The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-15
THE ALABAMA CONSTITUTIONAL CONVENTION

MONTGOMERY, Sep 14-The Committee on
Finance and Taxation made q report to the
Constitutional Convention to-day. They say
they have examined into the condition of the
treasury, which they find almost exhausted,
and have looked into the financial condition
of the State, which is absolutely appalling.
They find the total indebtedness of the State
to be about $29, DOC, 900. and the total value
of taxable property about $l59, 900, 600; that
it would require nearly twenty per cent of
the entire taxable property of the State to
liquidate the debt
This would indeed be appalling, were it not
for the hope of an adjustment held out to us
by the commissioners appointed to adjust the
public debt, by which Alabama may be re-
lieved from this heavy burden which is crush
ing the energies of her people. The direct
debt is about SIS, 900, 600, and the contingent
for the Endorsement OF railroads, etc., about
s14, goo, OOO 1t is only necessary to present
this statement of formidable Indebtedness to
convince the creditors of the State that full
payment is impossible and that the State can
never resume payment OF interest until the
debt is ABUSED, aud is reduced 80 as to cor
respond with our diminished resources.
But in the face OF this dark feature it
affords us pleasure to state that the commits
sioners are sanguine of their ability to reduce
the entire indebtednt IS of the ate, exclu-
sive of the educational'and trust funds, to
sum mot exceeding SIC, 900, 900, the interest
on which will not exceed $4,000 per
annum.
In view of this fact your committee have
been stimulated to extraordinary exertions,
ia SO trying to shape the financial article in
the Constitution as to meet the ends which
we have been induced to believe can be ac-
compllshed. We recommend economy in
each branch OF the government. We recon-
mend that property be taxed in proportion to
its value. We recommend prohibition of
the Safe from engaging in works for internal
improvement, or the loaaing Of its credit for
that purpose.
We recommend that no debt shall be in
Cured by the State, except to suppress in
surrection, rebellion or invasion. We rec 1m-
mend reduction Of twenty-five per cent on
all salaries and a reduction of the pay and
mileage of members of the Legislature from
six to four dollars per day, and from forty to
ten cents per mile. We recommend that the
Legislature shall not in any one year Levy
more than three. fourths of one per cent tax
upon the property Of the people for State
purposes
We believe, with these economical yiews
fully carried out and the con.em plated COM
promise consummated, with the rate OF a taxa
tion fixed at three-quarters Of enc per cent as a
maximum, that our State will once more gain
her deserved prosperity; that capital seeing
that our debt is reduced and our taxing
powers limited, will seek investment in our
cheap lands, and population, always follow
ing capital, will fill our waste places. and that
our property will enhance in vaiue cts.
The rapid reduction of the rate of taxation
may be had with yet sufficient revenues to
meet an economical admins ration and pay
the interest on the pubic debt
The committee reported an article on tax.
alton according to the above report, which
luoNrIHuKn e Lac rAn1 -.