The Arkansas banner., 1845-02-12

As8sss9sas
 necessary to be raised by taxation, they have referred to the information collected by order of the House, from which ii appears that the State of Alabama is indebted in the sum oi i S14, 109,000 67, of which sum nine millions two hundred and fifteen thousand five hun dred and fifty-fye dollars and ffty-fve cents, is evidenced by bonds issued by the State in aid of her late Banking operations, bearing interest portion at the rate of six per cent, and the residue at the rate of five per cent, per annum, making an aggregate annual ln- i terest of four hundred and seYenty-one thou sand nine hundred and seven dollars and eighty cents. This may be designated our I foreign, aud the remainder, including Bank notes in circulation, to the amount of S3,- 100000, the University Fund and the Com mon School Fund to the amount of S1.200,- GOO. our domestic debt. The two last items of indebtedness bear an annual interest of ninetv-siX thousand dollars This sum added to the interest on our foreign debt, will re- auire for its payment annually, the sum oi five hundred and siXty-seven thousand nine hundred and seven dollars and eighty cents, besides one hundred and twenty-five thousand dollars, for the purpose of defrayng the ex- penses of our State Government, making Tn the whole, in round numbers, seven hundred thousand dollars.
 From all the information eIicited by the
 different reports on the subject of the Banks,
 your Committee have come to the conclusion,
 however reluctantly, that not more than seY- en millions of the debts due from individuals,
 including real estate, and all available assets,
 can ever be realized From this data 1t Is
 plain that the State owes seven millions of
 dollars over and above her estimated means
 of payment This startling deficit will be found nearly correct, if the whole amount
 of the assets of the Banks reported by the Commissioners as good, had already been , coleced But past experience has proved to us that tmuch of the debt annually reported to be good, becomes doubtful and bad from delay; and although something may be real-
 ized from the latter classification, 1t is not
 probable that it will more than equal the loss on the debts now reported as good.
 What shall now be done is a question the
 solution of which is alike interesting to our selves and to our creditors. As yet the hon. or of our State remains untarnished. We
 have punctually met the interest on our for
 eign debt, and are now prepared, though at
 considerable sacrifice, to pay the interest for the next year. Time after time we have de-
 clared and reiterated to the world that our
 plighted faith should at all hazards be re-
 deemed. Fair promises have been made in
 high sounding resolutions, up to the present
 moment. But the demands Of creditors are
 not to be aPpeased by empty promises, or by
 any thing short Of prompt and efficient taxa
 ton. We owe the debt, and as honest men
 we must prepare to pay it. The decision of
 this question, fillmore than any other which has ever been agitatated, test the moral firm , ness of our people, and prove their capacity for sell-goyernment Our creditors can rely on our honor for the payment of their just , demands The ingenuity of counsel could
 not devise the means of legal coercion. The
 absence of this coercive power. increases our obligation 10 raise the means of payment by , voluntary action. What honest man is there, who even without the compulsion of the
 courts, would refuse or neglect 10 pay his
 debts fl he had the means of satisfying his
 creditor No man would be tolerated in [ society who would acknowledge the exist l ence of debt against him, and then refuse : to pay, If frem any cause the courts of jus l tice could not intefpose iii behalf of his credi- l tor. Our people for years past until recent l ly, ware exempt from direct taxation. At a :, period of apparent but deceptive prosperity, : 1t was thought that the profits of our Bank
 ing system would be more than sufficient 10
 dcfray the expenses of their government-
 They are now awakened from these illusory dreams, and see staring them in the face this e irlghtlul indebtedness. Will they hesitate l between taxation and dishonor?
 | To refuse to raise by voluntary leYies, the means of payment, would leave us delaulters without apology or excuse before the cvIi- 5 zed world. It is true that these disasters have been brought upon us by unwise legis- 7 lation. That many of our citizens have re- : ceiyed no benefit from the Banks, except a temporary exemption from the payment ol taxes. But this mismanagement was all ac-
 quiesced in by the people. It ltresulted from
 the action of their immediate representatives, chosen by themselves.
 , But your committee do not distrust their constituents, or doubt for moment their
 willingness to submit to any amount of taxa-
 ton, rather than permit the plghted faith ol
 Alabama to be forfeited The people every where are more liberal than demagogues who
 affect to govern them, believe them to be-
 In other countries they submit grudgingly, to
 the payment of taxes which are imposed by
 tyrants, that they may indulge in luxury and
 extrayagance. But in this country, where our citizens are their own sovereigns, the
 feeling is different; they pay their taxes
 cheerlully' as the price of liberty. Since our
 disasters have belallen Us, they have even
 held voluntary meetings, and sent up pcri-
 tions praying that they may be taxed for the support of the government, and the payment of our State debts
 There is in thisa moral sublimity worthy oi all admiration, and affords a sure guaranty, that Alabama will redeem 1t with her proper ", the promises which she has heretofore made to the world. As evidences of the sim cerlty ol these assurances, so repeatedly ,,f1