The Evansville journal. (Evansville, Ind.) 1834-184?, 1845-12-25

u
reasonable revenue, according 10 the pre-
sent and future ability of the State, towards
the liquidation of the accruing interest. And
as the creation and application of such reven-
ue is 10 be controlled by, aud graduated to-,
the actual ability of the people, present and
prospective, and as the question resolves it,
self into one of ability, my attention has been
directed to an examination into the official
documents annually submitted to the Legis-
lature, which exhibit The resources and pro-
gress of the State, and which il is presumed
may be relied on as furnishing the basis for
intelligent action.
| by reference TO the Auditors report for
the present yeai-a document distinguished
moi more, forts lucid and minute exhibit OF
the finances of the State, than for its sound
and practical views which reflect credit up
on that able officer-it appears that the en-
tire public debt, so called, of the State, (nol
including State scrip, and bonds issued for
Bank stock exclusive of all back inieres, is
| 81 IL 10000; the annual interest Oh which is
$5s6,22o. have not thought proper 10
add the arrears of interest to the principal of
the debt, as, until il be funded, it forms no
part Of the funded debt. By the same docu-
ment it appears that the value of the taxable
property in the State for The year rs falls
little sholt of $780, 900 900 and the number
of polls Tor the sa me year is estimated at not
less than l24 900, that the average increase
of taxable property for several years past has
been nearly $5,500,000 per annum,-in
other words that the average annual increase
has been fully equal to one half OF the en-
tire funded debt of the Stale; and it is to
be considered that this increase is The wealth
of the State, has taken place during series
OF years OF admitted pressure and difficulty,
and while the credit of The State was under
a cloud. II certainly affords striking and en-
couraging evidence OF the growing prosperi-
ty and lrrepressible energy of the people of
| Indiana.
assume that the average annual increase
in the value OF taxable property ofthe State
| for the next ten years, will not be less than
six millions of dollars per annum, and that
there will be corresponding increase of
polls. IL seems 10 be admitted on all hands
that this calculations is moderate one, and
that il unquestionably falls short Of what will
| be the actual result.
| A calculation based on these facts will
show, that without imposing higher proper
! ty tax than three mill tax. or thirty cents
OH the hundred dollars, and placing the poll
tax at seventy-fve cents, sufficient revenue
would be produced, atier paying all State ex-
penses, TO pa, two per cent interest annually
on the entire public debt of the State, from
and after the first day OF July, 1916, up to
the lst day Of January, 1851, inclusive, be-
sides leaving surplus to be applied to the
payment OF The six per cent. treasury notes OF
over one hundred thousand dollars annually /;
and these being absorbed within that time,
The State would then, by the further addition
OF half mill in 1850, have the means to pay
from and after the lst day of January, 1851.
three per cent. interest annually on the en-
tire funded debt, besides leaving a surplus 10
go TO sinking fund for the gradual redemp-
lion OF the principal: and which amount OF
interest being secured by revenues derived
from taxation, may be safely assumed as the
limit at which taxation may be fixed; and re-
lance may be had ON the revenues of the
Wabash and Erie canal when finished from
The State line TO the Ohio River, to meet any
deficiency; having every reason TO believe
that the receipts from that source will cover
the amount in full alter that time; and in al
luding TO this canal, take occasion to say,
that your bond-holders regard the progress
aud completion of that great work of internal
Improvements, as Intimately identified with
the future wealth and prosperity of Indiana,
and as adding greatly TO the ability of the
people to meet their Just obligations; and in
expressing willingness in their behalf, to CO.
operate with the State, in any way that may
be desired for the accomplishment of so great
an object as the completion of that canal, al
the eaTliest practicable period, upon the Sc
curity alone of the canal and the muniGcient
grants of land, donated by Congress for that
purpose) it is needless 10 say that they would
be influenced by consideration of nteres t,
which they believe to be mutual between
the State and themselves.
In order TO ascertain the total funded debt
of Indiana, on the first day of january 1851
it is suggested.
l. That for the arrears of interest on all
the bonds up TO the first day ofJuly 1916,
certificates be given 10 the holders, payable
on The first day OF january 1851 or then
funded, at the pleasure ofithe State. in stock
bearing interest at five per cent, from and
after the first day of January 1851, and
2. 1'hstIor the arrears of interest, accru-
ing between the first dry of July 1916, and
the first day Of January 1851, like certificates
be given, with the privilege of funding the
same at the latter date in a similar manner,
and from that period LIST january 1851 the
interest in full upon the. whole debt 10 be |
paid from the sources above alluded to, that
is to say, three per cent. from the general
revenues OF the State, derived from taxation,
and the balance from the revenues Of the en-