Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1870-04-16
TIE NIL

tttIe. " g are rs Wiling III aliN u
commend even that Radical body
for meritorious action. When W.
see that a proper regard is had for
the good Of the State and the PEG,
pie, and that legislation has not
been in the interests Of lobby.
lists, or for the advancement
of partisan friends, we shall
throw no impcdiments in the way
by ]ungenerous criticism. But
when we discover that there has
been legislation in these interests,
or that from want of comprehcn-
sion Of the subject under consider.
alton, iniudicious, iliadyised, or
unjust acts are being passed, we
hold it to be an imperative duty
4 toncc to call attention to such acts
and urge with all our power re.
s]istance to their passage. 1t Is with
this feeling that We now propose
70 discuss the funding bill recently
Introduce IN the House.
To the carsual reader the oil!
appears mohjcctiouahle and we
are tree 70 say is 4 much fairer in.
strumcnt tllan my which we
thought could originate with such
a body as the Intensely Radical
Legislature Of Mississippi. while
this IS true, there is yet much Of
the bill that j, % maaifr,tly wrong
that it should never become 4 law
in It's present shape.
The State lrbt i, about $3.50.
600, including outstanding Con
ycntiun warrant, anl the Chicka
saw Fund debt. TO settle this
the bill proposes that 9l,1u0,oC0
Iof State bonds shall be issued
which for sixty days are 20 be
retained ii the state t. be tx
changed lpr such Of these out.
standing claims rs may he pre-.
sented. These bonds are to bear
eight per cent, interest coupon
attached interest payable semi.
annually in New York city. They
are to be divided in ike classes Of
$200,00u each; the first class 10 be
paid in two years; the second class
in three years; tie third in four
years the fourth IN I'VE years; the
fifth IN six years. For the pay
mrnt of this the Auditor Of Pub
lie Accounts IS authorized and in
structcd TO levy on the taxable
property Of the State annually, for
five years, beginning with the year
1870, Il special tax in addition to
any tax he may hereafter be au
thorizcd to levy for any purpose
whatever, on such taxable prop.
erty, sum equal to the principal
and interest Of any one class Of
bonds. authorized to be issued by
this act, providing in each levy for
the sum that will become due
on such bonds, with the in
terrst thereon, in the order
Of time in which they mature
and become due and payable
to meet the current expenses
Of the State, the Legislature will
provide for the collection of II tax
which Is in addition to this. The
act further provides, that at the
expiration of sixty days, such ol
these bonds rs shall not have been
exchanged for State warrants.
shall be taken out Of the state and
sold 1T not less than eighty iiy,
cents on the dollar. Prcsumina
that none will have been cXrhan9
ell for State warrants, and that 1
purchaser can b. found to pltr
chase Mississippi Boa'ts At eighty
five cents, (Which is extremely
t. doubtful, there will have been fe
allied SSjO,OOO. II any ot thes'
bonls have been exchanged 1T pa.
Tor State warrants, there will ht
more than this sum. Prupo"ti"na
bly,, after The payment Of the Stat'
leht. But with the money 50 oh
%tainrl. the I'LL provides that III,
remaining State debt snail be pai'
/ in cash. The debt Us we hay'
| said i, about sljo,oOo, to pa,
, this is the sum oi 8SjO,O0o
leaving u clear balance in tn.
, State Treasury of8l00.00Q. VIVA
t disposition i. to be made OF thi
sum: The advocate, ot,hc oil