The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1863-01-12
WAR LOAN.

VAN LOAN. e
By an act of the Legislature, approved
May 13, 1861, the Governor was author
lied to issue bonds to the amount of 81
100000, bearing interest at the rate of
e per cent. per annum, payable semi
annually, and falling due 20 years after
date, and Hugh Mccullough, James NJ.
Ray and John H. O'Boyle, Esqs., we're
apo nted board of Loan Conmiss on
ers to negotiate their sale.
Hugh Mccullough, Esq, having failed
to accept the position, l appointed Jesse
]. Brown, Esq, to fill the vacancy. The
report of the operations of the board is
herewith submitted, from which it will
appear that the bonds were sold on terms
favorable to the State, in view of the then
depressed condition ofthe money market,
and when compared with the sale of other
Western securities. OF the whole amonnt
sold 81, 225, 800 90 remains outstanding,
and are debt against the State The
remainder having been redeemed at the
same price at which they were sold, ad-
ding only interest for the time they were
outstanding. To provide for the pay
ment of this debt, tax was levied, the
proceeds of which, it is estimated, win
extinguish it in four years.
NATIONAL DIRECT TAX.
By the 9th section of an Act of Con-
gress approved August 9th, 1861, direct
annual tax Of twenty millions of dollars
was levied upon the United States, and
apportioned among the several States
The apportionment devolved the pay
ment of 1904, $40 80 on the State OF In
diana.
BY the SD section of the Act it was
provided that any State might assume,
assess and collect its portion Of the tax
and pay the same into the Treasury, and
if thus paid on or before the last day of
June of the year for which it was levied,
should entitle such State to deduction
| of fifteen per cent. of the gross amount
| to be paid by such State. The section
/ further provides that notice of the inten-
ton of the State to assume and pay her
portion of the tax, without the interveu-
ton of the Federal officers, must be given
to the Secretary of the Treasury by the
Governor, or other proper officer, on or
| before the second Tuesday of February
Of each year in which the tax is to be
paid The section also contains this
proviso: That the amount of direct tax
| apportioned to any State shall be liable
to be paid or satisfied in whole or in part
by the release of such State, duly exc
cuted to the United States, or any liqui-
dated and determined claim of any such
State, of equal amount against the Unit
ed States; Provided, that in case Of such
release, such State shall be allowed the
same abatement of the amount of such
tax as would be allowed in case of the
payment of the same in money.
From the very beginning of the war,
the State was compelled to advance
large sums of money to equip and sup
ply our volunteers, and, in fact, furnish
ed supplies of every kind until the Fall
of 1861, and it was believed shortly after
the passage of that act, that our ad-
vances, over and above all reim-
bursements, would soon be sufficient in
amount to set-of the amount of tax APP
portioned against the State Accord
ingly l opened correspondence with
the Secretary of the Treasury on the
subject, and ascertained from him that
the advances made by the State on be-
half of our troops would be regarded as
claim within the spirit and meaning
of the Act, and would be admitted in
payment of the tax to an amount which