Middletown transcript., 1875-01-09

and, in my opinion, ought to be avoid
I. \ ed! ] A,nendments desired should b.
effected BY repeal Of the section in
: tended 10 be changed and the substitp
tion Of a new section embodyipg tH'
4 alteration desired in the law. Propel
atteuth4 fbJ the Legislatote to thi
f6biecg which ia Some Of sthe State
Q has been deemed of sufficient impor.
Q tance to be provided for by constitu
: tional provision, will render our ststutt
, law less confused and more easily IN.
derstood than it has been heretofore.
: STATE DEBT AND FINANCES.
The accompanying report Of The
State Treasurer. made to me in com.
pliance with law. and to which beg
y leave to- call attention. contains o de-
tailed statement Of the Indebtedness Of
the State and the purposes for which
such Indebtedness was created and
} also statement. showing the amount
J and character Of the investments be-
longing to the State and the purposes
! to which such Investments fe,appro-
priatcd. By reference 10 the State
ments contained in the report, it will
be seen that the indebtedness of the
State. created prior toFthe last session
Of the Legislature. was one million four
hundred and sixty-two thousand dollars
| O.462. 900 OF which amount there
was appropriated % the payment Of
volunteers and the relief Of persons
drafted into the military service during
the late war, one million one hundred
and ten thoussnH dollass ($1JtO. .000).
and the residue, or three hundred and
ifty-two thousand dollars ($352. .00O).
was incurred BY ,loan, TO the Junction
and Breakwater Railroad Company. to
aid 10 nothe construction Of their road ss,s
The amount Of indebtedness created
for the purposes named bad been re-
duced prior to the first Of January,
1873. By the purchase Of bonds. to ther
| amount Of one hundred and thirty -seven
Thousand dollars Is $137 .OO0})l
The bonds falling due the frst day of
/ lganusfj, 1876. have been since taken
up and cancelled, or their payment pro-
vided for. which will make the redue-
tion of the debt. within the last four
years. amount to three hundred and
eighty-eigbt thousand dollars ($S8S,
600 } leaving the amount due on the
original debt heretofore referred to, on
the first day Of January, 1875, one
million and seventy -four thousand doll
lars ($1.074. .000.
At the last session Of the Legislature
ah adt vas passed loaai1g the bonds Of
the State, to the amount of two hum
dred thousand dollars GOO. 900, } to the
Breakwatsr and Frankford Railroad
Company, and the amount so loaned
will further increase the State debt,
after retaining the sum Of twenty-four
shoasapd dollars {$24, 0OU toi pay in
terest thereon for two years. one hun
dred and seventy y-six thousand dollars
($176. .O0Oi making the whole public
debt one million two hundred and City
thdassnd dollats $l .25A, 600 gus
II will be seen BY the report of the
State Treasurer that the whole amount
Of the assets Of the State. including in
vestments appropriated to the School
Funa .iamount to one million one hun
dred and twenty-three thousand one
hundred and eighty-nine dollars ($1.-
1913. 1893 The amount of liabilities
oNer pil assets is one hundred .shousand
sight' hundred and eleven dollars
($100. .811. and over assets not appro-
priated to the School Fund, Eve hun
lred and seventy six thousand nine
hundred and fifty dollars ($576. $50. }
This latter amount may properly be
'egarded ss the real deb, of the State Il
,ver available assets. While the Legis-
ature. under proper circumstances,
would be justified in disposing Of the
Investments not appropriated to the
educational interest of the State, and |.
applying the amount realized therefrom
o the payment Of the bonds now out
standing. the exigency, I apprehend,
would be most extraordinary that could
pduce the General Assembly tosdiverti z
he Investments set apart for school !
purposes from the object to which they !,
nave been SO long and benc6cially ap- =
oropriated. | can contemplate but one 2
contingency, and that, it is to be hop .
ID, very remote one, which, in nv y
.pmion wOGdf fdslily such setpn. If ,
be Congress Of the United States, by
he passage of bill now pending in .
he House IF 4 Representatives. or By Q
he adoption of any similar measure, q
hould interfere with the educational y
interest of the State for the purpose Of {,
the education of white and q
olored children in mixed schools, the y
seGialatpses gin smy ljaaemspt. wpuld .
lot only be justified, but required by L
idblie sentiment 10 the STATE, Is call in al
be- Investments sset apart. for common q
shools and apply the same to the pay @
nent of tie public debt. isa .
TATE ,AIpofsowoaks ior INTERNAL M q
PRovEMENT. e..-,.l u =
More than five hundred thousand Z
pharg Of the present dsbt 9fI the State =
as been incurred 10 aid OF the con-
truction Of the Junction aud Break. - J:
ntst Kkifd6as Fsnai HhsI Bt2ak water = =
nd Frankford Railroad. Without in. :,
ending teseexpress any opinion upon +; +;
be propriety Of the action Of the Legis p p
lture ih aiding the construction Of :;
hese roads. I respectfully suggest that :.
o further increase Of the public debt. !.
'r similar purposes, ought to be au- = :
anrissd BY tia fGenarsi stAssembly. r
he credit Of the State ought not to be - =
lsced in jeopardy BY any further issue =
bonds, nor should the revenues
erived from taxation. or otherwise, be :;
pplied to any other purposes than the - =.
rdinary expenses Of the government i, i.
nd the reduction Of the present liabili- - -
es Of the State. 2 9s;ai'sas3 p