FINANCES. The debt of the State, principal and interest, was, January 1, 1855, $13,994,615. During the two years ending November 30, 1854, there has been paid of the public debt, in addition to $1,200,000 paid on account of accruing interest, the sum of $2,750,038, making a total of $3,950,038 paid during this time, on account of the public debt. If the present rate of taxation is continued, and the present method of reducing the State debt followed, it will be eventually extinguished in 1866. The receipts into the treasury for ordinary revenue, for the two years ending November 30, 1854,* Amount of interest fund tax received for the same period, in cluding balance, was.................... 592,972 08 528,294 66 963,708 37 Amount of warrants issued for payment of interest cancelled, 544,555 50 The total assessed value of property in the State in 1852, was $149,294,805; in 1853, $225;159,633. Rate of taxation on each $100: in 1852, 60 cents; in 1853, 49 cents. During the two * The following letter of the State Treasurer to the Chicago Tribune, gives the total amount paid by the people into the treasury in 1855: TREASURER'S OFFICE, Springfield, Dec. 14, 1855. Editors of the Tribune :-Agreeably to your request, I send you the amount of payments into the treasury, from 1st January to 30th November, 1855, upon the assessment of 1854, alone, as follows: years $280,894.06 were received from the sale of 80,126.04 acres of land belonging to the State, and 48,598.15 acres remained unsold, December 1, 1854. Amount of funds devoted to Common Schools, December 10, 1854: Three per cent. on net proceeds of public lands (ex cept one-sixth), $463,490 93 The whole of this sum has been borrowed or appropriated by the State, and devoted to pay the current expenses of the government. The State pays six per cent. interest on the amount. The interest of the Common School Fund for 1853, was $57,090.25, which, except one-fourth of one per cent. ($2,378.76) paid to the Deaf and Dumb Asylum, was divided among the several counties, in proportion to the number of white children under the age of 21. Besides this State fund, there are county and township funds. The value of the county funds is estimated at $50,000; of the township funds, $1,952,090.51; which would make a total principal of $2,953,594.58. The interest on the State fund is at 6 per cent.; on county and township funds, at 10 per cent.; total net proceeds of interest, $196,281.54. LAWS. LAND TITLES. The following are the provisions of the Revised Statutes concerning the regulation of estates and land: Livery of seisin shall in no case be necessary for the conveyance of real property; but every deed, mortgage, or other conveyance in writing, signed and sealed by the party making the same (the maker or makers being of full age, sound mind, discovert, at large, and not in duress), shall be sufficient, without livery of seisin, for the giving, granting, selling, mortgaging, leasing, or otherwise conveying or transferring any lands, tenements, or hereditaments in this state, so as, to all intents and purposes, absolutely and fully to vest in every donee, grantee, bargainee, mortgagee, lessee, or purchaser, all such estate or estates as shall be specified in any such deed, mortgage, lease, or other conveyance. Nothing herein contained shall be so construed as to divest or defeat the older or better estate or right of any person or persons not a party to any such deed, mortgage, lease, or other conveyance. (R. S. 102, Sec. 1.) Every estate, feoffment, gift, grant, deed, mortgage, lease, release, or confirmation of lands, tenements, rents, services, or hereditaments, made or had, or hereafter to be made or had, by any person or persons, being of full age, sound mind, discovert, at large, and not in duress, to any person or persons, and all recoveries, judgments, and executions had or made, or to be had or made, shall be good and effectual to him, her, or them, to whom it is or shall be made, had, or given, and to all others; to his, her, or their use, against the judgment-debtor, seller, feoffor, donor, grantor, mortgagor, lessor, releasor, or confirmer, and against his, her, or their heirs or heir claiming the same only as heir or heirs, and every of them, and against all others having or claiming any title or interest in the same only to the use of the same judgmentdebtor, seller, feoffor, donor, grantor, mortgagor, lessor, releasor, or confirmer, or his, her, or their said heirs, at the time of the judgment, execution, bargain, sale, mortgage, covenant, lease, release, gift, or grant made. (R. S., page 103, Sec. 2.) Where any person or persons stand or be seized, or at any time hereafter shall stand or be seized, of and in any messuages, lands, tenements, rents, services, reversions, remainder, or other hereditaments, to the use, confidence, or trust of any other person or persons, or of any body politic, by reason of any bargain, sale, feoffment, fine, recovery, covenant, contract, agreement, will, or otherwise, by any manner of means whatsoever; in every such case, all and every such person or persons and bodies politic that have, or hereafter shall have, any such use, confidence, or trust in fee simple, for terms of life, or for years, or otherwise, or any use, confidence, or trust in remainder or reversion, shall from thenceforth stand and be seized, deemed, and adjudged in lawful seisin, estate, and possession of and in the same messuages, lands, tenements, rents, services, reversions, remainders, and