New-York daily tribune., 1858-02-23
FROM MICHIGAN.
Of The ". Y. Tribune.

L.
LANSING, Mich, Feb 16 1853.
The extra session OF the Legislature of this State
continued sixteen days, during which time it passed
thirty-nine laws and resolutions. The two most i'm
porant of these laws 10 provide for the sale OF the
swamp lands, and "tO authorize loan to pay those
"parts of the State indebtedness falling due before
and on the frst day of January, 1859" The Loan
oct authorizes loan not exceeding s2l6OO0 redeem
able at any time after twenty yoars at interest not
exceeding per cent, payable sem-annualy, to be ap
piled solely in taking up and cancelng outstanding
bonds issued to the Detroit and Pontiac Railroad Com
pany and to bonds issued under the act of 1888
thorzing the building Of the State PeniteDtiary and
also the bonds issued in that year TO the University OF
the Slate This loan to he made under the direction
of the Governor and Treasurer and they directed
to advertise for it i'll daily paper in Boston and New
York for at least thirty days. They also author
lied to negotiate for temporary loan of $4,000 at
seni-aDnual interest of per cent, payable at any
time after the expiration Of two years roi the st of
July next TO meet the deficiencies in the State Treas
ury for the time being.
that Michigan will have occasion TO make during the
present generation, it may not be improper to take
view of Der financial condition and prospects. her
total debt is g. 2G9i67 49, OF this $2l6OOO natures
on the st of July next and is provided for as above
stated there is payable on demand, S3,9i9 ~; on
the first of july 1860 $4,000; and the residue the
lst of July, ls63-to wit, S2,OO9,OSi ~. To meet
this debt Michigan has over six millions Of swamp
lands. These lands, by the Swamp Land act above
noticed have been authorized to be sold at the mini
mum price Of 81 25 per acre, and there can be no
doubt but that within the next five years sufficient OF
these lands will be sold to meet the indebtedness
which will then become due. This law allows pre-
emption right Of eighty acres to those who were
actual occupants the lst of Dec, 1857, and directs
the Commissioner to put into market the residue OF
the land after having first offered them at public sale.
1t is estimated that about half q million of these
lands will be sold in 1855 and the new lines
Of railroads shall begin to be opened through the
northern part OF the state and Tor which congress
has made appropriation of lands, large guam
tty Of these swamp lands will find quick market at
the present affixed price. The specific tax paid annually
into the Treasury by railroads and other corporations
will be nearly sufficient for the ordinary expenses oil
the State Government. There will be but small cause
for any taxes to be levied by the State except 1t be
for the purpose of completing and maintaining the
asylums the agricultural college and the like. IL will
be remembered that all the moneys which are Paid
into the Treasury, account of the Common School,
the University and the Normal School funds, are
loaned TO the general fund account, the State
paying interest to these special funds. ms
no outstanding indebtedness TO reduce or
other special purposes requiring appropriations.
The payments into these several funds are made upon
the interest and iustanents maturing upon the sales
hitherto made Of lands belonging to them, as well as
upon sales of land made during the current year.
These payments have been in years very large.
For instance, in 1853 they such that the State
officers levied State tax Of only about $l0 OOO with
Wnlch TAX ana payments to lhe sPecai iunus lhe eu-
tire disbursements Of the State were made and also
800 600 Of the State bonds purchased in. The
following table exhibits the total assessed value Of
property in the State, the amount of State tax, and
the rate per for the ten years therein specified.
II shows that our State taxes mere nothing. Ye
men If Gotham would rejoice 10 have no more heavy
rate of taxes to pay than We do Those of your city
who are so much burdened with taxation had better
sell out and settle in this State, where they may
cape the severe penalties for usury which they fire.
ouenty suffer. Here the law allows ten per cent in
terest and in case of usury the lender loses only the
usurous money The consequence is that the plea of
usury is never resorted to in Michigan But to the
table: