Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1864-03-30


ultimate payment Spasmodic efforts
by onerous taxation By which property
and industry arc over.burthenal anl
driven from the country, are desru1.
tive of their credit. Nonpavmont o.
the principal at tho time when it is due
or even Of ihe interest, vii not cause
loss Of confidence if the circumstances
ARE unusual, such as the occupation Of
part of the territory by an enemy, by
reason of which the levy and collection
Of taxes cannot be effected or such 20.
liticll or financial revolutions as would
make the punctual payment Of them
impossible, without 50 over burthening
property and industr, as to destroy the
very sources Of revenue.
I In regard to our own finances, re,
commend the continued suspension of
the specie tax and that no more taxes
be raised than sufficient to pay the in
tercst Of the public debt and the cur
rent expenses of the Government. and
leave to the time Of peace the provision
for the principal If the military es.
tabli.ument is reduced as hereinafter
recommended, | believe that less than
two millions of dollars will be sufficient
for the payment cf The outstanding la,
bilitcs Of the State on account of mill.
tary expenses, and provide for the sup
port Of the State forces and civil gov.
crnment, and meet all appropriations
during the present year To meet this,
! advise a further issue If treasury
notes flnlable in 6 per cent coupon
bonds at twenty years, redeemable at
the pleasure of the State, the interest
payable annually. The coupons. should
be receivable i'll payment Of all public
dues except the tax for the payment of
the convention notes. Such amount of |
the annual taxes should be specially ap. |
propriated as may be necessary to pay |
the annual interest on the whole debt, -
The holders Of the State treasury notes
IRE by law entitled to fund them in eight
per cent bonds These bonds will soon
be prepared When issued th6y will be |
subject to taxation by the State, They |
will bo without coupons, and the interest
will be payable at the Treasury only
believe that 6 per cent, coupon bends !
nay bo issued, which may be made |
more acceptable than the eight per cents,
md | recommend that you authorize |
he issuance of such bonds to an am
,unt sufficient to fund all treasury (
notes heretofore issued, or which you
nay authorize to be issued These
,onds should be exempt from taxation.
This exemption being part of the con-
ract cannot be repealed. The coupons
hould be receivable in payment Of all
ublic dues. and to insure their prompt
ayment if presented at the treasury,
oftion of the revenue sufficient for
bat purpose should be specially set
side and appropriated \
In order that the bonds may be uni.
,rm and the coupons payable on the
lme day, the bonds should be dated
n the first Of August, that being the
ay Of payment lor the collectors, and
, enable the holders 10 use the cou,
ons for payment of taxes the cOu.
onA should be recoverable three
lonths before their maturity in pay }
tent of public dues With such ad'
lntages | believe that these bonds
ould be more desirable securities O
ian the six per cent Confederate 1
onds, but as some holders might pre-, t
+ the latter, they should have the Q
-ivilege OF exchanging the State }
onds for such Confederate bonds as I
o State may receive for her Conled- v
ate notes. To further encourage q
e funding Of all State notes, | recon- il
endlhat on all deposits Of notes Lr .
nding, interest shall be allowed to the I
le oflhe bond that is on the ten per !
Mt notes, at their interest oI ten per $.
mt, and on the. other outstanding i