Western union. (City of Hannibal, Mo.) 1850-1851, 1851-01-09
GOVERNORS MESSAGE.
REVENUE,

REVENUE.
Is The Legislature, however, NAV DEAN ;
duty to alter the manner of obt1ininr 70 .
enue' SO lar as to change the obiec, of In
alion. A portion of the revenue. some
,h'ng less than one third of it, is now col
lec'ed under the license system. The ri,h
OF the State thus to levy Il tax, has. FIR IN,
first time, been called into lues,ion n. ho;n'
in violation of the constitution. Tho mn; :
ter is now pending before the Suprem,
court ana 1t Is to be regretted that III.
question could not have been settled belnr,
lie sitting Of the Legislature. The deci
SION OIL t'''s court, even though /, NAV deny
10 inc state the right to exercise this. The
highest act of sovereignty, will be final md
its mandates are to be oLeyed until reversed
The Legislature, however, cannot unJer'
take to shape its legislation in anticina,ion
oi TINS decision; neitheris my purpose IN
enter into an elaborate araiinent ,n sbo,,,
what that decision ought b be, and unor,
that hypothesis to RECOMMEND any lnri,i
lalion US TO the objects o taxation; nof 70
call in question any Anticipated decision OF
the court, even though II should 20 to the
cxtent-already indicau.- of declaring
that the Legislature ha,lot the constitu.
tional power TO levy an tax, by way of
granting IA license orpecial privilege TO
any person to exercise ay business or call
ing whatever. The Ste, in the exercise
OF one OF its highest plrogativcs, can tax
any and everything nol,rohibited to it by
the Constitution Of the Inited States. the
compact OF this State VIII tue general gov
eminent, or the Constitution of Missouri.
The only limitation on his power by the
constitution OF this Statds, that all proper
ty subject 10 tax, shd be taxed in pro-
portion to its value. IT'S does not prohb.
it the Legislature from sying what proper
ty shall be subject to axation. It may
designate what species o property shall be
subject to taxation, and all property not
thus designated will be &empt.
This clause i'm the coBttuli0n therefore,
only operates as n Limitation upon the pow.
err of the Legislaiure,lo the extent that
when property i, by Law made subject to
taxation, it is to be taxed according to its
value, and the Legislature may rightluily
resort to any othermeuIs oil raising revenue,
which does not come in conflict with the
other restraints upon legislative power, to
!
BANK.
BY q provision in the charter Of the Bank
it is bound, when required to act as the tisca
agent Of the State, " Thou charge for the same
IL has been thus employed in pay ing interest
as il fell due, upon most Of the State bonds. -
The State has had her revenue deposited in til.
Bank, in amounts sufficient to meet these de
mands. No claim has at any time been pre-
scented at the Treasury Department, by tn,
Bank, Tor money thus advanced; ii it had, tn
amount would have been audited, and paid b,
check OH the Bank, payable Vut Of the fund
OF the State.
The Bank has, at my request, lately furnished
me with all account against the State, coin
mencing in January lS4l, and running up Il
tins tune, and claiming as nav due, 1924 ,O2(
AZ. transmit the account 10 the Legislature
and recomme nd that tho claims Of the Bank b
investigated and settled upon principles Of iu.
tice both to it and the State. The items in tn
acGoun, have reference to money advanced, an,
interest upon bonds paid for the State, and in
terast upon these advances. The only ones
ton which have been able to discover, admit
ting of any controversy, is whether the Bank
as the fiscal agent Of the State, will be slowe
10 charge interest upon advances made, whs
at the sanestime, the money Of the State va
in the Bank-leit there for the purpose q
meeting these demands. and subject at ali time
10 their payment.
feel it my duty to bring before the Legisla
tnre tho subject o: a Reorganization Of tn
Bank of the State Of Missouri, and TO recon-
mend such measures as will entirely disconnec
the State from it. In taking this stop, it 10 .no
with view OF finding fault, or casting censur
upon those who have heretofore had the man
agement Of the Bank, but from the belief tina
there is OIL inherent defect in the systs n, unde
its present organization, and conviction, also
of the impolicy Of the State becoming banker
and that il the connexion now existing betw eel
the State and the Bank continues, it will b
apt to prove pre- judicial TO both.
The charter of the Bank fixes its capita
stock at five milious OF dollars, and in compli
ance with provision Of the constitution. one
half Of which is reserved for the use of tn
State. or this reserved stock, only 1922, 26
60 have been invested by the State in her ow
right, and *675,667 96-the University an
Common School funds have also been investe
by the State as stock in the Bank. In refer
ence to this. the State can only DO looked upo
in the light of trustee, responsible for it
management, and morally and equiably boun
to make it good, If any potion Of it be lost.
individuals own Of the stock Of the ban
1888 962 81, 90 that according to the char ter
The control and management Of tho Bank hA,
been entirely in the hands Of The State, or gov
erned by president and directory elected b.
the Legislature, or appointed by the executive
While the State continues to hold the stock in
vested, and 80 be responsible for that of tn
University and common schools, and the dis
proportion of the stock held by private indi
vidnols, continues as great rs il is, it 10 not IN.
purpose to recommend any change in the man
agsment Of the Bank.