, 1873-05-13


dollar. But, under. tho, act of'1eoe, this
ratio will havo to-: DO increased in order
to supply tho deficiency oansed by tho diversion
Of tho tar to pay tho local rallroad-atd debts.
Tho practical operation Of thls business can DO
soon in tho case OF sangamon County. That
county and Its towns have 8 railroad-ald debt Of
e40t, 900. Tho nsaosscd valuation Ia 1903 was
about slo,oo0,0oo; In 1871. 1t was $4,000, 600,
in 1879, 1t will bo $50, 100000. II tho State tax
was lovled on tho samo valuation ns In 1871, the
rato to raiao tho required rovonue would be
mills on the dollar. In thiH 1atter case, tho tax
on sangamon County for State rurpoaoa would
DO eo5,0o0, OF which $50, 600 would DO paid into
tho State Troaaury a. rovonuc, and sf6, 900 as
applicable to intoroBt on tho railroad-ald honda.
But In 1878 tho " rnilla rate on the valuation
Of e52, 900 will produce Tho uano amount Of
rcvcnuo prootso1y, 805, 900. but thai rovcnuo rll
DO paid into tho Treasury, a. folloHs'
Tx on gig ooo paid In ~ State rovenue
Tax On $42 Increase In Valo oYer 1861 63o0t
Tos.l tax Of sangamon County ..$o6, 900
Under this increase of valuation, aangamon
County, instoad Of contributing her legal share
OF State ta1cs $o5, 900, viii only pay Into tho
Treasury az, 800 and instead Of having to ra1ao
$4,000 to pay interest on her local rallroad-
did bonds, TINT aum will 10 takon from tho State
Treasury aud applied to that purpose. Thorc
aro afty-four counties in tho 6tato having this
kind OF indebtedness. The towns OF Fulton
County havo u heavy debt. To pay tho interest
fta %5u
annually. They propose, therefore, to appro-
priate four-lftna Of their legal obligations for
State revonue to pay their local indebtedness.
II this wero matter between tho bonlholdor
and thoso towns and countles, which already ase
fooling tho consequences Of their raslnega In
voting these railroad-aid bonds, 1t would DO Of
no particular concern to tho roat Of tho State.
but tho countios which have no such dobtB will
have to meot tho detloloncy, and, instead Of hAv-
Ing to pay thoir proportion OF tho two million
and half revenue required by tho tnx, they will
have to mako good tho deficiency cauzed by tho
diversion Of moro than million Of that rovonuc
to pny tho iocal dobts OF tho other ooun ties.
THO time hos now arrived, wo think, when tho
legality Of applying q tax levied fol-
State rovonuo to pay tho interest or
o local dobt contracted by tho City
OF Springfield, or airy other town, should be
tostod judioially. In this whole proceeding the
hend Of tho bondholder is manifest. It is moi
enough that these counties shall DO mortgagod
all over to pay theso railroaa dobts but 1t a now
proposed to lovy tax upon tho property Of oil
tho other countios to pay tho principal and In
tercst Of that debt.
The reasons, therefore, for increasing the as
heasod valuation OF the property Of tho State
from five hundred millions to two thousand
millions Of dollars aro three: i. That cities
towns, md counties may quadrup1o their present
debt. g. That counties may raiso by direct ta,
for curront expenditures threo dollars whors
they aro now limited to aeventy-ayo cents. 8
1hat tho intoreat on tho thirteen milllons Of out
standing railroad-aid bonda, instead Of boint
raiaod by direct taxation on tho property Of th
municipalities owing It, may be paid out Of til
revenue raiscd for State purposes. We eubmi
that none Of tLoso roasons arc sufficient to jus
tify tho robbery thoy involve.