The globe. (Huntingdon, Pa.) 1856-1877, January 21, 1863, Image 1

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Lac (51obt.
Friday, January 16, 1863.
We have not the time nor the incli
nation, to dun personally, a large num
ber of persons who have unsettled ac
counts upon our books of several years
6tanding. We shall, therefore, from
day to day, without respect to persons,
glare into the hands of a Justice for
collection, all accounts of over two
years standing. All those who wish
to save expense, will do well to give
us a call.
[Par theOlobe.)
BY J. 8.0
Six thousand years ago,
And twice six thousand more,
This mighty globe was made,
And darkness reigned all o'er
Six thousand years ago,
With darkness all around,
God moved upon the deep
And broke the vast profound
Six thousand years aro.
One glim'ring ray drew near,
But all the time before,
Eternal night was here.
Six thousand years ago,
That ray of light was born,
And from it quickly sprang
The first auspicious morn.
Six' thousand years ago,
But none will e'er portray ;
For language ne'cr can paint
The glory of that day.
Six thousand years ago,
rile contrast, who can tell,
For lo! the world is now—
Hang o'er the gulf of hell.
COALMONT, January, 1803.
To the Senate and House of Representa
tives of Pennsylvania:
GE TL) n compliance with
the act of 16th of Afar* 1832, I here
with subinit'my report of the opera
tions of this Department fix• the fiscal
year ending Nov. 30th, 1862.
In my last annual report I alluded
to the increased ditties and disburse
ments of this Department caused by
the southern rebellion against the gen
eral Government, which at that time
bad existed for the preceding nine
months. Notwithstanding this rebel
lion has coLtinued to the present time,
and grown even more gigantic in its
features and operations, I am happy to
say that our State has stood up most
nobly under the drain which has thus
been made upon her resources, as is
manifested by the excellent condition
of our finances which I am enabled to
The balance in
Treasury, Nue.
30, 1861, was .
Receipts during
fiscal year end
ing NUT. 3021),
1801, were as
Ordinary 50urce5.54,047,822 39
6 per cent. loan
act Mayls, '6l, 387,850 00
From various
banks as an e
quivalent f o r
coin the paytn't
of int. on the
Public debt
Refunded ca s It,
military . .
United States Go
vernment . .
140,768 30
29,56 G 42
605,740 52 5,211,747 63
Total into treasu
ry for fiscal
y ear ending
Noy, 30, 18131
And the pa y
ments have been
as follows:
Fur ordinary par
poses . . 43,083,110 06
NO on state into-
Test ns an oquiv
alent for coin .
Military expenses
net April 12, '6l
Military expenses,
net May 15,'61 1,217 26
Military expenses,
net April 16, '62 20,607 04
Military pensions,
net May 15, '6l
Commissioners of
Sinking Fund
Temporary Loan
United States Go
vernment direct
14G,631 22
400 5i
427,881 51
105 32
100,000 00
350,000 20 4,520,509 25
Leaving balance
i n Treasury,
Nov. 30, 1862 .
A 40004 account of receipts and
expenditures will be found in the P t e.-
port of the Auditor General.
A careful analysis of the ordinary or
general receipts, together with the ex
penditures of the last year, as com
pared with the ordinary receipts and
expenditures of the year 1861, will
show the following gratifying result :
Receipts from ordinary sources :
For year ending Nov. 30, 1862.54,047,822 39
" 1861. '3,017.64 . 6 57
Excess of receipts for 186 0 54,030,176 . 82
- .
41 50
WILLIAM LEWIS, Editor and Proprietor,
Payments for ordinary purposes, excepting
For year ending Nor. 30, 1861.51,118,602 93
1862. 1,023,345 77
Decrease in expenditures of '62 $ 95,317 16
It will thus be seen that while the
ordinary receipts of last year were one
million thirty thousand one hundred
and seventy-six dollars and eighty-two
cents (51,030,176 82) in excess of the
year 1861, the ordinary expenses were
ninety-five thousand three hundred
and seventeen dollars and sixteen
cents ($95,317 16) less.
