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one half would make the revenue of 1842, not yet collected, after dcducting for loss &c.,
$91,400 00 Revenue in the treasury in State Bank paper, worth about 5,500 00 Revenue of 1839, '40 and '41 not yet collected, which after deducting for loss, will be worth about
15,000 00 Three
37,206 39 Receivable for the distribution of the proceeds of the sales of the public lands to July, 1842
191,015 74 115,000 00
Reduced revenue of 1843
$306,015 74 Thus it will been seen that by judicious retrenchment there will be ample resources to meet the expenditures of the next two years. The Tevenue if reduced to fifteen or twenty cents on each hundred dollars can nearly all be paid by tax payers for the ensuing two years in Auditor's The warrants now outstanding and unredeemed amount to $28,898 26 The amount necessary to be issued to defray the expenses of the Legislature will be about
50,000 00 To pay the interest on the school fund, and the salaries of officers, &c. until next April, about
The whole warrants in circulation next April will be about $128,898 26
The finances of the State can be placed upon a permanent footing by rcducing the revenue and requiring it to be collected in current funds and Auditor's warrants. The first cffect of this policy will be to enhance the value of warrants, and render them a temporary resource to meet demands upon the treasury, and its next effect will be to furnish tax payers with a convenient medium, for the payment of revenue, which no ingenuity can divert to any other purpose.
In my humble opinion every attempt to carry on the government with the notes of insolvent institutions must end in certain failure.
It will not possess even the merit of present convenience, while it is likely to subject the people to the risk of aspecial session of the Legislature, and an additional load of taxes.
It may be instructive to advert to the condition of the State towards the closc of the last session of the Legislature, when the State Bank refused to redeem Auditor's warrants. The members of the General Assembly after having been in session about three months were unpaid and without means. The judges and other officers were in a similar condition and the credit of the State at the same time had sunk so low, that the public documents could not be obtained from the post office, until the officers themselves became personally responsible for the postage. In this extremity, the State Bank was able to dictate its own terms to the Legisla. ture and extort from that body whatever concessions it chose to demand. To prevent the recurrence of such a mortifying state of things, I united
with the Governor and Treasurer in their efforts to preserve the revenue of 1842 for the use of the State. In this I rejoice to say we have been successful, and it is now subject to your control instead of being in the vaults of the Bank. All of which is respectfully submittted.
Auditor of Public Accounts.
TREASURER'S OFFICE, ILLINOIS,
Spring field, December 9th, 1842. To the Honorable, the Speaker of House of Representatives:
SIR: In compliance with the statute requiring a report from the Treasurer, I have the honor to submit to the General Assembly, the following statement showing the amount received into the treasury, monthly, from the 30th day of November, 1840, to the 30th day of November, 1842, inclusive; also the amount deposited in Bank to the credit of the State, &c. I have the honor to be, sir, your obedient servant,
M. CARPENTER, Treasurer.