Wilmington daily gazette., 1873-01-07

Il
State Treasurer. principally within the
last l37 900
There will be as present indebtedness, sl.s25O 900
From this amount, if there be deducted the in
vestments Of the State other than those apprOpria
ted to the fIeo schools. as follows, to wit:
Mortgage on the Junction and Break
water Railroad COmnany .......... S400OO0
12o0 Shares Farmers Bank Stock at SO
per share. ~ 62.5OO
at sl65 per share - '........ $500
41.sOO
There WllI remain as Indebtedness after dedueting
Investments Oalsr than those appropriated to free
The nTestmets Of the State appropriated to t6S
support of free schools are as follows:
500 shares Farmers Bank stock at S26
Loan to Phiadepia. Wilmington aud ''O''
Baltimore Railroad Company .........,..... 5000
Loan to Sussex county. .................,.. 5000 |
per share. -, 12l.s5O
Delaware, at s465 per share 172O6
$50 per share. 9lSO
stock at S9s per share 9.144
Invested in New Castle and Whining
ton Railroad Company. Paying7 percent 25,OOO
Making total Investments for benefit
Of free schools ~e..... ,.......... SI52 419
The whole amount OF investments Of the State in
eladns those for tho benefit Of free Schools amount
Ii this amount were deducted from the amount Of
present Indebtedness of the State it would leave the
/ d
The State Treasurer had on deposit in the Farm
ers' Bank, on the 18th day of December, the date
Of the statement Of that officer. furnished u
And there was due the State the lsT day Of Jan
uary. from all sources about 40 W
For further details IN reference to tho fin ,ncal
affairs of the State, and the receipts and dsburse-
ments OF the Treasury for the past year, refer
the General Assembly TO the report Of the Stale
| Treasurer, herewith submitted.
Without entering into further details, the fore
gong statement will show satisfactorily the fnan-
ciaI condition OF the State. After meeting the
ordinary expenses OF the government and paving
promptly the interest on the debt, the State
Treasurer has, within the last year, bought up
/ aud cancelled bonds TO the am0ult OF one hun
dFed and thIrty-seVen thousand dollars, and had
in the Treasury, at the date named, S5S,O46 80.
This large reduction Of the debt within the last
year has not been made eXclusVely from the re-
Ceipts of revenue falling due within that time
Il Taxes under the act of 1869, due from the Pail
T dslphia, Wilmington and Baltimore Railroad
I Company, have been paid since the decision in
the Circuit Court OF tue United States affirming
their validity, which has enabled the Treasurer tC
purchase pOPe bonds than he otherwise could haVC
7 done. . .I
The prompt payment OF the interest on our in
debtedness. and the confidence which it inspires il
e the ability of the State to meet her liabilities a.
they fall due has enhanced the value of our bond
n and they are now quoted ia the markets of thu
d country above par. Indeed there are but few O
e them, at any time, upon the market, being he'll
L by most persons who have them, as permanent in
Vestments and by them regarded as the safest AM
. most valuable securities to be had for that puI
10 nose While the bonds Of many of the States ar
selling greatly below their par value, and those
N some of the States bearing higher rate of inter
ID est can scarcely command q purchaser at an
III price. the Treasurer Of the State has found di
lr tiicultY IN procuring our bonds for redemption
N their face value with accrued interest added
TO To the people OF the State 1t is matter of Jus
n pride that her financial credit Is equal to that
he any State in the Union Limited she is in he
n resources, and dependent in great measure Ia
t. revenue upon taxes paid by her citizens. it is
q result almost as surprising as it Is gratifying
Id Economy in the management OF our State affail
a. has enabled us to reach this by systeIn OF taxi
pt tion hghter perhaps than that of any other Stat
u At least know OF none whore the measure
ry taxation is lighter than our own It has been II
or policy OF this State, by striet economy in her 81
lis pendtures, TO render the burdens of governmeI
as Is little OnsFOus as the public exigencies wou
10 permit, aAd to Distribute such burdens as equal
lei as possible. Human ingenuity cannot howeve
devise any system of taxation that will be-
pc equally upon ali. ami it is doubtful. at leai
ne whether any great improvement in this directiC
VS. Oould be ulOds upon our taxing system.
us us l..t.ae REVENUE LAWS.
ce II is believed than any material alteration in OF
ne Revenue Laws at ths present session would be y
rs wise. A careful examination OF our tax laws mt
mr. possible suggest to the General Assembly son
se modification which will render them more eQuit
nj bic in their operations; but any alteration theE
81 in should be limited to that object. The amou
,e OF revenue, in any event, should not b0 great
"a diminished. Besides meeting the ordinary
ad mAads upon the treasury and lpaying the interS
m on our bends, the State Treasurer will be call
nIe upon betore the meeting Of the next GeneI
nd Assembly to redeem the obligations falling due
= the first day OF January, A, ID. 1875, amonnti
At. 10 the sum Of S169O00. II our present r0Ven
he-l svstam remains unchanged, or only slight
nd altered, as experience may have proIOd to
ne neeassarV &c rendsrit more equal and Just in
operation, sufficient revenue, 1t is believed, will
he derived theKsfrom to hquidate those bonda at N
Il tarity, beside mesting other demands upon I
to Treasury. Ample PFOviaiOn however, should
an made for their paymeRt at the present session,
10 II in the jadgmsnt for the members of the Leg
INV aturo the receipts OF the treasury under exali
aen las viii be Insufficient it will become their du
ter1 IL 70 broyide the means Tor tAatpuFpoaa.
nur The maintenance Of the credit Of the State
Ied the prompt payment Of the interest and the gr
ual REDUCTION of the principal OF the debt, so
the 70 meet every chIgation q maturity Is Of hi
gIn est Obligation, and no omission adequately TO p
IA. Ibe eifher iRsklhsd OF excused To the Lsgisat
the L conAdsd this important duty, and an II
oad theE WhatsVsr action IN this regard may boco
~ necessary at the praant session will be fAithfU
rsst performed. Hitherto the honor OF the Stato
'nIv been untaEnishsd and her phghtsd fAith ma
in taiaad aad no GtiEen Of Delaware could Witnl
,ha | Wllhonf deem mort ttiheation, ana "a abatemsn
slata Drlds, the slightest interruption to her Z
eak ogm promptnsas in the discharge Of every liabll
hEss .grnvY tyUAlanacTIoN, ye F
mo 2 within the last year question has arison
to twsan this Stato and the State Of New Jen
the tsashna ths jurisdiction At The 5ogpaotivs 81
far, Iovor fksk part of the Delaware river Ombrl
the withn what Il known as The twelve miles otI
NJ he