Worcester daily spy., 1872-01-06

| franchise of the property and a sinking fund OF
nearly 100000, its income in 1871 amounting to
| 1853.
The several sinking funds as now established
amount 10 S13, ,0O00 co., including the present mar
/ ket value Of their investments. With this pro-
vision ol nearly forty-tour per cent of OutStand-
| ing loans already secured in available cash
! assets, having an average annual income accu-
| mutation of a million of dollars together with
| large and certain additions TO be realized from
the sales ofpubliC lands and from other product
| i've resources, il becomes at once apparent that
| the commonwealth is well prepared for the
| prompt liquidation at maturity of all her exist
| ing liabilities without resort to taxation. Even
should deficit occurin any of the sinking funds,
| 4 remedy would easily be found in the proper
| legislative sanction for transfer of accrun9
| excess from other funds,
| During the present year 900 more Of the
| present funded deat will mature, viz: OF the
state almshouse loan, 100000; o the loan Of
| 1861 for funding the public debt, 500, ,000-tbe
| last Of that loan; and Of the Union fund loan
| S3J0,000. The payment of the remaining balance
of the loan Of 1861, here referred TO, will eXtin-
guish the last item in the funded debt of the state
| from which no sinking iund or other special
| provisions exists The other suns enumerated
| will be paid from their appropriate sinking
| funds.
| FINANCIAL ESTIMATES FOR 1872
| From the most reliable data now aces
| sible, the ordinary revenues of the
present year may be estimated at. 81, 900 90
| ItllS amOnDT WIN Ine Casll pH mana
applicable Herewith, may give the
treasury. o,OOUUOO w
| The most mtelhgentestimate ofthe or
| dinary expenses of the year, now pos
sible amounts toSnearly. ............. 100000 90
| These estimates, however, do not include any
| provision for special grants by the legislature,
nor for any temporary emergencies liable to
| occur 1t will be apparent, therefore, that the
deficit to be provided for by state tax will vary
| from one and half to two millions of dollars.
THE WAR DEBT,
With the exception OF railroad loans and a COM
paratively small fraction Of liability ON account
Of The ordinary expenses of the government, the
present outstanding war debt (S16 434 1851
covering the entire balance of the funded loans,
| natures in various amounts extending over
period of twenty-five years, the last falling due
in 1S94. OF this amount, onlysS3 600, the re-
mainder of the Union fund loan, will mature
| during the present decade, the largest install
| ment, nearly hall, becoming payable in 1873, and
| the balance in smaller sums, commencing with
| the present year. OF course it is well under
stood that full provision is already scared for
the liquidation Of the whole
| Ii will be remembered that the Union fund
| loan was created for the payment OF war eX-
| penses chargeable to the United States. The
| aggregate amount so charged, exclusive of eX-
| pendtures for coast deienceS, was S3,752 92S96
| of which S3,669, ,45511, or nincy-eight per
| cent, has been already reimbursed. Or the re-
| maiDder, now In process of adjustment under
| the supervision OF Col. Gardiner TUFTS, who has
| collected several instalmeDts of the original
| claim, nearly the entire sum has been already
| allowed. In addition to this claim, nearly a
| quarter of a million of dollars expended fOr
coast defences, will probably be realized at an
early day
THE PUBLIC LANDS.
tits now more than twenty years since, by
| her legislative and executive authority, the com
| m0nwealth assumed the special and responsible
task of protecting her legitimate interests in her
own public lands. The proceeds of the sale of
that portion embraced within the limits of the
Back Bay have thus far amounted 10 nearly S3,-
6OOOOO; while the total expense of filing, grad
ing and other Improvements have been nearly
81 ,5j0,O0O, exclusive Of the compensation and
expenses OF the commissioners which, added,
would make the entire cost nearly 81 SOC, 600 or
| less than iortyhve per cent. This has been
| paid from the moiety of proceeds of sales, ap-
| plicable by law to that purpose, leaving besides
handsome surplus available with the other
| moiety for the financial purposes OF the COM
| monwealth. OF the lands filled and graded, up
| wards OF 100000 square feet were given by the
| legislature to the city of Boston and the inSti-
| tute of technology; and Of the two millions of
| dollars netted in cash to the treasury, nearly
| quarter Of a million has been appropriated in
aid Of various educational aud scientific institu-
| tons. Under legislative authority, the remain
| der has been transferred 10 several of the trust
and sinking funds, chiefly for the redcI ption of
the funded debt, towards which large and time
| ly contributions have thus been rendered.
| The filing and preparation of the remaining
| lands in this locality will probably be completed
| during the present year, thus securing the ad-
| vantage of fortuitous demand The sales Of
| the past year, amounting to upwards of $780,
600, have been effected under such favorable
| conditions as to warrant the anticipation of a
| net income of nearly or quite million and a
| half more from the lands remaining 10 be Sold
| Under the provisions of law, this income will
| accrue to the Massachusetts war loan sinking
| fund now rapidly accumulating the amount
| necessary for the redemption of the loan for
| which it stands pledged.
The relations of the commonwealth to its nav
| igable waters, and to the tide.lands above and
| below the line of littoral p.oprietorship are so
| important, so manifold and SO often involve
| questions requiring a technical investigation.
| that in 1866 they were placed in CHARGE of the
| board of harbor commissioners Through its
| advisory council composed of eminent cngi-
| neers and men of science at the head of yarious
| bureaus in the United States service this board
| is brought into relations with the general GOV.
| emment in a manner most favorable to harmo-
| NOUS and cooperative action on the mart of the
| state and the nation.
| The subject in charge of tbis board. of most
| general interest TO the peODIe of the common
| wealth, is The improvement of the stare Ans in
| South Boston In 1863 about Twenty-Five acres