Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1864-04-14

State banking capitals subject to State tax
OF one and one-half per cent, national tax of
about the same amount on circulation, and a
national tax OF three per cent. on dividends: il
isapparent that under thisinequ quality of the two
systems, a large portion of the capital of the
State banks must be withdrawn and incorpo-
rated into the national banks. Ifthe relief ask
ed for by our State banks is granted, the rev.
enue accruing to the State therefrom will be
diminished, at least one-half the amount
realized from said banks in 1868, and even
if not granted the revenue from this source
would probably be diminished to an equal. if
not greater extent, by our State banks Or
ganizing under the national system of bank
ing, from which the State would derive no
revenue
The amount of revenue which will be re-
ceived for railroad license for 1865. under
existing laws, is estimated at 1882 900 an
increase of $4,000 over 1868, and sl2 600
over the estimated revenue for 1864.
The question whether railroads in this
State, in view of the increased tax upon all
other property, caused by State aid to volun-
teers and local bounties to procure soldiers.
should pay an increased per centage on their
gross earnings, has come before your COM
mltee, out no conclusion has been arrived at
as to the policy of such increase, and no
recommendation upon this SUBJECTS offered for
the reason that the Senate Committee on FL
nance have under consideration bill proyid-
ing tor an increase OF two per cent. on rail-
road receipts, tor license fee, and expect to
procure more information than has been with
in the reach of the Joint Committee upon
this subject, and will report the result of
their consideration to the Senate hereafter.
The reputed value of the 1000 miles of
railroad in this State, is $4,000, 600: this is
undoubtedly greater proportionate value.
than the assessed value of the taxable prop.
erty of the State, exclusive of railroad prop.
erty.
The taxable property of the State, real and
personal, outside of railroad property. as
equalized in 1868, is 1858, 900 900, upon
which must be levied $40, 900, or about five
and one half mills for each dollar of said tax
able property.
Your committee are of the opinion, after
full examination of the subject, that a tax
of 100000 in addition to the revenue of the
State as hereinafter shown, will be sufficient
to provide for the expenditures from the gen
eral fund, and herewith report bill levying
the tax above indicated.
Your committee find that the average ex-
pendltures from the war fund, for aid of the
families of volunteers for the past eighteen
months amount to over $4,000 month. as
| the numbers of those entitled to aid is now
being augmented by the prompt response OF
the people of this State, to the recent calls OF
the President of the United States, for more
volunteers. Your committee have estimated
that the sum of eleven thousand dollars pei
month, additional, will be required to supply
the fund. The Legislature of last year pro
vided means to pay claims against this fund
until May lst of the present year. 1t will be
necessary for this Legislature to provide
means to pay the claims against the same fol-
| the remainder of the present year, as well as
for the year 1865. Your committee howev
er, have only estimated the means necessary
to supply the aforesaid fund until July LIST
1865, leaving it for the next Legislature te
provide the necessary means for that purpose
should there be necessity for keeping III
such payment to volunteers, after that date
AS the means applicable to the payment:
to families of volunteers will be exhausted
by the first day of May next, it will be neces
sary for the Legislature to provide the means
necessary to replenish this fund so that the
families entitled to the benefits of chapte
III of the laws of this session may Obtain
their money promptly. There will be nc
money received from tax until the 1st of Feb
ruary of next year, and the amount ne cessary
| to be placed in this fund for that period OF
| time is $650,000.
| Your Committee are of opinion that the
| best method of supplying this sum is by issu
| ing war bonds, or certificates of indebtedness
| for the sum required.
| These bonds or certificates of indebtedness
| to be of two classes, viz:
| 1st Certificates of Indebtedness to run fol
| lnnInH of -. E.
| at a rate of interest not over seven per cent.
to be sold at not less than par, and redeema
bic with the proceeds Of tax to be levied
this year.
I'd. Bonds or certificates of indebtedness
redeemable in 1885, 1897, 1898 and 1899, t.
| be invested in the Trust Funds of this State
known as the School, Drainage, Swamp Lane
| and University Funds, at the discretion O
| the Governor, State Treasurer and Secretary
| of State, or ma ority of them.
| Your Committee find that the average re-
ceipts into the aforesaid Trust Fund for two
| years past have been $40, 900 per month, anC
| they estimate that the receipts into these
| several Trust Funds from Feb. l, 1864, tc
July /, 1865, will amount to the sum O.
| $350,000 1t is believed to be sound policy
| at this time to invest these funds in the bond:
or certificates of Indebtedness of the State
| This will make the Indebtedness of the State
for war purposes 81, 100000, and the entire
| public debt $2,20O,000
| The balances due from counties amounting
| to $4,000, on the lst of October last, il
about the average sum generally remaining
unpaid by the counties from year to year.
| There is due the State from the Genera
| Governm INT nearly 100000, for advances
made for boarding and equipping soEliers
caring for sick and other war expenses, bu
as the General Government do not recognize
all the charges made as legitimate, it is no
probable that a settlement of the account cal
be made this year, or that any sum will be
| realized from the same.
| The committee report four bills herewith
to provide for the war and guneral fund.
| One for borrowing the sum Of S350,00(
| from the trust fund of the State.
One for temporary loan for six months O
| $500, 900, which provides for levy of tax Thu
! year to redeem the same.
| One for State tax for war purposes O
$500, 900.
One for a State tax for general purposes o
| 100000.
And recommend the passage of the same
| All Of which is respectfully submitted,
W. A. LAWRENCE,
| Chairman of Committee on Finance of Senate
81. d. BARRON,
| Chm Of Com. Of Ways and Means Of assembly
The experiment of firing fifty pounds o
powder in the 15-inch guns has been proved
| SnccaSSfIl1 on hoard the ounhoat So,,n,te /,