Wilmington daily commercial., 1873-01-07

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foregoing statement will show satisfactorily
the financial condition of the State. Afte
meeting the ordinary expenses of the Stat
government, and paying promptly the interes
on the debt, the State Treasurer has, within
the last year, bought up and cancelled bond
10 the amount of one hundred and thirty
seven thousand dollars, and had in the Trea
sury, atthe date named, $5s, ,046. so.
This large reduction of the debt within thi
last year has not been made exclusively from
the receipts of revenue falling due within tina
time. Taxes under the act of 1869, due from
the Philadelphia, Wilmington and Baltimor,
Railroad Company, have been paid since thu
decision in the Circuit Court of the United
States affirming their validity, which has en-
abled the Treasurer to purchase more bonds
than he otherwise could have done.
| The prompt payment of the interest on our
| Indebtedness, and the confidence which il
inspires in the ability of the State to meet her
liabilities as they fall due, has enhanced the
/ value of our bonds, and they are now quoted
in the markets of the country above par.
Indeed, there are but few of them, at any
| time, upon the market, being held by most
persons who have them as permanent invest
| ments and by them regarded as the safest and
most valuable securities 80 be had for that
purpose. While the bonds of many of the
| States are selling greatly below their par
value, and those of some of the States bear
| ing higher rate of interest can scarcely COM
mand a purchaser at any rate, the Treasurer
of the State has found difficulty in
procuring our bonds for redemption at
their face value with accrued interest added
To the people of the State 1t is a matter of
just pride that her financial credit is equal to
any State in the Union. Limited as she is in
her resources, and dependent in a great
mpaetIra for raynnun IfpOn ia Ypa maid hU har
citizens,i is result almost as surprising as it
Is gratifying. Economy in the management
of our State affairs has enabled us to reach
this result by a system of taxation lighter,
perhaps, than that of any other State. At
least know of none where the measure of
taxation is lighter than our own. 1t has been
the policy of this State by strict economy in
her expenditures, TO render the burdens of
government as little onerous as the public
exigencies would permit, and to distribute
such burdens as equally as possible. Human
ingenuity cannot, however, devise any system
of taxation that will bear equally upon all,
and it is doubtful, at least whether any
great improvement in this direction could be
made upon our taxing system.
REVENUE LAWS
1t is believed that any material alteration
in our Revenue Laws at the present session
would be unwise. A careful examination of
our tax laws may possibly suggest to the
General Assembly some modification which
will render them more equitable in their
operations; but any alteration therein should
be limited to that object The amount of
revenue, In any event. should not be greatly
diminished. Besides meeting the ordinary
demands upon the treasury and paying the
interest on our bonds, the State Treasurer
will be called upon before the meeting of the
next General Assembly to redeem the obli-
cations falling due on the first day of jan
uary, A, ID. 1875, amounting TO the sum of
$685. If our present revenue system re-
mains unchanged, or only slightly altered, as
experience may have proved to be necessary
to render it more equal and Just in its opera
ton, sufficient revenue, it is believed, will be
derived therefrom to liquidate those bonds at
maturity, beside meeting other demands upon
the Treasury. Ample provision, however,
should be made for their payment at the
present session, and if in the Judgment of
the members of the Legislature the receipts
of the treasury under existing laws will be
insufficient, 1t will become their duty to pro-
vide the means for that purpose.
The maintenance Of the credit of the State
by the prompt payment of the interest and
the gradual reduction of the principal of the
debt, so as to meet every obligation at matu-
rity, is of highest obligation, and no omission
adequately to provide the means necessary
for that purpose could be either justified or
excused To the Legislature is confided this
important duty, and / am sure that whatever
action in this regard may become necessary
at the present session will be faithfully per
formed. Hitherto the honor ofthe State has
been untarnished and her plighted faith
maintained, and no citizen of Delaware could
witness, without deep modification, and an
abatement of State pride, the slightest inter
ruption to her uniform promptness in the dis
charge Of every liability.
JURISDICTION.
Within the last year question has arisen
between this State and the State of New Jer-
sey, touching the jurisdiction of the respect
i've States over that part of the Delaware river
embraced within what is known as the twelve
mile circle The controversy grew out of
the arrest, by the authorities of his State, of
citizens OF New Jersey engaged in the business
of fishing, without license from this State, in
the waters of the Delaware within her limits.
This State has always claimed that her
jurisdiction extended over that part of said
river where these arrests were made, and to
low water mark ON the Jersey shore, and that
claim has been asserted In various ways and
on all occasions when ii became necessary to
do so. This claim of jurisdiction on the part
of this State, based upon original grants and
unlnlerfupteuly asserted, was fully sustained
by the decision of the arbitrator, after full
and able argument, in the celebrated Pea
Patch" case, in the year A. ID.
lS48. am not aware that
the jurisdiction of this State over
said waters were ever before denied by the
State of New jersey, certainly no claim of
her own jurisdiction was ever before practi-
cally asserted. The arrests to which have
referred gave rise.to correspondence be-
tween His Excellency Governor Parker and
myself = copies of which are herewith sub
mitted-and subsequently,, upon his invita-
ton, to an interview between us, at the Con-
tinental Hotel, in the City of Philadelphia.
After full and frank expression of views,
in which the Attorney Generals of this State
and of New Jersey took part, in reference to
the question of the jurisdiction of the respec-
tive States, 1T was agreed to bring the subject
to the attention of the Legislatures of said
States and recommend the appointment of
commissioners, on the part of each, to settle
the matter in dispute This mode of settle
ment will be attended with less delay and is
more is harmony with the good understand
ing that should exist between sister States
than adverse proceedings in the courts Such
a commission, it is not doubted, will vindicate
the claim of this State to exclusive jurisdic-
ton over the Delaware river within the linn
its named, and / therefore recommend that
commissioners be appointed on the part of
this State to meet commissioners on the part