Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-12-11

sI6462 oso
The Of interest to be paid annually the fOrego
ing debt Is as follows, TO wit;
Interest bonds above stated, $3.50 220
Interest on six per cent treasury notes, 29,4S6
Interest on five per cent. treasury notes, 22lO66
Total, s6O7 ,772
"Thus it will be seen that the faith of the State
stands pledged for the Ultimate payment of a debt
nearly equal one-scventh of the value of all its
taxables and for the payment of annual interest
account about equal, this time, (without including
the interest falling due the bank bonds) to one
half of per centum of the value of all its taxable
property. Such an amount of Indebtedness is well
calculated to excite in the mind Of every one having
the prosperity of the State at heart the most painful
forebodings; but gloomy the future undoubtedly
is, the path of honor is still clearly dscernible and
with steady determination on the part of our people
and their representatives to walk in it, need not
give up all hope Of final extrication from perious
position. Between duty and disgrace, State Ike
ours cannot hesitate to choose. Without asking i'm
possibilities from people, grinding them to the
dust with ruinous and oppressive taxation leading to
loss of all respect for their government and laws,
we may still furnish the world with evidence, that
regard the slightest breach of pghted faith as
exhibiting want of that moral principle upon which
obligations depend and that in opinion any State
which may refuse to acknowledge the sanctity of Just
obligations, will have forfeited her station the sis
terhood of States, and longer be worthy of their
for the reputation of the State, well gratifying
to our creditors, should this evidence consist hereq
ter, of some definite action rather than general
Pressions Of legislative opinion. No time could be
more prOptous for such action than the present. each
year that passes by without some provision being
made for public debt will add heavily its weight
and should we continue TO shrink from the assump-
ton of just responsibility the time cannot be far dis
tant when the hope of relief will be lost. As
yet there is nothing in the past that need excite
of humiliation. Reproaches from certain quar-
erS have not been wanting, but happily for the char
acter of the State 1t has been found less difficult to in
dulge in denunciatory epithets, than TO find the evil
deDce that would justify their In the last four
years. the State of Indiana has raised by the direct
upon the persons and property of her citizens the
of 81, 000 besides defraying the expenses of
collection, which may be estimated at $4,000 more
thus making the requisition upon the tax-paying
population amount to more than $500 900 per annum.
During the same period she has contributed towards
the payment of her debt existing in the shape of six
per cent treasury notes, will be by reference
to the preceding part Of this report, upwards of
eleven hundred thousand dollars fact TO which her
people may appeal in vindcaton of the fair fame of
the State from the odium Of reputation. Her obi
cations to her own citizens, to the amount of more
than two millions of dollars have in the embarrassed
state Of her finances, not only justified but rendered
imperative, temporary postponement of the claims
of her foreign credtors under like circumstances,
such has been the policy of all governments, and it is
too sound in principle and too well fortified by pre-
cedent, to be proper ground for censure; but our
domestic debt having been reduced to comparatively
nconsiderable amount, the cheering prospect is
presented, that there must accumulate in the
treasury, under present rate of taxation,
fund.- which if not sufficient fully to meet all just de-
mands on account of our public debt, may serye in
connection With other resources, basis fer
arrangement with the holders of our bonds acceptable
to them and not dshonorable to ourselves And hav-
| ing once agreed upon some mutually satisfactory
principles of adjustment may safely trust that,
with economical government and a law-abidng
and aith-preserving people, the credit Of State
will again be restored, her honor forever placed
beyond the reach of suspicion and the tide of popu-
lation that is now sweeping beyond our borders be
stayed In our midst and Its energies directed to the
further development of our resources.
The balance of the Report comprises statements of
the Receipts and Expenditures on account of the va
rious Public Works; statement of business done on
the Wabash and Erie Canal during the year lS45 SO
far reports had been received assessment and COL
lection of taxes for 1874, &C.; tabular statement
exhibiting the number of polls and acres of land and
the value of lands, value of improvements value of
town lots and buildings, value of corporation stock,
value of personal property, and the total value of all
taxables, assessed for 1s45 in the several counties
Crawford, Dekalb, Richa-dville, Spencer and White,
from which no returns have been received Estmat-
ing these counties the last year, the follow
ing will show the taxables of the State for 1916 as
compared with 1874.
Polls returned in ls45, l24, $40
Polls returned in 1874, 1888
Increase, 6,2o6
Acres Of land assessed in ls45 1926, I76
Acres assessed in 1874, l5,6l6,3l9
Increase, 5s9,s57
Value of lands in is45, S57,943,4sI
Value Of lands in 1874, Sc ,S59.2S
Increase, sI,os4,I42
Value Of Improvements in ls45, S22,50l9iO
Value Of same in 1874, 220 96I
Increase. s4SO,s4s
Value Of town lots and buildings in is4b si3osi lss
Value oil same IN 1874, 12,S3S, 070
Increase. siss,oss
Value Of corporation stock in is45, sI76,2ss
Value Of same 10 1874, l6s575
Increase, s7.72s
Value Of personal property in is45, $4,000 800
i Value Of same in 1914, k4,35f ,o7o
/
] Increase. $sii. 500