Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1841-06-24

managed; but with the very best management
without any extra expense for protection, th,
amount realized from sales of timber and land
will not meet one quarter of our expenses.
In the beginning Of 1896, when we were tolt
that we had domain rich that we could EN-
| Joy all The blessings of Government without feel
ing its burdens, the State was free from debt anc
had $4,000 in its Treasury. From that time II
the present, average yearly increase of deb
| has been upwards of S340 900, aud the State al
most entirely supported by borrowed capital
| Our State bonds have been forced into the market
and like damaged goods sold under the hammer
! to the highest bidder. During the last two years
we have been at the mercy of brokers and sha-
vers, completely within the iron grasp of usury.
Let the members of the HOUSE reflect FOR mo-
ment upon the authority bestowed on the Treasu-
rer of 1889. The Legislature ofthat year passed
| a resolution which was approved on the 25th of
March, empowering the Governor and Council
TO give the Treasurer authority " to procure per-
manent loans, heretofore authorized, at rate Of
interest exceeding SIX per cent. in case the said
loans cannot be obtained at rate of interest as
heretofore provided; and in case the said loans
cannot be obtained in any other way, that the
Treasurer be authorized to sell the same at pub
lie auction" The Governor and Council used
| the authority given them in this resolve, and au-
thorzod the Treasurer thus TO dispose Of the
State Scrip. The bonds, or Treasury mates au-
| million taco hundred and fifth thousand aoUarS.--
Under the authority granted in this resolution, was
exhibited one the most remarkable specimens Of
fnancierng, that eyer took place under a hard
money administration. The Governor signed n
quantity of State bonds, apparently with as much
carelessness as he would militia commissions, for
no record was kept of their number nor could
he know any thing ofthe amount Of scrip signed
by him, as the Treasurer was entrusted with the
nj IN
suit the convenience of purchasers. These bonds
or notes were put into the hands of the Treasur-
err, and that functionary with cargo of paper
curtles, sent out on II trading voyage. He had
no clear and definite instructions, but his power
was entirely discretionary. His Instructions APP
peared to be to vend his ware for what would fetch
TO peddle out the State securities he would
the notes Of psolyent debtors not for their par val
ue, but What they would fetch in the market. 1t
was fortunate for the State, Mr.. Speaker, that IN
honest man, Mr. Goodwin, was then at the head
of the Treasury; for he might have negotiated
loans for an indefinite amount, pocketed the pro-
ceeds, like some noted sub-treasurers of recent
times, and now be exemplfying the simplicity
and purity of his democracy IN some foreign land.
This evil was partially corrected by the Legis-
lature of S40-the powers of the Treasurer linn
tied, and in the resolves authorizing the loans of
that year, he was prohibited from giving over six
per cent. interest for such loans. But Mr.. Will
liams, the Treasurer of 1910, appears to have had
but little regard for the restrictions put upon him
by the Legislature for the loans negotiated by
him during that year cost the State TWENTY
-FOUR THOUSAND TWO HUNDRED AND THIRTY
-FOUR DOLLARS AND SIXTEEN CENTS d60pe sir pr
cent. What further charge his single years
management of the Treasury may be upon the
State, cannot now be ascerta!ned. But, sir, |
am not about to review the operations ofthe Trea-
sury for the past year. That has been SO ably
Il, a. r
tle,) that the task is entirely unnecessary. |
will merely say, from what knowledge | have
been able to obtain, that if the gentleman who
stood at the bead of that department for the past
year, was not wanting in some ofthe most inipor-
tant qualifications necessary for one holding so
important trust, then he has been negligent OF
his duty and suffered the trust confded to him to
be performed with reprehenslble carelessness, in
discretion and disregard of law.
Why is it that all serious attempts TO provide
means TO meet the expenses of the State, except by
borrowing money, have been SO long neg ected? Is
it because those who have ruled the State Tor the
last five years feared resort to taxation would not
be popular? Ifso, where did they expect their
miserable schemng would end? They knew 1t
would have to come at last, and they knew too the
longer the time was ferred, the more heavily the
burden would have to be laid Among all the
modes Of obtaining popularity invented in these
tine-serving demagogueing days, this living on hor-
rowed capital, on future means, paying exorbnant
interest and submitting 10 heaxy slaves, is the most
expensive TO the people and they viii find IN the
end that the experiment which those in power have
been trying the cred of the State for the selfish
purposes will prove, a costly one. We have not,
like many of the States which have been money
borrowers been engaged in works Of internal i'm
provement. We have railroads, canals or pub
lie works of any description 10 show the direction
eur borrowed money has taken. And while other
States spend millions annually on works of pubic
convenience and general utility. many OF them lay
ng the foundations Of future riches and prosperty,we
have been denouncing the whole policy of internal
Improvement, drumming up crusades against cor
pofutiona vested rights and capital generally in al
most every form, and hiring money of brokers and
shayers TO pay the ordinary, unavoidable expenses
of supporting our State government Our state, last
year, expended in internal improvements the very
liberal sum of fifteen dollars, enough only to pay
Charles Jarvis 70 one and half days service AS
cbiel road maker to the civil posse. We have no
sources of income TO depend on taxation to meet de-
mands aga nst the State Cannot he disguised: why
no, begin at once tn Il complete change of policy,
raise money enough 10 meet the wants oi the State
and run no deeper in debt. Sound economy and
the honor and credit Of the State require II. Noil-
Ing tends so much to revive and bring back sound
condition of state credit ms manifest DETERMINATION
on the part of the Lee slatve power to restore that
credit II was but little more than year ago that
Maine stocks were twenty-five thirty per cent be-
low par But when The Legislature of last y cal
asse ssed tax of @l0O,G00 it did much towards e.
storing The credit Of the State. 1t was, to be sure
a pitiful sum mere drop in comparison with tht
great ocean Of debt that is rolling oye liut j
was faint sign OF returning reason jtshowed iht
! legislature had some diul and distant recullecu1,