davidaulloa/AmericanStories huggingface dataset:
The true northerner., 1874-10-30

Total Bonded Debt ...........$l,5Ss,lS5 81
The total reduction of the bonded
State debt from Nov. 30, 1866, to Sept.
80, 1874, inclusive, was $2,411 1851, /,
an amount in excess of the present in.
debtedness of more than $S23,O0O. At
the present time there is over OO,OOO
of the balance in the State Treasury
belonging to the Sinking Fund, being
money received from the several Trust
Funds, and by the Constitution of the
State, to be used only for the reduction
of the State debt. The balance of the
surplus in the Treasury belongs to ap.
propriations made by the Legislature,
not yet called for. The State debt not
being due, and in time bonds, cannot be
purchased in market-the State being
the highest credit-otherwise the re.
ductlon dgcH Hao would have been greater by
s5oO,OOO or more.
SURPLUS FUNDS.
It is charged as sin that the Re.
publican State administration has too
large surplus on hand. and that the
The true northerner., 1874-10-30


The reduction being in excess of
payments by................. S3,l0i,O37 67
That is, by the use of money to the
credit of the Sinking Funds the reduc-
tion of the State Bonded Debt obliga.
tion has been reduced s3,104 ,037 &c in
excess of the money used and this
amount has been saved from future tax
alton upon the people, and since the in.
terest upon fund deposited in banks is
the result Of the amount of Treasury
balance, to consider it here is legitimate,
adding which, $4,000 lin round num-
b4rs), gives for interest saving $780,.
03766.
The Sinking Funds have been in
operation between eleven and twelve
years. distributing the saving that has
accrued equally among the years in
which it has been accomplished and we
have an average annual saving of
S290,00000 But this S290,000.O0
would represent the annual 10 per cent
interest upon Treasury balance of
$2,900,000.00, while the average an
nual Treasury balance since 1861 has
been 1864. 5000, which at ten per
cent would have earned annually only
$66, ,4S8.S0.
Had the bonded debt been reduced
only as it matured, we should to this
date have paid for interest thereon
81 ,0S2, 1896, in excess of the amount
now actually paid, and there would be
outstanding coupons 10 excess of the
amount now actually unredeemed,
81, ,O21. .538O0. Distributing the above
81, ,082, 1896 excess of interest above
the amount actually paid over the years
since the Sinking Funds went into
operation, and we have an annual
average excess of about s95, 100000, or
the annual 10 per cent. interest upon a
Treasury balance of S950,00000. And
this S95, 100000 is the average increased
annual interest that would have been
paid upon the Bonded Debt had there
been no Sinking Credit Balance ap.
plicable to the retiring of bonds in ad-
vance of their maturity. In addition
10 this the s2,021, ,53S00 of interest
coupons now retired uncancelled would
instead have been outstanding, and rep.
resent an amount yet to be met from
.axation.
All the above facts and figures are
taken from the books of the State
Treasurer and Auditor General, and
IAN be relied upon as correct and un-
mpeachable. That the Sinking Funds
cannot be applied to the reduction of
he State debt is because former Dem
,cratic rule in this State made all loans
lime bonds, and under Republican rule
hese bonds are far above par, and un.
The true northerner., 1874-10-30


