Year: 1879

interest on it at seven per cent is about


81 100000. 1t requires, as matters now


stand, about $1,500,000 to support the


State government. These two items


amount to 50 100000. The total prop
erty of the State last year was assessed


S1G4. 600, 900. Five and half mills


is the tax for the interest on the


funded debt. The tax, if all collected,
would amount to about 100000. The
entire tax is thirteen mills, which would
make the revenue of the State, if all
collected, amount to $S,132 900. To this
must be added the receipts for licenses !;


but as the collection is never up to the
amount levied, on account of delinquent


taxpayers, and the relief patliotically


given them by the legislature, the rev.
cnue from this source will probably
not more than cover the deficit from the
other. So with an annual revenue Of
about two millions, and an annual eX


Dense of about two and half millions,
there is a greater probability under the


present order of things, of the State


getting further in debt, than getting
out. We do not pretend to be exact, for
we have no records before us; but as
the State is now defaulter in the pay
ment of the interest on the funded debt
to the amount of about SS00,0O0, and
many of its officers and other creditors
are unpaid, we can not be very far ma
terially wrong. Some say the ASSESS
ment is too low but the rate of taxa
ton is certainly high enough to make
ND for it, and as the tax now levied, can
scarcely be collected, we do not see how
increasing it By an increase of the as
sessment would improve the matter.
We contend, however, that property is
worth no more than it will bring when
sold for cash at public sale-tllis is the
only sensible, practical, and reliable test.
And if this test were applied, the prop
erty of the State would fall below its


present assessment. People generally


who own property, in the country at
least, are making bare living. When
the expenses of carrying on their bus
mess, of making necessary repairs, and
of taxation, are deducted from their
revenue, but little remains, sometimes
nothing, and very often they are in debt.
The State tax is not all-thc parish and
corporation taxes generally amount to
more than that of the State. For in
stance, in one case, the State tax was
about $40, and other taxes over $50.
So, the real tax on the property owner
is at least on an averag ge of about twenty
FIVE mills or two and a half per cent.
This on $1G4,000,0 0,000-the State assess
ment-amounts to S4,12O,00O. When
the State debt was made, everything
was high, except the bonds, and they
were bought cheap-and what benefit
has the State received for this debt -?
Now everything else has gone down in
value, the bonds ought to go down too.
Let the bonds he reduced to their market
value-say to sixty cents on the dollar.
This would bring the State debt down
to about $8,000,000. And let the interest
be reduced to four per cent; this would
make the annual interest amount to
$4,000, which could easily be paid.
And when the constitutional convention
laps off the useless Offices and cuts
down the extravagant salaries and other
expenses, as it surely ought too, sink
ing fund can easily he provided to pay
off the debt in reasonable time. Until
Of the kind is done, the debt
will never be paid at all but the prop
9rty holders, the bone and sinews of the
State, and the mere laborer too, will
drag on from year to year, the mere
slaves and serfs of the bondholders.
The property holders had better force
reduction of the debt In time, so that
they can eventually pay it, than to pay
exhorbitant interest on an exhorbitant
debt for life time, and in the mean
time be sold out by piece-meal to do it,
1t last leaving debt greater than ever
IS heritage to their children. This
matter should be confded to the coming
constitutional convention and no one
Hhois not sound on this question, should
be elected thereto.


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