It affords me much pleasure to state
that a large portion (about $125,000)
of this increased revenue for the last
year is due to the untiring energy of
the honorable Attorney General of the
State, through whose department this
amount has been collected from claims
which have been due to the State for
a number of years.
Amount of public
debt of Penn
sylvania, as it
stood on the Ist
day of Dee. '6l $40,580,666 08
Additional nm't
received at the
State Treasury
during the &s
-eal ycarending
Nor. 30, 1862,
on Military
Loan, author
ized per act of
Mtv 15, 1861 . 387,850 00
Deduct nmnunt
redeetned at the .
State Treasury
during the fis
cal year ending
Nov 30,'62,viz:
5 per cent. State
stocks . . .$268,809 49
4i percent. State
stocks . . 50,000 00
4 per cent. State
stocks . . 100,000 00
Int'et certificates 17 25
Relief notes . . 1,411 00
llumeatic credit
or's certificates 64 52
Military Laan,
per act of A
pril 12. 1861,
redeemed . . 100,000 00
---$ 520,302 26
Public debt, Dee
1, 1862 .
The Commonwealth holds bonds re
.3eived from sales of the public works
amounting to ten millions seven hun
dred and eighty-one thousand dollars,
($10,781,000), as follows;
Penna. Railroad company's
bonds . . . $7,000,000
Philada. and Erie Railroad
Company's bonds . . 3,500,000
Wyoming Canal company's
The speedy completion of the Phila
delphia and Eric Railroad being se
cured by the permanent lease of the
same to the Pennsylvania Railroad
Company, the above securities of that
road may now be relied upon at matu
rity tin• their full amount with interest
towards the liquidation of the public
I understand that the Wyoming Ca
nal Company are about to make a
proposition to the Legislature which
will also -secure the amount of her
bonds to the State beyond a doubt.—
The whole amount, therefore, ($lO,-
781,0000 of the above securities may
be relied upon for the liquidation of
the public debt, which amount would
reduce the same to about $29,000,000.
By an act of Congress approved Au
gust 5, 1861, a direct tax of twenty
millions of dollars was levied by the
General Government against all the
States of the Union. The quota of
Pennsylvania under that act was $l,-
946,719 33.
$1,551,005 72
Up to the first ofJuly last we had
presented accounts against the Gene
ral Government amounting to $2,037,-
334 42. On these accounts they had
paid us $606,000, leaving $1,431,334 42
due and unsettled. Under the act of
February 10th, 1862, I paid to the
General Government, in June last,
$350,000 ; with this amount, together
with the above unsettled accounts and
$292,007 90 allowance for prompt pay
ment, we paid the direct tax of our
State, leaving 8126,622 99 due us, sub
ject to the settlement and adjudication
of the above accounts. The balance
of our accounts against the General
Government for war expenditures,
from June last to the present time,
have not yet been presented, but are
now being made out for that purpose.