NS74...... gO3,434. .......', 90
Minnesota ~ 5l6,S69, 9,..,,..... 6.ll
Missouri. 2,577,693. 3.......... 4.63
Nevada a......... 2s5,9s9.. ....ll.
New York .......... 10, $50, ,s22... 995
Ohio. i,tltt557,u, ..,.' SIS
The above table gives the valuation
of Michigan according to the United
States Census of 1870, which was
$257, ,163,9S3. This valuation gives the
tax at much higher figures than the real
tax, which 10 Michigan is based upon a
valuation of S630,000,0O0.
STATE TAN OF 1874.
The total State tax of Michigan for
1874 Qevied in 1874 and collected in
lS75), is 1908 ,434 This tax is levied
upon basis of S630,000,000, as fixed
by the State Board of Equalization.
Estimating the census of 1874, just
taken, but not fully returned, as giving
Michigan 100000 inhabitants, an in
crease of 10000 people in four years,
the State tax for each inhabitant is
abeut 65 cents. Of this amount 219
cents is for general purposes, such as
Legislature, judiciary, salaries printing,
fish commission, geological survey, and
other common expenses OF State
government.
14R cents is for New Capitol
81 cents is for rebuilding State
Prison
IL cents is for Insane Asylums
q cents is for Agricultural College !;
p cents is for Military Fund.
y cents is for Reform School
81 cents is for d. d. and Blind
Asylum.
% cents is for State University.
II cents is for State Public School.
No State in the Union can show
lighter burden of taxation imposed upon
the people, Notwithstanding the capitol,
State Public School, new Insane Asylum
at Pontiac, etc, have called for large
appropriations.
STATE DEBT.
The bonded debt of the State of
Michigan has been reduced during the
fiscal year ending Sept 30, 1874, by
purchasing bonds before due, as follows ::
Canal Bonds, 6s, due in 1879. Sl2 900 90
Renewal Bonds, 6's. due in lS7s... 5000 90
Two Million Loan, 6's, due in 1878. 2O,OOJ 90
q" 6's due in 1888. 5000 90
War Bounty, rs. due in ;s9O. $4,000 90
Sl44,OOO 90
Noa-.1 '-.t bearing Bonds,pust due 1857 IA
Total .Sl45,lj7 IA
geaying the bonded debt on the Both of
September as follows :
IXTEREsT-BEARING BONDS.
sault Canal Bonds, 6's,due July lst,
1879 ..................... SCI O0O 90
Renewal Loan Dunds, 6's uue July
lst, 1878 ...................... los, 900 90
Two Mllio Loan Bonds, 6's, due
January Ist. 1878 .............. 333, 900 90
Two Million Loan Bonds, IS, due
January lst. 1883 S3.............. 100000 90
Var Bounty Loan Bonds, rs, due
NV LIST, 1890. O.................. 1000 90
IOtal ............. '%lbSSojVVV w
MISUNDERSTANDING DEBT.
Adjusted Bonds, due jan
uary lst, 1853 ....... $4,000 10
War Bounty Loan Bond,
January 1st, 1861. 80 90
$4,000 part paid Five
Million Lean Bonds,
adjustable at $57S So
per SI,OOO ............ 0V,ooo %
--$33,l35 "a
No., po,d.d Deh, SI5sS135 81
The true northerner., 1874-10-30

Leaving for portion of" balance"
applicable to general. purposes,
such as salaries, etc. ........... SlO6,223 w
THE SINKING FUNDS.
Considerably more than one.half of
the balance in the State Treasury on
the 30th of September belonged to the
Sinking Funds. The portion not stand.
ing to the credit of these funds, $4G7, :
992.13, will be very largely drawn from
the Treasury prior TO January lst, next.
Striking out the Sinking Fund credit,
and the Treasury balance on the Both
day of September has not stood so low
for many years, and is far below le'
gitimate demands upon the State
Treasury. The objection then to the
balance in the Treasury is against the
portion thereof standing to the credit of
the Sinking Funds, for it cannot be
against that part of it necessary to meet
the current expenses of the State and
maturing appropriations to the institu'
tons
The objection being against the Sink
ing Funds credit, is it well taken? If
it be, then the Sinking Fund policy
shouiu be abandoned But that this
policy should not be abandoned would
appear:
ls,, Because the Constitution re
quires that a Sinking Fund be pro
vided for the liquidation of each loau
made by the State:
ID, Because the Sinking Fund policy
is founded upon sound principles of
Political Economy
Sd, Because in the operation of these
funds there have accrued large present
benefits to the people, and resulted in a
saving of upwards of S3,O0O,O 900 of tax
alton in the future.
How the benefits have accrued and
the savings secured will appear from
the following
The Sinking Funds were established
by acts of 1861 and 1862, and under
the acls creating them and amendments
thereto the original amount of loans re.
deemable through Sinking Funds
Face OF Bonds. S4,694,350 90
Face OF Coupons attached to
Bonus. NEUTRALITY-SUSPICIOUS.. O,lZ4,4ZO W
Aggregate of debt obligation O,S1s,77O 90
To-day these ! ans aggregate
"a fellows
The true northerner., 1874-10-30

