The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1879-01-18
OF this amount there Is now
due and payable, ut the
pleasure of the state ..... 3.
357,4i2.U


The remainder ......... , l9530O.OO
VIII be payable at the pleasure OF the
state, on anu after Jan |, 1851
III the leglat,Ire would provide for the
payment OF Schooi-tund interest orders
ont OF the general revenue fund rs was
done PRIOR to 1878, the ILLINOIS Central
railroad fund Will more Than suffice to
pay all the principal OF The bonded debt
OF the state by The st OF January. ISL.
mus the state can DE ont Oh debt when
the next legislature conNeheS' ana There,
tller, unuer tle constitution, Such luhu
IS appropriated ana set apart Tor the pay
menJ OF tne ordinary expenses Oh lhe
state government.
m MCNiClfAL DEBT.
Inc AUDITOR III MS report, furnishes
you WIN very Naluaple ana Instructive
!aole OF the ihuillcipai deDt OF the state
IN Wnich ne SHOWS ttlal IL aSgIeSales
POI 'o'l. lie larger part Oh lniS deo,
mas Deell incurred III lh'hilie useitll ana
necessary locai ilhpioVetitIils'ah anu Is rep
resented ny Vaiuaple l.iuiiiclpal property
Aooul " pei ce'it. vi ''.is 'olnl ol iiiu,
iiltip"i utp' l'Plono'tn .ho l"ii,o'u a'u
aeDI OF tle inun'clpaiilies OF the STATE
LIZ; ne cp m ti ", eno SOY. ~" ioi
piGs an Couli'ieo, Gities vi "tnei HIuiiicl-
pali'ieS ,io,i ',,MinS S''Do'i 'pi'o,is w
capl.ai oto.h va uoll".io,is ~ anu VI nnS
,.iii'.'u W ~ 'r"'' otp,",ioiit' ",ii iu,
wy iuioiu' VIC Hio",in Vi ni' ~
!'enlcuii'Ss w an "''io.i'.' inoi.'ui',s cA
40 ~, " s ~
.eeuiis per tu",i o.i .''' ' ;rha VI cue
."A"oio riop,n', o,IiH' us 1 a..
ioo "ii't W pi2' 20 ''nu u.iutl
.he.'' 'iu nitni'ip"i WY ~, wy o''s'c 10
,.Um m dosr "s ~ ~, a' az y1Hi'
;', , ~ f ,r',, u". W
ip"i ~, a,' .'','a ",'. ", vi,
,eoTl1I, pu,I1v !" n,," ' ,h 90
"ou,. NC ooi 'o;'H ~ W, ,
p "s,;,, 20 ,,'Po''i''o "''N'' ''' p''o"'
oo'''''''''''' ,,,u,,,,
,,;eb 70 rosraotf,,il, ,,r,,,, u,o, ,ho
,I.;o,i u.s., w .! Us "Po, t,,1
ds S%ou,t ,io ha '" ro v, u"te,n
Ms a,,d;tnu t,, su,aro,,nd sn,,'o oy,',o'I
,ta ',,t';at n 'S,';'r,,od -, ,,o',,n tIo
,o,' m,.u ',C l,aa,;', ~ '" .,,o".. i''o
fJia pJ ',,or,. on'.,I .ooson'ant n d -
iuiiri "iiu 'i,oi .Io' ", "iiu ~
30 w o ~;
,' H., n,' 1'I Iaai.; ~ ;",I 81
i '',,, ,'I' ''oh''s '"'''''''''''S W '"'
'" w uilu, o,,, T., , ,,, a,,.,,,
WHY ,i'",n ''i' oo ""iio anu oiiouiu
opoouns " uo'i' W. in'ni wv, o''' pIeo1 ,'
!eNelue S.o'cii,' we hiso nav .oColSluel
ano Iues;io'' "neanei ~ 10 oeoii ,' ny
ounsti.u.lUll"I "'liel,i.liene w. ''iThe solne
altela .ioil VI !ile system i'sehi ine IA e
revenue receive" iloiii 'iie iiiihois zen
tiai laiIloau' anu WHICH WIN 80 sooii oc
"'"ii'pto i"i pay iiie.i' vi oiul,ialy o.ale
tApen.ses' pro, "hen .Hr i'iquis Mheth :;
/. may iiot w p"ooioio' y! It" ,''oii VI II.
ceNses anu taAco Oh oaplia! tolpolalG
s,och hi''t i.IIoihc' W i'l'c az .'ic st,,ein'
revenue ,o'io III ii''iiiiel M,licii wiz VI
.il'i'io'' .'iu oNi'Ci'ooo VI SOW
tho c'''o'i "S"i''E ''i'u "iiii.uht d'cotiolo
ooiIieol.u "i'i' 'iiio eq''aiiA'!ip'i vi 40
sesSliieiits' allu ne III s,,oSlaiitlal accolu-
ailce WIN .ie Theory VI our present. sys-
leih; anu tllat every person vi corporation
Slidii pay '"A III JuSt PlopolIloh' ~ Is
l"o. !na' .no pleoeii. syo.e.!' IN ~. 10
Plac.i."i No 1 hiils9, lalis Slolt VI !lic
coiis,ltutioii'l requirements "'i''ci "hleh
IL - llaiieu' ....... .,
10 SETTLE 'niS inquiry VIII lhNoiVe
laiRe aliot'it VI Naooi ny co,npo,tllt pei
SohS III .lt coiitctioil vi Sta.is.ics, ana
the study ana comparison Oh 'he revenue
systems Vi o.,lei states anu touhtiles. 1
recoiiiiiiehu liiat lit legislature pio'iue
lor lhiS WORK peliig uoile ny committee VI
coiiiiiilSsloh' as 'hey may ueehi eNpenl-
eHI,
"naleVer may Oe uoiie' however, 10
eqlallze or Slinpiily ltie burden OF taXa-
tioh, they SUI are burdens ana lhe
greater duly Oh lhoSe VINO MAKE, ana
tiloSe VINO execute, tlie laws remains III
the oDllga!ion TO see that Whatever mon,
tyS are ialSeu Siidil ne economically anu
honestly expended.
INTEREST.
inns stale mas always regulated tie
rale OF interest loI money loaned ana
other contracts. Inc ACT OF March :,
1919, made the rate SIX per cent. per an
mum, but declared any rate lawful LOT the
payment OF when an express contract
had Deeli hlaue. Inc heVlSeu Statutes
OF 1873 legallzed any agreed rate up 10 IL
per cent. per anlun. Inc Revised stat
utes OF lSl3 authorized the collection or
per cent. per annuln. ana no more. In
1919 1t was made lawful to stlpulate, by
written contract, Tor the payment OF 10
per cent. per ahllum lor lhe use OF lnoh-
ey loaned, ana III 1901 inns provision was
eXltnued 10 All contracts.
In cOmmerclal centerS ana III older
communities. where the nome supply OF
capital Is fully up To all the wants OF
trade, II may answer To allow the rate OF