The direct tar of $1,946,719 33,
against our State has thus been paid,
and we will have in the treasury on
the first proximo, after paying the
State interest, !wet! one and a quarter
million of dollars, and there is also due
us from the General Government about
two hundred and fitty thousand dol
lars, for unsettled accounts. The gen-
Cial balance in the treasury during the
past year, has been larger than would
have been required in ordinary times,
or for ordinary purposes, but in view
of the existing state of things, with an
armed force of Zn hundred thousand
rebels hoveririg around our borders
and at times penetrating even into our
State, it was deemed advisable to re
tain in the treasury an amount sufli
: eient to provide for any contingency
which might arise under the circum
stances. Since that time the enemy
have beep driven from the adjoining
State of Maryland, but are yet in Vir
ginia in very large force, and when we
consider the energy and daring which
has hitherto characterised their !nue
ments, it is a matter of serious ques
tion whether our State is yet free from
the dangers of invasion and the perils
of'war on our cl,yn
A large porticm Of this balance in
the treasury can be applied to the li
quidation of the public debt, if in your
judgment it will not be required for
$6,763,353 35
$2,172,844 10
$10,068,510 Os
$40,448,213 82
the defences of the State, or for other
purposes connected with the present
unholy war against the General Gov
By the report of the Commissioners
of the Sinking Fund, made to the Gov
ernor on the first of September last, it
will be seen that 5262,801 67 of the
public debt was paid during the year
ending at that time; and since that re
port was made au additional amount
of $158,510 26 has been liquidated;
also, $lOO,OOO of temporary loan of
April 12, 1861, making together 3521,-
311 93 paid since the 2d of September,
Under the act of March 7, 1801, "to
change the name of the Sunbury and
Erie liailtoad Company, and to facili
tate the completion of a railroad from
Sunbury to Erie," ,4delivered on the
warrants of the Governor to that com
pany, on the 12th of February last,
ono million of the bonds specified in
that act, and on the 20th of November
another million of said bonds, they
having complied with all the provis
ions of the act which entitled them to
receive the same, and it is certainly a
cause of congratulation to the State
that the work on this most important
public improvement is progressing so
energetically that the present year will
probably witness its entire completion,
and we shall begin to realize the im
portance of this work to our trade and
There is,one subject to which I ask
your immediate and earnest attention,
viz : the payment of interest on the
State's indebtedness due on the Ist
proximo. By the act of June 12th,
1840, it is my duty as financial officer
of the State to pay that interest in
"coin or its equivalent;" and by the
act of April 11, 1862, it is also my du
ty to assess and collect the cost of this
mode of payment pro rata from the
banks of _the Commonwealth which
may be in a state of suspension, and
have availed themselves of the ben
efit of the aforesaid act. When this
last act was passed, the rate or
difference between specie and the
bank currency of our State was
but about 2§ per cent; from that
time to the present Ether° has been a
gradual increase of this rate until now
it is about 30 per cent. I cannot for
a moment suppose that the Legisla
ture, in imposing this penalty on the
banks, ever anticipated the existing
state of things in reference to the cur
rency of our country, or they would
not have imposed such an enormous
and tuijust tax upon them—as it would,
be to require them to pay this large
difference on the payment of the State
When the last semi-annual interest j
was paid in August, the rate for spe
cie was about l 2 per cent., and when
I called upon the banks to meet this
large expense, in addition to what
they paid in February (which togeth
er was about $146,000) I could not but
feel, as they did, that it was an oner
ous and unjust tax in view of the al
ready heavy taxes which they paid in
to the treasury of the Commonwealth,
and, as they have paid this tax into
the treasury in addition to their previ
ous heavy taxes, 1 fuel it to he my du
ty to recommend to the Legislature
a reduction on their taxes for the coin
ing year to relieve them in part for the
heavy expenses they thus incurred in
sustaining the credit of the State by
the payment of its interest in " coin or
its equivalent." If the banks were in
a state of suspension front bad man
agement, or from any causes within
their own control, I should not feel
authorized to recommend them to be
relieved front any just penalty for their
suspension. But when it is caused by
great national troubles beyond their
control, and from which they are suf
fering, in common with all other inte
rests, I cannot but think it very un
just to impose upon them alone
to maintain the credit of the State,
when every other business interest, as
well as every citizen, is equally inter
ested in maintaining the high credit of
our Commonwealth. When I reflect
upon the invaluable assistance which
has been rendered to our State and the
General Government by the banks of
our Commonwealth, from the com
mencement of our national troubles, I
cannot but feel that they have a spe
cial claim upon your most favorable
consideration and action. I feel free
to express the opinion that but for
Elm assistance rendered to the States
and General Government by the bank
ing interests of our country, we should
have been compelled to apply to for
eign governments or foreign capital
ists for means to sustain the Govern
ment in its efforts to put down this
unholy rebellion; and tq convince you
that the banks of Pennsylvania have
done their shave in this noble work
of keeping us independent of foreign
capitalists, I need but state the fact
that they have taken of our State and
Government securities over_forty-one
millions of dqliqrs, Is it not manifest
ly unjust, then, and not only unjust,
but impolitic also, to single out this
one interest of our State from all oth
ers, and to impose upon it alone all
'the taxes necessary to sustain the
credit of our Commonwealth in the
payment of her interest? I cannot
but think it is. Under the impression,
then, that your honorable body will
not, for a moment, hesitate to relieve
the banks from the very heavy tax
which the present high rate of specie
.would impose them under the act of
1862, I would respectfully ask your
immediate action on the subject, so that,
I may he governed by Such action in
the payment of the interest on the Ist.
