The Montgomery advertiser., 1901-07-02
lFFICIAI REPORT 0F THE PROCEEDINGS OF
 THE CONSTITUTIONAL CONVENTION OF ALAbAhiA

above estimate appended hereto b ap- pfoximately a correct statement of what the annual receipts and disburSe-
 ments of the state Traesury would he upon a tax rate of 70 cents, eonceding that the tax values will be ten millions
 more than last year. This estimate is
 based upon careful consideration of
 the records of our oflices and the pre-
 sent and past business conditions in
 this State. The expense of holding the | Constitutional Convention is not in- | cluded in this estimate.
 | Yours very truly. | T. l.. Soweil, Auditor. | J. Craig Smith. Treasurer.
 Mir. o'Neai Q.auderdale)-For what year Is thatrs
 MT. watts-This is July fst. 1891.
 Mir. O,Neat-Is that an estimate for | this year?
 Mir. watts--It is an estimate on the basis of 70 cent rate for this year. | Mr. O'NeaI-For this year?
 | Mr. watts--Yes as l understand 1t. I will read the certificate again so the gentleman can hear plainly.
 The certificate was again read. MT. o'Neal-I still don't understand | whether that is an estimate of the receipts and disbursements for this l year or next.
 Mir. watts-It is an estimate of what the receipts of the treasurer would be upon a 70 cent basis.
 MT. o'Neal-For this year?
 MT. Watts-Yes, for any time on Q taxable valuation of $276. 900.
 Mr. Ashcraft-.Thst is admitting the l claim of the Committee that the taxa l ble values will increase St0,oo0.o0o this | year. and make d total of $27s.e0o.00o
 MT. watts--Now. MT. President, this statement shows there would be de- felt on this estimate of $65.5o0. but l whether that estimate of a deficit ts l correct or not, do we want to risk & 1 deficit? Had not we better have a surplus in our treasury than deficit? l What man that goes on journey takes l within his pocket only enough money | to nay what he thinks may be the ex. l penses of that journay? Does not the l prudent man take some surplus with l Jim? Should not the state of Ala | baYna be governed by the same busi- | ness principle?
 Mr. President. 1t is but few years l before the State of Alabama will be l called upon to fund it's debt. Five years from today is suggested by my | learned friend from Montgomery (Mr. l Cates.)
 l Tine State of Alabama will be like l any other borrower who goes into the l market to borrow money. If we go to- I day we can say to the lenders, we have l the right to levy tax limited only by l IS cents on the hundred dollars and l your debt Is secure. Your debt ie ap- solutely secure, therefore give us the l lowest rate of interest which can be | had for fifty year bond. If we go to these lenders saying that the limit Is | 65 cen1s, our credit is bound to be hurt. 1 Why, because we go to them with the l statement that we have reduced CUT 1 possible income by more than l3 per 1 cent. Is it a business proposition, Str. 1 President for a merchant who has l been getting along with good credit and 1 A fair name, to reduce his annual tn- 1 come thirteen and more per cent and then 20 to his creditors? Could he expect the same consideration in the 1 money world? We are to consider
 those propositions, and we are not 10 1 de anything which will cripple the l pewer' of this State to. obtain the lowest l rate of interest when we go to fund 1 these bonds.
 If. MT. President, we limit the rate 1 of taxation to 65 cents. it means one | of two things. It means either that we must default on our public debt, I
 propriation to our public schools. | or we must cut down the approprta-
 tion to the Confederate soldiers. What member of this Convention 1 stands read to take the position to do l either? What man who has within l his heart the love of Alabama Is will 1 ing to put her credit at riskT Wnat
 man is willing to run the risk CT tax
 ing from her the proud position wnicn | she now has in the sisterhood or 1 States? What man among us IS viii | ing to strike down the school facilities 1 of the children of this State? Who ts
 1t that is willing to say that the child shall he deprived of its school privt- l leRes? Ought we not rather to pro- vide that there shall be a school house on every hill for the accommodation or l the children of this State? And who | is if. MT, President, that is willing to
 deny to those brave and patriotic men
 who stood up for this State. and fol-
 lowed her flag. the small plttance that
 is now granted to them!
 | Another thing. MT. President, which will follow. If we reduce this taxation l to 65 cents, we simply invite the Gen eral Assembly to seek out more things upon which they can levy a privilege | tax. You will find the citizen with the | tax levied upon him as an individual, l instead of upon general subjects or | taxation. You will find the General Assembly seeking to tax this thing, or l that, or the other thing, instead or rais- l ing the revenues of the State through | the legitimate channels which have ex- l isted for years. Another thing; these gentlemen who are speaking on this | subject in favor of the reduction Of l this tax rate, seemsto think that days | of darkness and of depression may not | come to this State again. Have we not
 had those days of depression in the
 past? Does not the recent history of l this State show that the taxable values went down to about $241, coo. 900? Can we guarantee that we will not arrive at that point again? IS we do. then | what is our condition? Where will we
 get the help? Can we send our Cover
 nor again to New York city, to beg the l money lenders there. to violate the law and the Constitution of the State Of | Alabama, and lend us money, when we have no authority to borrow It. and no sure revenues with which to pay 1t | back? Let us not pUt ourselves in that position. Let us content ourselves
 with the same course which we have 1 pursued up to this time. Let us not | take any chances with the affairs of | State, any more than we would with | our own business affairs.
 It is said by the advocates of this
 measure that there will be surplus
 of $500. 900 on the first of October next. Let me ask of those gentlemen how T A@ll swuFsNN