The Russellville Democrat., 1876-01-13
INCREASE Ol' TAXATION.
Statement from the Board of
 Finance.
OFFICE STATE BOARD OF FINANCE, ] Irri ENEk ARk lnrnnlher 2n. lhll. 1

LITTLE ROCK, ARK, December 20, lsIo,>
 The members of the state board of finance desire to make to the people, whose interest they have been chosen to represent, state ment of the reasons which aetuat- ed them in recommending an in crease Tn the rate of taxation for state purposes. By the general revenue law of last winter the rate Of taxation for state purposes was as follows: For general revenue, mills; for school purposes, , mills; for interest fund, l mill.
 The total amount of taxable property i'll the state is about ESQ., -eee, ,ooo. The mill tax for gener- al revenue, if all of it were collect cd, would yield $240,0o0. The expenses of the state government, including the sums appropriated by the legislature for tine support of the Arkansas Industrial Univer- sity, and for the maintenance of the institute for the education of the blind and deaf mutes, if paid in currency, amount, annually, to more than $300,000. For this req son the recommendation was made os an increase of , mills in the tax for general revenue. All of the tax for this account is paya- ble in state scrip, which, at the time this recommendation was made, was selling at q discount of more than 50 per centum of it's par value. It is so manifestly to the interests of the state and of the counties that this scrip should be retired at the earliest possible day, that it is still thought the addition to the rate was expedi- ent and polite.
 The rate of taxation as now fixed by law for interest account, if all of it is collected, will yield $240,000. There is required to be paid on bonds of the state author ized to be issued since the 29th of May, 1874, the following sums; For interest and sinking fund of the tcn-year ten per cents, known as the "war bonds," $60,000; for interest and sinking fund on the funding bonds under the act of the 23d of Decemcer, 1874, $1SS,- 000--making a total of $24S, ,000, or $S000 more than the three mill tax will probably produce. This deficiency, the members of the board think, will be made up by the collections on the delinquent list for preceding years. In their opinion 1t was unsafe to risk less rate on this account, in view of the unsettled condition of the finances of the state, and the members of the legislature, who were conversant with the facts, almost unanimously concurred in the recommendations of the board.
 The two mill tax for school pur- poses was in the law of last win ter, there having been no increase made in it.
 The board asks that remem- brance should be had of the finan- cial condition of the state less than a year ago. We had no money in the treasury, and nei. ther property nor credit with which to get money. Our reve- nues had been anticipated by the issue of scrip to amount of nearly two millions of dollars. The eX- penscs of the government were paid in scrip, which at one time sold as low as twenty cents on the dollar. No people Tn as bad con dltlon as we were ever got out of debt without making sacrifices. There is no honorable way of get ting rid of debts except by paying them. A number of reasons have combined to render our sacrifices small, compared with the weight of the burden with which we were oppressed. The permanent estab-
 ishment of the government of the people, wise and conservative leg station, abundant crops, and en- lire faith in our resources, have so far restored the credit of state that we can borrow money to bay our expenses until such time as