Year: 1862

but it will be found the estimates ap
proximate very nearly the truth. 1t this
should not be deemed advisable, we can
present our claims against the General
Government, received the amount due
the State, pay the out standing warrants
in the hands of our people, and either
collect in money the Federal Tax and
pay it to the General Government, retain
ing the fifteen per cent. for so doing. or
allow the General Government to collect
the whole without interference on our
part In view of the actual condition ol
our affairs, and the want Of promptitude
with which our taxes are paid, am in
clned to favor the plan first recommend
ed. IF | had assurance that our taxes
would be paid as they should be, | would
much prefer the second.


Intimately connected with the subject
Of taxation and revenue, is the question
as to the kind of money which shall be
received for taxes. Under our presen
laws specie only is receivable for public
dues. In view Of the recent suspension
of specie payments by the General Gov
ernment and the Banks of the Eastern
States, it becomes question of great i'm
portance whether we can collect our rev
enue in coin. | do not believe we can,
and urgently recommend to you such
change in our law as will allow the pay
ment Of taxes with United States Tieasu-
ry notes and the notes of the State Bank
of Iowa. 1t is true the United States
Treasury notes are not payable in specie,
but it is the interest of all loyal States
and of all loyal citizens to keep them al
par, and the receipt Of them for taxes by
the loyal States would tend much to thai
end. The State Bank of Iowa is requir
ed by the law creating it, at all times. tc
redeem its circulation in coin, and | be
lieve it expects and is fully prepared to
meet that requisition. If, as it seems tc
me we must and should receive for reve-
nue. the United States Treasury notes MOI
redeemable in specie, cannot see the
wisdom or justice OF refusing to receive
the notes of our own Banks. that are sc
redeemable, especially when by SO doing
we make the payment of taxes more easy
to our people and more certain to the
State, and at the same time aid to some
extent in keeping in circulation among Il;
a currency which has, and in my judg
ment deserves, the confidence of the peo
pie.


MILITARY AFFAIRS.


The report OF the Adjutant General
herewith submitted, shows the number
and description of the troops raised il
this State for United States service to be
Sixteen Regiments of Infantry, Four o.
Cavalry, Three Batteries OF Artillery, and
one Independent Company of Cavalry fol
frontier service. OF these the fifteenth
and sixteenth Regiments of Infantry are
not fully organized. In addition, Col
Koch and Col Rankin ara engaged in
raising Regiments of infantry, which i
completed. will make the Seventeenth and
Eighteenth Regiments Of that arm Of ser
vice.


1t is matter Of much qualification to
me that oul state has thus promptly res
ponded 10 the demands made upon ii by
the United States for aid in this perilous
crisis of our country's history, and it is
also matter of great pride 10 me that the
troops OF our State, whether tried in the
exhausting service of the camp, the march,
or in the fiery ordeal of the battle field
have never been found wanting, but have
by their cheerful endurance OF unaccus
toned hardship, and their indomilablC
valor, won for themselves and our State
name which may well cause us to fee
an honest pride in claiming in any par
of our broad land, that our homes are il
Iowa.


AL the extra session Of 1861 what wa
supposed ample provision was made (,
furnish the necessary funds for raising
clothing and equipping the Volunteer
that might be required from this State
by authorizing the issue and sale OF ou
State bonds. Immediately after the clos,
OF that session, the necessary steps wer,
taken TO put our bonds in market, but be
fore they could be offered in New York
/ the faith and credit OF our State wer
most wantonly and unjustly attacked b,
certain papers in that City, SO that when
under The law, the bonds were offered 70
sale. it was found entirely impossible {
effect sales at the prices fixed by th
Board OF Commissioners appointed 70
that purpose, or which would not hav
been ruinous TO the State No sales wer
therefore made in New York, and an ap
peal was made TO own people 10 take tn
bonds and furnish the means necessary /
meet the large expenses consequent upo
raising the troops called for from IN
State. The report of the Loan Agent
herewith submitted will show you th
amount of bonds sold by them in tn
State, and The amount of money receive
therefor.


u twill be seen that much the larger pre-
portion OF the bonds was taken by per:
ons TO whom the State was indebted. an
that but small share was sold for casl
The result was that the officers charge
with the duty of raising troops as requii
ed by The General Government wei
much embarrassed for want Of means, b,
ing compelled TO operate wholly upo


credit, consequently TO great disadyan
age. Whatever could De furnished b
} our people was promptly furnished on Il
! credit OF the State. but without means