The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-01-24
?. Plantation. Tarabh Prooeyfu TDi

1912 1872 3l3,s35 2026,S57
1S43 i3I,NOO,OOO 2,15l,223
1874 1899 25S l3G,ll2666 3,310,6G3
The above table, believed to be correct,
shows an increase in wealth and popula-
ton under high taxes unparalleled in the
history of nations.
The great State Of New York became
few years ago embarrassed, and she, TO
preserve her faith and sustain her credit.
imposed direct tax upon the people, of
one additional mill. The cheerfulness
with which it was paid, the appreciation
with which the measure was regarded,
demonstrates that the people are honest
and willing to make what is called a sac
rifce to Pay their debts. Your commit
tee believe that the same result would
follow the imposition Of the proposed tax
here, and that it would be the most popu-
lar measure this Legislature could adopt.
Pennsylvania, the Keystone State, the
land Of franklin and honesty, is about to
resume payment of Interest, on her debt.
Shall not Illinois be found making an eff
fort al least, to initiate her example?
We see that the rates Of taxation arc
lower in Illinois than several of her sister
States; Ohio pays for general purposes.
7 mills INDIANA, exclusive of poll tax,
2 mills; Pennsylvania, for the interest on
State debt, 3 mills; while ours is only 2
mills.
But perhaps it may be SAID, suppose
we increase taxes mill, and pay $780,
600 per annum of interest on the State
debt; still, it accomplishes nothing, with
100000 accruing every year and re-
naming unpaid. We answer, that it will
at least do away in the opinion of the
world, with the idea that we mean TO re-
puda,e our debt. 1t will give US self
respect, and create confidence IN us
abroad. But still further, it will result
either directly or indirectly in the COM
pletion of the Canal and thereby provide
for the extinction of the Canal debt. and
ultimately Of the whole State debt. All
estimates for the future must be more or
less conjecture. But your committee
have great confidence that the following
calculation will be more than realized, if
the proposed measures are carried into
effect. 1t is supposed that the proposed
tax, with such retrenchment as can be
adopted, will raise sum sufficient to
pay on the first day Of July 1916, per
cent. upon the public debt. Let this be
continued until the lst'of July 1913. A,
that time, if the subscription under the
Canal law is taken, the Canal will be
completed, and ready to go into opera
ton.
We will assume, then, that on the LIST
Of July 1913, the Canal debt will be pro-
vded for, interest and principal, by Ca
nal resources.
We will assume, further, that the tax
able property Of the State will then lie
500, 100000. This estimate your com
mitee think too low, but will assume It
as the basis of calculation The propo-
sed rate of taxation for interest purposes
will be then 2 mills or 20 cents on 800,
this will yield 100000 per annum.
What will be our financial situation then, on
the ls' ofJuly 1913. The proposed tax will have
paid 100000 per annum, during the years 1916
AZ. II we lay out of view the Canal debt, the
principal of the remaining in debt, exclusive of
the school fund, is s667l 066
Interest up to July 1916, 2002,2l9
ss,676,2s5
Principal of this debt in July.
1913, S6,67i,066.
Interes, drc in ls4s. s2,So9,1o7
Deduct interest paid in ls46-47, 100000
S2,703,107
For this sum Of back interest in 1913, let GER
tca,es be issued, payable when there is money
in the treasury. Leaving this sum to be provided
Tor by the wisdom of future legislation, can tho
state under the proposed system and wi,hon. any
further increase in taxation, then resume pay
ment of interest on the public debt! AT that
time the annual interest on the principal Of the
debt, exclusive Of canal, will DO $500, 444
The proceeds Of tax will he, say 100000
s200,aii