hereditaments, with their appurtenances, to all intents, constructions, and purposes in law, of and in such like estates as they had or shall have in use, confidence, or trust of or in the same; and that the estate, right, title, and possession that was or shall be in such person or persons that was or hereafter shall be seized of any lands, tenements, or hereditaments to the use, confidence, or trust of any person or persons, or of any body politic, be from henceforth clearly deemed and adjudged to be in him, her, or them that have or hereafter shall have such use, confidence, or trust, after such quality, manner, form, and condition as they had before in or to the use, confidence, or trust that was or shall be in them. (R. S., p. 103, Sec. 3.) Any person claiming right or title to lands, tenements, or hereditaments, although he, she, or they may be out of possession, and notwithstanding there may be an adverse possession thereof, may sell, convey and tranfer his or her interest in and to the same in as full and complete a manner as if he or she were in the actual possession of the lands and premises intended to be conveyed, and the grantee or grantees shall have the same right of action for the recovery thereof, and shall in all respects derive the same benefits and advantages therefrom, as if the grantor or grantors had been in the actual possession at the time of executing the conveyance. (R. S., p. 103, Sec. 4.) No estate in joint tenancy in any lands, tenements, or hereditaments shall be held or claimed under any grant, devise, or conveyance whatsoever heretofore or hereafter made, other than to executors and trustees, unless the premises therein mentioned shall expressly be thereby declared to pass, not in tenancy in common, but in joint tenancy; and every such estate, other than to executors or trustees, (unless otherwise expressly declared, as aforesaid,) shall be deemed to be in tenancy in common. (R. S., p. 103, Sec. 5.) In cases where by the common law any person or persons might hereafter become seized in fee tail of any lands, tenements or hereditaments by virtue of any devise, gift, grant, or other conveyance hereafter to be made, or by any other means whatsoever, such person or persons, instead of being or becoming seized thereof in fee tail, shall be deemed and adjudged to be and become seized thereof for his or her natural life only, and the remainder shall pass in fee simple absolute to the person or persons to whom the estate tail would, on the death of the first grantee, devisee, or donee in tail, first pass according to the course of the common law by virtue of such devise, gift, grant, or conveyance. (R. S., p. 104, Sec. 6.) If any person shall sell and convey to another by deed or conveyance purporting to convey an estate in fee simple absolute in any tract of land or real estate lying and being in this state, not then being possessed of the legal estate or interest therein at the time of the sale and conveyance, but after such sale and conveyance the vendor shall become possessed of and confirmed in the legal estate to the land or real estate so sold and conveyed, it shall be taken and held to be in trust and for the use of the grantee or vendee, and the conveyance aforesaid shall be held and taken, and shall be as valid as if the grantor or vendor had the legal estate or interest at the time of said sale or conveyance. (R. S., p. 104, Sec. 7.) Every person in the actual possession of lands or tenements under claim and color of title made in good faith, and who shall for seven successive years continue in such possession, and shall also during said time pay all taxes legally assessed on such lands or tenements, shall be held and adjudged to be the legal owner of said lands or tenements to the extent and according to the purport of his or her paper title. All persons holding under such possession by purchase, devise, or descent before said seven years shall have expired, and who shall continue such possession, and continue to pay the taxes as aforesaid, so as to complete the possession and payment of taxes for the term aforesaid, shall be entitled to the benefit of this section. (R. S., p. 104, Sec. 8.) Whenever a person having color of title, made in good faith, to vacant and unoccupied land, shall pay all taxes legally assessed thereon for seven successive years, he or she shall be deemed and adjudged to be the legal owner of said vacant and unoccupied land, to the extent and according to the purport of his or her paper title. All persons holding under such tax payer by purchase, devise, or descent before said seven years shall have expired, and who shall continue to pay the taxes as aforesaid, so as to complete the payment of taxes for the term aforesaid, shall be entitled to the benefit of this section: Provided, however, if any person having a better paper title to said vacant and unoccupied land shall, during the said term of seven years, pay the taxes assessed on said land for any one or more years of the said term of seven years, then and in that case such tax payer, his heirs and assigns, shall not be entitled to the benefit of this section.* (R. S., p. 104, Sec. 9.) *The Supreme Court of the United States did, not long ago, decide a case, which refers to the above, and regarding which the Chicago Democratic Press, dated Feb. 16, 1856, contains the following letter: QUINCY, February 5, 1856. Dear Sir:-I have just received the opinion of the Supreme Court of the United States in the case of Wright vs. Matteson. |
