The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1861-01-10

may now be regarded as permanent
regulation of the State. In one or two
particulars, perhaps, the law might be
rendered more convenient by amend
ment. There seems no very good rea-
son why the elector should be required
to register his christian or baptismal
name" in full. Some mistakes have
occurred in this respect, by which elee-
tors have been rejected at the polls, and
l recommend you to consider whether
the ends of the law might not be as
well attained by allowing the elector to
register his name as he usually writes
it. also recommend you to consider
whether, in pursuance of the purpose
further to preserve the purity of elec-
tions, it would De well to enact law
for the suppression of the baleful prac-
tlce of betting upon elections. 1t
seems 10 me that the highest right and
duty of a freeman is not proper sub
ject for gambling.
STATE FINANCES.
The financial condition of the State
will necessarily occupy your earnest
and careful consideration. The credit
and honor of the State must be pre-
served; and this can be done only by
prompt payment of its debts, and full
performance of all the obligations.
Prudence and economy are the first
duty of every government, as rashly in
curing debt is the sure road to bank.
ruptcy. We should at once adopt a
permanent policy, looking to the reduc-
ton and final payment of the entire
State debt. The Constitution very
wisely as l think, adopted such policy,
and required the Legislature to carry it
into effect as early as 1852. BY article
IA, section 1, the specific State taxes
Except those from the mining compa-
nies of the Upper Peninsula) are APP
piled to the payment of the interest
upon the Primary School, University
and other educational funds, and the
interest and principal of the State debt,
until the extinguishment of the State
debt other than the amounts due the
educational funds, and after that, such
specific taxes are added to and consti-
tute part of the Primary School in
terest fund. The Legislature were also
required "to provide for an annual tax,
sufficient with the other resources, to
pay the estimated expenses of the
State Government, the interest of the
State debt, and such deficiency as may
occur in the resources" Section 2 OF
the same article, required the Legisla-
ture to provide by law; a sinking fund
of at least twenty thousand dollars a
year, and an annual increase of at least
five per cent, to be applied solely tt
the extinguishment of the principal Of
the State debt, other than the amount
due to educational funds.
Unfortunately for the best interests OF
the State, the Legislature Immediately
following the adoption of the constitu-
ton, disregarded these plain require
ments of the instrument they had sworn
to support, and subsequent Legislatures
have followed that bad precedent.
The sinking fund has never been Gre
ated and the annual tax has rarely il
ever been sufficient.
The State debt, funded and fundable,
not due Dee. /, 1S49, was S2,O7l, ,962.-
go. This debt, Nov. 80, 1854, was 81
63l ,545.7O. The funded and fundable
debt is now S2,28S,842.79.. But this is
not by any means the entire debt OF
the State. We have been rapidly max
ing another, likely soon to rival this in
amount unless our policy is changed.
The debt of the educational funds was,
in the year 1S49, Dec. 1st, $276, 6,442. A.
In 1854, Nov. 80, S681, ,699.73. The
debt to the educational funds is now as
follows:
T1diIs.ts Primary School sIss' Iss 'sSS sS6 e e
Normal School "A, ,345 rs
| Total 1,183.5S9 9s
The yearly interest upon the funded
and fundable debt is sl4l, 900. Upon
the debt to the educational funds, ss3,
5SO.73.
The debt to the educational funds
acoumulates yearly, to an amount equal
to the whole amount of payments OF
principal monies for the purchase ot
lands which are founded of the funds
In other words, the State borrows the
money as fast as received, and stands
debtor to the funds on its books, for the
amount. 1 think it is time tha. this
practice should cease, and therefore re
commend to you the passage of an act
requiring the re-investment- of the prin
cipal of the educational funds, when
ever any considerable amount of sucf
principal monies shall be in the Treas
ury. Such investment might very wei
be made in the bonds of the State, o.
if they could not conveniently be pur
chased, other safe securities might b,
founded. In order to be prepared fo
this reduction of the annual resources
it will be necessary to fix future da,
for its commencement. / also recon
mend you to provide for the sinking
fund, in accordance with the require
ments of the Constitution, to commenc,
as soon as practicable. Schedule L ii
the report of the Auditor General, con
tains calculation npon the basis o
forty thousand dollars year, with fiv,
per nt.annual increase, which would "a
J five per cent, compound dinterest,pay tn
entire debt in twenty years. 1t is no
so material that the yearly amour