The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1861-01-02

Canal Bonds guaranteed by State 100000
Tie interest upon the entire amount Of this debt has been
rrspty paid the fell due 1t will devolve upon you
% provide the payment Of that portion of the principal fall
ny in January, 1863 and doubt not You will this
responsibility with rInncss and wisdom The honor and credit
u require that al hex just liabilities should be
promptly met II Of consequence when by what po
zeal party this debt contracted We find the obligation
xl- against and the only legitimate inquiry that in
@ honor present ITSELF Is TO the best and most feast
method Of cancelng H. There are but two ways by which
t he accomplished First by leveying direct tax upon
Tie VII taxable property Of the State sufficiently large
tie ABILITY its maturity Secondly, by reissue of Bonds
;.er words contracting debt to take the place of
The y Were for the large Of this Indebtedness
il would my Judgment be far better ior the State
is maturity ~ direct tax, than reissue the Bonds and
-reoE defer the day Of payment renewing an obligation
pay. :. We may put oil the day Of payment for series
e years last be with all It's accumulated
We complain Of those who contracted this debt be-
ev neglected make provision for It's payment and we
Should be children the Of
complaint against they certainly would have we should
ne Indebtedness without 1T the time making ample
provision ir Is final payment would advise the renewal OF
MS Indebtedness by the reissue Of Bonds payable in twenty
years drawing OF interest exceeding six per cent per
"14t2 and ic tie ultimate payment Of the principal OF
tcse Bends would sinking fund by annual
taxation Of less than twenty-five thousand dollars the
Ist year Increasing the amount by annually adding four
te- p: cent: 70 tie sum raised the previous year Such
rs a. Tie expiration 0: twenty years would wholly extin
~- he principal. U Indebtedness The interest
sd also be net by direct taxation, if necessary provided
T.. " Tie Constitution. The Constitution provides follows
lie Legislature shall provide by law sinking fund Of at
~ twenty thousand dollars year TO commence IN eighteen
a'ar ard hittwo with compound interest at the rate Of six
r pr auu and annual Increase Of at least five per
& = ue applied solely u the payment and exnguishment OF
.acpal c! the State debt other than the due
"auoa funds and shall be continued until the extingush-
1-a thereof" This provision Of the organic law has thus far
remained dead letter No step has been taken by any
legislature 10 comply with / By creating sinking fund
taaccd by the Constitution the gradual extingushmcnt
State deb. will be brought about and the burden
Ha.oa lightly felt This fund can be created only by taxa
& but tax q twenty-five thousand dollars and compounded
teen per cent per aanum thereafter IS small sum OF
money = be raised Of the population and wealth Of
State ye. this apart and exclusively devoted
t payment Of the principal Of the renewed Indebtedness
"l obterate the whole OF at the expiration of twenty
sears know is inpol.tc for State accumulate money
nor treasury by taxation and allow the remain idle
"ca a. FIRST view light be the with sinking
td This difficulty could be obviated by authorizing the
treasurer the money thus accumulated in the payment
= Tie renewed Bonds whenever they could be purchased
below par by making the Bonds themselves payable
oec the expiration Of twenty years the option of the
S;a an aware that Bonds thus payable would not bring
- 5a price il market payable definite time but
my Judgment this difference their market value would be
more an compensated by the privilege Of annually applying
" md towards the extngushment Of the debt and thereby
stopping the accumulation of interest Before another Leg
a take action in the premises the of this debt will
have aatucd The credit Of the State stands high and
ze Michigan would wish it lowered by failure to
meet 7-omp;y all her just liabilities You owe it to yourselves
" VII TO the people You represent take final
TN which all that this debt is soon to be paid
-c state s last Increasing IN wealth and population and
ne taxation necessary such fund would scarcely be
lei. ' -
ne annual reports Of the officers Of the State Prison for the
e 1883 and 1850 show the narcia affairs Of that Institution
II i!ourshing condition appears from the report the
the Prison for the year 1859 the earnings of thai
Institution during the last months of the fiscal year ending
nbcr 30h 1859 exceeded the expenses for the support
| uvct 1or the period of time by hundred anG
wo dollars and ninety eight cents and the report of the
same officer for the year 1850 shows that earnings for the
year exceeded Us ordinary expenses by five thousand one
naFeI and seventynne dollars and thrtyree Thus
mas me state Prison. for the past twenty-five months actual,
brought INTO the Treasury, and above ordinary expen
ses Tie vi six thousand hundred and twelve dollar
~ Ityone cents and s confidently believed that by prope
~ udcous management this Institution will hereafter be abb
:! ..sS is ordinary from It's