Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1841-05-27

the disbursements from the treasury Tor current
ordinary expenses amounted to S3So,33O e3
| Cash received during the year
from al! sources into the Treas
ury except the amount received
| by loans, Soo,.oo on
| leaving an increase OF debt Tor or
dinary current expenses in 1870, S2o, 100 w
The actual increase of debt III
1910 exceeded this sum by the
amount in the Treasury at the
end of the wear, $3.50 -
Making the whole amount of in
crease of debt last year S4U1 500 10
Could this exhibit of our fiscal affairs during
the past year have led the late Treasurer to be-
lieye that the condition of the Treasury was such
as to allow the appropriation OF the claim on the
United States, the receipts from the land office,
and portion of the annual State tax, for the
creation OF sinking fund for the gradual pay
ment of the public debt, when IN TACT that debt
was increasing by such rapid strides ?
And the Legislature have already found it ne
cessary 10 authorize further loan OF $25o,0O0 TO
supply the deficiency of available means TO meet The
disbursements and pay the interest on the DEBT Tor
the year, and this will all be required unless, the
claim on the United States should be received,
which is placed by the Treasurer, in his estimated
receipts of the Treasury, as means Tor delraylng
| the current expenses OF the year. Should all the
estimated receipts Of the Treasury for the present
wear be realized Of which there is hardly probabil
i,v, depending as they do on the contingency Of
Congressional Lcgs'aio ion, and the payment of our
claim on the General Government. the whole will
be required to meet the disbursements of the year,
and leave such an amount in the Treasury as will
be necessary to meet the interest becoming due be-
fore legislative provision can be made for funds to
meet the demands on the Treasury.
Such was the true condition OF the Treasury, the
| & tvhi lat
Treasurer predieated his recommendation OF sink
ing fund by ian appropriation Of the militia claim,
$500 00O the collection of the land office, and such
portion of the annual State lax as may be deemed
expedient'' Either he mus have been wholly ig-
norant of the state Of the financial department under
his own supervision, or his suggestions and recon-
mendations were mere lnockerY, and designed to
convey false impression 10 the cilizens of the State
and to the Legislature Of the true condition of the
fnar ces At this time, the idea OF a sinking fund
for the reduction of your public debt is utterly
MYSTERIOUS. 1t could only be accomplished by an
Oppressively hurdensome tax. Being deeply in
,olved as we are in debt az consequence of the
miserable policy pursued for the last five years,
reduction of it at the present time is entirely mprac-
tcable. Before we can begin to reduce the debt,
we must first change our whole financial policy first
provide for annual current expenditures. The
interest on the Stale debt amounts to S l0,0G0
annually, which is FIRST TO be provided for to pre-
And up to the present year the whole resources of
the Treasury, independent of loans and taxation,
fell vastly short of this sum, and we have had here
tolore to provide for the interest on the debt, by
resort to new loans aud further increase Of debit
The accruing income Of the Treasury from the State
lands, collections from notes, and bills receivable,
duties on commissions, cannot be safely reckoned
over $50 GOO; and the whole amount required to
meet your annual current ordinary expenses, ,exclu-
sive Of the school fund, for which the bank tax is
appropriated will not fall short of 300. COO The
deficiency to be provided for in some way is $780,
900. How is this deficiency Of reyeuue 10 be met
It must be either by resort to further loans, and
consequent increase OF the State debt or TO State
tax This Is our only resource, with this single
modification, that the amolni required may be ras-
ed partly by tax. and the balance by loans.
And this is the point now to be determined by US,
and it should receive dspassionate, careful and
deliberate consideration The necessity of tax to
some amount is conceded on all hands. Here then
is no difference Of opinion. The condition Of the
Urea suIy, the annual interest on the public debt,
now amounting TO $40 coo, which must be pro-
yided for, and the ether expenses of HE Government.
render this imperative and unavoidable, and have
forced general assent, for there is no alternative
left US. But there may be, and know there does
exist difference Of opinion, as 10 the amount of
tax, which under existing circumstances, It Is exped-
lent to agree on That amount. whatever 1t may
be, should be determined upon some principle, not
arbitrarily There should be a reason for the sum
TO be assessed Some contend that while it is nee
essary to raise tax sufficient TO pay the annual in
ierest the existing deb, to su tain the credit aud
faith Of the State, that i; is not now expedent to so
beyond that amount, but for the residue ol our an
nual current expenses, resort 10 new loans. others
think it expedlent TO raise larger sum, and are Will
ling to vote 5000, 000, aud this is the opinion Of
your committee Finance, who have reported that
sum, but opposed 10 higher tax, although that
will not meet the necessary expenditures OF The year,
and propose to borrow to provide for the deficit
1t is admitted that this sum will not meet the ex-
penditures, and that by limiting the tax 10 this
amount, there must be an increase of your debt
Yet they say this is as high State tax the prop
eriy and citizens Of the State can pay. Is this
true Has the reckless, pIodigal extravaganza of
the Government already so far exceeded the ability
of the States to delray ordinary current expen-
Gfure, are now obliged to rely on the future -
A nd what guarantee is there that those who sue
coed US will be better able than we are to
sustain the burden which the folly and oxtravagance
Of the past will entail upon them Is this wise leg
slaton Shall we continue course oil extrava-
giant expenditure beyond the resources and income
of the State loading the future with burdens which
we are unwilling to share, and showing off upon our
successors an accumulation Of debt growing out OF
present current expenditures. Are gentlemen pre-
pared to sustain miserable and shor-sghted policy
"a policy that in individuals would lead 10 certain
ruin, and in State must lead TO eqally disastrous
results, and unless checked must sooner or later