The Magnolia gazette. [volume] (Magnolia, Miss.) 1872-current, 1873-01-31

mahaSemsnb OF Incompetent local olhcer5.
RECEIPTS AND DEBT.
The total revenue received into the treas
ury during the year 1872, amounts to ST.
249,276 rs. This is less than the total re
ceipts of the previous year by $ss,874 2I.
This result, in viewof the fact that the
tax levy last year was increased from.
five tenths of one per cent. (the amount
levied the year preyious) to seven tenths Of
one per cent, can only be explained upon
the snppositioR that tax collectors have
been lllatory in paying in collections actu-
ally made This fact is also established by
reference TO the Auditors report.
Whether the seven.tenths of one per
cent levied last year viii prove sufficient to
equal the disbursements of that year, can
not be determined until collectors make
their final settlements on the first day Of
March next. Upon this subject I pro-
pose to communicate with you more fully
by special message, as soon as the facts can
be ascertained.
The renort Of the Treasurer shows the pres.
ent debt Of the state to be S2,707, ,I52 76
Of this there is the trust fund
held by the state (Chicka-
asaw and common schooD
amounting to-. ....,.... I,3l9.6I3 ~
And interest on bonds, etc.
which will be paid within
thirty days, amounting to-. 1854 0S
Which being deducted, leaves
the debt actually demand
ing payment. -. ......... I,35IO04 96
or this latter amount there ID
bonded debt bearing per
cent. interest. .....,.... $4,000 90
Deposited by insurance com
panies and for bonds. 80. 406,500 o.
And outstanding warrants. 47I,025 sc
Ample provision has been made to pay
the bonds and interest at maturity and the
tax remaining due from last years levy wiz
absorb most of the warrants reported out
standing on the first day Of January.
1t only remains foryou. therefore, to pro
vide means to meet the current expenses Of
the government during the present year,
and to anticipate prospective wants.
RAILROAD INDEBTEDNESS.
An act Of the Legislature approved April
| a, 1862. authorized the Governor, upon Ger
tain conditions, to settle with railroads
Under the provisions Of this act, Messrs.
Murdock, Humphreys and Smith, of Uo-
lumbus, Miss, came forward and paid the
debt due the state from the n. o, j. g. &.
n. II. H. Co., by placing in my hands an
accepted draft on New York for the full
amount Of the debt. This draft l proposed
to hold until the first day Of January, 1873,
aft,r which time, if the amount of the debt
assumed was not paad 10 state warrants, rs
contemplated by law, it should be at my
option to demand cash on the acceptance.
Prior to the first day Of January there was
turned over to me aud deposited 10 the
treasury state warrants amounting to $l5I,-
997 SO. The balance due in warrants is
amply secured by the draft, which still
hold, and on which l may at any time de-
mand the currency. Approaching the diff
culties which have beset Messrs. Murdock,
Humphreys and Smith, ia trying to effect a
settlement of this claim, have endeavored
to show to them such favor as | could
reasonably do without violating the spirit
Of the law or jeopardizing the interests ol
the state. Within the next thirty days
am assured the balance of the warrants
necessary to complete the transaction will be
placed in my hands.
The law which authorized railroads tC
settle their indebtedness to the state has
now expired by Limitation, The debts o
the Mobile and Ohio, Mississippi Central
and Mississippi aud Tennessee railroads arr
still unpaid.
During the years 1857 and 1858, the stat,
loaned these roads money amounting in tn,
aggregate to SSOOOOO, and received as So
eurity for the payment Of the same, note
and bonds of the companies Up to th
breaking out Of the war the annual interes
was punctually paid, and under an act o
the Legislature passed 10 1868, the compa
MES came forward and paid up their in
debtedness, and withdrew their collaterals
Notwithstanding this, the state constitu
! tiopal conventions which assembled in IS6
and 1868, refused to recognize the validit
J Of the settlement, and the courts have sine
held that the state is entitled to recove
the amount Of the debt. In spirit q
. liberality toward the railroads, and with
view of stopping litigation, which was prov
log expansive, both on the part of the stat
| and the railroad companies, you passed th
3 act Of, April 4, 1872, and under its provii
+ ions the debt due from the N. O., j. & {
a N. r. r. Co., exclusive of four years inte
i est, which had accrued during the war wa
:, paid. But this road had not previousl
+. paid its debt, under the act of 1868, nc
L had it punctaally, previous to that paid tn