The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1849-11-23
Amendment to the Constitution Of the
state.

Wegvc below a copy of the joint re o.utijn Of
the legislature Of Til. state propo.in, an amenl-
mcnt to our constitution in reference to the two
mill tax. Tht tax it will be remembered, !, set
al .a for the purpose Of paying the interest upon
ami ultimately the principe Of our state deb a
side from that incurred on account Of the canal
The amcnLmen; proposes to devote the fund thus
raised to purchasing up our bonds At heir market
value, thu, in effect, shaving our own paper. The
measure, ut first blush seems di>honurablc and be-
meath the dignity Of sovereign state, although
high examples might be cited from European
state in pa!liatou butt proceeds from the bond.
holders themselves, who ami no. tn, state were
the first to propose it. They represent that there
is large amount of bonds uiolt in the market
that have got there on forced sales, and that will
stay there, always cloggin5 it. and rendering it ut
tcrv useless for any regular heavy Lo' der of our
stlt, boa Is to think of Offering to sell bond, in
competition with this n,lting mass. They think
therefore, if these bonls We're bought up AMI de-
stroycl, i, woudma bonds comp lively scarce
in the market an thus raise their price 50 that
before great while they must be at par
! WHEREAS, The fifteenth article ofthe constitution
Of the State Of Illinois provides that there shall
be annually as-c s-el and collected tax Of two
mills uponcach dollars worth Of taxable properly
in addition TO all other taxes, to be applied fol
lows to wit: The fund SO created shall b. kept
separate, and shall annually. on the first day OF
January, be appnrtionel an pui over pro rata
upon all such State in lchte,lness, other than the
canal and school Indebtedness, IA may for that
purpose be presented by the holders of the same
t. be entered as credits upon AMI to that extent in
exingui-hmCnt Of the principal OF said indebted.
ness said provisions DO not accord with the wishes
of The creditors Of the State, and involve much
inconvcnir's AMI ire-ulaiity as well Ms consider
able cxper SO AZ the application and keeping Of the
accounts necessarily attending the said appoint
mcnt, AMI whereas, said provisions are entirely
inadequate To the object intended, viz: the re-
ductiun of the State debt in rs much rs the an
nual interest accrung upon the State debt is fully
doubled the the amount which will be raised, botl
from the two mill tax referred to- and the mill an,
half tax collected under the revenue laws for th'
purpose of paying upon the interest of the Stat
debt and whereas it Is of great Importance to tn
interests of the State that some means be adopte,
at the earliest possible day BY which tie gradu,
liquidation, reduction, anlultimlte payment of tn
, State debt may be effected, therefore,
Resoly,d That the following article be- AMI tn
same Is hereby proposed a substitute for, AMI t.
stanl in tn, place Of the fifteenth article of tn
constitution of the State Of Illinois, to b. acte
upon in the m,nner provilclin the second sectio
. Of the Twelfth article of the constitution
Art l5th. There shall be annually assessed an
collected in the same manneras other state rev,
nue. may be assessed and collected. tax of tw
mills upon each dollars worth OF tax bile prope
ty, in addition to all other taxes, to be applied
follows, to wit The fund so created shall be kcI
separate and constitute sinking fund to be use
in such manner ~ may be prescribed by law, {,
the purpose of purchasing in open market, any
the indebtedness of the State bearing intorc,
! other than the canal registered Indebtedness ii
, school Indebtedness AMI such other indeb,edne
u4 is not fully recognised by the laws of the Stat
7oraship Organization Every county fro
d which we have heard has given an overW hplmit