The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-01-04


shows the largest rate of incresse-teegrsph
jumping from s69S.672 to S1.S7l.012. and rail
road values from 500 206295 to Sl6l.039, 1862
A twelve cent levy under the last year OF the
old law raised l,049. 2O9.i4 while the same
levy under the first year OF the new
levy for 1891 OF II cents for state and .
cents for benevolent institutions yielded
S2,259. 460.S6.
Instead OF an annual deficit of half million
dollars under the old regime we now have
net surplus of that amount. Instead of Dor
rowing money to pay interest on the public
debt as was done under the old order OF things.
we now provide for our interest aud have
handsome surplus besides.
A number OF the larger railroad corporations
are resisting the new tax law. and thus tempo
ra.ily Withholding from the state eni the
counties thousands upon thousands of revenue.
In every instance where trial has been had in
the lower eOur . the state has wor, ami there e
little doubt but the law will be uphill b. the
supreme court. A number OF banks are also
resisting the law. The state board OF tax CON-
missioners and the attorney general are leay-
ing nothing undone TO protect the states inter
ests AID to enforce the collection OF these taxes.
The public debt is given al IS, $50 6l5 II,
of which SS,3466l5.l2 is foreign and
1854 600 domestic OF this sum the tenn
porary interest loan bonds. dated April l,
1855, aggr, eating $40, 600, fall due 4 pril 1,
1898. The temporary interest loan bonds,
dated April ], 1889. aggregating $4,000,
fall due April /. 1894. In 1898 bonds of
the state amounting 10 81 .685, 900 become
due.
The Auditor saws on this topic:
II the present general assembly makes no ex-
tIanr6nary appropriations there will be SUI
ficient moneys in the general fund to pay the
bonds due in 1898 aud 1894. l respectfully
suggest that the general assembly OF 1898
authorize be enactment the payment oil the
temporary interest loan bonds of 81 -0.OCO. due
April l, 1898. and the temporary interest loan
bonds OF $4,000 due April |. 1894. Though
another general assembly will have interviewed
before the maturing of the Sl.6S5OoJ due in
March and April, 1895, yet | suggest that this
legislature make prov sions for the payment or
refunding OF this part of she public debt also,
so that the finance board may not be pinched
Tor time.
In regard to the school tax levy the re-
port shows:
There is now laid Is cents on Sl00 for state
school purpos S. Under the present appralse-
ment this levy produces in round numbers
S2.0USlOQ. Under the Old assessment this levy
raised 81 ,372.279, and this amount vas adequate
and highly satisfactory. The levy remaining
the same, there is raised annually under the
new tax awiS636 100 more than the old law pro-
duced. Now. there never was need or a de-
mnnd for a larger school revenue, and this ex-
cess of more than half a million of do lars is
just so much unnecessarily tiken IRON the peo
| pie. Il is q burden that should be lifted from
the shoulders of the taxpayers. Unnecessary
taxation is unjust taxat on.
If The levy for state school purposes were re.
| duosd cents we should then raise Sl,3S07S
| school revenue, which is $S.6J2 more than was
| raised under the old law.
Therefore suggest that the state school lew
| be reduc a from 10 to IL cents on SlOO-thuI
giving the counties s, 502 more school reVenut
| than they ever received before, and At the same
time lessening the burden of taxation 8 cent,
on 500, or an aggregate annual reduction o.
| S6S6.1SO.
A reduction of the state tax levy is sug
pested and other points given as follows
Under the present apprasenent the genera
| fund of the state treasury shows a surplus oil
! half q million dollars annually In round mum
bers. This surplus could be reduced, leavlnI
/ it at a quarter of mil ion per annum--or hall
q million from legislature TO Legislature. 4
reduction of the state tax levy from II cents tC
| 10 cents on the 800 would diminish the sur
plus S25l 057.20, which woul6 leave q safe bal
| ance, provided extraordinary appropriation
| could be kept within this limit or below IL.
il is to be the policy of the sItting general as
/ sembly 10 keep down this class of apprOpris
tiOns to the smallest possible figure compatible
with wise and economic government see NJ
reason why the tax burden of the people shoul'
| not be Thus reduced 2 cents on the 500, or
total reduction OF S25oO0O per year.
state Debt sinking Fund.
The aggregate public debt of the state is S.
| sS06I513, on which the annual interest is 1886.
| O26 The annual surplus in the state treasury
above the ordinary expenses OF the state gov
/ eminent aud the payment OF the annual inter
est debt is $500, coo. But for the fiscal years o
1893 and 1894, there will mature bonded in
debtedness OF $4,000 and $4,000, respect
lively, so that this surplus of half a million dol
/ lars will be diminished to about $4,000 70
each OF these years. This balance could b
applied to the payment Of bonds redeemsbl
at the option of the state. This conclusion
arrived at on the basis that n,
specific appropriations will be made-a con
summation hardly TO be hoped for. In tn
very nature of things some spec nc appropria
lions will be made, as the exigenoies OF tn
times may warrant. The legislature OF lS6
made specific appropriations aggregatinz owe
! q million dollars. and the body of 1891 thu