa mont Of interest
| In fact. when it was diverted n different object,
It was a papablo violation of faith, 1t Ind
been previously pledged to pay the interest or the
| Wabash and Eric canal bonds. When tolls and
water rents were made receivable III canal scrip.
| it was only intended as temporary measure 1t
is time that policy so unjust to the people Of the
State and to her creditors. should cease. The
lands alone should be relied on for the continue
ton of the canal.
Aproposi,on so advantageous 20 the State.
will only be accepted by our creditors, upon as
! surance that the reduced rate of interest would
be promptly paid. 1t is for this reason, that we
have, lin tho bill which is submitted w it'll this
portl made it the duty of the Auditor of State to
make each each year, on all tho polls taxable
property, sufficient assessment TO meet tho inter
! est.
The Committee have thus In few words as
possible presented tho liabilities of the State and
the of the people TO moot those liabill-
ties. If tho proposition we present be accepted
By creditors tho intorest and eventually tho
principal can be paid without Expressing the poo
pie. A tax of thirty cents on each hundred dol
lars worth of property, and dollar eacn
poll, is certainly be ond the ability of our peo
pie. 1t is not equal to the taxation of other States
having less wealth. determination to pay, in
dustry and economy tho part Of the people,
will provide tho means. This subject has alread-
V been dclaved. Tho sooner action is had the
better. The interest is now accommodating at the
fearful rate Of $500 $50 per annurn. A negec,
to pay it does get rid of, but increases the
debt. 1t is now within contro---a few years
moro it will be utterly beyond It, aud forever will
rest upon State the nfamy of reputation II
effect, if not open avowal Of our shame.