New-York daily tribune., 1866-01-03


ernment in the market absorbing all the money 4,
could reach paying interest in COIN and Offering seeu'
rites which were capable OF being used Tor Dehklng
purposes and which exempt from state and muni'
cipal taxation With such a competitor. and under
such circumstances il was evident from the outset that
but small portion of the amount needed Nould be Oo
tained in money The whole amount that haG neen SO
received prior to the 30th September was s9ci 900
Since that date and prior to the 10th December instant
the further sum OF $4,000 was received, making
s. 259 600 In all.
Under the general order of the Governor, issued
pursuant 10 the aforesaid acts tie claims for bOunties
were presented to and paid by tue Paymaster General
The received account of the loan except 50
much was necessary for the payment OF interest Was
paid over 10 the Paynaster General upon his requsi.
tons approved bv the Governor and the bonds Issued
to cities towns and counties have been Issued upon
the certificates OF the Paymster General cOnntergned
by the Governor show ing tie number OF men. the eX.
of allowed the amount pald Gnd the amount
for which bonds should be issued in each case. IL Is
made the duty of the Commissioner oil Public ccornts
TO examine all the vouchers ana accounts Of the ray
master General The bonds have all been registered
and issued from the Manhattan Bank IN the CITY oil
New York under the same restrictions anG safeguards
provided by law for issug and tran errlng the
stocks Of the State. This has been done TO guaid
against the possibility OF eny mistake or aud III Tue
amount issued. 1t has involved an immense amount oi
lator. but cnly q triflug expense. The amount ior
which bonds and certificates for bonds bad been Issued
up 10 the 9th December II slant wls go JbouoO Inc
whole number of bonds executed by ne, was 9,JUO
The act creating tie debt was approved by ths peo
pe at the last general election Following the pro'
lions Of tie Constitution II provides for the evyg OF
tax in each year, sufficient to pay tue interest anu
also to pay the principal OF the debt within IL years
The fifth Of the State is pledged to tins IN the
most solemn form. To meet the requirements oi Tue
Constitution ard the law il will need annual tax FOR
this purpose of least q mills upon the dollar OF the
present valuation.
The SPECIAL attention Of the Legislature IL requested
TO the provision in the act for Issuing the " years
stock in the form Of coupon bonds There 49, so iaI a.
can leaIn unau imous desire on the part oi the holu
ers of the bonds that the law should be changed 80 as
TO authorize registered instead OF coupon bonds Ihey
desire IL protection against iTaud or oss Oi the
bonds. As the change relates only to the form OF
security and to the or amount OF the DEBT
il is believed that there can be no objection TO making
it, All tho stock, issued by the State, heretofore
have been registered. The rule is SAFE one anu
ought not to be abandoned.
ACCOUNTS With THR UNITED STATES.
After Trial OF three years ind four months u OBTAIN
settlement Of the claim of the State agoinst the United
states, for moneys paid IN raslng and equpinR troops
IN lr6i the eff rt has abandoned. As tie arnonn
due under the claim was to be applied to the payment
of the tax which the State assumed II was only import
ant for the purpose OF balancing accounts
Tie whole amount charseabe tothe United states 90
,bc 3st DAY Of july l-62, a. 9s g36 TO- FROM this
was be deducted the sum OF 81 1900 repaid by the
United States in December etl leaving balance due
10 tie State Of 81, ,r3j.Y03 90
By the a act Of Congress Of the 9Th OF August e6l,
direct tx ~ s2000 go levied and each Stae was
authorized 10 assume the piyment OF us propo ton
thereof end II paid before the last day OF June,
l-62, deduction Of IS per cent was to be made III
was also provided that the amount OF direct tax appor
toned any state should be abe to be paid IN whole
or IN part by the release Of any Gudated ard deter
mined ciam Of such State Of equal amount, against
the United States. with the same abatement OF the
amount of the tax would be allowed IN cae Of pay
ment of the in money The proportion OF this tax
for the State Of New. York was e2.603slS o. The
Legislature assumed the paymeat O' that nmount ana
directed the Controller to apply toward the payment Of
1t the said claim when the amount thereof should be
ascertained. provided IN the act Of Congress. The
Military Board. under which the expenditures were
made, also passed resolution authorizing the Con
troer TO take immediate measures TO procure settle
ment of the accounts .
la pursuance OF the act the Legislature and Of this
resolution all the accounts and vouchers were forwarded
to Washington 10 February l-02 in charge OF the cei
WHO had the PRINCIPAL Of them IN N" Costoei
Office end ho To attend 70 and expedite their
settlement at the Treasury Department.
