The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1866-01-31
The State Finances.

The Free Press in its issue OI January
ODD. attacks bitterly the Republican Admin
istration. and takes the position that TIE
state debt has increased every year since
the Republican party have been ia power
Il states the present State debt o follows:
The funded in,srs., bearing DEBT g 7s 20 ~, % %
me non interest bearing deD'------- sso472 81
if1st Fund debt, ----------
MI. 3 20 81 8
II also states the debt NoF'
30, 1854, 10 have been:
Funded and fdndatle debt, g. 81 - -
Trust FUND debt, ....-..... o'l o-7 a. Qt3 235 s.
., g III s2s %
Or nearly double. Il says II TINS III
crease had only been occasloned Ds '-'
War there would have been the excuse tAa'
II was probably inevitable, but the annuai
repOrts show that the debt has lncfeaseo
every year during the entire administrator
OF the Republican party" Which ought 10
mean. and does mean, that that debt ''as
unavoidable.
Uns the state debt outside Of the war
loan been increased
ro,.Iu var debt now Outstsniil Il i'' fv' W
Total war Loan Bonds paid IA stiy ~
Trust isnS 80 al TO-, ~" ez5o,0 90
Total war debts pail and unpad - - 5s9 s3 ~, ~
Add interest paid on War Bontsi..--- "a - -
And interest on War Bountios i.---.... 'i'-' ~
Total war debt and interest ,....-.- t-sl' 90 =
Desuct Increase Of debt, from NoY ~, ,,-.,, On
1851 .-.- .......-.------ ----.-'--- 80 ~
,..n.s,,,. s.,, ,roalt be ......... siss us 50
lees than in 1854 or would now Doe only
S3.Ol5.5 27 OF instead Of 3, 2l3,2ij i8 as 10
1854. But this is not fair comparison.
Had we not been engaged in putting down
rebellion, the same amount, used as q sink
ing fund for the war Loan Bonds, would
have been applied to the payment OF the
state debt. The amount is S629.p 900. aud
the State debt would now be S2,55i zii 50,
and the taxes would have been decreased
s2I9. 945 %. or, If they had remained The
same, the balance now in the stale Treas
ury Of s468. 4Ol 81 would have been no.
creased that amount
The Free Press further asserts, ihat Win
the present increase OF State taxation 10
ten wears more tho State debt will be- ton
millions, and the annual state tax nearly
ar unite four millions. The Stale tax oil
1865 is three and twO-tenths mills on the
dollar, while in 1866 IL Is but two and sew
en-tenths mills on the dollar the increase
in 1865 being for the appropriation for the
building of the Insane Asylum, Tor which
Hon. +. G.. Morton and other Democrats
labored vigilantly, and for arrearages in eX-
penses Of other State Institutions, owing to
high prices Occasioned by the rebellion.
The State Tax OF 1885. Observation-Disclosures. SA24l6 %
STATE Tax for 1865 Will e,.....-------- BOO a. 80
A s.suc,,on or ............. $50 oss ,s
There is the reply 70 that assertion.
The Free Press is in favor Of State Tax
alton, sufficient TO meet expenses. That is
sound doctrine. and we take no exception.
The Board OF State equalization meet this
year, and the new basis Of equalization VIII
prOUaUIy Ue sfvv, 600, ooo- Il 49, -i0"'.'
be true. n state Tax Of less than i've mills
on the dollar, would pay the entire funded
and fundable debt in TWO years. Ihat
debt il now s., $50, 500 Sc The press
without regard to party should advocate It's
speedy payment.
The trust funds are properly loaned to
the State, where they are safe and the m
terest sure to be paid IL is the same sys-
TEN now in operation in Wisconsin ana
other states, and the best policy. The
State debt would undoubtedly be much re-
duced another year, were it not for ioo,-
600 Of the last war Loan, still TO be taken,
10 pay the State Bounty Of Sl50 to each vol
unteer, under the last draft. This, with
tho fund now in the Treasury, will he met
without addition TO the present state III
debtedness, OF if any addition, only snlal.