proximo. A very small portion of the
interest ( about 533,000) was due on
the Ist instant, iq the payment of
which t have been governed by the
act of Juno, 1840, by paying it in spe
cie or its equivalent. The question
I now arises for your consideration, as
to the duty and policy of the State in
the payment of her interest hereaf
ter, whether it shall be paid in the pa
per currency of the country or in spe
cie. I will most respectfully submit
my views on the subject, and then
leave it for the action of your honora
ble body,
The question generally asked in dis
cussing this subject, is : Can the
State afford to pay this large differ
ence between currency and specie in
the payment of her interest ? Ought
not the question rather to be can she
all'ord not to do it? Will not the cred
it of the State suffer materially if she
refuses to do it? Is her credit of no
value to her and her citizens ? Is the
IState so strong and powerful, so above
lany liability of future want, that she
call exercise her power irrespective of'
any effect lice action may have upon
her credit? We must bear in mind
that we have established the policy by
the act of 1840, and have twice paid
our interest in specie or its equiva
lent; in February last when it was 2
per cent. premium, and in August
when it was 12k. We did this besatuse
we thought it was either just or polit.
ie, or because we thought it both just
and politic, and having thus declared
to the , world our policy, and that we
thought this was the right way for the
State to act towards her creditors,
and have been publicly and privately
commended for it both at home and
abroad, shall we not, if we now change
that policy, admit one of two things
Either, first, that the State is no lon
ger willing to do that which she has
declared, by her own voluntary action
to be just and right, or, second, that
she is no longer able to do it ? In ei
ther case, will wo not weaken public
confidence, both at home and abroad,
in the good faith and character of our
State in financial matters? On the
other hand, it' we continue firm in our
policy of meeting our interest in spe
cie or its equivalent, can we not
bring back the credit of our State to
its original high standing, when it was
equal, if' not superior, to any State in
the Union ? Up to 1835, this was the
noble position of Pennsylvania. In
that yeah', Governor Wolf alluded to
the flirt that the State had received, in
cash . . . 8'23,776,656 68
For which she gave her
obligations at the low
rate 015 per cent. for 22.420,003 32
Gaining in cash by her
credit alone . . . $1,350,1353'30
Does not this prove that the credit
of a State is worth something to' her
in dollars as well as in the moral posi
tion it gives her before the world ?
Since 1835, the credit of the State has
fallen very much, I think, by its own
action at different periods:
Ist. In the repeal, by the Act of
February, 1830, of the State Tax on
real and personal property, and sub
stitution of the bonds of the Bank of
the United States as a source for the
payment of interest.
2d. By the payment of her interest
in '47 and '4B in relief notes.
3d. The failure of' the State in '42,
(when the bank had failed) and for
some time thereafter, to pay her inte
rest otherwise than by the issue of
new stock.
4th. 13y the impost or tax laid by
the State on its own loans by the Act
of April 16th, 1845.
,3th. In defaulting in the payment
office/ley-two different loans at maturi
ty, there being now that number of
loans overdue, amounting to more
than half her whole debt.
