Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-01-11

free schools, amount TO the sum Of $924,-
21g.
If this amount were deducted from the
amount Of present Indebtedness of the
State Il would leave the sum Of 800, ISL.
The State Treasurer had on deposit, In
the Farmers Bank, on the 18th day Of
December, the date of the statement OF
that officer, furnished TO me, S5s, 0i0.SO.
And there was due the State on the LIST
of January, from all sources about ellS,-
24O.
For further details In reference to the
financial affairs of the State, and the re-
ceipts and disbursements of the Treasury
for the past year, l refer the General As
semb.y TO the report of the State Treas
urer, herewith submitted.
Without entering Into further details,
the foregoing statement will chow salts
factorily the financial condition Of the
State. After meeting the ordinary ex-
penses of the State government, aud
paying promptly the interest on the debt,
the State Treasurer has, within the last
year, bought up and cancelled bonds to
the amount Of one hundred and thirty
seven thousand dollars, and had In the
Treasury, at the date named, SIS, 046, 80.
This large reduction of the debt within
the.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, Wilmington
and Baltimore Railroad Company, have
been paid since the decision in the Circuit
Court of the United States affirming their
validity, which has enabled the Treasurer
to purchase more bonds than he otherwise
could have done.
Ths prompt Payment Of the interest on
oui indebtedness, and the confidence which
It inspires IN the ability of the State to
meet her liabilities US they fall due, hiss
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 mar
ket, being held by most persons who have
them as permanent inv stments and by
them regarded AS tue safest and most val
liable securities to 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 bearing a
higher rate Of interest can scarcely com
maud purchaser at any price, the Treas
urcr OF the State has found difficulty in
procuring our bonds for redemption attheir
face value with accrued interest added.
To the people of the State Il il a mat
ter Of Just prd that her financial credit
/. equal TO that Of any Stale in the Union.
Limited as she Is In her resources, ard de-
pendent in great measure for revenue
upon taxes paid by her citizens, it is Il re-
suit almost as surprising Us II Is graf fy-
ing. Economy in the management of our
State affairs has enabled rs TO reach this
result by Il system of taxation lighter,
perhaps, than hat Of any other State At
least know of nOn6 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
MS possible. Human ingenuity cannot,
however, devise any system Of taxation
that will brar equally upon all, and it is
doubtful, at least, whether any great I'M
provement in this direction could be made
upon our taxing system.
REVENUE LAWS.
1t lie believed that any material altera-
ton in our Revenue Laws at the present
session would be unwise. careful eK
animation 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 diminish
cd. 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 OBJ
legations falling due on the first day of
January, A. d. 1875, amounting TO the
sum of 100000. II our present revenue
system remains unchanged, or only slightly
altered, as experience may have proved to
be necessary TO render II more equal and
Just In It's operation, sufficient revenue, ii
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 Judgement Of the mem bers
of the Legislature, the receipts of the
Treasury under existing laws will he in
sufficient, 1t will become their duty to
provide 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 ns to meet
every obligation at maturity, Is of highest
obligation, and no omission adequately to
\ provide the means necessary for that pur.
pose could be either justified or excused
To the Legislature is contded this lmpor-
tnnt duty, and | am sure that whatever
action In this regard may become neces
gary at the present session will he faith
fully performed. Hitherto the honor OF
the State has been untarnished and bel
plighted faith maintained, and NJ either
Of Delaware could witness, without deer
modification, and an abatement of STATE
pride, the slightest interruption to her uni
form promptuess in tue discharge Of every
liability.
JURISDICTION.
I within the last year a question hai
. arisen between this State aud the State oil
New Jersey, touching the Jurisdiction o
j tho respective States over that part of thl
Delaware river embraced within what 4
known ns the twelve mile circle. TIN
| controversy grew ont Of the arrest, by Tn
authorities OF this State, of citizens o
New Jcncy engaged IN the business O
d fishing, without license from this Stale. b
b. the waters OF the Delaware Within b..
limits. This State has ALWAYS elaine
) that her Jurisdiction cxtei lcl over tina
p part of said river where these arr sts vrr
{ made, and to low water mark un the Jri
sey shore, aud that claim has bcuuus-eite
D IN various ways, and ouu'l occasions SHE
: li became necessary to DO 40. This clair
, Of jurisdiction on the part Of this Stat,
S based upon original grants and uuiHle-rupi
4 edly asserted, was fully Sustained by the de
, cision Of the arbitrator, after fnll aud abb
3 argument, in the celebrated "pea Patch
e case IN the year A. d. ls4S. IAm not a,var
that the jurisdiction Of this state owe
I q 40 la of
8 State of New Jersey, ccrta uly no claim ,
e her own jurisdiction was ever before ura,
+ tieaily asserted. The arrests TO which
) have referred gave risrto e correspondent
% between His EXcrllency GOyernor parkei
e, and myself-cOpies Of which are hefcw.t
4 submitted and subsequently, upon hia IN
L vitation, to an Interview between us,at III
= Continental Hotel, In the city of Phiade
q phia. After fun and frank expression {
e views, in which tue Attorney Generals c
this State and Of New Jersey took part. /
4 reference 10 the question OF the inrlsdi,
. ton of the respective States, II vas agree
e TO bring the subject to the attention Of III
v legislatures of said States and recommen
the appointment of commissioners, ON III
j. part of each, to settle the matter In di
e pute. This mode of settlement will /
=, attended with less delay and Is more
4 harmony with the good understanding til,
9 should exist between sister States than a,
n verse proceedings in the courts Such
commission,i it is not doubted, will vindicat
the claim Of this State to exclusive jurl
c diction over the Delaware river within Il
l. limits named, and therefore recommen
n that commissioners be appointed on Il
j. part of this state to meet commissions
e on the part Of New Jersey, with amp
o powers TO settle definitely tue matter