, 1873-10-12
Ul)e Gblfapn U2ibt1,}e.
:. Sunday Morning, October Il, 1878.


TIE ROBBERY EXPLAINED.
Tho ta1-grabbine net Of tile Legislature Of 1860
lB Of such Infamous purport tint many persons
fail to comprehend Its exact operations, and We
arc t]aily receiving requests to explain what it
provides. This paper, ut tho timo this act was
pentling boforo the Legislature opposed 1t,
pointing out that the time would como when tho
holderB Of tho bonds wrung from tho pooplo
would scek through the Slate officers, to mako
raid Oh tho stnto Treasury. Gov. Palmer, in
votoing tho bill, showed, in his message, it's In
Justice aud its dangors.
The law provides TINT whenever any county,
township, Incorporated city, or town, shall ]'avo
created r. debt to aid in tho construction OF rail
saya it shall bo lawful for Lilo State Treasurer
upon receiving tho rovenue for each
year, to place to tho credit Of such
county. town, &C., in tho State Treasury,
nil tho State taxeH collected and paid into
tho State Treasury on tho increased valuation
of tho taxable property Of said county, &C., ovor
md above the amount Of the asBesBmcnt-roll Of
1865 It further provides that all taxes col
}ccted for all purposes tho assessment Of tho
railroads for whose aid the debt was contracted
nhall bo pacod BY the stato Treasurer to tho
credit of such county, &C. It ia made the duty
Of the State Auditor to ascertain annually .isc
amount Of Interest duo Oh such debts, aud de-
duct thcreiyum tno amount Of money in the
I.ea;uyy to tho credit Of such counties, towns,
&C.. aud shall notify tho counties. &C., Of tho
1.1 A1r n$rnn @rJH$
nav said interest. For eight years the State
:. Ircasuror .,i. apply tue funds 30 collected to
the payme,,t Of tho interest Oh such debts; after
:hat time, and until tho bonds are paid, thoy
shall be applied to tho payment Of the principal
If said bouda, or to Their purchase in tho open
market at par.
To understand tho operations Of this Law more
istinctly, it should DO remembered that the
: ebts due By such counties, towns, &C., amount
:a1s, 500. 600, bearing IN average interest Of
ar cent, aud that tho aggregate assessment of
xuble property III tho State in 1868 WIS only
A75,377,19 19A.
Tho State valuation has been substantially tho
mo in 1850, 10, II, and '72; tho increase over
valuation Of 1868 iu tho counties md towns
ing such debts being very small. The conso-
> once Inns been that, to meet tho current in
est OH the debt, these counties, towns, &C.,
70 had to tax themselves in tie aggregate
r@1, 100, 900 annually. Several towns havo
pped paying interest; tie bonds generally have
III sinking iu value, and the whole Of thom
threatened with reputation. These secure
3, many OF them 80 tainted with fraud aud
al irregularities as to bo Of very questionable
idity at beat. Lava been selling anywhere
IN 90 to 70 cents Oh tho dollar. In another
II, with some exceptions, they would have
Gu selling, perhaps, for 10 contB on tho dollar
specu!ators. LII this emergency, tieso bond
ldors procured change Of tactics ut Spring.
'y',ld, aud the Assessors OF 1879, throughout the
Itsto, woro ordered to return all property at ts
ull value. This order was not oboyod literally,
tut was to tho extent that the assessment for
l873footedup5 81. 1911 900 0o0 anincrease over that
- 1868 Of 97to,000,0 900. The assessment Of
County in 1868 WAS e85,0oo.oj0; In 1878 it
el!i,O0o, 600. No pooner lad the State
of Euuali:ntiotI asae!nblol thnn it re-
i to add ELL 100000 to the assessment of
.ounty and to tako the Bame amount from
saessment Of other counties. Having thus
l that this county should pay ono-foartll
o whole tax Of the Statc. tho Board con-
iuded it's arrangements to the full satisfaction
II the holders of the railroad'aid bonds. Tho
.ractical operation Of tho law Of 1860 il now to
experienced, aud that operation IL as follows
tal ~ sessnent of s73...''s3o1o 3oo oon nHa oo9 Ga
sceBIueAt or 16Gb- 9t1tuau,uH
Increase Of asxsssment over 1881; rs 725,ouo'ea:
se:xcd value OF ITaprrt; III laf3, III
COUNTLESS towus, &r., owing rauroud-a1u
asssea ass:et sins Of sr;ns in iood0S
Increars urur 18b3 ...............+S ao0,00o, ,Hat
!: Tho Auditor, estimating the needed revenuc
,E!r 1878, auy, al six millions Of dollars. will fiji
rate ut u OF l per cont. and will apportiol
II tux az follows:
,er cent on :1o, COO in counties owing
ra,.lt"u nent o. u;ai ;tGo Ia coi,i.
ss owng .t; .a's5! ~ afI; lSo 1jo il: :S'oo0oo
sASo ''"'' --.-- 100000
}Tosa, revenue applicable for State pur-, ~, -,
,}y 5o@y' trs: ,y diversion 81 ia3cs to
i.tua,i-+u dehta. 49oo.oo'
supply this deficiency an additional ratio O.
or ceut will i,aye to be levied on tho $780,,
100. which sill produce tho royonuo needet
!, ,nply that gto}on from tho Btate to pay Inter
| on tho railroad-aid dobts
: will be Heon, therefore, that tho couottoa
N. aud citles which owe no railroal ueb
! hnvo to pay tax Of y por cont, whllothos
fng such doht will pay but II Of per cent o.
valuation Of thair property.