In my opinion these causes have
conspired to injure the credit of our
noble Commonwealth, when we have I
within us all the elements which
should give us the highest credit of
any State in the Union. Deeply nu
pressed with the importance of bring
ing back the credit of our State to the
high and proud position it once held,
I would respectfully suggest two
modes of action by which it can be
accomplished : Ist. By a continuance
of the policy of paying our interest in
specie, or its equivalent. 2d. By fun
ding all the overdue loans, and issu
ing new certificates for the same, pay
able in twenty or thirty years, at five
per cent., free of the tax as levied by
the Act of April 16, 1815. It May be
said that in the prozont condition of
our country, it is no time for the State
to consult its credit by any action
which will add to our expense. I can
not but think that this is just the pe
riod for such action on the part of the
Coin monwetlith, The treasury has
riqt bpen in a better condition for ma
ny yems, and the receipts of the last
year prove the ability Of our citizens
to meet any just and proper expenses
necessary to iimintain the good faith
and credit of the Commonwealth ; and
I venture the'opinion that, if a census
could be taken to-day of the wealth of
Pennsylvania, it would be found that,
notwithstanding the war of the last 20
.months, she has largely ailvanced in
wealth and the development of her re
and if, (as it is to be hoped,)
before the next semi-annual interest is
duo, our army shall meet with those '
successes which we have a right to
expect,'and which shall restore conft
deuce and reassure the public mind in
the success of our arms and the sup
pression of this rebellion, and thus
again equalize the value of specie and
paper currency, what Pennsylvanian
will not feel a just pride over the re
flection that, amid all our trials and
difficulties, our good old Common
wealth stood firm and erect in its in
tegrity and honor? What citizen
will not cheerfully - pay his small share
of the expense ne s pessary thus to main
tain the good faith and credit of his
St,ate? If, however, your liopprahle
body shall decide against this policy,
and determine to pay the interest in
the pap& currency of the country, let
me urge, with all earnestness, that the
State will at least do that justice to
her creditors which I cannot but feel
has been too long delayed. I allude
I to the repeal of the tax on her own
loans, to which I adverted in my last
, annual report. Certainly the State
' will not think of paying her creditors
t the interest due them in a currency
largely depreciated in value, and at
the same time refuse to pay them in
, full the small rate of interest Which
I she agreed to pay them at the time she
borrowed their money. If I did not
feel that the State was doing herself,
as well as her creditors,
great injustice
in this matter, I would not again al
lude to the subject; but when I truly
and sincerely believe that the State is
injuring her fair reputation as well as
her credit, by allowing this law to re-
main on her statute books, in, its yes- ,
eat form, you must excuse me for again
calling your attention to it. I know
there are those who defend this law,
on the ground of the right of taxation
which belongs to the State, and I have
..bees asked "if I think the State has
not the right to tax her own loans."—
The State has an undoubted right to
tax, the incomes of hdr citizens, but I !
certainly cannot think that she has I
the right, even if she has the power, of,
breaking her contracts, as I think she'
has in this instance, and shield herself
under the right of taxation. [tow doeg'
the case stand ? The State advertises
at various periods that she wishes to
borrow money for a term of years, I
and, as an inducement to capitalists,
promises to pay them five per cent. in
terest for the same, the principal to be
returned at specified periods. The
contract is n4,ade, and her obligations
given, bearing upon their face these
terms of the contract. For a period I
of years she faithfully performs her
contract so far as the interest is con
cerned • but when the principal be
comes due and reimbursable, she de
faults in the payment, and her credi
tors are obliged to hold her matured
and unpaid obligations, they being
powerless to enforce the same. In ad
dition to this, under the power she'
claims to have by virtue of her right
of taxation, sho subsequently directs
her Treasurer and financial agent to '
withhold from her creditors a portion even
' of the interest she had agreed and con
tracted to pay them -when she took their ,
money; can it be said that this is
right? Is it just? Would the same
course of action be tolerated as be
tween individuals ? Is it to be Wee
dered at that the fair time and finan
cial integrity of our State has of late ,
years depreciated and suffered from
such a sours° of action ? And if she
shall now pay the interest on the first (
proximo in this depreciated currency
of our country, and at the seine time
withhold this impost or fax on her in-;