Cons subsequently passed an act extending the
time for the presentation OF the claims until the end OF
July l-t2 and fo5 their settlement indefinitely AT the
last mentioned date the account stood ss follows
Amount charged to the United Staes. sI93H o.
Deduct amourt returned IL Decemoer ll6l. lll5o~o ~
Balance due to the Sae...... ..........S 8a5 j 66
Proportion Of direct tar d to the STATE eOJsis o.
Deduct IS per S3p1. so 70
2.2es 5Sl ,s
Bal,nce doe to the United S,,,e........ t373o7 Il
On the 2ith day Of June let2 there Daid TO tie
United States IN cash. the of siO0O0. for the pur
pose Of d-chsrgng the balance due upon tho tar This
e s22 tJ2 - IN favor oi tho state. 10 cover any items
which might be rejected upon tho nnal settlement oi
the accounts
Tie difficulty and delay in settling tho accounts has
arisen from tie act that tie accounting officers have
applied to them aud to the vouchers, all the technical
rules applicable To regular army accounts They prob
ably could not do otherwise, having no discretion IN
the matter But the money Vas expended 10y the State
under circumstances which rendered It impossible that
regular army vouchers could ia all or even IN mosl
cases. be- procured. The had suddenly burst upon
the oountTy. finding wholly nnprepared. Everything
had 10 be done hurriedy, without officers organi-
ht1 mot. ~ nf I'm an
army accounts. That tho money all honestly and
faithfully spent. and that II aecompli he'd more than
any similar amount has ever since accomplished there
can d. BO doubt.
To disalow the accounts therefore because they or
the VOUCHERS are not IA proper form. may be sccOrd
with rules, but IL is of unjust the
State. II could not afford 10 have It's accounts sett
IN that way. and as the Appropriation exhausted.
withdrew the agent Other States are. am informed
in the same condition. Congress will doubtless be
called upon to take measures which will secure a lust
aud equitable disposition Of the matter There Is all
the -eason for this. inasmuch the subsequent
expenditures Of the State behalf Of the General
Government amount 10 ten.fold greater sum. Our
representatives, in both houses of Congress shOnid be
asked to look oer the interests OF the State in th
respect.
TAxATIoS-UyITHD STATES SECURITIES. sc.
There is power OF government which is more arbi.
rary than that OF taxation. and none oppressive
unless Il be justly and oquitably administered Pro.
dnciye labor ultimately pays Pll taxes TIE product,
OF the forest OF the mines Of agriculture, OF arts end
manufactures. oil articles Of commerce whether from
the earth the sea. derive their exchangeable value
from the hand Of labor Every ind, daa has natural
right 10 enjoy all the fruits Of his own toll But Gov.
errment steps in and takes from him portion of his
carnngs. This is necessity. Government cannot
otherwise hc supported. No objection can bs made to
i.pgoydcd that no more be taken than IL actually re
CURED 10 carry the Legitimate purposes Of govern
nent which are to protect all citizens Ia the enjoyment
OF their rights Of life liberty and property and 10 that
end 10 make and enforce laws and administer Justice
When the Government goes beyond tli, line; when IL
engages IN business which belongs 20 individuals; when
IL takes nom the hand OF Industry the money IL has
earned ana uses II In building railroads canals or other
works for the benefit Of particular persons corpora
tions or local communities and Cyon whom " gives
away the money for charities which are merely 10, al
morally guilty Of seizure of private property which
admits of no Justification