, 1874-11-17

uol,ooi6-A
Dctweon 1870 and 1874 tiorc is an increase OF
over :22s, 900, duo almost entirely to tho
operation of tho Inv passed. by tho Inst I.ogis-
aturo for the assessment Of property at ite cash
vaine. Heretofore the rn'o has been to return
property for taxation at from onc-half to three
iittls itB real value.
The estinntea for tho expenses Of tho State
for the year 1876 GRO given nt 81, @1,37407G.o9, in-
cl,,ding tho payment Of son0.o00 Of tcH-
porarv loan tot tho scar 1876, S1,5so, ,12G.99.
including S510,00o Of this temporary loan.
Ihis Temporary +o loan oa,o y Tap ~ naoclo ona
Legislature Of 1901, reducing the State loyy to
cents on tho 3100,--a ratio ridiculously incapa-
bio of producing reyonuo TO dofray tho ordinary
expenses OF tic Government, but good enough for
quircd, npon which there is interest ut tho ratio
Of 7iS por cent. When tue Republicans Ind tho
State. their motto was, "Pay as you go;" but,
whom the Democracy cnnle Into power, thoy ac-
cumulatcd dobta at high rate OF interest for
vantage Of q demaEogical plea Of low taxcs.
Tho estimated valuation OF property in thoStato
is $9G5,00o,0oo, aud there, are 2:5,o00 polls.
There's money enough in tho TroaBulv to run
tho ordinary expoases Of the State Until March
/, 1876. The receipts for 1876, excluding 90 per
cent delinquency, will amount to 81 ,875,U00,
arising from a levy Of Is cents, and so ceutB poll
tax. The rcyonuo for 1857 will depend eutire-
" upon tho rate fixed by tho next Legislature.
With reference to
THE NEW ASSESSMENT LAw,
Tie author speaks ut some length. It's gonoral
principle Ia souId, sud it's mau results satlsrac-
tory. But it needs amendment in several inl-
portant respects. The assessment Of real prop
erty every two yeara is too ofton ; tho Logisla-
t,re will do veil to return to tho iive-yoar rule
The work of tho Stato Board at Equalization un-
der tho law haH heen done as we'll aa may be !;
hut there should DO Aonle better plan worked out
to arrive ut the Ysluo Of tho Intangible somo-
thing III corporations called capital stoch,-tlat
IL. tlo value Of tho capita stock over aud above
tho amount Of tangible propcrty used In tho
rungomont III tho law for obtaining tho valuo Of
Bnro OF tho capital stock Of corporations orga!1-
ized in otho States or countios, Which values cn-
| Joy tho protection Of tho State GoYeinments,
| and should be compelled to contribute to its
support.
Tho Auditor doyotes an elaborate chapter In his
report to tic subject Of local taxation, showing
| the inmonso burdoAs tho people arc carrying IN
lakes, Us q rnlo, aro very high and, II some
check il not placed upon tho desires or fancy Of
County Commissioners md city ana town officers,
tue prospect Of universal hankraptcy may have
to DO faccd. 4 law limiting tho amount Of such
taxation ia urgently suggested tho Auditor
Baying that, while 1o general law Of Limitation
| can bo framed which will not work lardship on
somo occasions. still " No reasonable limitation
Gun do al much mischief by restricting the
means Of possible good aa tho absence of litni-
tation may do IN opening tho way to probuble
| evil"
| STATE DEBT.
Tho foreign debt of tho State aggregates
| 81, lT2, 755.12. This includes $010,O0U of the
temporary loan madc uocassary bv tic pomoc.
sucy in 1870, nnd s9Al 600 Of lho old lntcrna1
improvement bonds. The domestic debt aggro.
yatos 81 004 1888 aaaa, alI Of which Is repfosentct
| Iy iuconyortible school bonita, tho intorest Of
which roca tn tho nnmnrs nf tho schnnia nnh ri
course retlucos tho srl,ool.lnyv by INIT 40 Much
Il onnts thn State nnthiu1 tbcrafnrc to cnrrv it,
| 1olnestin jnlI. Thorn hnyn horn rmlnonn1