Wilmington daily commercial., 1873-01-07
GOVERNORS MESSAGE.
BIENNIAL COMMUNICATION ON STATE AZ
FAIRS.
The Debt-Taxes-u. q. suIts-FIsh-
eries-Attachment Laws, &C.
Especial TO the Commercially

The reading of Governor Ponder's frs
biennial message commenced in both Hou'
ses at l o'clock, this afternoon. The fol.
lowing is the full text:
Gentlemen Of the Senate and House Of Rep
TeSentatiUes!
The meeting of the General Assembly Is
deemed an appropriate occasion for the Gov.
ernoT, in obedience to the requirement of the
Constitution, TO give to the two Houses such
information as he may possess concerning
public affairs, and of recommending TO their
consideration such measures as he shall judge
| expedient. arr
In entering upon the discharge of this duty,
| should neither meet your expectation nor
fulfill recognized obligation If failed to
acknowledge that benign Providence which
has preserved the general health of the peo-
| pie of the State, and permitted no serious
| calamity to mar their happiness and prosper
| ity. While industry in our State may not
have been so richly rewarded as in some sec
tions of the country, we have, as a people,
been blessed with plenty, and exempt from
the ills attendant upon unrequitted toll
Lawlessness and insubordination nowhere
exist in our borders in their aggravated FORMS
but peace and order everywhere prevail, rem
der1ng easy the due execution of the law by
| the constituted authorities, and evincing the
contentment and happiness of the people of
the State.
The proper administration of public Justice,
and the faithful execution of the laws of the
State, are essential to the well being of sOci-
| ETY., and tend to strengthen the attachment of
| the people to the government under which
| they live. am happy to bear my testimony
| to the fidelity of those entrusted with this
| important duty. Justice is nowhere better
administered than in our own State. The
| criminal laws are impartially executed, and
| the punishment of crime rendered certain.
| AS consequence, the property and lives of
| our citizens have been comparatively secure,
and the welfare and safety of the community
assured.
STATE DEBT AND FINANCES.
At the close of the late civil war we
found ourselves, In common with the
most of the States of the Union, burdened
with large State debt, created, for the most
part, to meet the demands made upon our
citizens by the general government
The Governor here proceeds TO explain, at
considerable length, the origin of the debt, in
paying commutation money and purchasing
substitutes, for drafted men. The sum thus
expended amounts TO 81, 10000. The state
ment has heretofore been so frequently made,
that we consider 1t unnecessary to give this
portion of the Message, in full-EDs. Cont
MERoIAL.
Both in its objects and results the action
of the Legislature in the creation of the
State debt, is more than justified, aud but
few can be found to question its wisdom and
none to doubt the faithful application of the
fund to the purposes for which it was appro-
priated. While in many States of the Union
large Indebtedness has been incurred to adj
vance individual and local interest of ques-
tionable character, not dollar of our debt
was wasted in useless enterprises or expended
for improper purposes. ..
have referred to the issue of bonds for
the purpose of aiding drafted persons as the
origin of our debt, because 1t would be mani
festly improper to regard the bonds loaned
to the Delaware Railroad Company and
guaranteed by the Philadelphia, Wilmington
~ Baltimore Railroad Company, as forming
any portion of the Indebtedness of the State
The payment of the interest and principal of
the bonds last named is amply provided for
by that company. and they win in no proba-
BILE event have TO be provided for by the
State.
Nor can the loan to the Junction tS Break
water Railroad Company, and secured by
a first mortgage upon the entire road, be
properly viewed as forming any part of the
debt unprOvided for. The interest on the
bonds loaned to that company, 1t is true, must
be paid by the State Treasurer, but the COM
pany has thus far, and it is hoped will con-
tinue, to meet the interest on the mortgage,
and thus furnish the means to pay the inter-
est on the loan without drawing upon other
revenues of the State for that purpose.
Regarding, however, the loan to the juno
ton ~ Breakwater Railroad Company as
part of the States liabilities, her original and
present Indebtedness will appear from the
following statement, the details of which have
been furnished to me by the State Treasurer
Bonds issued to pay volunteers, and to
aid drafted men to pay communication
and furnish substitutes. ........... 81, lie, 600
Loaned to the Junction and Break
water Railroad Company exclusive
of bonds to the amount OF $4,000,
retained by the State Treasurer to
pay interest for 2 years, ...,........ 352, 900
Total amount original Indebtedness 81 49,, 900
If from the amount of original indebt-
edness there be deducted the amt.
of bonds purchased and cancelled by
the State Treasurer, principally with
In the last year, r,.................... l5fOOu
There will be present Indebtedness, 81 1925 900
From this amount, if there be deducted the
investments of the Slate other than those ap-
propriated to the free schools, as follows, to
wit:
Mortgage on the Junction and Break
water Railroad Company. ,......... S400 200
$50 per share. :. .................. 62,5OO
at $4G5 per share. re..........e..'...' w $500
All 800
There will remain as indebtedness after de-
Quoting Investments other than those appro-
priated to free schools, ols,.............. $SS3, 200
The investments of the State appropriated
to the support of free schools are as follows;
500 shares Farmers Bank stock at S36
per share. ......................... 10000
Loan to Philadelphia, Wilmington and
Baltimore Railroad Company -. $4,000
Loan TO Sussex county .,... ...,..... 5000
$50 per share. .,.................. 121 $50
Delaware, at s465 per share. 172O6
ia shares Of Bank of Smyrna stock at
$50 per share. o..................... 9,12O
254 shares of Union National Bank
@stock at $36 per share. 9144
Invested in New Castle and Whining
ton Railroad company, paying per
cent. ............... Zo,UuU
Making total Investments for benefit
of free schools NEUTRALITY-SUSPICIOUS.. $452 410
The whole amount OF investments of
the State including those for the ben
Observation-Disclosures. Of. 24,219
II this amount were deducted from
the amount Of present indebtedness