The Portland daily press., 1868-01-03
GOVERNORS ADDRESS.
Gentlemen Of the Senate
and Hon on Of f,f

- ui0 WI neI Weiare. In commuDicatin
VIII WIN you at tnls time l shall endeavor not
eAeeeu eati tne uut,es required otme by the const
tuition, and shall confine myself cbishv ~ e.
matters over which we have some CONT
and ior which we are held responsible. 10
before you such information of the conditio
OF the state, with such suggestions looking +
the advancement of its interests as | hay
reason to think will facilitate your action.
J. Considering that gre It civil war has iu,
passed over us, leaving its wrecks and DISC
ders everywhere, the minds of men still di.
turbed by memories OF the past and anxietie
Ior. the future, the measure of prosperit
Which we enjoy is perhaps all that we coul
reasonably expect. Some of the chief source
OF our prosperity have been cut off or turnp
into ether channels Many of our industrie
stimulated into unwonted activity during tn
war have no T greatly fallen off. But the peo
pie have not been idle. With noble fortitud
and resolution they have met all their dutie
as they came. and sought for means to bea
the burdens they could not with honor la
| aside. The calm and settled order of the oil
| times has not returned, but our thoughts ar
| gwen and our energies bent to bring yet bet
| ter times than those. 800
a e4e .. FINANCIAL.
1t IS gratifying in this connection to be ab
to report that our financial conlition, wbicl
before has been considered satisfactory. ha
stlil improved. Our bonds are not often il
the m trket; but l have observed within lev
days that they are quoted at mere fraction
less than the Government seven -tbirties.-
The scrip for soldiers bornties fell due on the
trst OF February last, amounting to 1869, 400
with interest, OF which all but $4,000 ha,
been presented and paid. OF our funded debt
the annual insta lment of $1,000 has ais,
been paid. This is all that has been disburs-
ed this year outside OF our current expendi
lures. ~ -
The War Claim of the State against The
General Government has been made an oh.
ject OF special attention. Hon. Samuel Cony
has assisted in preparing the evidence requir-
ed on the suspended items and in prosecuting
the claim generally. We have succeeded in
obtaining the allowance of S556 .S46.45,i OF
which 1857 ,1O2.l0 was applied to cancel ou,
direct tax OF $42O,S26, (none of which
found had been previously paid,) obtaining a
discount of Is per cent. The balance OF
S2O9, ,l44.35 has been paid into the State
Treasury, and applied in accordance with the
law of 1861. Our whole claim as now flied
amounted to S1,30l, ,5717S. This is account.
ed for as follows: Allowed IN 1861. 5000 OOO
in 1862, $l20000; in 1867. S566,S46. .45: sus.
pended and disallowed, S414,T4533. Some Of
the items which found their way to the Audi,
tors Bureau were so obviously improper. as
charges against the United States, that it has
been thought best to Withdraw them, in order
to leave the account in better shape to urge
to settlement. This balance NAV be ar.
ranged as follows Disallowed as Improper
charge about 100000; disallowed for want Of
sufficient legislation about SS5, 900: suspend
ed Tor proof or explanation $13OOOO, ON
clam has been promptly met, and | am as
sured bv the Department at Washington that
no State has been more tavoraby dealt with
in the settlements thus far made The pros.
ecution OF the claim is at present sust ended
until the order of business at the Treasury
Department will allow its further examina.
ton. 1t Will be taken up again at the EARL.
est possible moment. Further legislation Is
still required to authorize the reimbursement
to States of many OF their necessary expenses
in furnishing troops for the war.
In proceeding to state the amount of oul
public debt, must remind you that consid.
cradle portion OF his is the balance of oul
old Indebtedness. Our debt at the com
mencement of the war was 5000, 10000 The
thirty to forty thousand dollars which we are
now paying annually is on this old debt. The
balance OF this at present is about 1858 900
The whole amount Of our funded debt to day
is $5,O6O,5OO, from which subtractng the ciyi
Indebtedness above we have as the war deb
proper $4,632, 800. OF this the first which
natures is 100000 in 1871. To provide fol
this we have the sinking fund ct S123,775.9(
year, which already amounts to 1890, $50 .S,5.
and which, ii continued, will abundantly meet
this, ana all other bonded Indebtedness as il
natures. Fortunately, however, we are able
to add to this provision the sum of 5000. 144.
