Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1863-01-13

r
pearing upon the commercial manufacGur
ing and agricultural interests, it is Of the
autmost magnitude, Bot not only ibis, it
would be another bond Of union between
the NORTH snd the South, the East and the
West, bringing all into closer relations, bv
increased yintercOmma over :his
great continental, thoroughfsre. / there
fore recommend to the General Assembly
that Congress, be earnestly memoriaIized to
construct this great national work.
In thIscennection,, j submit, herewith. a
letter from tho, President Of the Central
Railroad, OF date December 8. 1860. for a
union Of the waters, of Lake Erie ard the
Hudson river, by the enlargement of the
Erie Canal TO dimensions large enough 70
float vessels through, without breaking
bulk, think this subject alse worthy Of
being brought TO the attention of Conpr ross
The State Of Illinois has a deeper in terest
10 the construction Of both these last named
works than any other State, because her
capacity for production is boundIess and
every year she has surplus far beyond her
local wants. Ali she wants to give v.lue
to her present surrlus, 10 increase her IN
ture production ten fold, and in every CON
ceivable manner to add to her wealth and
prosperity, is ways to market. Ia Il, ~.
lREYENuE-REcRIPTs AND ExPENDITrREs. 3.
TheEeceipts IN, the treasury for revenue
purposes Tor two years ending November
80, 1862, including the smOna: Of tie two
MIL tax and other funds transferred Ia The
revenue, IN coordapce with the act of Feb.
ruary s. 1851, and the Rmount.of said funds
paid directly to the credit of revenue from
all other sources, as appears from the re.
port of the Auditor, is Site. 239 SS. -. =
sOf tins amount there has been paid out
in the same period for the ordinary and
eontingente1penses Of the, State Govern
ment. as ,shOwn by the Auditors report,tbe
sum Of $780,, 007a GA zs, ~ -.
aEor,speeial appropriations, including the
carrying Oh of the works of the neE peni-
tertiary at Joliet, and improvements of
various kinds constructed ut the State
charitable Institutions at Jacksonville. the
further SUN Of S53l ,27l SO. ~ -
There has also been paid the further
sum OF S5,263 II, in redemption of war
rants rants issued previously to December l,
The above sums, pHid out auount in
the aggregate to 81 400 542 68, leaving in
the treasury, on Deceniber 1852, 1874
6g7 10. &c SssTa sgiie5 SIS bls 49, -
On the first day Of December, 1860 the
treasury was completely drained OF rev
enue, as can be seen by reference to the
reports made TO the last GoneraI Assem-
bly,. --is ~ .z - : - -
- - bss EaEuE @ Is EEu gasesg a.r. f
INTEREST FUND.
n The amount of interest fund received
during THEW years covered by the re
p per OF sSse Auditor and Treasurer 10 ST.
This amount. with the sum of So5e.-
424 80. on hand December |, 1860, and
$50 293 is transferred from-the revenue
Iund Tor the purpose of payment BY the act
OF February 8, 1861, makes in the agpre
gate. 1889, l36 IL. ar.r r.F'rrfrs %
From this sum has been paid the in terest
aecruiug npoDstbo funded debt of the State.
q nouatingsto 1928, l53 Al. .lg.I--~
This. leaves in the hands of the Tressur-
or 90 December /, 1862, the sum of $780,
9S3. sy,,sl.s- =. 80. 800
OF this amount some $334,9ll 81 will be
required to meet the ius:alIment of interest
dus aJanusry l, 1868. Also further sum
of SALT, I'D 90 will be required to meet
the instalimcnt Of interest due July l,
1861 sb7a=.sls t,sb --7-.g -. =
Z This latter amount ~, however, subject
70 variation, on account of the hactuatiors
70 the rate sterling exchange. The
basisused in she calculation is / 1 per cent
premium fSrsexchange when purchased
with coin. . b
The reason that larger amount will be
required for the July ginstallnent of inter
est than forsthat falling due in january is
because shesnterest on part of the ster
ling eanGl bonds ispayabls annually, in
stead Of serni-auuually, Is is the case with
other bJnjs issued by the State. a.-
The laws. governing the levy and rates
OF the tax for tue interest purposes, now in
force, authorize the Anditer 10 lew for the
payment of interest oGlthe debt other than
tie "War Loan" tax not exceeding ore
and one-hGlf mills on the collar of taxable
property. The Auditor is also authorized
aud required to 1eTy lin saddhion 10 the
.fregoing) such rate of tex !. ~ will pro
ducs an amount sufficient to Dc. she inter
est on the.''War Loan" a.I Etsa.s.s pa
The taxes levied by the Auditor under
these laws are one and one-haif milleou The
dollar for general infect purposes, and one
half mill on the dollar for interest on tho
"War Loan z4E .lirr t-4..s ~
The first of these rates is the highest a.
lowed by law. The last is presumee TO I've
sufioientf for the purpose Of paying tho in I
terest on the "War Loan" no more than
sufficient rate for the payment of which in-
terest can be legally assessed. .afss
An examinations of the ststements oons
tanned in the Auditors report. showing the
amount OF property assessed in the State,
and of the statements showing the propor>
ton collected Of thetaxes levied. will de-
monstrate clearly that the receipts Of inter-
est tax at the highest rates of levy now au-
thorized will fall considerably short of the
amount Of interest to be paid. presume
that no change In the rates of tax for this
purpose would be necessary, if reliance
could be placed on the prompt payment of
State taxes by the Illinois Central Rail-
road, as the faud derived from the pay
monts of said company, together with all
other surplus funds in the treasury, is by
law made subject to the payment of inter-
est. The experience Of the past year shows
that this source Of revenue cannot, with
certainty, as to time, DO relied on. It.
therefore seems necessary :bata higher
rste of taxation should be authorized for
payment of interest Oh the public debt
It will be for your honorable body to de-
termine the proper rate to be authorized.
My own opinion is that not less thau three
, mills on the dollar Of valuation will be
found sufficient. 80 aH ses-i
COLLECTION OF TAXES. -
! 10 view Of the entire withdrawal of gold
and silver, and the substitution Of United
States Treasury currency as circulating
medium, cannot but deem il my duty to
recommend the passage Of laws authorizing
the GOlIeosioD Of State and other taxes 10
the national currenoy The dificufkv
amounting to almost impessibility, Of OBJ
tanning coin at any rate Of premium places
! it out Of the power Of the mass Of the tax