Smyrna times., 1866-01-17
GOVERNORS MESSAGE,
Ts the Legislature, January 9th, 1865.
STATE OF DELAWARE, EXECUTIVE DEPT.

STATE OF DELAWARE, EXECUTIVE DEPT.
Jan. 9th, 1866.
To the Senate, ETC. The financial condition
-of the State is subject demanding the serious
aud deliberate consideration of the General As
stmbly. Until the commencement of the late
disastrous civil war, such thing as State debt
Was, in reality, unknown to our people. The
resources of the State had been amply sufficient
70 meet the ordinary expenses, and the policy
OF the State, as evidenced by her legislative
action, to guard against State indebtedness,
seem to be well settled. Nor was this policy
departed from until the happiness, nay, the
very lives of her citizens demanded It, The
various acts of Congress conscrlptlng all the
able-bodied male inhabitants OF the State
between the ages of twenty and torty.hve
years, into the military service of the Federal
Government, and the drafts ordered under
those acts, rendered legislative action for the
relief OF her citizens subject to draft imperative
Under these circumstances the Legislature
wisely determined to extend the credit of the
State to aid her citizens in relieving themselves
from the operation of draft by the prOcuratiOn
Of substitutes. For this purpose the State
Treasurer was authorized and directed by an
set of the Legislature entitled An act to re-
lieve the people of this State from draft,
passed at Dover August 18th, lS65, to cause
the bonds of the State to be made to an amount
not exceeding one million Of dollars, the bonds
TO be OF the denomination of one thousand dol
lars each. In obedience to the provisions of
said act, LOxley r. Jacobs, ESQ, then the
Treasurer of the State, did cause the bonds of
the State to be made. He sold at public auc-
tion, in the city of Wilmington six hundred
and fifty bonds of the denomination of one
thousand dollars each, amounting to the sum
of six hundred and fifty thousand dollars; he
also sold through h. K. Robinson 4 Co. and
McLear 4 Son, brokers, one hundred bonds
amounting to one hundred thousand dollars
Bonds were also taken by several banks of the
State, amounting TO two hundred and thirty
thousand dollars, which, added to the amount
of the bonds disposed of a. before stated.
amounts to the sum ofnine hundred and eighty
thousand dollars. There has also been sold Ly
L. Iharp, Esq, the present State Treasurer,
under the provisions of Il similar act Of the Leg
islature, passed at Dover, February 10th, 500,
one hundred and thirty bonds, amounting to one
hundred and thirty thousand dollars, which
added to the before mentioned sum of nine
hundred and eighty Thousand dollars, will
amount In whole to the sum of one million one
hundred and ten thousand dollars
This constitutes the entire indebtedness of
the State, except the sum Of one hundred and
seventy thousand dollars, bonds for which were
ISSUED and loaned to the Delaware Railroad
Company under the provisions Of an act of the
General Assembly entitled An Act concern
ing the Delaware Railroad passed at Dover
February Is 1855. As security for this loan.
the State has mortgage of the railroad, guar
anteed by the Philadelphia, Wilmington and
Baltimore Railroad Company, and also Sink
Ing Fund, by the operation Of which the whole
number OF one hundred and seventy bonds will
be paid before maturity. k will therefore be
perceived that the State can not for any prac-
teal purpose, be considered, and in fact is not,
indebted i'll sum larger than that before stated.
VIZ: One million one hundred and ten thousand
dollars. For the liquidation of this debt the
General Assembly wisely provided, by acts CON
temporan0ous with that which created it, BY
the first section Of all act of the General Assem-
bly, passed at Dover, October -, lS64 enti-
tied, n Supplement to an act entitled An
Act to raise revenue for this State passed at
Dover August IL, 1864, ~ it is provided as fol
lows: That the money which from time to
time shall be paid to the State Treasurer fo,
the use of the State, under the provisions o
the act to which this is a supplement, shall be
and the same is hereby appropriated to tn,
payment of the interest and principal of tn,
bonds of this State, issued under the prOvs
ions of an act of the General Assembly of thi
State entitled, An Act for the payment of tn
lately-created debt Of this State, passed at DO
yer, August H. 1854, and an act entitled Al
Act to relieve the people Of this State from
draft, passed August IL, 1864. :"
| suggest, as a matter worthy the cOnsidera
tion of the General Assembly, whether it vii
not be proper so to amend the above quoteo
section as to make its provisions apply to tn
bonds issued under the provisions of the ac
passed at Dover, February l6, lS65, entitled
AN Act to relieve the people of this Stat
from draft" There was but one hundred AM
thirty bonds disposed of under the provision
Of this act; they were issued and disposed 0
for the same purpose as those of the preceding
acts and should be secured by the same guar
IL. -, =.
lowing statement of revenue which has passet
into the hands Of the State Treasurer unde
the provisions of the act to raise revenue 70
this State, before referred to, for the clever
months preceding the first Of November last
10 Wit: