Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-01-09
Governors Address.


Gentlemen Of the Senate and House Of Rep
yesentatircs:
In entering upon the discharge of the duties
to which we have been respectively called by
our fellow citizens, it is fitting that we should
recognize our dependence upon that Being
who is over all and above all. We have
cause of devout gratitude for the Divine favor
which has been shown towards the State and
the Nation during the year which has just
closed In no period of the history OF either,
has our advance in population, material pros
perity and other conditions of true greatness,
been more conspicuous. We may well con-
gratulate ourselves that so marked progress
has been made in healing the wounds of the
terrible struggle for national existence, and
in re-uniting all sections of cur beloved
country in a common devotion to a Republic
preserved from enemies without and within,
redeemed from the curse of slavery, and con
secrated to the grand work of maintaining the
equal rights Of every citizen.
NECESSITY FOR ECoSoMl.
The financial panic which so recently
threatened to cause serious arrangement to
the business of the country, has not been
without its influence for good. 1t has given
new emphasis to the great economic law, that
the savings rather than the incomes Of q peO-
pie, are the measure of their material pros
perity. The careful observer of the tenGen-
cies to extravaganza so noticeable everywhere
can but recognize the truth that economy is
the one word which needs to be spoken and
put in practice in private as well as public
circles. Fortunately the wave of extraya-
pance has not been felt in this part of the
country with so much force as elsewhere.
Although the public affairs of the State have
been managed with such exceptional prudence
and integrity, that the opportunities for
trenchment are few; yet you will, undoubted-
ly, consider it an imperative duty at this time
to study the closest economy, and to conhne
your appropriations within as narrow limits
as is consistent with the public welfare. In
wisely prescribing the extent of public expen-
diturcs, and in determining such cases Of
compensation Of public officers as may arise,
you cannot fail to recognize principles which
are at once the safety and glory OF a popular
goyernment,-that trugality and simplicity
are essential characteristics of free institu-
tions; and that official positions should be
sought less for the salaries attached to them,
than for the satisfaction and honor which
come from faithful public service. In every
endeavor to maintain and promote the high
est efficiency, economy and integrity in all the
departments of the State government, you
will have my earnest cooperation.
TIE STATE FINANCES.
The report of the State Treasurer shows
that the receipts of the State Treasury dur
ing the year ending Dec. 81, 1878, including
S379,7G2 .OS on hand Dee. 3lst, 1872, was
Sl,799, SS445, and the expenditures during
the same period 1862 ,453.77, leaving bal
ance of 1896, ,430G6 in the Treasury at the
close of the year, most of which will be need
ed to meet obligations of the State that will
mature at an early date OF the receipts,
$l3l ,293 was the tax on Savings Banks, 3d.
G66 interest on deposits, $3.50 duty on COM
missions, 81, Ill balance paid into the State
Treasury by the Insurance Commissioner,
S9S6 license fees from hawkers and peddlers,
and nearly all the remainder, reaching about
a million and quarter dollars, was from di-
rect taxation. Of the expenditures, S43O,5GG
was on account Of interest," and S2l4,1OS
on account of sinking fund and prin-
cipal of public debt and about $1,000 for
pensions of soldiers and aid 10 soldiers or
phans, making direct expenditure of about
S6S5,274 arising from the late war; The sum
of $374,979 was also paid from the State
Treasury to towns for common school pur
poses, and reduced municipal taxation to that
extent. This left about 100000 as the eX-
penditures for general State purposes.
THE STATE DEDT.
That portion of the public debt which came
due in 1878, and was presented to the Treas
urv, amounting W SfJ,OUo Has UNcH pau
and the sinking fund for the redemption of
the debt as it shall become DUE has been in
creased during the year to $l,255,74G After
deducting the sinking fund, the State debt on
the lst of Jan. 1874, was $5,S82, ,G54, reduc-
ton of 1884 4,499 during the past year and
of $2,366,7 TAG, or more than one fourth,
since the close of the war. At the present
rate of accumulation of the sinking fund.- the
State debt will be met as it natures, and en-
tirely extinguished in 1889. AS the sinking
fund, invested in United States and State
securities, is already over million and
quarter dollars, and is constantly increas-
ing, l suggest whether some additional pro-
vision for its oversight and security would not
be advisable.
SOURCES OF TAXATION.
1t will be observed that up to the present
time, almost the only resource of the State to
meet both ordinary and extraordinary expen-
ditures, has been direct taxation. The State
tax last year was five mills on the dollar. but
it is the judgment of the Treasurer that the
tax may be reduced the present year to four
and a half mills, provided the legislature shall
make no unusual appropriations. l most
earnestly urge, however, that you should con-
slider whether it is not advisable to devise
some method other than direct taxation to Sc
cure a part of the revenue required for State
expenditures, so that the rate of taxation may