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 should regard that embarrassment as overwhelming if had shiunk from the responsibility of advocating d measure, however onerUus, II the interest and the honor of the country demanded it.

 The of ihe last year, exclusive oi licenses, amount to 285 OC0; and inc lusive of licenses, de- duclimg for insoivencies, &c., may be set down payng into the treasury the neti sum o S27h.OO0 Add to winch 25 per cent. increase. .... 6S.000 Would give an aggregate of. f.......... $343, ,000 The debt of ihe Siate consists in round num-

 bers Tor bonds issued for bank capital. 1000, 900 Circulation. .....-.........'... .SOOO,OO0 | Other accounts. ,000, coo | Making

 To meet this heavy responsibility, have the as- sets of the Bauks amounting in the aggregate to Sl5- GOO, 900, the true value of which it Is difficult to rive at. Those who regard them in the most favora ble light rate .hem at Q09S9t

 Taking the largest amount for guide, Il is ev- dent that the whole fthis now paid into the vaults of the bank. il would exinguieh the circulation of $3 900 900. and leave for he reduction of the bonds, &c S4,0OO,000. Thus having exhausted nll it's means, tie State would find itself debtor for ST. 900 900 without any sources of payment but such as result from taxation.

 Under such circumstances what was the duty of l the last legislature! II seems 10 very clear that the revenue hl repor,ed by the distinguished chair man of the "gays and ineans," (Mr. McClung) shuu'd have been adopted. Noticing the hostility oi the Hunse to this measure and experiencing that some fl not much of Il. might spring from the details of the bill, ata later period of the session offer ed | the following TropOslions:

 l. Resolved, That il is the duty of this legislature to raise by taxation lhe sum of l25 OO0 the estima- ted expenses of the civil list.

 2 Resolved, That II is the duty of this legislature 10 raise by taxation the further of S400 000, pay the interest on the ioreiRn debt.

 3 Resolved, That II is the duty of ihis legislature tO raise by taxaiioa the further of S1UO, ,000 commence sinking fund to provide for the gradual paym. mt of ihe principal of the debt.

 The House expressed it's opinion of these resou- lions alter considerable debate. by refusing to sus- pend lle general oders for the purpose of their in lrodncon, and they were not again pressed it's consideration. t- ....

 Seeing lha the bill of the "ways and me ans" had bren lad upon the table b, d a,ge vote, and thai II would be needless further to urge ihe adoption of SO heavy tax bll, at the close of the session, l felt Il be my duty to make arnther effort, 10 ,indcai. Ihe p"dge which the legislature had given m the adoption ai the anii'repudiatng declaral ion, and the pi onsed support of many gentlemen tlereIoiort in the opposlion, offered the resolution of 25 pc, cent. aboye referred to

 Ii is said ''tlat Ihe interest of the ensuing \eai provided fer, and the present revenue bl ampl, sufficient 10 meet every pnssibe contingency" Bu how had ihe interest been provided for? By the issue of more paper currency, in the purchase of bills of change al Huntsville and Tsscaluosa amounting tt

 upwards oi S250 ,000, pay able in New Orleans IL stated the floor of the House, by of the Representatives from Madison, that the probabilities were that than half of these bills would be met al maturity. Nut if they were all paid, the whole effect oi the operation under the most avnra bic auspices would be, To diminish foreign deb by increasing our domestic in the same ratio.

 True policy would dictate, that the State should never Out in tIe last necessity put again circula ton note once taken up in any form of collection By the adoption of the proposition, to collect small CT sum from bank dedlors, on condition that the, would pay per cent in specie, they would once have been furnished with the means, rendering re sort to this dangerous expedient wholly unnecessary The feet, however, that the interest provided | for the coming year, by shows the impro. prieIy of the proposed increase of taxes, for is shown after a Il our assets are exhausted, there will | SUI remain debt oi. ....... $I,uOO,OOO The annual interest of which is....... 100000 And the expenses of Government. a.. l25, ,00O Making in all ..................... $525 ,OOO while my proposition would only have raised 343, ,0OO This would have been paid m labama currency and thus have aided the collections in rapid absorp- ton of the uation, lsang much more o fhe dett due 10 ,he Bank 10 be paid iu specie.

 Under existing circumstances this should have been regarded as light tax. With population ul 625,000 souls, il is but 55 nts per headl The in crease over the last years tax, although small, would have strengthened our people at home and inspired confidence abroad. and approxn,ated currency 10 specie standard.

 l find much 10 say upon this subject but I must limit m, self. l cannot change my opinion that we have passed by important session and lost an op- portuny perhaps not to again, for giving d right direction 10 the energies of our people. Mis- used have been the funds of the people and absurd as has been their confidence, it IS not surprising that much feeling is exhibited against heavv taxation in the face of the great due the State by colnpa- raiiyey small portion of her population winch from 1867 to the present time, has beseiged the egisa ture with applications for extension laws. But trust that when the truth of our position is fully explained resort will no longer be had to reissue of de- precated paper, will taxation be further deayed until the bank debt is paid but that looking through all our difficulties and realizing our great duty. we shall at once commence system of taxation, not or, ly for the payment of the interest," but for the gradual exinguishinenl of the principal debt. State whic, possesses such resources-so fertile soil--so ener- getic population, digging annually out of the bowels of the earth twelve to fifteen millions dollars value of exports cannot be paIsed by such debt, great as it is admitted to be. Your obd't servant,

 Feb. 6, ls45. P. PHILLIPS Yeas and nays motion to lay Mir. Phillip pro- position on ihe table:

 Yeas-A ldridge, Alexander, Allen, of Benton, Allen, of Randolph, Baraeit. Baugh, Bell, Bowdon, Brandon, Clarke, Cobb, Davis, of Fayette, Davis of Limestone, Edwards, Fletcher, Garrett, Gewin, Grady, Hays, Hill, Hobday. Howard, Jackson, Jones, of Benton Jones, of Conecu, Jones. of Law renee, Kennedy, KIng, Kimball, Lansdale, Lea, Ma ples, Mason, Merriwether, Mitchell, of Barbour, Morriseit, Mudd, Perry, Roby, Rose, Scott, of Ma con, Smith, of LauderdaIe, Snowden, Steele, Storrs, I Treadwell, Walker, Williams, of Jackson, Wood- ward, Young-50. Nays-Beck, Chandler, Clay, Clemens. Cook, Copper, Groom, Dunn, Hail, Harriss, Jem,son, Martin, McCluna, Mitchell, of Tuscaloosa, Morri- son, Morn II, Pat Perrin. Ph Lips Porlis Prince Seawell, Stnh, Waus, of But CT, Watts, of Dallas, Webb, Winston-32. .#nl.e.