, 1859-01-07
Biennial Report of the
AUDITOR or pUDL1C ACCOUNTS,
OF TEE ETATE OF 1LLEQU.

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70 the Geaers1 Insanity Of ths 1Sea< Of IUiaos;
1bavs the honor to submit tho follo.dag IL.
port: .>:;-t:
tures, showing the amount offryapue rcpadrod,
applicable to the payment Of The ordfnary md
contingent expenses Of the State government,
and the amount disburBed.
| 2. 4 statement of warrants drawn upon tie
i-t1eaSorT 1or oraitpu1puseK-----
5. A detailed. ststemeat Of warrants drawn
e5.raSa On ths treasury. and 70 Whist :epFopflstion
| 1. 4 .tat.msnt Q. :sazraa.s- drawn on the or.
der Of the Governor, and charged to the contin-
gent fund. -. -. -; :
s. Il statement Of the smount of warrants
| which have not been presented at the treasury
s. 1 statement. OF TIN redemption money re-
eeived from minor heirs, and due the owners Of
| Z. 4 statement Of ths accounts of The State
Treasurer.
| 5. a statement OF the; !! amount of the school,
college and seminary funda- ...:
Q. a Abatement Of the county dividends Of the
interest and school tar funds.
10. a statement of tho school tax fund 70. the
| year 1856.
II. statement Of the school tax fund for the
T.. A statement Of the stato taxes charged
in the several counties for the year 1856 and
Aeett N41-~NAs NnAttN|VA1 Ch~~
Is and Il. Tabular statements Of personal
property, and the valus Of real property taxi
Bile in the years 1856 and 1857.
Is. 4. statement Of Stsse lands sold, the
anonnt sold for. aud the number OF acres re-
manning unsold.
IL, 4 statement Of the State indebtedness
purchased With the school fund, and the amo unit
Of said fund placed in The hands Of the Cover
nor for that purpose
IL 4 statement Of State iudebsedness pur-
chased With the State land fund, and the amount
OF aaid fund dawn BY tbs Governor for that
purpose. . ...,.,,
IS. 4 statement Of state indebtedness pur.
chased with The Central Railroad fund, and the
amount Of said fund drawn By tbs St4ta Treas
urer in payment thereof. -
-. 4 statement of tie Stata indebtedness
purcbased with the Central RailTokd fund, and
the amount of said fund drawn bY the Governor
in payment therefor. ;.
% to 26. The several statements and tables
exhibiting the condition and sfairs Of the banks
Of the State, organized under the general bank
ing Law.
The Bank of Lucas Simonds, and the Quin-
q City Bank, have furnished eTidenoe Of publi-
cation, ~ required by law, and Withdrawn their
securities and due notice having been given
By me. al required By the act of 1857, section !,
page go, in the caaea Of the Farmers' Bank,
CITY Bank, Mechanics snd Farmer8' Bank, the
Phmnix Bank, the Bank Of Rockford, and the
from the date Of the protests Of the same re-
spechSely, the securities Of the same have been
surrendered 10 the stockholders, or are retained
here for evidence Of ownership.
Tho law relative to the final settlement Of the
affairs Of bsnks, uh1rty seventh section Of the
general haaking iaw.( not being applicable to
banks closing buainesa under thn net Of 1855;
it may be necessary to determine bJ Law, when
and how their affairs shall b finally closed.
The statement Of the Treaaurer's account ex-
hihits the finances Of the State in sound md
dourshing condition. The punesualty in the
dence Of the prosperity Of our State and the
good faith of cur citizens. Tbs Rmount Of rev.
enue II the treasury applicable to the payment
Of ordinary and contingent expenses Of the State
government is &.53. .074l9.
The statsments Of the value Of tAxable prop
ertY and the amount Of taxes levied for the cur,
rent year 1858, have not as yet been received
from the several counties, and therefore cannot
Be inc1uded in this report
Tbs aggregate vAlue at tn1Rhle property for
the Tear 1856 is t349 s5l, ,a7f. being IN increase
over the previous year Of $l5, $50. a47, and the
aggregate valuation for the yeAr 1857 ia t4N,:
Al ,567, being an increase in 1857 over 1856 Of
t57. .os5, equal to about 1e}S per cent on the
There can be- bu. little doubt of the fact that a
fair valuation Of The taxable property, in ac-
cordauce with the requirements OF the Law reg
ulaLluk kuH hA8ekSu1EuL property NOQ4Q 4EeA1-
iy increase tne aggregate valuation.
