, 1863-01-14

Which arc now covered, to great extent,
with the stamps OF the Stats and the Canal
Trustees. In view Of which, It seems to be
necessary that some law DO enacted author.
tzing the refnndjng OF. all past due Illinois
and Michigan Canal bonds.
During lie rast year frequent complaints
haycI been made by the taxpayers Of the
State, through The collectors Of tic different
counties, Of the great difficulty experienced
in procuring coin for the payment of taxes,
would respectfully submit, whether the lcs-
islatuEc may not make some provision f,r tic
relief Of tic people III that particular, SO far
the Interest fund, to bo paid in United States
treasury notes. question the propricty Of
making the interest for the next year, ut
least, payable in currency. The assessments
arc made, and the tax books are in the hands
Of collectors, for the year 1861 The interest
tax levied Is only sufficient to pay the interest
on the public debt for the coming fiscal year:
The levy for revenue tax is only one-thfrd us
large as 1n former years, and will hardly be
sufficient to pay the current necessary cx-
genses Of the State. a large amount Of our
terest Is payable in New York, with the cur
rent rate Of exchange on London added,
Now, If the treasurer Inns: to pay this with
currency, the exchange. will be, at present
rates, thirty per cent higher than II II IL paid
in coin, and or1r interest fund will fill pro-
R4trtion1ately portion short Of paying the acernlng
that the honor and interest Of our State alike
demand that nc shall continue to provide for
the payment Of our interest lincoln, SO long ns
the General Government and other States,
Ike Ohio and New: York, do the same. II We
fall to pay coin our securities will go down in
the market IN proportion to the current rate
OF premium on coin, and our own people will
suffer directly from the decline. We have
wisely determined to issue currency to our
banks only on Illinois bonds as security, and
by the adoption of that measure have made
each and every one Of our citizens interestedin
preserving our credit as State unirnpaircd.
-" Again: suppose, What is not impossible,
that in the pcrilous condition Of our country,
it becomes necessary for the State TO use her
credit for the protection Of her territory and
citizens from the insurgents, do we do wisely
70 taRe any measures which may weaken or
impair her credit? There seem to be great
objections to making the interest tax payable
In currency and ordering the Treasurer to con-
Yert enough into coin to pay the interest. It
VII, IN either case, cost the people the same.
It throws upon the Treasurer new and unu-
snal duties. Instead Of his Bcing simply the
custodian aud disburscr If the public money,
he will 1:aye to perform the functions Of a
broker. More than all, as stated above, the
addition Of thirty per cent. TO the amount cal
culatsd as sufficient to pay the interest on the
public debt, will make tlle amount levied for
lAtE4E6l n AUuj ll!aUEHuaIt,
"1t seems to me that d failure to nav our
interest in coin would be great Injustice to
our creditors. u loss to the State, and stain
upon her reputation; and would respectful
ly submit, whether, for the reasons stated
above, NC ought not to collect tile interest tax
in coin"
IMPORTANT LAW CASE.
a petition for q mandamns against tho
beard Of superyisors Of Hancock county has
been filed In the United States Court, to
compel that board to levy and collect taxes
to pay the interest ontlc county bonds issued
to sundry railroad companies.
The county has issued about $140,oD Of
such bonds, and now refuses to collect taxes
to pay the interest. :
Suit was brought on the couponsagainst tho
comfy, and judgment rendered in faYor Of the
creditors.
The county now insists that It has no power
to levy and collect taxes to pay this Judgment
and the accruing interest, there being no
special LAW for that purpose; that the general
laws do not authorize it, aud that tho litnita-
ton Of taxation to forty cents on the 500 for
power 10 levy taxes to pay the interest on
their bonded debt.
The questions are Of much importance, IS
they affect nearly all cities and counties which
have created such Indebtedness. There are
several millions Of such indebtedness in the
A9eaLGs lAG NCCls4OH VI n HulCu QtpEuQ8 upon Inc
decision Of Ibis suit.
Jackson Grimshaw, esq.,, for comfy, and
Messrs. MeGagg Fuller for the rclators.
srEcIMEE OF EGTrr1AN LOYALTY.
Several gentlemen from the Southern part
Of the State inform me that short time since
a celebration on the late Democratic triumphs
took place ut Mt Vernon, Jefferson county.
1ttnrlcd ont to be regular out aud ont So
ccssion affair. Fifty guns were fired at it for
JEFF. Davis. cheers given for Bragg, Beaure-
gard, Lee, ETC., etc.
WHAT AgH THEY FOR REALLY?
hare heard Of plan OF the Democrnts to
raise three regiments Of cavalry (militia) uu-
der the pretensc Of guarding the borders Of
the Southern part Of the State. They arc to
be raised In that section. Il not tllis i plan to
put arms in the hands Of Whangdoolles ?''
Cavalry arc very dangerous arm Of the scr
vice. They can move quickly from place to
place. For making raids they arc tho best
kind Of military force that can be got up.
They would be excellent for dash upon
Springfield, or some Of the loyal cities of the
North, or for helping Kentucky rebels when
they succeed in getting that State ont Of the
Union. More anon, JuS1Us.