Adjusted Bonds, due jan
uary LIST, 1858 ........ $4,000 90
War Bounty Loan Bond,
January 1st, 1861. 80 90
$4,000 part paid Five
Million Lean Bonds,
adjustable at $57S 81
per 81 900 ............ 3O,Os5 "a
--$33,l35 "a
The true northerner., 1874-10-30

And there appears as
the amount belong
ing to Sinking Funds 5s2 ,2s2 10 s6i $50 40
The true northerner., 1874-10-30

The above table gives the VaIuatlon
of Michigan according to the United
States Census of 1870, which was
$257, ,163,9S5. This valuation gives the
tax at much higher figures than the real
tax, which 10 Michigan is based upon a
valuation Of S63000O, 900.
The true northerner., 1874-10-30

Showing a reduction Of ... Ss,46s.O20 90
Which was effected
bypsying bonds. SO ,200,350 90
Interest Coupons. 2,l63,632 81
oeo 200
The true northerner., 1874-10-30

Aggregate of debt obligation $40, ,S1S,770 o.
To-day these ans aggregate
az follows
Face of Bonds. 81 ,494, 600 90
Face of Coupons. s56,750 90
The true northerner., 1874-10-30

Leaving for portion of " balance"
applicable to general. purposes,
such as salaries, etc. ............ $lO6,223 ..
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-08
Boston Wool Market.

