Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1864-01-15

tho causes which have created it, can cx-
cite neither app ebension nor regret. De-
pend snt for revenue as is the treasury OF
Maine almost exclusively upon taxation.
when large calls Of an extraordinary
character are made upon it, the resort for
supply must be either to increased taxa
ton or loans obtained upon the credit OF
the State. 49,,
The Constitution Of Maine so limits tho
power of the Legislature to create state
debt, that except for war purposes, tho
entire extent OF Indebtedness which could
be legally authorized, would not reach an
amount so large as to be an oppressive
burden for Cur citizens to pay by taxation
in single year. Fo:, war purposes there
is no limit on the authority to hire.
The demands of the present conflict
have largely swelled the expenditures Of
the State, and consequently its debt. but
these have been met by thepeopc witho t
grudging or complaint. On the first day
Of January, 1868, the funded debt of the
State was one million four hundred and
seventy two thousand dollars, increased
on the lst of January, 1864, to two mill
ion four hundred and twenty-five thousand
dollars This increase WAS caused by pay
ment of bountes to soldiers, and aid ad-.
vanced in 1862 to Their families. During
that year the executive, upon the calls Of
the President Of the United States for
more volunteers, no legal provision having
been made for the contingency, offered
certain bounties to facilitate cnlstments.
The banks of the State, at the request Of
the Governor, readily engaged to furnish
the necessary funds, relying solely on tho
good faith cf the Legislature to repay
On the first day of March last, these ad-
vances with the interest amounted to s343,.
224 S6. In the same year 1862, the
amount disbursed by the municipal au-
thoritics as aid TO the families of soldiers,
and under the law chargea3le to the State
in 1863, reached 1921 ,S9S so; making
for these two items s575,223 G6, for the
payment of which and other war purposes
Il loan of S600,000 was authorized.
On tie first of March last, the Treas
u, cr under the authority negotiated tho
bonds of the State for So25 900, which
produced $500, ,S2S,8S being premium
of S74,92S SO on the bonds sold a vau-
able and substantial tribute to the integri-
ty, prudence aud skill with which tho
finances of Maine have been managed
70 furnish means for payment of tho
bountes ordered by the Legislature Of
1868 to soldiers drafted under the con-
scription act, another loan of 100000
was authorized Ol the 18th day of Au-
gust last, the Treasurer, to meet the calls
on that account, negotiated bonds to the
amount of s415 600, which yielded s503,.
13l 225. At the date of this last, sale,
the United States $40 bonds, the interest
payable in gold, and selling at par, had {
become a very popular investment. yet
your own stocks even by the side of these
commanded the very handsome premium
namcd.
This Is the explanation of the increase
of the State debt the past year, being
500, 900 less than the amount authoriz,
ed by law, and $4,000 less than the
loans in consequence Of the payment OF :
that sum on that portion Of the former .
public debt WHICH matured during tho
year. To provide for the payment Of tho
interest of the public debt, and in some
part for the other extraordinary charges
Of the government. the Legislature Of
1868 increased the State tax of that year
by tic addition o, mill on the dollar
of valuation to the tax of the previous
one. In consequence CT this enlarge:
ment, and by the aid Of the payments
from the Lanl O.iicc, there will probably,
remain after deducting the sums nccdful to
carry on the government of the State for
the year S63mcctirg the ordinary expen-
ses and the interest OF the debt as it stands
tO-lay, the SUN Of $1,000 to be APP
piled to the liquidation OF the liability
of the State to the cities and towns for
aid furnished the families of soldiers in
1862, leaving, however, y large balance
still due them to be otherwise provided.
What that balance will be cannot be pre-
cisely known until the returns are mado
from all the N 4nlci palties, which will DO
at an early day. ,,.4 .'t., T.,
OF tie haIl-milion loan Of the 18th
of August last, for the payment of boun-
ties, there remlincd unexpcndcl two
hundred AMI twenty-five thousand four
hundrc and thirty-ivc dollars (S222.-
10 ,00;) aud whatever sum may be de-
manled beyond that, to meet the calls OF
existing laws for that purpose, or such
further laws as may be made, it will DO
necessary to resort to the credit Of tho
State.
While both justice and necessity COM
pei US to impose upon those who are to
succeed US in the advancing generations,
portion of Tie burdens of the conflict
IN which we are engaged sharing, as they
will, the benefits Of free govornm ,nt, foe
the maintenance Of which upon the faco
OF the earth we are now struggling, not
only for our own posterity, but tor tho
human race, exempted as they, we trust
will be from the bloody sacrifices of these
days, conceive it still to be our duty
to assume such portion Of the great ex-
penliture as we may be able, without op-
pressing our people The apprehensions
of an entire stagnation of business, OK,
cited at the outbreak Of the rebellion,
have been dissipated, and the loyal States
not the theatre of actual war have en-
joyel an activity in almost all the pur.
suits of life, generating a prosperity as
marvellous as the tales Of the Arabian