The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1863-01-16
MORNING AT ONE DOLLAR AND FIFTY CENTS YEAR. IN AID
BIDDEFoRD, MAINE. FRIDAY MORNING,

cash payment. recommend. therefore, that
the section be so amended as TO direct the
Treasurer to pay the ascertained dues to
these towns in cash, on the first day OF
March; and If the current funds in the
Treasury are insufficient therefor. rhat he be
authorized to negotiate loan for the pur-
pose. Not the least advantage to the State
in this arrangement is the saving Of interest
on all payments made with current funds and
the gain of the premium by negotiating a
regular loan when extra funds become neces-
sary.
The total receipts into the Treasury from
all sources for the year 1862. amounted to
S659.Sl2.O3, and the expenditures were
S633.S93.l2, leaving balance Of SDi ,353.64
in the Treasury on the lst Of the present
month. Full details under these heads will
be found in the Treasurer's Report. The
State Tax was increased by the last Legsla.
ture to Sil3,074,4l, in view of the ex,raordi.
nary expenditures entailed by the times. As
compared with large majority Of the States
in the Union. our tax is still a very moder-
ate one. and indeed of the total tax paid by
our own people. il constitutes much small
or proportion than is generally supposed. 1t
is now at the rate Of two and half mills to
tue Nltltus tHt tuA uosVcoSu
for all purposes in tho various, towns and cit.
les ranges from to l3 mills-very few towns
being under the first named figure. It will
thus be seen that the burdens imposed by
the State Government are in no sense oppres-
sive. Indeed, considering the duties Of the
State Government. its large and benefcent
field Of usefulness in its Executive. Judicial
aud Legislative functions, 1t may well be af-
~ hos g., oeo o;,,;l al p;afr
ton was ever maintained at once so effective
and so cheap.
have already alluded to the fact that
within the past year the sum of S3O,OOO of
the State debt was paid. During the present
yeer fifty thousand dollars more will mature,
and / earnestly recommend that it be paid,
instead of being renewed. as has too frequent
ly been our custom In the past. The policy
of liquidation, in my judgment, is the true,
safe and wisely economical one for the State
TO adopt. Whatever may be the theory or
the truth in regard to the advantages Of a
National debt, do not think that State
debt should remain unpaii a day longer than
the time when the people can discharge II
without specially or unauly burdening them
selves with taxation. Our debt, other tran
that contracted on account of the war, all falls
uNt Otb"tNii WINS unu tuC CiOcc w NOoi
1877. in annual sums varying in amount from
S3O,O00 to $4,000, averaging precisely Si4,.
600 per year. 1t will be evidently the part
of wisdom to pay these sums as they mature.
The annual payment will be easy, and the
aggregate relief will be great. The whole Of
the war loan thus far negotiated (SS00, 0,000)
natures in 1871. At present, therefore, we
cannot do anything directly towards its pay.
hnf N xyisa Nroxia,np ha ado for
meeting large portion of il when il falls due.
by making Sinking fund of whatever sum
may bo reimbursed to US by tho Fedcyal Gov
ernment on account Of war expenditures. To
this Sinking fund. in itself stimulant to e.
economy, might be protitably added any surplus
which rigid care in the administration of
our affairs may leave at the close of each
year. Keeping the policy Of liquidation
steadily in view, and providing for it by such
means as your wisdom may suggest, we shall
not only decrease the State expenditures with
certainty and rapidity. but shall maintain our
State credit in so enviable a condition that
we shall find it available whenever an unfor-
seen exigency may require us to use it.
In authorizing the Treasurer to negotiate
such loans as may be necessary, would sug.
gest whether il be not expedient to Tx the
rate of interest at five per cent. In the pres
ent surplus of money seeking investment,
State stocks of such high character as ours
are regarded as especially desirable. l do
not doubt that fve per cent. stock will be
taken at par, and IL negotiated, as will be ex.
pedient, for a long PERIOD this rate will be
more advantageous to US than a six per cent.
stock ut the highest premium we could hope
TO realize. submit the matter to your most
attentive consideration.
The appropriation for military purposes
the past year were not sufficient TO meet the
legitimate drafts upon it-and there is hence
small deficit which II will devolvc on you
TO supply. So long as we have troops in the
field, especially in such large numbers, the
State will have duties to discharge in regard
to them, on the score Of humanity and OF
that watchful interest and solicitude which
Maine will always cherish for her sons. The
health and comfort Of the troops can be
greatly promoted by this care on the part oi
the State, and to enable it to be exercised
with promptuess and efficiency the means
mus, be supplied by an appropriation. which
am sure you will not hesitate to make.
l cannot leave the subject OF our State
finances without adverting to the necessity,
and enjoining upon you the duty OF rigid
care in all your appropriations. Public econo-
my, always expedient, has become now
sacred obligation upon US all. ask you
therefore. to curtal expenditure in every
practicable way to infuse aspirit OF thrift
and rigid accountability in all the depart
ments of our Government, and to do every
thing that enlightened experience may sug.
rest to easo the burdens of the people and
advance the general prosperity. In all mea'
sures having these great objects in view' 1t
will be no less my pleasure than my highest
public duty to cooperate.
TIE BANKS OF THE STATE.
The general suspension of specie payments
in the country more than a year ago. includ-
ed of necessity the banking institutions in
our own State, and such suspension was tenn
porarily legalized by the act Of the Legisla.
ture, approved February 10th, 1862. The
opera,ion of the act expires by express limi
tstion on the 10th Of this month, and II may
be necessary for YOU to take some further
action in order to avoid the complications aud
troubles that might arise from any attempt
70 enforce the provisions Of tho forty. seventh
chapter of the Revised Statues, which impose
certain penalties upon banking corporations
for refusing to redeem their bills, checks and
drafts in specie. The question is Of course
affected. IL not radically changed, by tho
law of Congress, making Treasury notes a
legal tender for debts-applying of course to
debts ofbanks as well as debts of individuals
bu, i, may a, the. same time be prudent, so
long rs actual payment Of specie is not prac.
tieable, TO make our own statutes correspond
in letter to the supreme enactment Of Con-
gress. and the equally imperious law Of NO.
cessity.
The specie suspension has no, been follow
cd in our State by any Of those evil results