Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1845-01-25
THE STATE DEBT--THE LEGIS,
IATURE

While the locofocos Of the Legislature
are using all their power to prolong the
session, in order to pocket their per diem,
we call the attention Of the people to the
following extract from the Report of the
Auditor, showing the condition of the
State Treasury
THE State debt on the list day October, 1874,
exclusive OF the surplus revenue deposited with
this State, consisted OF State bonds, set out in
the foregoing statement and amounts to the sum
OF S3,l52,26I. or this sum however two mill
ions, two hundred and thirty thousand dollars are
bonds issued for capital stock Of the State, in the
Bank Of the Stale OF Missouri, and are now in
said bank unsold; consequently cannot properly
be considered as debt until sold, and if sold
would be met, by money in bank instead. The
further sum Of two hundred and seventy two
thousand, two hundred and sixty three dollars
sixty is in stock paid for by the sale OF bonds,
and should be equivalent to that amount OF money.
If the amount OF the first mentioned bonds
should be deducted from the whole amount as set
out above, it would leave the State debt nine
hundred and twenty two thousand two hundred
and sixty one dollars, that being the exact amount
OF State Bonds sold and disposed OF. And if
the amount OF State Stock paid in as above men
much money, the actual State debt would be the
sum OF six hundred and forty nine thousand, nine
hundred and ninety seven dollars and forty cents
Two hundred and fifty three thousand two hun
dred and sixty one dolads OF the bonds sold, are
bearing ten per cent per annum Interestingly
have ten years to run from May and June 1S4l,
hut are redeemable at the option Of the State in
FIVE years from sale
1t is thought that these bonds might be redeem
ed at the earliest day, by the issue OF other bonds
bearing a less rate OF interest. suggest the
matter for the consideration OF the General As
sembly.
From the best estimate the Auditor has been
able 10 make OF the receipts and expenditures of
the Treasury for the next two fiscal years, com.
mencing LIST October last, he is forced to the con.
cusion that there will be deficit in the Treasury
annually, Of from 45 to so thousand dollars 1t
is matter well worthy the consideration OF the
General Assembly, TO enquire how this deficit is
10 be supplied
The interest on the State bonds sold now,
amounts TO nearly $4,000 per annum, which
interest all must admit, should be promptly met
as the same falls due; If this sum should then be
deducted from the ordinary revenue, according 10
the present rate Of taxation, which will amount
to not exceeding $4,000 per annum for the
next Two hsccl years, will leave only seventy. nine
thousand dollars to pay The ordinary expenses OF
the Government, which at the lowest estimate
will not be less than one hundred and twelve or
fifteen thousand dollars To supply this defcien.
CIV, one OF the two modes must be resorted to-
to.wit: Increased taxation or the issue OF State
Bonds 10 be sod for myself am decidedly in
favor of the former. If the ratio OF taxation
were increased from one sixth OF one per centum
to one fifth of one per centum on all objects OF
taxation, and the poll tax increased to fifty cents,
for a limited period Of years, think the object
would be attained without any perceptibLe in.
crease of the Burdens OF the people. The in
crease last mentioned would greatly augment the
revenue, and am free to say, that | confidently
believe it would be borne with cheerfuness by
all our citizens, when they learn that it is neces.
sary to ensure so commendabe an object as the
preservation OF our public faith in meeting our
moneyed engagements.
The people of this State without the shadow
of a doubt, would abhor even the semblance OF
favoring Reputation OF their public engagements
of any kind, and particularly those of a financial
character.
HIRAM H. BABER,
Auditor Of Public Accounts"