35, which has been collected from the genera
government, and by the prudent management
OF our treasurer there has been realized a.
profits, by buying in our own bonds at a dis
count and reinyesting the accruing interest
on them, the sum OF Sl2,5OO In other way:
also we have advanced upon our next year.
sinking fund some $4,000; so that we have
in our hands to-day $627 500 towards the
$S00,000 which falls due in 1871, leaving a,
our actual Indebtedness on the war account
$4,000, 600. NJ .a+f 8.7, ,s..1 IN - -,
is easy to see from this statement. thai
the sinking fund alone will amply provide tol
our debt at maturity land if it were necessary
we might even appropriate to some othei
more immediate use what we receive from
the United States government as reimburse
ment OF our advances. 1t is worth while to
observe that the loan of 100000 authorized
by the last Legislature has not been resorteG
to, the economy Of expenditure beyond wha,
was contemplated in the appropriations hay
ing more than made up this sum. The
heavy draft for pensions and aid to families
of soldiers is now greatly diminished. ant
the Treasurer is OF opinion that upon oul
usual ratio of estimates, our rate of tax may
be reduced to five mills on the dollar instead
of six as last year.
The Report of the Bank Commissioners
shows that only few of our banks under
State charter ale now In operation and these
are rapidly winding up their affairs. 1t is
worthy OF mention that though the legal liza
biity of some has expired, still none OF them
hesitates to redeem its bills at its counter. II
would hardly be supposed that so dry docu-
ment would furnish some of the most inter-
esting material for the philanthropst as well
as the economist. But it appears from thi:
that the people are quite disposed to make
the best OF their circumstances The Say.
ings Banks exhibit the condition of thai
numerous class which depends on dali,
labor and small savings. The profits of cani
talists do not appear here. 1t will doubles.
strike many With surprise to leaIn that the
increase OF deposits in these banks for the
last year is over million and half Tbi:
confirms the opinion l ventured year acc
that there is more of private property now
than before the war. The debt has beer
transferred from private citizens to public
treasures. This by no means the most dis
tressing form of debt. These banks aIsc
hold for the benefit of their frugal depositors
United States bonds to the amount OF over q
million and a quarter; so that large capital
lists are not the only ones who have the ad.
vantage of the exemption OF government Sc
curities from taxation. But the most remark.
able fact which appears is, that the sum al
this moment invested in our Savings Banks
alone is considerably more than the whole
amount of our public State debt. These
facts, and the inferences and auguries from
them, furnish most agreeable relief to oul
habltual cogltations on the industrial and fl
nancial state OF the country. As the labors
IT the Bank Commissioners will probably be
much reduced the coming year, it might be
well TO charge them with the duties also o.
Insurance Commissioners, lor which there
now appears to be demand
A most remarkable nisapprehensfon ap.
pears to exist in some quarters in regard to
the law by which the stock of national banks
is now taxed for the benefit OF the towns
where the banks are located. Many suppose
that this is by virtue OF an act passed at the
last session of our Legislature, and even
hold the Executive personally responsible fol-
all these present evils. The petition in circu.
lation for the repeal OF this law seems to
take it for granted that this action would re.
verse the present system. 1t is well perhaps
to set forth the facts of this matter in few
plain words: 1, The man object aud intent
ol LHe law vi last Hluter was TO secure the
tax on nationa bank stock for the benefit ot
the towns where the stockholders reside
2, BY the last section of this act the uues-
tion of its constitutionalty was submitted to
tn, Supreme Court of this State, and ma
jointly of the Court decided that the provis-
ions of the act were not in accordance with
the laws of the United States Hence those
provisions are dead letter and need not be
repealed, and the remaining sections being
but reaffrmation OF the United States law
it would be OF no immediate avail to repea