FRIDAY, June D.
The total receipts of wool at this port for the week
comprise 425 bales of domestic and 1906 bales for
egn against PTS bales domestic and 2lO2 bales Tor
eign, for the same week last year.
Total receipts since January LIST, 1874:
Domestic, 77,7l0 bales.
Foreign, 1851 bales.
Same period last year
Domestic, rs $50 bales.
Foreign, % 204 bales,
The total sales the week comprise s25 600 lbs.
OF domestic and California, and $50 900 lbs. foreign
making total of 275,0O0 lbs.
We give below the principal sales and prices of
the week.
Dome tic Fleece.-1OoO TBS medium atY52 Ice -
1000 TBS dc unwashed at 3sc 1000 bs unmerchanta-
Bile at i3c; 20 900 Ms Ohio and No l at 56c 5000
y 900 us ieece of various grades at fa52 2c 5000
lbs Wisconsin 50a52c; 1000 TBS medium Michigan at
81 l.2r $500 lbs medium at SSc POGO Ohio at 81 IL
c; 1900 lbs at SIC; l5000 TBS XX and above at Soc
$500 MS New Ohio at 47c; 5000 TBS fine Western at
pc; $4,000 lbs Western at sic; 10000 lbs No and
Xxx Ohio on private terms; H. 0O0 lbs fat sheep'e al
c; $500 new clip at 47c.
Combng lbs unwashed delaine at 43c; 1000
do 70 at a5c; 1000 lbs do combing at AZ Lee 10 0UC
washed do at acc; 300 lbs combng and delaine IN
washed at 4ic; 1900 lbs Kentucky combng on pri
vate terms 1000 lbs delaine at 5ic 5000 lbs combins
at 6Oa62c 5000 bsunwashed do at 43a45c; 200o ts
combing at 55c; 1000 MS do at SIC.
Caliernia-l5!0oO lbs spring at 3lc 5000 bs fall al
zoe; 5000 lbs California lambs at 25c 1000 lbs fall al
22c; IS eco lbs spring at 3a3sc 5000 do 81 IS l..
c; 5000 lbs fall at &c. 1900 TBS spring at Sac II,
600 lbs lbs do at SIC; 1000 Ms at 30 Lac; 5000 lbs f
at &c; Il 900 lbs do al 20a25c 900 lbs spring
33a3sc; l2O, % lbs choice do private terne %,
600 lbs spring at 3la35c.
Secured and Tub.-2O0o lbs tub at Soc; 800
secured at 37a35; 1000 TBS secured Texas at Zoe TO-
900 lbs do California Mt 70a75 5000 lbs secured at
5000 lbs do at 70a72c; 600 lbs low do at 47c; 400 n
do at 19c; ZOO lbs secured at &c; l2000 lbs tub
| 4Ia57 l-2c.
Pulled Wool-25GO MS superat 47c COCO lbs do Al
55c; 1000 lbs black at * l2a35c 5000 ms at 5.
C; $500 ms do at SOC; 1900 bs do 47a50c 5000 10.
super at 42a5Oc; 20O0 lbs Eastern super at 53c 50,
State extra at 81 l-2c 1000 TBS ut Isc; 5000 bs
extra at AGO. 70 900 lbs do at 47alc: Al 600 lbs supe
at 47a52c 1900 Ms do at soc G000 lbs do at SEC 5000
lbs do aisle. II, 900 lbs super and extra on prvat,
Foreign.-l0oO lbs Australian on private terms
| 10000 lbs do on private terms; 600 lbs do OIL
private terms 5000 fbs Montevideo on privat,
terms; 92 900 lbs Australian private terms; 400,
do at 50 l2c; 900 lbs choice Port Philip at 81 lee
1900 TBS do at SIC; 81 600 lbs do 81 l2c; 1000
MS Montevedo at - l-aa33 l.2c; 10000 lbs Cape a
! 37
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-08
MASSACHUSETTS.
Herald Special.

Herald Special.
Boston, 6. Revenue cutter Levi Wood
bury returned to Portsmouth from an unavail-
ing search for cable ships this evening, in the
fog. She will not undertake another search
until Monday, unless signalled. BY compar-
ison of the log book of the Woodbury. the
Volunteer seems to have taken the Wood
bury to be the Farraday. The fog of to-day
caused the Woodbury. to return without fur
Their search.
In Lynn, last night. Charles H. Carswell,
who works for his brother, J. w. Carswell,
In the grocery business, without apparent
provocation stabbed his brother with a dirk
knife and then fed, but was subsequently ar.
rested. The wound is dangerous. The as
sassn was partially intoxicated. The
wounded man is highly respected and prom
inent member Of the Masonic fraternity.
Springfield, G. Almus White of Monsen,
was instantly killed. Saturday morning by
falling from the roof of house on which he
was at work.
The body of John Norway of Chicopee
Falls, who has been missing for several days,
was found in the Chicopee river to.dsy
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-08
Maine Manufacturing News.