terest, her creditors will get but a tri-;
fie over three per cent., instead of 5;
and the injustice of this Will be more
apparent when applied to a foreign ,
creditor• who will be obliged, from ne
cessity, to convert, at this immense
loss, the currency lie receives front a
State which had pledged to hint her
faith and obligated herself to pay him j
five per cent. interest for the use of his'
money. It cannot be that the State ,
of Pennsylvania will do this wrong.—
Let us wipe from our statute books
every act which shall bear the least ,
semblance of bad faith or injustice. on'
the part of our State, and, my word
for it, her credit will soon again be so
firmly reestablished that she will be
enabled always to borrow at five per
conk. ' or less, to meet her loans as they
may hereafter come due, and thus al
ways be able to keep her good •faith
with her creditors, and occupy that
position before the world which will
be a cause of just pride to every citi
zen of the Commonwealth. In this
connection, I would respectfully sug
gest how, in my opinion, an additional
income to the State may be scoured,
to meet any expense which may thus
be incurred in maintaining the credit
of the State. In my last report, I re
ferred to the necessity of a thorough
alteration and revision of our revenue
laws, and I beg leave to repeat a few
words which I the» said on this sub
When the fact is stated that the val
uation of property of all kinds in our
State, including money at interest, tax
on offices, &e„ is one-third less than
that of Ohio, and two-thirdsless than
New York, it must be evident to eve
ry one that property in our State is
either assessed at a mere fraction of
its value, or else that a very large pro
portion of property escapes taxation
altogether. It has been the boast of
Pennsylvanians for years, that our
rich agricultural domain, and our im
mense mineral wealth and resources,
constitute n 9 Anp of the richest States
iu tho Vnion; and yet, according to
the valuation of our property for tax
able purposes, we are comparatively
one of the poorest. From facts which
have come under my own observation,
I am satisfied that a largo number of
our wealthy citizens escape taxation
almost entirely, by reason of having
their wealth mainly, if not exclusively,
in bonds and mortgages, ground rents,
and other securities, which they fail
to return for taxation, and which can
not be discovered by our assessors, un
der the present system, thus throwing
sin unjust and unequal amount of tax
ation upon real estate and other tan
gible property, and upon those eitiOus
who are faithful anti just in the re
turns they make of their means and
To show that I was not wrong in
the opinion I expressed at that time,
let me state one or two facts bearing
upon the subject. The Board of Rev
enue, Commissioners aro now receiv
ing the triennial returns from the Com
missioners of the State, of the yqitie of
property of all kinds in their- various
counties, and the assessments thereon.
Iront this department the Commis-
TERMS, $1,50 a year in advance.
sioners wore furnished with a schedule
under various heads, in which they
were to make their returns to the
Board, and in that schedule was the
Value of all mortgages, money ow
ing by solvent debtors, whether by
promissory notes, penal or single bill,
bond or judgment.; also of articles of
agreements, and accounts bearing in
terest, except notes and bills for work
and labor done, and bank notes.
The amount returned under this
head by the commissioners of the city
and county of Philadelphia, is $12,439,-
381 ! Will any one who knows any
thing whatever of the wealth of the
city of Philadelphia, suppose that there
is only twelve millions.of dollars out at
interest in the various forms specified
above? I venture the assertion that
the amount is nearer one hundred mil
lions, if the truth could be ascertained.
Another item which they were requir
ed to return was the number of gold
watches, and they return 2,9941
Tireaty-n inc hundred and ninety--four
watches returned for the city of Phila
delphia, with a population of over six
hundred thousand ! Would it not be
a safe calculation to say there are at
least twenty-nine thousand watches
in Philadelphia, which should be taxed.
instead of that many hundred? And
the Commissioners of Lehigh county
return eleven watches for their bounty;
and thus I could cite numberless cases
all over the State, where amounts of
money at interest, and other property
returned for taxation, are hut a mere
fraction of their true value. Is not
this wrong ? Why should one citizen
pay the honest and just tax on his
money at interest and other property
for the support of the Commonwealth,
and his neighbors all around him es
cape by either making false returns or
no returns at all ? This state of things
should Rot exist. Every citizen of
our Commonwealth is protected alike
in his person and his property by our
Government and its laws, and should
pay a firir proportionate share of the
expenses of the Government from
which he receives such protection.
