{"newspaper_name": "Mobile register and journal.", "edition": "01", "page": "p2", "byline": ""}
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We are indebted to ]. McCoRmIcK, Esq, inc Committee of Ways and Means, Tn relation to the SrATE DIET. and hasten to lay before readers

 Mir. Speaker-The Committee of Ways and Means, to whom was referred much of the mes sage ol his Lxcellency lhe Governor Gas relates to the indebtedness uf State, and the necessity ol levying a tax to provide for the annual interest due by the State" have had the subject under consdera ton and have instructed me tj report follows:

 For the purpose ol ascertainlns the amount neces. sary to be raised by taxaiou they have referred to the information coleced by order of the Horse from which appears that the Suite oi Alabama Is indeb ed m the sun ot ell l09 ,000 b7, of which sum nine millions two hundred and 6Iieen thousand five hun. dred and iy.hve dollars and hil, five cents s evi denced by bonds issued by the State in aid of her st Banking operations, bearing interest, portion al tie rate o six per ceiun, and he residue at therate oi live per centum pei anuum, mIk ing an aggregate annual interest o' four hundred aud seventy 0ne Jou- saud nine hundreda and seven dollars and eighty cents ihs may he desIgnalei our iOreIgn and the remain- der, including Bank n"les m circulation, 10 the A mount 1i S3 ,0Oo, 'ne University Fund and the Common ochoui Fund To ihe amount of ssl 2JO. .OgO our domestic debt Tie two last items of ind.b,ed ness bear an annual interest of ninet, six thousand dollars This sn,n added 10 the interest on our for- elgh debt, will require for it's payment annually, the sum ot live hnndret aud sixty thous nd nine hundred and seen collars and eighty cents besides one hundred and twenty five thousand dollars for the purpose oi delrasIngthe expenses of our State Gov. ernmeni, making in the who'e in round numbers seven hundred thousand dollars.

 From all the information ecited by the different reports on the subject of inc B4uks, your Committe. have come to the conclusion, however reluctantly, that not more than seven m lons of the debts due fioni indiv including real estate, and all avail able assets, can never be realized. From this data Il u plain that the Sale sven millions of dol. lars over and above lsr esinated means of paynent This startling deficit will be found nearly correct if the whole auount of the of lhe Banks reported by lie Commissioner, good, had already been co lected. But pasl experience has proved 10 us thai much of the debt annually reported to be good, be- cou,eS doubtful and bod from delay, and although something may be real zed from the latter clas flea tioo, Il Ia no probable that il will more than equal the loss the debis now exported a. good.

 What sha nu~ be done is question the sout n o' winch Is alike inttiesting 10 ourhel,es and to ou crrdt"rs As yet ihe tonor of our Slale rema ins unarnItsed We have punctua fly met the intetes on our iorrign debt and are now prs,,ed, Ihougi al Considerable sacrIhce To pay the interest for the next year. Tine aiiertime we have declared and reiterated to the word that plighted aith should al all hazards be redeemed. Fair promises have been made in high sounding reso soutons, uo to the present moment But the demands of creditors are not 10 be appeased by empty promises, or by pn, thing short of prompt and eiicieal taxation. We owe the debt, and as honest we must prepare 10 pay 1t. The decision of this question, will mo, E than any other which has ever been aRitated tes, the moral hrnness of our people, and prove their ca pacity for self government. Our creditors can rel, only on our honor for the payment of us demands - The ingenuity of counsel could not deyise the me ans of legal coercion The absence of the coercye DOW CT, increases our obligation To raise the means ol payment by voluntary action. What honest man i. tere who even without the compnsion of the courts would retase or neglect 10 pay his debts if he had the means oi satisfying his crediorl No man would be tolerated in society who would acknowledge the ex lsence oi debt against him, and then refuse 10 pay, Il from any cause the of justice could moi in.erpose in behalf of his creditor Our people for years past unli recently, were exempt from direct taxation. Al a period of apparent but deceptive prosperity, 1t was thought that lhe profits of our Banking system would be more than sufficient to de fray the expenses of their government. They are now awakened from these illusory dreams and see staring them m the face this irighllu indebtedness Wlll they hesitate between taxation and hishonor2 To refuse 10 raise by vonuntary leves, the means oi payment, would leave deaullers without apolo. BY or excuse beloie the civilized world. 1t is true that these disasters have been brought upon us by uuwise Legislation. That many of our citizens have received no benefit from the Banks, except tenn porary exemption from the payment of taxes. But this encouragement was all acquiesced in by the people. It resulted from the action of their imne. diate representatives, chosen by themselves.

 But your Cenmittes do not dIstrust their constiru- ents, or doubt for moment their willingness 10 sub mt to any amount of taxation, rather than permit the plghted faith ot Alabama 10 be forfeited. The peo. pie everywhere liberal than denagoeue who affect 10 govern them, believe them to be. In other countries they submit grudg ingly, to the pay trent of taxes whah are imposed by tyrans that they may indulge in luxury and extravagance. But in this country where citizens their own sove- reigns, he feeling isl1erent they pay their taxes cheerluy as the price of liberty. Since our disas- ters have beialen us, they have held voluntary meetings. and up petitions pra, lng that they ma, be taxed for the support of the government, and the payment of our State debts.

 There is ia this a moral sublimty worthy of all admiration, and affords sure guaranty that Alaba ma will redeem with her property, the promises which she has heretofore made to the world. As evidence of the sincerity of these assurances, so repeatedly made, your Committee have instructed me to report the following Bill, and to recommend that it pass.

 J. W. McCLUNG,

 Chairman of the Comm,ttee of Ways and Means

 1.-The bill reported will be published at an early day.l