The Denison Paper Co., at Mechanic Falls,
are about putting in boiler and engine in
their calendar mill, and have it already on
the ground
The Goodwin Bros. of Carthage, are still
in advance of last year, in the line of their
box manufacturing business; they have pro-
cured two hundred cords of poplar and pine
the past winter for their use, all of which
they sawed out in twenty-five and one-half
days of nine hours each. On trial of speed
| they sawed out fifteen cords in nine hours.
The Cove slate quarry at Monson, and the
Carter quarry, are quite extensively operated.
The people want a railroad to the place for
| their constantly increasing business.
One of Camdsn's ingenious men, Mr.. Spen-
Ger Nero, has invented q machine 10 point
spikes, which is in successful operation.
The repairs at the Katahdin Iron works are
| about completed, and operations have COM
| menced. The furnaces have been put in first
class condition, and it is confidently expected
| that no more stoppages will result from them.
A large number of hands will be employed,
and as the demand for the iron is good, it
| is hoped that the business will be remunera-
| tive to the proprietor.
Lawton Bros. of Norridgewock have the
contract to furnish all the cut stone from their
quarry at D0uIln Ior the coming cotton mill
| at Waterville.
Nearly all the spinning 900 spindies-at
Continental Mill in Lewiston, is now running.
All but 200 of the looms are also in motion.
The bell in the big tower now calls 1900 to
400 hands to duty, and the force is to be still
further increased.
The Pennington Cheese Company COM
menced operations last Monday under favora-
BILE auspices. They have engaged N. Strick-
| land, who had charge of the Industry factory
last season, as foreman. The prospects are
that the factory will receive much larger
quantity of milk this season than last.
The Sturgis mill at Wiscasset when fully
equipped will have the following machinery,
| the most of which is now in operation. One
| gang of twenty two saws, with an edger and
two trimmers. One rotary saw, with an
edger and two trimmers; two other circular
| saws, one feet for timber; two drag saws
| one single machine; one lath machine; one
clapboard machine; one planer.
The shoe factory at Newport, is under the
management of Mr.. Daniel Dudley, success.
They employ about seventy-five hands and
| manufacture from twelve to fifteen cases OF
boots per week.
The machinery for N. w. Farwells new
mill at Lisbon vilkse is rapidly arriving and
being put in place. The cards will probably
l be started next month.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-08
SOUTH AM ERICA.

Panama, May 30. There are considerable
changes in the management of the Panama
Railroad. Supt. Center and Fiscal Agent
Robinson have resigned. ID. M. Corvine be-
comes General Agent of the Railroad and
the Pacific mail.
A revolution attempted in Costa Rica has
failed.
The Congress of Honduras has confirmed
SIEVE as Provincial President
Ex-Presdent Arias has been banished for
five years.
The Duke of Genoa, nephew of Victor
Emanuel, had a splendid reception on his ar
rival at Callao in his frigate Gariboldi.
The boundary question between Chilli and
the Argentine Republic will be settled by ar
bitration.
The dispute between Chill and Bolivia is
expected to be arranged by arbitration also.
The British Minister has complained to the
CHILEAN Government that physicians educated
in English University are almost sure to be
rejected when presenting themselves for ex-
animation in Chill. The Dean of the faculty
appealed to by the Government said it was
because medical education obtained in Eng
land is much inferior and less thorough than
at home.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-08
Boston Dry Good Market.
FRIDAY, June, 5,

JUNE, De
Trade the past eek has bees light and the mar
ket devoid of anything like activity. Jobbers pur.
chase from fir st hands only such goods as are
wanted for immediate distribution, and while on
the part of agents there is no disposition to press
sales, there is no tendency the jobbers part to
lay in supplies for future use. There is no expec.
aton that prices on staple goods will reach lever
point, and at the same time buyers do not appear
to apprehend that any advance will be made at
present. The Southern trade has been extremely
light but there has been fair demand from the
Western and New England trade. and the stocks of
retailers were probable never smaller than at the
present time.
Carpets are unchanged, and there is moderate
demand at quotations.
Heavy Woollens have ruled trmer, and the late
auction sales have not only strengthened the mar
ket, but stimulated trade to some extent, although
teere has been no movement of importance, and
the market is quiet, as usual at this season.
The sales of Brown Cottons have been small and
limited exclusively to current wants. Prices are
unchanged and are generally quite steady. There
has been no special demand for Bleached Cottons,
and the sales have been in small parcels at recent
quotations Ticks and Denims are without i'm
provement and there has been a very limited in.
auiry Tor any description of these gOoes. There
has been a limited inquiry for Fancy Shifting
Stripes in new patterns, but those goods in old
styles are neglected The demand for Cambrics
continues to be limited and prices unchanged In
remnants there has been light business this
week, and the demand for even the best work or
most tasty styles has been light. Ginghams are in
steady request and the aggregate of sales is con.
siderable.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-08
STATE NEWS.

