Mobile register and journal., 1845-01-11
MINORITY REPORT

scarcely touched hy any of the atal discusses which , have occurred heretofore in spne instances, on board other U. s. ships os the East India station.
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 MINORITY REPORT.
 The minority of the Committee of Ways and | Means, to whom was referred much of rhe lucs- sage ol his Excellencs the Governor, as relate. to | the expenditures of the State Government, and to 1 providing the to meet the same, report | That the circumstance 0l not having seen the port of the majority of the committee until it was presented To the House, on the 18th Instant, is the only apology the minority Ina e to render the House, for the delay which has unayuidably attended their report.
 | The vast and imNortant considerations presented by the examination o the subject matter referred lo them, have engaged the most serious and searcl'no inquiry of ihe conmlitee; and il is with siig d' gree of reluctance, the minority have been elled to dissent from the report of 'he majority, Il; the bil' accompanying said report.
 But. believing iie fact in political economy is uni versaly adopted by republican governments, rli, ne who labors s alone entitled To the products of his la bor, and that any government which exacts more than IS lrgitimaely necessary deiray the expenses o said government, robs the borer of every dollar thus levied, the minority determined undertake the responsible task of suggesting objections to the port of the majority.
 | Al period of extraordinary embarrassment in the pec,niary affairs of the country, when the relations of debtor and creditor have arrived at crisis hitbeT | 10 unprecedented in he history ol the State, to a- waken the attention of communily-aready de. pressed and borne down by heavy pr,yate engage ments, 10 such an alarming state of affairs, as the State o Alabana is now labormg under, and to pre- sent the only alternative, an progressively high tax IS step 10 be taken only duty. and which should be deferred To the latest possible day, compatible with the honor and integrity of the State. A proper regard for the rights and interests of that portion of the people, constituting about six seventis of the tax paWng population of the State, who have never been benefited by any facilities afforded by the State Banking institutions, desands he hands of the General Assembly, the application of tie entire assets ot those Banks to the exnguishment of the
 liabilities of the State, incurred of them, before resorting to axation to extent which will be grlevous and burdensOme. The minority of the com mitee are not unmindul of the fact, that the State bound in good faith to discharge every obligation en- tered into account of the ate Bankng institutions, and nothing would be farther from them than 10 con- vey the dea to the Leg stature. of any disposition 10 shrink from such responsibility; nevertheless, the | suggestion above made, must be pertinaciouslv ad- hered to- or cordial acqulescence by the great body of ihe tax paying population cannot be expected. | The history of past egislation induces opinion that no disposition exists the part of the State asa itself of the owned by il in the shape of Bank debts unless al the pleasure convenience of the debtors; and, without infringing upon the appro prlate and especial duties of the committee the State Bank and Branches, the minority of opin- | ion that unless this policy be abandoned, the Inurings Of the tax payers will be heard in tones of thunder, rejecting the propositions to pay Banking
 liabilities, by direct taxation, whilst Bank debtors basking the splendor of gorglous fortunes built up by the unjust dscriminatons of legislation, in | theIr favor.
 | Proceeding to ascertain the exact auount of the liabilities of Ihe State shall unavoidably discuss certain propositions which arise incidentally in the course of the examination. We take il for granted, that certain debts are due by the State, and it is bound and intends in good faith to discharge them | nj lly az thev fall bna nd The liabilities of the State consist of two general classes: first, of debts already existing in contract; and secondly. of such will necessarily accrue, and have to be contracted To continue the government in operation. ln the first class, shall include .he Bonds of the State. amounting, from the hest infor- nation we can procure, to the of 9 ,2l5 555 55, the interest which will fall due the same, and the circulation of the Banks, $2, ,967 ,828 CO., The other item, which will have 10 be here disposed of con sis,s of the University Fund, $500 000 %, and the Sixteenth Section School Fund, $$S96 353 l8 which | should be regarded an ultimate rather than pre- sent, liability. From he information before the Le- gisature, concerning this fund.- it is invested in dis counted notes, and notes received in payment for the lands mostly; ard hence, to provide for the at this time Is to propose legislation upon the subject, which is unnecessary and unadvisabe. That por- ton of thls snd, winch is invested is drawing an amount of interest equal to the interest which accruss annually upon the same; and hence, the portion of sad isnd which is in cash will only have pay ln- tsrest, in round numbers, $500 00O O0-nterest on the saine at SIX per centum, per annu $50 ,OO0 OG.
 The first item, in the list of liabilities, s the Bands of the State, drawing annual interest of 471 907 sO; the second item, which is the circulation, draws no interest. The accruing liabilities of the State, we then arrivs at, as the current expenses of the State government, the interest the School fund, and the bons. In calculating the interest on the bonds, we must have eye to the assets of tie State to meet these ,biliiles; because, assuming the calculation that the State has available the amount of seven millions, to be correct, are led 10 inquire the nature and qualities of those assets and hud them 10 consist O real estate and specie and debts due 10 the banks. The application of the real estate, will, according ibe natural course of trade, exInguis, of current liabilities of the State, in the form oi bank bills in circulation, the amount Of one million, according 10 the estimates of the mi"s'oners appointed 10 appraise said real estaie The other assets oi specie, and the debts due to the Banks. will amount 10 six millions, which when ap- piled. will eximgnlsh the other millions of Bank bills m circulation, and leave four millions of assets to apply to the payment of the bonds. We are here met, by the known !act-in stating this proposition, that these Bank debts available assets to the a mount oi SIX mons--ihat they have 10 be collected before they can be thus applied. If they some years before collection, they drawing high or higher rate of interest than the b,nds, which they will ultimately discharges and hence the proposition IS iair one, that they may be considered cancel ling that amount of bonds at present; for the interest," which will be colectabe, will that which s ac- cruing Taking then the ground, that the interest," which will necessarily fall due and be collected upon the two millions, which extngushes the remainder of the bank bills m circulation will be sufficient, with the specie hand to deiray all contingent expenses connected with paying the interest on the bonds in the meantime, We proceed to estimate the amount of bonds left unpaid alter the application ofall assets al present held by the State which available and deducing the snount of bond thus provided for four millions, will leave s5 250, ,555 65, as the amount of permanent liabilities and lhe interest the same as the annually accruing liabilities. The interest on this last amount of bonds five per per an. nun, (which is the er cenium which all the bonds are taken, which fall due of the last six mions) and which win become payable from the years 1858 to 1S66 inclusiye,*) will amount 10 S'62 627 77-add- ed to the expenses 0 the State Government, $l25- 0O0-aad the Iu'eres the School fund, S30, ,000- will together constitute s4l7.5s7 77--the sum we think necessary provide for by the State Govern ment after the year lS45 Tee report of the Presi- dent of the State Bank shows the for the year ls45. to have been already pro,ided and even the coupons which fall dae in January, ls46. The |