is a very considerable amount of money at interest; stocks, and other evidences of wealth, which escape taxation, whilst the means of the middle and humble classes of citizens are all in the tract of land, the houses, and stock upon it, and the furniture in his house, easily seen and assessed by the assessor. The laws if not sufficient now, should be made sufficient to uncover the whole wealth of the State, and compel every portion of it to bear its proper proportion of the public burden. If the laws are sufficient, which is doubted, they should be administered with more energy and fidelity. The present rate of taxation, if assessed upon the actual wealth of the State, I have no doubt, would raise revenne enough to meet all our liabilities, and leave a considerable surplus, after the Treasury notes are removed. How shall that surplus be employed? Here is a debt of $7,575,587 to be paid. Shall a sinking fund be created and means employed contemplating by some permanent arrangement, the gradual redemption of this debt? Such a course would have a magical effect to elevate our character, and improve our condition. The employment of one hundred and fifty or two hundred thousand dollars annnally, would in a few years furnish the means to relieve the people of the State from this debt. Plans of employment will suggest themselves, when it is found that the surplus exists to be disposed of. Until such time, it would be useless to suggest any; yet it is a subject demanding the mature reflection of our people; the sooner some plan shall be devised and put in operation the better, for then the instability and anxiety incident to uncertainty will not exist, and the people at home as well as the holders of the State's debt, will cease to fear taxation, or to doubt the ultimate payment of the debt. It is of great importance that the State should have, at Indianapolis, a complete transcript of the books and accounts at this agency. Fire might destroy them, or carelessness or incapacity might involve the accounts and books in errors and confusion. Other circumstances might render it of consequence to the State, to have at home, under her own immediate control, all the entries and evidences against her, made at this agency. These should all be deposited in the office of the Auditor of State. To secure this very desirable end, it would be well to have this agency, at the end of each six months, furnish the Auditor of State with a transcript of what may have been done within that period, so that if any calamity, or other difficulty should occur, the means may be within the convenient reach of the State to supply all necessary information. This will be the more necessary, as the different stocks issued and transferred at the agency become active. The business of issuing and transferring stock, will then be vastly increased, and the State will find it the more necessary to see that all certificates furnished, are properly disposed of and acconnted for. The documents already ordered by the Auditor, will furnish the foundation, and it should be kept up by accurate semi-annual reports, from which the Auditor should make the proper entries. This would furnish a ready and effective check, against any evil which might otherwise occur here. Of the suspended debt of the State, a remnant has fallen under my control; its value, if any, is not readily ascertained. They are as follows: 1. The Georgia Lands-they remain unsold, and I am not informed that any thing can be obtained for them. 2. The judgment against Mr. Beckwith, which was obtained by the State, I have been engaged in a negotiation, contemplating a sale of it. I have hopes that I shall be successfnl, though as yet nothing has been made of it. 3. The judgment against Mr. Carnahan-nothing has been done with this since I took control of the agency. 4. $175,000 certificates of deposit, of the North American Trust Banking Company-I have not seen these certificates, but am informed that they are in the custody of a gentleman in New York, under an arrangement with Gov. Noble. At present the State's interest in them, I apprehend, would not sell for anything. These planks from the wreck are suffered to remain on hands for the reason that nothing could heretofore be obtained for them.— Whenever they can be converted into money, at any price worthy of consideration, I shall dispose of them. INDIANA AGENCY, Respectfully, New York, Oct. 10th, 1848.) JAS. COLLINS, JR., |