The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1863-01-10

IN no event can the State lose by the
oeiay III these payments as her claim is
first lien on all the property Of the R.R.
Company.
On the subject Of Banks and Currency
the Governor is neither strangely lumi-
nous nor voluminous. TwotSirds of the
securities of our banks having consisted
OF Southern stocks, when the rebellion
broke out, these stocks rapidly deprecat-
ed, and the banks were wound up. Yet,
although the scale of these stocks pro-
duced from SO to so cts on the dollar.
those who have been able to keep their
bank bills until recently, have, by reason
of the appreciation of gold, lost very little
on the paperl (The Governor deserves q
medal for this discovery The few re.
naming banks of our State, being mainiy
secured by our own stocks, are regarded
as sound The only legislation now need
ed, he thinks, is to prevent the fraudulent
transfer OF stocks deposited as securities
with the auditor. species of villaipy bY
which the bill holders Of neighborine
State (Indiana) wcre eutragsously swim.
died s ssgsss
The Governor concludes this branch by
venturing the opinion that the time has
arrived for some practical action on the
subject of securing uniform currency for
the whole country, but suggests no plan
Since the last session of the legislature,
besides paying promptly the interest on
the state debt, $7040OO SO of the princi-
pal has been iiquidated. The present
state debt including 81 900 0oOO war bonds,
amounts to Sl2337 ,2SI37.
The receipts in the treasury for revenue
purposes tor two years ending November
80 1862, including the amount of the two
mill tax and other funds transferred to
the revenue, in accordance with the act of
FebruaryS, 1861, and the amount Of said
funds paid directly to the credit of reve-
nue. from al! other sources, as appears from
the report of the auditor, is 81 ,11j, ,239S7.
| % this amount there has been paid out
in the same perion for the ordinary and
contingent expenses of the State Govern
ment, as sonwn by the Auditors report,
the sum of SSGi 0O7Oi
For special appropriations including the
carrying on of the works Of the new peni-
|
various kinds constructed at the State
charitable institutions at Jacksonville, the
further sum Of $53l ,21lS3.
There has also been paid the further
sum of Sj,263. 81, in redemption of war
rants issued previously to December ],
) 1860.
= The above sums, paid out, amount to
I the aggregate to 81 ,40O0,542 6S, leaving IN
the treasury, on December l, 1862, S37i,-
r 797. 10
The interest fund.- derived from tax
Of u mills on the dollar to pay the interest
on the public debt and the percentage
from the III. Central r. r. Co has thus
far sufiiced for the purpose, but as the re.
ceipts from the r. +. Co have lately been
uncertain, their may not be sufficient on
hand in July to meet the interest due, aud
a higher rute Of taxation for the benefit Of
this fund is suggested
The Governor then strongly recomends
that taxes hereafter may be payable in
1.-The national currency that is, treasury
notes There will be gold enough in the
treasury to pay the interest now due and
in July, and if by Jan. 1864, the bond
interest, the state had better stand the
. shrve than undertake to collect taxes in
gold, which the Governor thinks is sheer
impossbillty.
:. In reference to the War Fund the
:. Governor persists in his notion, which the
II constitutional convention ventilated, that
!. the legislature in 1851, appropriated So
! $4,000 to be by him expended in promot-
,f ing the war, although they authorized the
Q issuing Of but 80 0oO,009 Of bonds. How
d ever, the Governor sold the bonds for ST..
y 767,395, and Was saved the necessity OF
e going 10 debt beyond that by the general
8, GOVERNMENT refunding Sl,Sil, ,l29.0S of
his expenditures. So he expended S3 ,505,.
$ COS %. settled with the general Govern
5. ment our proportion of the S20,000OOO
direct tax, and has Slj, SO still left,
e against which, however, there are claims
s, for 1908, ,6l652, setoff " claim the State
E. still has on the general Government for
is S119 COS for war expenditures.
e 1t will thus be seen, although it was un.
a. dsubtedly the intention of the Legislature
-. to increase the State Indebtedness to tho
amount OF these war appropriations, that
VI from the funds arising from the bonds
Is sold, debt of the State to the United
j. States Of Sl,l46 55l has been liqudated,
and that when the State shall have been
y fully reimbursed for their claims vet un~
N adjusted, the wnoe cost of the war to our
State, from discount on bonds aud all
IS other expenses, outside of the direct tax
laid upon US by the general Government,
aforesaid, up TO this time, Is less than half
Al q million OF dollars.
'G The Governor asks the Legislature to
ID legalze his action in settling the direcG
tax levied upon the State as above indi-
in Gated, and as the further collection of the
It. tax is suspended until 1865, no other leg
is slation is needed on the subject at present
IL The extra session of 1861 placed at the
ne disposal of the Governor $4,000 as a con-
tiugent war fund, and he goes into q
to lengthy account of how he spent this
le money. In brief, $4,000 of it were ex-
le pended in paying his extra clerks, quar- :
ne termaster, commissaries, de-, and $50 600
II, in affording relief to our sick and wounded
es soldiers, particularly after the battles oi
" Dcnelson and Shiloh. Steamboats, were
lie hired to convey extra surgeons ana sani
I'd tary supplies donated by our people tc
to those points, and (probably) as the news
y, papers had considerable to say about the
in expedition of the Governor and Major
Id Belle Reynolds to Pittsburg Landing on
he a mission Of this sort in the Elegant
le- steamer City of Alton the Governor pub