Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1864-04-23

about the same amount on circulation, and a
national tax of three percent on divideads,it
isapparent that under this Inequality of the TIVE
systems, large portion of the capital of the
State. banks must be withdrawn and ineorpo-
rated into the national banks 1.-THE 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, sal
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 S25, 600 over 1868, and S12, 600
over the estimated revenue for 1854. = = 4
. The question whether railroads 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 Oh their
gross earnings, has come before your COM
mitee, but 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 provid-
ing for an increase, of two per cent. on rail-
road receipts, for license fee, and expect to
procure more information than hash with
in the reach of the Joint Committee upon
this subject, and will report the result of
their consideration to the Senate hereafter.
s The reputed value of the 1000 miles of
railroad in this State, is $4,000, 900; this is
undoubtedly greater prOportionate value,
than the assessed value of the taxable prop
erty of the State, exclusive of railroad prop
erty. nor i@Irs
The taxable property of the State, real and
personal, outside of. railroad property, as
equalized in 1868, is $153, 100000, upon
which must be levied $4,000, or about five
and one half mills for each dollar of said tax
able property. .atas a41if aIss
Your, committee are of the opinion, after
a 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-
penditures 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
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 per
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 for
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 1st,
1865, leaving it for the next Legislature to
provide the necessary means for that purpose,
should there be a necessity for keeping up.
such payment to volunteers, after that date.
As the means applicable to, the payments
to families of volunteers will be exhausted
by the first day of May next, it win be neces-
sary for the Legislature to provide the means
necessary to replenish this fund so that the
families entitled to the benefits of chapter
III of the laws of this session may obtain
their money promptly. There will be no
money received from tax until the 1st of Feb
ruary of next year. and the amount ne essary
to be placed in this fund for that period of
time is SG50,0o0. ., y ..sF ...t,
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. Htts
These bonds or certificates of Indebtedness
to be of two classes, viz: s
lst. Certificates of indebtedness to run for
period of time not exceeding six months,
at a rate of interest not over seven per cent,
to betsold at not less than par, and redeema-
BILE with the proceeds Of tax to be levied
this year. a'.t A 't#'"fs
I'd. Bonds or certificates of Indebtedness
redeemable in 1896, 1897, 1898 and 1899, to
be invested in the Trust Funds of this State,
known as the School, Drainage, Swamp Land
and University Funds, at the discretion of
the Governor, State Treasurer and Secretary
of State, or a majority 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, and
they estimate that the receipts into these
several Trust Funds from Feb. l, 1854, to
July Il, 1865, will amount to the sum of
$3.50, 900. 1t is believed to be sound policy
at this time to invest these funds in the bonds
or certificates of Indebtedness of the State
This will make,the Indebtedness of the State
for war purposes 50, 100000, and the entire
public debt S2,20OOOO fi hGE
The balances due from counties amounting
to 1000, on the lst of October last, is
about the average sum generally remaining
unpaid by the counties from year 10 year.
There is due the State from the General
Government nearly $500, 900, for advances
made for boarding and equipping soldiers,
caring for sick and other war expenses, but
as the General Government do not recognize
all the charges made as legitimate, it is not
probable that a settlement of the account can
be made this year, or that any sum will be
realized from the same. y alihb naf1 =,
The committee report four bills herewith
to provide for the war and guneral fund j :
u One for borrowing the. sum of $3.50, 900
from the trust fund of the State.
One for a temporary loan for six months of
100000, which provides for levy of tax this
year to redeem the same. 40 ~
One for State tax for war purposes of
100000. 3 - l II
s 9Pe farla State tax for general purposes Of
And recommend the passage of the same. y
All of which is respectfully submitted, y,
I,9 4 s.l w. A. LAWRENCE,
Chairman of Committee on Finance of Senate.
13sGH .Ease II. D!oBARR0N,a
GIN Of Con..ef Ways ard .lfea'ss Of ASSEMBLY.
= The experiment of firing fifty pounds of
powder in the l5-inch guns has been, proved
successful, ON board the gunboat Sassgass, in
the Delaware river. ~ ~ q Ac2Ej
A special to the Post says: Troops are now
raised as rapidly as the Government can
equip them, and it is rumored that if volun-
teering continues at the present rate, a draft
NAV ha avoidad n, sNaxky York and other