Middletown transcript., 1873-01-18
THE GOVERNORS MESSAGE.


der vas sent TO the Legislature immediate
ly after its organisation on Tuesday Of
last week. Being lengthy document il
was crowded out Of our columns last
Saturday. and necessarily delayed until
to-day. Now, however, for the benefit Of
those who may not have been SO fortunate
rs to receive one Of the 1900 copies or
dered by the General Assembly. We pro-
pose to give the substance Of that docu.
mcnt.
The message opens with general ac-
knowledgement Of indebtedness to Provi-
dcnce for the peace. prosperity and vel
fare Of the State, and bears testimony to
the fidelity Of those to whom is entrusted
the administration Of public justice and
the execution Of the laws; to the Impair
tiality with which the criminal laws are
executed aud the certainty with which
crime is punished. In reporting the
Dgur ASD FtSANcgs OF THE STATE"
His Excelleucy goes into an elaborate
review Of the objects for which the deb,
was created, and repeats the of told tale
Of the conscrip,ion and draft laws. and Of
the objection of Dclawareans to be forced
to battle in n cause for which they had no
hcast. lie comm ends the acts Of the
General Assembly in authorizing the issue
Of bonds to the amount Of Sl,1l0,00O to
a. enable our citizens to escape the de-
moralizipg influences Of the military
camp" This says the Governor, is the
origin Of our debt, and
Both in its objects and results the ac-
ton Of the Legislature, in the creation Of
the State debt, is more than justified, and
but few can be found to question its wis
dom and none to doubt the faithful nppi-
cation of the fund to the purpose to which
it was appropriated. While in the many
States Of the Union large Indebtedness
has been incurred to advance individual
and local interests cf questionable cbarac-
ter, not a dollar Of our debt was wasted
in useless enterprises OF expended for i'm
proper purposes.
The Governor does not regard the bonds
loaned to the Delaware II. r. Co. and
guaranteed by the L. W. & i. II. X.
Co. as forming any part of the indebted
ness Of the State. The payment Of the
interest and principle Of those bonds being
amply provided for by that company. Nor
does he think the loan to the junction X
Brcakwater X. II. Co should be consid-
cred a part of the unprovidcd for debt.
His Excellcncy sums up somewhat
detailed statement Of the State debt and
financial condition thus:
After meeting the ordinary expenses oi
the State government, and paying prompt
ly the interest on the debt, the State
Treasurer has, within the last year, bought
up aud cancelled bonds to the amount Of
one hundred aud thirty seven thousand
dollars, and had in the Treasury, at the
date named, S58. DAG. so.
This large reduction Of the debt within
tho year has not been made exclusively
from the receipts Of revenue falling due
within that time Taxes under the act Of
1869, due from the Philadelphia, Will
miugton aud Baltimore Railroad Company
have been paid since the decision in the
Circuit Court Of the United States affirm
ing their validity. which has enabled 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 tc
meet her liabilities as they fall due, ha.
enhanced the value Of our bonds. and
they are now quoted in the markets Of thu
country above par. Indeed. there arc bu
few Of them. at any time, upon the mar
ket. being held by most persons who have
them rs permanent Investments and b,
them regarded as the safest aud most val
liable securities to be had for that purpose
While the bonds Of many Of tho States
are selling greatly below their par value
and those of some Of the States bearing I
} higher rate Of interest can scarcely com
maud a purchaser at any price, the Treas
urer Of the State has found difficulty il
procuring our bonds for redemption a
their face value with accrued intcres
added.
To tho people Of the State it is mat
ter Of just pride that her financial crcai
is equal to that Of any State in the Union
Any change in the Revenue Laws j
considered uuwise at this particular time
unless the General Assembly could pos
sibly suggest modification which woul
! render them moro equitable in their op
era,ions." A reduction in the amount O
; revenue is especially deprecated, as th
Treasurer will be called upon. before ,h
next session of the Legislature. to redeem
obligations falling due on the lst Of Jan
nary. 1876. to the amount Of SlO9.0OO
vbicb His Exccllepcy thinks tho presen