The Arkansas banner., 1846-11-04

99 was paid in specie, S20. .392 10 was paid in ireasvry warrants, and S24,144 q in Ar- kansas bank paper. The later sum. Ii will be seen, was paid in under the law operating prior to the 10th of January, l845, and the discrepancy iu the amount received fos tax es in treasury warrants, and she amount s,a- ted as having been redeemed, proceeds from tie facts, that treasury warrants were re- deemed with the amount ol the specie paid in by collections, S7@3Si a9, and the fur ther amount of Sj.7s0 l9 turned over to the land agent in the way o5 reimbursiug the treasury for money obtained lhefeifom: and expended previously in the IccaIion of the 500.000 acre donation, which was provided for hy the act of the l0Ih January, 1915.
 IIy reference to the report ol the 1rea- surer. lt will be sren tl;at ihe apPrehs ndet evasIons, on Inc part 0f tax payers aad their agents. and particularly the collectors el ihe less than one-fnGrti ot ,Iie revenue under the appropriation law uf the l0ih January. 1915, las been paid i1l specie or is equivalent. And ID the absence of proper guards, the plain letter of the law has been eratied. by making these warrants receivable for taxes
 The sheFifis were compelled 10 receive them regardless of Nc and date. consequently we find portion of the issues of every quarter up to ,he last redeemed; while there re- mains, an unredeemed portion of lhe issues for each quarter, from first 10 last, thereby destroying the desginctive. ahti equitable value of warrants between those falling dae iu month and those which might not, un- ter the sense ol the law, be paid in two wears, and thus depreciaung the value of such as would command something near par value by destroying tue demand for them, except bv agents of large tax payers, ard placing nonresident land holders who pay. through agents, the only purchasers Of this scrip, upon beRer looting lhan onr own eii- ixens, who. in paying to shrritis their small amounts, are necessarily compelled 10 pay ii specie.
 The free issue of this description o( pa per beyond a certain limit, is believed to be most runous 10 he interests cf the State and peo- pie. There sfoald be no necessity sufficient tp induce the issue of one single dollar more than could fairly he anticipated by the re- eepis ol lhe year into the treasury of actual cash for their redemption. They ought to he hased upon the principle ol ''demand and supply" bnt to extend their issue beYond. is but to insure depreciation. Their use as a medHm. should be deprecated for eTciHsire iHEaences alone, which such medium must ever exercise in state of depreciation; as il wiiI remain in lhal state sutject of speeu- ia,iun.
 The producing classes, the fax payers ulti- ma,ely may have 10 make up lie deprecia- iion to very considerable extent. his true that they, with tue S,ais officers. are alike injured; all 10 some extent are aiIected 1T 5 l590 IS fair salary for Judge of the Su- preme Court, and he receives that amount of scrip worth S750, he feels himself al least disappointed when he recurs to that portion of ,he Constitution af inc otaie that provides that such salaries shall ntiiheg be ,a,sed nor diminished during his continuance n office. in the present state ut our finances. his saia- " IS subject ta yarialIon every week, depen- dent upon iobbers in this species ot paper Ina, rarely ranges III the market above oue- half iss face. l. the State is iacap4b bic. either from the proper disposiion on iae part ol the people through thetr representatives or ihe want oi ability, 10 pay ia good faith the cur rent expenses of Inc Slale government as now .erajed-io N hat is believed comparatiye- ly low, t wouId don51less be lar more de- srable to those n tue serYlce ni the Stale, to graduate ihe salary of every State officer and agent, down to a maximum corresponding win tie ability to pay in good iatill " hal may be promised. and in which event none could be disappointed; and meu of s,pera- brn,lanee oi w ealth who had the leisure aud public spirit, would alone De applicants for for such offices. 4-.
 Without laying claim to fit.aaeia talents ol tlgh or,ler. l am constrained to present to your respectful considerations. schesie of finance, simple, but well suited, think. bd;h io the immediate necessities tlie State aud the abilities of lhe people. take S20,090,000 worth of property, made taxa bic by our present revenue laws. as a max mum for ,he last eight years. winch ind Is near the truth by an inspection of the ia- bies for that number ai years. One-eighth of one per cen. upon thls valuation has pro- duced, in the two fiscal years ROW closing, the sum of s5l,9lS 42, corresponding 10 which for the same peE.od, lhe expenditures although much under those oi any other two ol the Ia,i eight years in the series, d. mounts to about Sl0Y,2zl v, exhibiting a deficit of r55,303 D for 1915 '46. There are individual judgments now existing against the State Bank, fer something like S30,000, which must be provided for. and pad out oi the treasury the further sum of al least S40,00O will be required for rebuilding isse Penneniiary. Ii .paid in four wears, @35.- GOO, or one hali of lhe aggregate of ,bese two sums wlii iai! due within ISlz-S. winch with lhe outstanding treasury Do,es sfnouat- mg to S37.779 09. added io(onIy Sl00,000 on.inary expenses for ikG two /hext years. current, wlll make ghe enormous sum of Sl72,779 09 To aleei ihis, II wlll be Be. cessary to make { levy GpoG wider range oi articles Of property. embracing buildings and o;heg improvements. ornamental a~ well as useful, in all our towns and cities, as well nS ttf fine g.s,urt,Ft- ~fsae sfg4entS cH Foo-