The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-09-23

IN svsry ssst0n the sosntsy Sss ibs vs5 srsas ana
prosperous position when the nsoisenelss on the 5hs
sac commenced They nsvsr wsrs in sfnofs impfrsnas
pie position, and t viii require immense losses to shake
them We have NO fears for the result
Inc convention recently convened 1t Springfield, Ini
no for the purpose Of revising the constitution Of that
State, has finished its duties and adjourned The new
constitution will be submitted the people next spring
and without doubt be adopted There is one section
it to which direct the attention Of all interested slA
Of the people Of the State particularly.
ARrIoLE l5-Thsrs shall be annually assessed and
collected In the same manner ss other State
may be assessed and collected tax of two mills upon
each dollars worth Of taxable property in addition
to all other taxes, to be applied follows, to wit The
fund so created shall be kept separate, and shall
over pro rata upon ali such State other
than the canal and school Indebtedness, may, for
that purpose be presented by the holders Of the
entered credits upon aud, to that extent in
tinguishment Of the principal Of said indebtedness
So far as the annual assessment and collection Of
TAI of two mills upon each dollars worth OF tax-
able property in addition to all other taxes concern
ed, cordially agree with the trainers Of the above
article but the rest Of the section cannot bs carried
into operation and therefore, incumbranos to the
whole article.
There about eight thousand internal improvement
bonds Of the State Of Illinois existence representing
debt of about eight millions Of dollars The tar Of two
mills the present valuation property in the State,
would give about hundred thousand dollars Per an
mum, which, spportoned and paid upon the internal
improvement debt would be equal to two dollars and
half the hundred twsnty6 dollars each thou
sand dollar bond According to the above article In
the constitution, annual payment Of twenty vs
dollars each bond would be required. In the drst
place, It would be very extraordinary movement to pay
ota Of the principal Of this debt before the full nts
regularly and promptly paid and in the second
place, 1t would be almost impossibity to make the
payments according to the requirements Of the section
1t would be impossible to get all the bonds presented for
that PURPOSE A few might be paid the instament while
many would demand it, large part Of the
from this would remain in the hands Of the State
Treasurer and wsuld form the nucleus of sinking fund
FOR the ultimate extnguishment Of the whole debt In
the third place 1t is unconstitutional such term
be applied assertion In the contribution itself The bonds
issued by the State from time to time have stated
number Of years to run, and payable at certain
times and the holders cannot be compelled to take the
whole or fractional part Of their bonds before the
whole becomes due. The State OF Illinois cannot COM
pei its creditors to accept these annual payments tn
principal or stop the accumulation payment Of In
terest upon the amount represented by each bond 10
to be regretted that this clause In the constitution,
Is worded cannot be differently construed much
Of its virtue s lost We however, much pleased that
the principle Of taxation not entirely abandoned BY
the convention It exhibits disposition to provide
for the payment of the State gives the people
opportunity to express opinion upon the subject II
people vote for this tax Of two mills, 1t will show
disposition their part OF taxing themselves, and the
legislature CON- at any future time, annu this section
to turn the tax Into sinking fund, or appropriate
It to the payment Of the interest the State debt.