The question arises, how can this
difficulty be avoided? I would sug
gest two methods by which it can be
accomplished to a great extent: I
would make it obligatory on every
citizen to make his returns to the as
sessors of his money at interest and
taxable securities, under oath or affir
mation. No citizen who now makes
an honest and just return of his means
and wealth could or would object to
this, as it would divide the burden of
sustaining our Government between
him and those who now escape it in
part or altogether. Again, I would
have the i;ecords of every county ex
amined yearly by the assessor, as those
records will giVe a true and fhithful
!account of all money at interest on
bond and mortgage in each county.—
Let this be done faithfully, and I veil
tare to say it will increase the reve
nue of the Commonwealth over a
million of dollars annually from per
! sons or property now escaping taxa
tion altogether.
I am happy to know that this sub
ject of the revision of our revenue
laws will be brought beforeyou through
a report from the Board of Commis
sioners appointed by the Governor
under authority from the last Legis
lature. As the act of 1832, which calls
for an annual report on the subject of
finance from this Department, also re
quires that report to contain "plans
for the .support of public credit and for
improving or increasing the revenues
from time to time, for the purpose of giv
ing information to the General Assembly
in adopting modes of raising money requi
site to meet the public expenditures," I
wduld respectfully offer one or two
suggestions for your consideration
when the subject shall come before
you for your action. I cannot but
think that in all laws for the assess
ment of taxes on any community, a
due regard should be had to justice and
equality in reference to the interest or
property to be taxed; or in other words,
that no one kind of business, interest,
or property should be taxed in undue
proportion to any other. I fear this
principle has not been carried out in
all our revenue laws heretofore enac
ted as applied to companies, or corpo
rations- of our State, such as mining
and railroad companies, banking asso
ciations, and other corporations which
are vitally and essentially necessary
to the commercial prosperity and
growth of our State, and the develop
ment of its great mineral wealth and
resources. For example, there are,
to my knowledge, mining companies
in our State which pay very heavy
State and county taxes upon the land
which is the basis of their stock and
corporation, and also a State-tax upon
their stock, according to its assessed
value, and the stockholders have never
received a dollar of dividends
,or reoemfe
from their shares. This would seem
to be and is a double tax on the same
property. First, the land is taxed to
its full value, and then the stock which
represents the land is also taxed its
assessed value when it does not produce
the least revenue to its owners. This is
certainly an unequal and, therefore,
unjust tax. The same may be said of
many railroad companies of our State.
There is probably more unproductive
capital invested in the railroad and min
, ingoompaniesofour State than in any or
all 'other business interests; and when
we take into consideration the fact
that those two interests have done and
are doing more to advance the wealth
and develop the resources of our State
than all others, is it not anjust,and
impolite also, (the interests of the State
considered,) to harden and cripple
these interests with an undue ILO un
equal proportion of taxes? I am
aware there is a prevalent disposition
in the public mind against associated
eapital corporations generally, and
THE 0 :3-1..,033M
GLOB 3013 OFFICE' is
the moot cimpleit) of ally 111 the Wintry, and pee
=it Tpple'rectlftiee tht prpfutli ..T.9p,l!Q
stio beg stylpt °Tory puiv!y of 49 prfpfk,lll4 4
LABELS, &C., &C., g,
NO. 32.
this feeling is apt to manifest itself
in the form I have alluded to.
I would, therefore, respectfully sug
gest whether, in your consideration of
the subject, the interests of the State
will not be advanced and her revenue
increased by such action as shall foster
and encourage, rather than discourage,
those associations of capital and corpo
rations which aro essentially necessa
ry to the commercial advancement of
our State, and the development of our
great resources. I would, not.wish it
to be understood that I advocate the
policy of relieving corporations from
any just and proper taxation ' .but only
from unequal and unfair taxation ; and
at this time especially do I think this
principle of action would be both just
and politic on the part of the State,
when we consider the fact that the
General Government, by its internal
revenue act, bears so heavily on suet*
corporations, to the exclusion almost
entirely of real estate. There are
some corporations in our State which
are prosperous and proddetive in their
operations, and from which the share
holders receive fair, and in some cases
large dividends.' On such companies
I would lay a fair and full tax, to cor
respond with their income or profits.
