The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-01-11
ILL.,, SATURDAY, JANUARY II, 1851.
nd which have been fruitful to perpleXins con

the las. rrneroI assembly 10 satisfy me of the ne.
cossty Of n chango or Modification IN ANY Of those
Inea.uras which | have her.tofor. recommended
and which have received the sanction of the lcr.
islature or remain omen for further consideration
For the first time for A series of wears, | have
the satisfaction TO inform the general assembly,
that the accruiny revenue exclusive of that DOR.
tlun appropriated To specific purposes is found to
he suilicirnt TO meet the current demands upon
the treasury, Without resorting to a surplus issue
or auditors warrants 10 NEE, de6ci.pcies Itwo,
the excess in the issue Of these warrants over
the current means of the treasury to redeem
them. and which were demanded for state expcn-
ditures which contributed to their depreciation,
and resulted IN prolonged and severe sacrifice
Of the public revenue The losses from tn, source
alone have been very consiAerable, and almost in.
credible To those who are not familiar with the
consequences Of deprecated warrants In the
present favorable condition Of the treasury it will
require caution IN graduating the expenditures Of
the state. so as to avoid the embarrassluent. and
sacrifices from which it is now happily relieved
Until the full operation and result. OF oar present
financial policy shall become practically ascer
tanned from experience and 50 well settled that
We can determine with greater certainty the a.
mount Of reliable permanent revenue, it may be
advisable to divide the larger appropriations so
rs To charge part only upon the treasury at any
one time, thereby making the actual amount Of
immediate claims, to conform more nearly TO the
available means, rs the same shall be received
into 1t. liv some such arrangement the amount
of outstanding warrants, at any one time may be
| kept limited and preserved against a deprecia-
/ ton. which would inevitably follow, II the amount
/ IN cirCulatiol were not regulated with a view to
the ready means in the treasury to meet them,
3. lie III.
ces Of the state, entertain no doubt that, under
an economical and vet sufficiently liberal appro-
priation and and expenditure Of the ordinary rev.
snus, there will IN a short time, accumulate from
this source alone, a surplus, not demanded for
,tatc expenditure, and which Iuay be carried to
the credit of the tuLd now appropriated to the
discharge Of the principal and interest Of the state
debt. The aggregate taxable property Of the
state, as reported to tue auditor for the year 1919
amounts to very nearly OG,0OOOO0, which will
be considerably increased by the returns Of the
year $50. Upon this amount ls paid AN annual
tax Of two mills to the dollar The proceeds Of
this tax Is designed to meet the current expenses
oi the state, and after making The proper allow
ance Tor defaults and casual losses IN The process
OF eoiiectInn may DC stated al yearly average
"i ABOUT S49oVOu' heel'H5 III view the many
OBJECTS Tor Whlch 'hls revenue Is heeu,d 10 De Il 7
pled, ana n close approximation may De inad'
to what may be safely appropriated to other pur
poses, or be applied to the discharge OF the state
debt, without embarrassing the treasury
/ That provision oi the constitution which re
quires an al rdiorem assessment, instead OF &
\ speciilc valuation, oi real property has iad ou
little influence either III increasing or diminishing
the revenue derivanie from TINS source Hut the
removal by act oi congress oi the restriction, ex
emptlhg the pubic land from taxation tor hNt
years after purchase, has contributed materially
to swell the aggregate yearly revenue
/ lhe taxes, Which nave been largely increased
by the two MIL tax OF the constitution have, II
i, general, been eheeriuIly and promptly paid and
'or the most part, IN season TO meet the require
ments OF law.
Within the last four years there has been paid
as the product OF the mill and half tax, Sj29,
I l'5 w III discharge oi the interest on the sta''
debt. The receipts under the constitutional tive
mn lax amounting 10 :ioo''ss 81. are now Il
the treasury aWaung the oruei "i alsuiOull"h
as provided IN the loth article oi the cons''u
ton.
In contemplation Of change being made il
this last mentioned article of thu constitution
. which provides the manner VI applying the Nv,
mill tax To u specific class uf indebtedness,
may be proper to review the condition of that por
tlun of the state debt to which It j. required to b
applied, and the relation whichthis revenue bear
to the principal aud interest. Besides the yer,
obvious difficulty which lies in the way of giyin,
this article Of the constitution suitable practica
application, the consequent loss to the state iron
; .:ecpIng more than 100000 locked up IN tn,
treasury, on average ofnot less than six MONTH
each year, while the interest on the state debt i
constantly accommodating, without referring TO th,
utter want OF adaptation of this article to any ju
dcions financial system, is sufficient Of itself t.
suggest an inquiry into the propnety OF maxim!
some change IN It. II cannot have escaped th'
; notice Of those familiar with the debts and hnan
ces of the state, that this provisional two mill a'
is greatly over estimated IN its supposed intluenc,
4, upon the reduction of the state debt, and that /
=, has been m>conceiyed both IN it, ultimate etlrc
and amount The sum actually received into tn
treasury for 1919, from this source, and whicI
may probably be taken as approaching the year
ly average, after allowing for the increase OF aS
o able property, Is sl65'oS ST. Apply this a
: mount uroa the Indebtedness referred to IN th
+ article under notice and an inference can be draw
c of what may be relied upon for the future, fror
this source, to oid in reducing the principal OF tn
I public debt, This debt, exclusive of that porto
incurre, on heha.fof the canal, is sG,3Sojo6 4
n principal debt, and E3S2S3Oi 40 interest yearly
Il i. md hnl