The 18th article Of the constitution provides
for the collection of a tax Of two mills on the
dollar Of valuation, aud the distribution of the
proceeds thereof on the first day Of January, in
each year, to such holders Of State bonds as may
present them for that purpose. such payments
to be made on tbs principal of the bond1 pre-.
ssntcd. These payments have been regularly
made since the adoption of the constitution aud
have doubtless contributed to that perfect re-
storation Of the State credit which now hsppily
prevails This elevation of the credit Of the
State has, however, produced d state Of things
il relation to the two mill tax which would
seem to require the immediate attention of the
Legislature. While our State etocks were much
below par in the money markets, payments on
account Of the principal wera Of course accept
able, but our stocks are now considerably above
par, and il is therefore improbable tnst any
considerable amount will be presented on the
frat day of next January.
The Avalls OF the two mill tax for the present
year reach the large sum Of {7s6, ,629, Is, which
in all probability, will remain in the State treas
nry nncal[ed for. In anticipation Of tbis resuIt
the last Legislature passed an act providing that
any amount Of this fund remaining uucalledf =
On the hrst day Of January in cash year, shall
be added to the fund already provided for pur-
chasing the evidences OF indebtedness Of the
State. It nppears, however, that much difficult
y il now expetienced.in the purchase Of State
Indebtedness with the funds already provided
for that purpose. Holders Of our bonds are
disincliued to sell, and very limited amounts
only 20 on the stock markets. and thoss are held
above par. The last purchase made in New York
bY the State agent was at the rate of three and
one.haif per cent premium, aud there il now
considerable amount Of the funds 80 provided
remaining in the State treasury une1pended.
Under these circumstances, to 90 into the stock
market with the large fund remaining OF the
two mill tax, would probably ralse the price Of
our State stocks to 3 rate At which it would be
very undesirable to buy them.
The policy Of this course may well be ques-
TONED from other considerations. One OF the
objects Of the 18th article OF the Constitution
WAS to aid in restoring the credit of the State,
which was greatly depressed 1t the time of its
adoption. That object ia happily accomplished.
The owners Of oue six per cent obligations pre-
fer to hold them, and in fact will not part with
them, eyen at considerable premium. In the
meantime our people are enduring heavy tax
at!on during time Of general pecunisry diff
Guilty. to raise the means Of paying thls debt,
which our creditors refoss to receive. Many of
our citizens are paying 4 much higher rate pf
interest than the State, and ahia taxation il bur.
densone TO all, but has heretofore been cheer
fully paid, because con8.dered necessary. Uu-
der these circumstances it remains with the gen
ersl Assembly to determlue, in their wisdom.
whether auJ meAua can and shall be devised to
relieve the people from the payment Of the two
Au4 tA2t WIFE, H Iee4tY ~ now, Tue COLLECTION
OF that tax il but useless hurthen upon them.
unless there il some legislation on this subject,
the public officers will Of course be bound 10
cArrJ out the provisions Of the sct Of the last
session, BY the purchase Of Stats bonds at mar
ket rates, NTH the largo anount that will re-
main OF the two mill tag; and in addition, still
larger amount will be collected on the aaseas-
mens Of 1853, which. in all probability, will not
b called for, and will hare to be used in still
further advancing the price Of our State stocks,
a serious question has arisen between the
Stose and the lilinois Central Railroad Company
in reference to the Liability Of that company for
taxes, under it, sct OF Incorporation, and the
Law. The act incorporating the company waa
passed Feb. 10th, 1851, and tie eighteenth sec
tloa thereof provides "shat in consideration Of
the grants, privileges and franchises hersn con
fer1ed upon said company, for the purposes
Aforesaid, the said company shall On tho first
Mondays OF December aod June, in each year,
paJ into tbs treasury Of ths Stats Of Illinois,
hTe per centum Of the gross procseda, receipts |
or income derived from said road aud branches, |
for the six uonths next precedipR." Tbs
twenty -second oeeton provides that the land1
selected under said acs Of Congress, and hereby |
authorized to hs conveyed, ahali be EXEMPT
from all taxation under tho laws of this State
trustees; aud the Other stock, property aud ef. |
fests OF said company; shall IN lik4 manner b er
empt from Ill taratlon for tbs tasm Of six ysars
from tho passage Of thus act. After the expira- |
ton Of 4ix Jears, tho stock, property and assets
belonging 10 said company shall be lisssd By the
Pre1dent, Secretary or other officer, With the |
Auditor Of State, and An AnnuA tax for Ststs |
purposes shali be asssssod by the Auditor upon ]