There was but one case in the police court,
Saco, during the month of May.
The Waldoboro' News says that during the
week Eveleth & Weston have turned the
young salmon into the tributary brooks Of our
river. As they are only an inch in length
now, they will have good chance to grow.
The Aremen Of waterville are talking Of
celebrating the Fourth.
The Bodwell Granite Company, paid to
their workmen at Vinalhayen, the other day,
$4,000.
A citizen of Bath made an attempt at sui
eide Wednesday by taking laudanum, and
was only saved because he took an overdose.
NO cause is assigned for the rash act.
Steps are being taken to form . cornet
band at the head of the pond, Jefferson.
Gen. Geo. L. Beal has presented COM
pany flag to the Norway Light Infantry.
The Fifth distric. congressional convention
will be held at Ellsworth.
Lilly Priscilla Allen, infant daughter of
Mr.. and Mrs. M. L. Allen, of Union, il the
tenth generation from John and Priscilla Al
len, who came over in the Mayfower.
During the thunder shower of Sunday eve
ming, the barn of VIM. f. Fessenden Of So.
Bridgton was struck by lightning. The cleo
trio bolt first struck the weather vane on the
| ridgepole, then followed down the rafter some
| 10 feet and turned its course down the board
ing to the scaffold floor, then through an 8
inch beam to the floor of horse stall, doing
but little damage to the building, but killing
horse instantly.
A sad and sudden affection was the death
of Miss Josephine Thomas, daughter Of Mr..
Rufus C. Thomas and graduate of the Rock
land high school in the class of 1870. She
was taken sick with scarlet fever on Sunday
morning and died on Tuesday evening. Her
father is now very sick with the same disease
and younger daughter is also i'll with it.
The Globe says that The Rockland engine
companies have made the following plays:
John Bird, No. 5, 100 feet; Gen. Berry, No.
10, 1876 feet; steamer City of Rockland, 1G6
feet; N. A. Burpee, No. 4, 17s feet. The
Gen. Berry also played two streams, each
through 200 feet of hose, and threw stream
l53 feet.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-08
List OF Patents

List of Patents
Issued from the United States Patent Office tc
citizens of Maine for the week ending June 4
1874. Furnished for the Kennebec Journal from
the Office of j. McC. Perkins Il Co., Counsellors al
Law and Solicitors for American and Foreign
Patents, 5l3 Seventh Street Washington, ID.
Drawings and specifications Of any patent in this
list furnished for 25 cents.
$50 1.-Car. Repacer.-Elisha Newcomb, West
brook. Application filed April 20, 1874.
bed plate, carrying two supplemental rails and
pivoted frog-point, is placed close to the inner
side of one rail- and held there by an adjustable
brace and by hooks and, in connection with the
same, a double inclined plane is located outside
the all
l5l ls0.-Curry- Comb. - Gilbert A. Warehouse
Locks Mills. Application filed Nov. %, 1873.
Claim.-The detachable struck-np sheetmetd
toothed frame c, as described, hinged to the cast
metal frame A. to which the handle is attached said
frame composed of space-bars a a and tang d, as
and for the purpose set forth.
l5O979.-Tilting Truck.-Geo. NJ SHEPPARD Bath
assignor of one.half his right to Wm. Heath, same
place. Application filed March 4, 1874.
Isl $50. Scaffold.-Jo John Murray, Brunswick.
Application filed March 2S, 1874.
combination of eXtension-ladders and props
with a staging centrally supported to form scat
fold.
l5l178.-Pin for Roller. Bush ngs.-Francis b
Torrey Bath. Application filed Feb. ii, 1874.
Claim.-The wrought-irOn surface h ardened, anG
polished cylindrical pin for roller brushings and
sheaves of pulley-blocks, substantially as herein
described.