Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1848-12-13

change would also have to be Droclred q,
meet certificates thereafter due. as well "a
10 forward funds in hand But by paving
the interest down. the additional expense
and labor Of issuing certificates would be
avoided, As a mere measure Of econo.
my therefore. the latter was the preferable
course. But when it was further consid-
cred although authorized by the bill) that
The certificates issued would travel further
or faster than the necessary explanation.
and might SO far affect the faith of the
State rs to diminish if i, did no, entirely
prevent the surrcndering of the remaining
oo''dS, under the new arrange ment. the
course indicated seemed too plain TO adj
t''' oi hesitation The requisite amount
was accordingly borrowed of the Sipl;n-
Fund and of several Of the branches of
the State Bank 10 be repaid on the Is, If
January mex, from the newly collected
revenue
From motives of economy and sound
policy II IS designed 10 make W the def.
cheney. which may be found 10 exis, in m.
treasury on the lst OF January and Is, Of
July next respectively. in the same mar.
ner. tina, is 10 say. by making a loan i'm an
ticipation of the subsequent, receip,s: and
the course adopted has been thus fully ex
planned. in order that il, il should not be
favored. the Legislative will. NAV a, any
lime be expressed for future guidance. OF
the proper functionaries: this cours, has
been the more readily pursued. becausco
great aversion WAS felt To increas, the fun.
ded debt of the State. by issuinr more
certificates. and because it is confidently
believed that by the third certainly bv tho
fourth paymen, of half yearly interest,
all arrears will be overtaken. For accor.
dug II the estimate of the Auditor who
@tve' tn details after meeting all tho or.
dinary expenditures during the current fs-
cal year. and after retlremng the ostma-
ted amount Of 500, oOD Of treasury notes.
principal and interest there will be lcff an.
plicable 10 the payment of the interest on
the public debt 5000 coo, from which
deduct the loan for the interest Of July.
1913. sioutU
Also the probable sum to pay the
! interest and exchange for Jan
uary. iGl2. $4,000
md the same amount for July. 1919, o5..
oo9 eqeal 10 80 90 900. This would leave
deficient next July Of only SoIOOO.-
This small balance. IL is safe II presume,
would be overcome by the increased re.
celpts into the treasury by the Is, of Jan.
uary following. But as the revenue il not
actually payable until the latter pa,, of
the winter. il is calculated that such would
be the result by the Isl Of July, 1850. be.
You'd doubt.
In this calculation, however. it must be
borne in mind that no estimate is made
for grants of money from the Treasury, 10
individuals or other unusual appropria, atoms
OF which there has been Il marked in.
crease. within the last two wears. Two
bills of this character were passed Of the
last session. on the face of which the
amount claimed did not appear; that was
left 10 be determined by commissioners /,
be appointed for that purpose, thus virtual
~ permitting SUIT - he brouutit aranst
the State. The commissioner in ono Of
these cases, having decided in favor of
the claimants, they. after an appeal was
taken Oh the part Of the STATE, look ono
themselves. TO court holding an earlier
session, which taking jurisdiction Of the
cause upon tho appeal, gave judgment
against the State for SI3 ,Io3 IS. In
pronouncng the judgment, the court laid
stress on what it r. gardcd rs an admis.
sion made on the part of the State, by ilt..
legislature. in The preamble Of the bill,
against her own interests. and which il Is
believed could not have been established
sion. Application was immediately made
10 the Auditor. by the claimants, for n
warrant Oh the Treasury for the full amount
Of the Judgment. but the counsel employ
ed on the part of the State. under insirnc-
lions which felt il my duty TO give, have
removed the cause TO the Supreme court.
where j, is now pending for final decision.
Sl'hou"h commissioners were appointed
under the other bill. yet no proceedings by
them have yet been had
If the amount claimed under that bill
should be allowed. it will exceed $50 900.
This, with the judgment already rendered.
II the same should be ultimately sustained,
VIII amount 10 nearly one half Of the.
ordinary expenses Of the State, as csrima-
ted by the Auditor, for the last wear NV
objections 10 the passage Of both these bills.
communicated according 10 the forms Of
the constitution, are TO be found on the
journals of last session, and this reference
10 the subject is now made, therefore.
merely for the purpose Of recommending,
that. inasmuch as all such grants Of money
from The treasury must inevitably, sooner
or later, cause an increase of taxes to nav
them. such increase should be imposed hy
the legislature which grants the money.
ana at The same session at which il is
granted. This would have the effect Of
making the members Of each session res
ponslbie in appearance as they are in real
iiv. for the increased taxes occasioned ty
such grants; OF inspiring caution, and Of
enabling the Auditor and Treasurer to
rely Oh their estimates 70 meet indispensa-
bic engagements. and Of sustaining the
public faith. The non observance Of this
rule has heretofore been the source Of
most Of the evils. Of financial charac-
: ter. which have weighed down the energies
Of our young State Millions were ex-
: pended. sown broadcast by former legis-
atures, leaving 10 their SUCCESSORS the obi.
Gus duty Of imposing the taxes thus oo-
+ casioncd. and 70 the people the unmitiga-
!: ted burden Of paving them Had the