In very many other cases there are
companies or corporations whose ope
rations assist very materially in do
veloping the wealth and resources of
the State, and yet produce little or no
income whatever to the shareholders.
The good sense and judgment of your
honorable body will at once perceive
the discrimination which should be
made in reference to these two classes
of corporations, when you shall come
to•act upon the revision of our revenue
laws. There is probably no subject
that will be presented for the conside
ration and action of your honorable
body of more importance, and with
which the interests of our citizens, as
well us the general interests of the
State, are so intimately connected, as
the subject of the revision and altera
tion of the revenue laws, and as I pre
sume it will bo fairly and fully elabo
rated in the Report of the Board of
Commissioners, to which I have allu
ded, I will forbear any further sugges
tions on the subject, except to again
express the hope, that in whatever ac
tion you may take, you will endeavor
to bring within the operations of the
law those citizens and their immense
property and wealth, who have hither
to escaped taxation by failing to make
a true and just return to the officers of
the State. By doing this you will, in
my opinion, nearly double the income
or revenue of the State without the
least increase of the present rate of
I herewith submit tables giving, in
detail, the operations of this depart
ment for the last.fiseal year, together
with estimates of the receipts and ex
penditures for the present year. AR
of which are respectfully submitted.
Jan. 7, 180. State Treasurer.
Choice of Animals for Fattening.
Mr. Medley contributes the follow
ing valuable hints on fattening cattle,
to the Newcastle Club, and which we
find published in the Agricultural Ga
zette, England.. He says :
"In my close identification. with
fat cattle for several yearS, I have al
ways found that the best animals have
the most massive heads, most capac
ious chests, and the strongest spines.
I have, therefore, evolved a few rules
to go by in the purchase of lean ones,
and scarcely with one exception I
have found them to be applicable.—
The head of any of our bovine races
ought to have the first consideration;
this is the true index to the vital acu
men, and oven bodily construction,
and will be found to foreshadow all
good or bad that may' bo accomplish
ed. Thus, - an animal possesied of a
broad, full, spacious skull, with strong,
evenly-bent, deflective horns, will be
found to have a thick neck at the base,
wide thorax, and strong, nervous aye
tom; while ono with long, narrow,
contracted skull, and puny, abruptly.
bent horns, will be characterized by
weakness, wildness, and slowness
to fatten. A small, dull, sunken
eye betokens great hardness of
t6tuil4 and an inaptitude to fatten; and
a bright, largo, open eye vice versa. A
starting, dark, fiery eye often accom
panies a small forehead and hereditary
wildness, and when combined with
small, drooping hems, and a chin with
no loose skin hanging from it, is a ve
ry despicable animal indeed, Weak in
constitution, predisposed to lung dis
ease, and sterile in fattening propensi.
ties. Animals with weakly formed
heads, have always small loins, and
the width of these parts will always
be found in an exact ratio with the
strength of the head. The nose, in
stead of being long and fine, as Virgil,
Aristßit'l'mrid several other naturalists
recommend it, ought, in my opinion,
to be thick, strong, and near the ear
as possible, if only in proportion to
the size of the frame. Thickness of
nose and thickness of chest are often
twins, and so aro thin, meagre, irregit
lay noses and consumption. Small,
snipy noses oft sniff the air into frames
of small capacities, and are joined to
mouths that can crop but very small
morsels at a time.
The ovil that men do, lives -after
when, the good is oft interred "%WI
their bones.
Some that smile have ill their hearts
millions of, misehief,
One touch of nature makes the
whole world kin.
The amity that wisdom knots, folly
may easily untie. ! T
Perseverance keeps hope; bright