The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-23
s4.7OS.516.l2

"Of this amount substantial payment
can be made Jan. !, 1901, from the Deem
Der settlement with the different counties of
the State on account of the State debt
sinking fund tax. The State gave pub
lished notice many years ago of its desire
to pay the State stock certificates now
amounting to s5.6l512 and since then in
terest has been stopped. 1t is probable the
certificates have been destroyed or lost,
and will never be presented for payment.
The domestic debt due Purdue and the
State Universities, amounting to $4S4000 is
I'm 5 per cent bonds. The $4,000 due Pur-
due University is payable April 1, 1901, and
can be paid at maturity. The per cent.
refunders of 1889. now amounting to $780,
0OO are held mostly by savings banks, and
having the option privilege, the State can
pay at its convenience The State debt sink
ing fund, OF cents on each hundred dol
lars, levied for this purpose, will amount
in round numbers to 100000 per year. and
this with the probable excess each year
from the general fund, which, however,
would only be possible with normal appro-
priations. will practically pay off AL of the
State debt that can be paid within the
next four years. The 31z per cent. bonds of
1895. amounting to $l,0S5,OO0, are due in 1915.
and having no option clause, cannot, with
out the consent of the holders. be paid un-
til that time. so that if the Legislature
does not desire to take advantage of the
option privilege in the bonds of 1889. the
levy OF 3 cents for the State debt sinking
fund can be reduced say one-third, and
with the present levies for and receipts to,
the general fund. on the basis of present
disbursements, this series of obligations
can be paid from the surplus revenues of
the general fund, and this lessons specific
levy within practically the time of ma
turity in 1909. 1t would seem the part of
prudent financial management 10 continue
the present levy until these bonds are paid
and save the interest.
THE TAX DUPLICATE.
1.-THE tax duplicate of the State amounts
TO 81, 1895, 1865. II was feared that on ac-
count OF the 500 mortgage deduction act,
passed by the Legislature of 1899, the dupli-
cate would suffer a net decrease of many
millions of dollars, but such has not been
the experience.
1.-THE deductions consequent upon this
statute for the year 1888 were, in round
numbers, $27.500,000 To Offset this, how
ever, there was an increase OF $s3.9o9, 500 in
the assessment of the personal property of
the State. and of Sc. u4.b4O in the assess
ment of corporate property. These IN
creases. together with minor increases in
other species OF property, make a very
handsome addition to the duplicate, ma
terially overcoming the claims filed on ac-
count of mortgage deduction and show the
duplicate for 1889 To be the largest IN the
history OF the State. While the returns for
the present year are not yet complete. they
are sufficient 10 justify the statement that
the comparison VIII De even more favor
able than for the year 1899
THE total taxes .accruing from the dupli-
cate amount to 81. $50 295. 81. The average
of delinquent taxes Is generally about 10
per cent, but at the present time IL Is
per cent. showing that collections of levies
were nev..r closer. There should be, If pos
slble. more drastic powers for the enumer-
alton of personal property. This is the
burden of complaint everywhere in this
State and in every other State. Real es-
tate can be reached corporate property
through the searching operations OF the
tax law can be assessed by tangible meth
DDS at cost values, but personal property
has hiding places as inaccessible as Afri-
can jungles and because OF nondscovery
bears the lightest burden OF any class OF
values. when II should be the equal ..i
amount of any other class OF values. The
history of taxation contains the same old,
old story, and the venerable song as 10
inequality OF values on the tax duplicates
between property that is real and that
that Is personal. The annual CONVEX tions
OF county assessors for 1899 and 1906 did
very much towards equalizations OF per-
sonal property. and these consultations
should be continued regularly every year.
| Too large amount OF revenue Is lost
because or failure TO collect taxes after