Middletown transcript., 1875-01-09

are ample for any present or an,icipa
ed demands upon the Treasury. III
ordinary expenses Of the governmeI
have been met, the. interest on the put
| lie tdebt promptly paid. and the priI
cipsl Of that portion of the debt create
/ BY the exigencies Of the war reduce
\ S388, 900 within the last four year,
This has been accomplished from th
ordinary receipts of the Treasury with
out postponing the payment Of an
claim against the Treasury. - ~
IL is a matter Of just pride to ou
citizens that the faith Of the STATE
pledged to the payment Of its obligs
! tions. has been maintained. and th
public credit preserved unimpaired, an
the financial condition Of the State ren
dersd so prosperous, and that. too, b
sarevenue system less oppressive tha
obtains in most of the States Of th
Union. Is. -
z seeRECEIPTs AND EXPENDITURES.
The receipts and expenditures necos
sarily vary to some extent in differ
ent years. The fees for licenses ant
/ commissions granted by the State. a
we'll as the revenue derived from th
passenger tax, and other sources, ar
greater in some years than in others =
So too the expenditures are necessarily
greater in the years which the Legisla
iture. is in session than in the years il
which the General Assembly does moi
meet. s4
E The following statement, however
bassd upon receipts and expenditures
for 1878. win approximate very nearly
the essversge annual, receipts and dis.
bursements of the Treasury. 4
sil Receipts from all sources abou,
$207. .S72.39. IS
7 Expenditures. including $75. 900 in
terest on the public debt. and an sppro-
priation Of s.. 900 to Delaware College.
and one. hale Of the biennial expenses
Of the Legislature. about gill. .025. II.
Excess of receipts over expenditures
about $96. .846.62.
4 The amount Of expenditures above
stated does not include appropriations
made BY the Legislature to purchase
the interest of Kent County in the
State House and for repairs on the
same. or any other appropriation Of an
character, other than that
to Delaware College. but does include
the latter appropriation. amounting to
So. 900. and also the amount required
to pay interest on outstanding public
debt. about $75. 900. as we'll as all
other ordinary expenses of the State
Government, including salaries to all
public officers. executive and judicial.
,ho allowance for public printing. and
Of the expenses Of the biennial
'ession Of the Legislature. 5a'
EXPENSES or STATE GOVERNMENT.
Il will be seen from the foregoing
exhibit that exclusive of payments on
recount Of interest, and exceptional ap-
made by the Legislature.
be ordinary expenses Of the State Gov
amount to but little over $780, q
100. and that the receipts ID excess
f disbursements for ordinary purposes,
nd the amount required to pay inter-
st will be something less than $97,-
100. -s
SINKING FUND. aa.ia
None Of the bonds outstanding. ex-
ept such as are provided for. will be-
ONE due before 1885, and as these are
enerally held by persons who purshas-
4 them for investment, it Is doubtful
'hether the State Treasurer will be
BILE to procure them at their par
alue as fast as the receipts of the
reasury will enable him to take them
p. It is not the interest Of the State,
be. avery unwise policy to
ppreciate the price Of the bonds BY
urchasing them on any advance upon
,eir face value. II therefore submit,
II the consideration of the General
.ssembly, the spropriety Of enacting n
W creating sinking fund for the
.denption Of the bonds at maturity
nd authorizing the State Treasurer to
west, from time to time. the surplus
lnds in the Treasury in United States
,nds, or other undoubted securities,
caring six per cent. interest, for the
,neft Of the sinking fund created for
lat purpose. s.a ssss liied tsFit ia
This would not prevent the State
reasurer, from using the funds in his
lnds, at any time, in the purchase
bonds issued by the State whenever
10 same could be obtained at their par
llus. but would guard against an ac-
mutation Of unproductive revenue IN
e Treasury by converting the same
to interest bearing securities which
'uld be sold and the proceeds applied T
the payment Of the State debt
maturity Should this suggestion
eet with the favorable consideration
the Genreal Assembly, / respectfully
bmit that the sinking fund to be
tablished should Be carefully guarded
ainst any appropriation to other pur- Il
ses than the payment Of the existing
LEGATIONS of the State ..a F"
If no further issue Of State bonds
all be authorized. careful husband
g of the revenues paid into Z the
under existing laws. will en-
le the State to meet all outstanding
bilities as fast as they become due.
lis object should be carefully kept in
sw as Of highest obligation, and no
luction or diversion Of the revenue
permitted that would render the .
yment Of the present debt, whenever I
. same can be rightfully demanded. II
the least degree uncertain. 70 n
REDUCTION OF TAX.
A large part Of the revenue is de-
ed from taxes paid BY railroads and +
Ter corporations, and from fees for ]
enses granted by the State The !
rsons and companies enjoying the >
81 - Il L Il a