Wilmington daily commercial., 1875-01-06

| WAS passed loanlnB tile bonds OF Tile bJale, 10
| the amount OF two hundred thousand dollars
| (S20O, ,000), to the Breakwater and Frankford
| Railroad Company, and the amount 30 loaned
will further increase the State debt, after re-
| tanning the sum of twenty-four Thousand dollars
| 1924, ,000) to pay interest thereon for two years.
| one hundred and seventy-six thousand dollars
(S176,000) !; making the whole public debt one
million two hundred and fifty Thousand dollars
| ($1, ,250, ,000)
1t will be seen by the report of the State Treas
| urer that the whole amount of the tssets OF the
| State, including Investments appr rated to the
| School Fund, amount to one mil m one hun
| dred and twenJy-three Thousand one hundred
| and eighty nine dollars ($1 12il89.) The
| amount of liabilities over all J, is one h,iu.
| dred Thousand eight hundred and eleven dollars
| (S100,8lD, and over assets not 'propriated to
| the School Fund, five hundred a d seve ty-six
thousand nine hundred and fift. dollars G. 576.-
$50
This latter amount may properli be regarded
| as the real debt of the State over available III
sets. While the Legislature under proper CIR
cumstances, would be justified IN dsposing Of
the Investments not appropriated to the educa
| tional interest OF the State and applying tho
| amount realized therefrom to the payment of
| the bonds now outstanding, the oxigency ap.
prehend, would be most extraordinary that could
induce the General Assembly to divert tile i'll
| vestments set apart for school purposes from
| the object to which they have beon no long aud
beneiicially appropriated, can contemplate
but one contingency and that, 1t IL to he hoped,
justify such action. II the Congress Of the
United States, by the passage of bill now pond.
| ing in the House Of Representatives., or by the
adoption of any similar measure, should inter
| fere with the educational interest of the State
for the purpose of compelling the education of
white and colored children in mixed schools the
| Legislature i'll my Judgment, would not only be
justified, but required by public sentiment IN
the State to call in the Investments set apart
for common schools and apply the same to the
payment Of the public debt.
STATE AID TO WORKS OF INTERNAL IMPROVEMENT.
| More than five hundred thousand dollars of
| the present debt of the State has been incurred
| in aid of the construction of the Junction aud
Breakwater Railroad; and the B.eakwater and
| Frankford Railroad Without intending to ex-
press any opinion upon the propriety Of the ac-
ton of the Legislature in aiding the construc-
| ton of these roads, respectfully suggest that
| no further increase of the public debt, 'ot similar
| purposes, ought to be authorized by the General
Assembly. The credit of the State ought not to
| be placed in jeopardy by any further issue of
| bonds, nor should the revenues derived from
| taxation, or otherwise, be applied to any other
| purposes than the ordinary expenses Of the gov
| ernment and the reduction of the present liza
| bilities of the State.
do not know that any application will be made
| to the Legislature, at its present session, for
| aid in the construction of railroads or other
works of internal Improvement but from II
| firm conviction that any policy which would
further connect the State with railroad improve
| ments would be hazardous to its credit, deem
it an imperative duty to urge the necessity OF
| guarding carefully aginst any augmentation OF
| the State debt, and the consequent increased
measure of taxation which such augmentation
would necessarily entail upon the people of the
| State.
Whatever local advantages might be anticipa-
ted from the construction Of additional rail-
| roads, it is certain that they would not justify
an increase OF present liabilities, compensate
| for the injury which would be inf cted by addi-
| tional taxation rendered necessary thereby.
1t is to be hoped that sincere desire to pre-
| serve untarnished tie credit of the State. and
| to protect our citizens from furlher taxation,
| will prevent the Legislature, at it, pref ont aes-
| sion, or hereafter, from authorizing any further
issue of State bonds for any purpose whatso-
| ever.
| REDUCTION OF DEBT
The revenues, under existing laws are ample
| for any present or anticipated demands upon the
| Treasury. The ordinary expenses of tile gov
ernment have been mot the interest Oh the pub
| lie debt promptly paid, and the principal of that
portion of the debt created by the exigencies of
| the war reduced 1888, 900 within the last four
| years. This has been accomplished from the
| ordinary receipts Of the Treasury without post
poning the payment Of any claim against the
| Treasury.
1t is matter of just pride to our citizens that
the faith of the State, pledged to the pay ,4eut
| of its obligations, has been maintained, and the
| public credit preserved unimpaired, and the fl
| nancial condition of the State rendered pros
| perous and that too, by revenue system les.
oppressive than obtains i'll most of the States of
| the Union.
| RECEIPTS AND EXPENDITURES.
The receipts and expenditures necessarily vary
| to some extent in different years. The fees for
| licenses and commissions granted by the State,
| III well al the revenue derived from he passen-
| ger tax, and other sources; are greater some
| years than i'll others. So too the Expenditures
are necessarily greater in the years when the
| Legislature is i'll session than in tie years in
which the General Assembly does ot meet.
| The following statement, however. based upon
receipts and expenditures for 1873, ,ill approxi-
mate very nearly the average annual receipts
| and disbursements of the Treasury
Receipts from all sources about SOY, ,ST239.
| Expenditures including $4,000 interest on
| the public debt, and all appropriation of $1,000
to Delaware College, and one-half of the bien-
nial expenses Of the Legislature, about sl11,-
| O2577.
Excess of receipts over expend urss about
| 1886, ,S46.62.
The amount of expenditures a owe stated
does not include appropriations inade by the
| Legislature to purchase the inte ut of Kent
| County in the State House and for repairs on
| traordinary character, other than at to Della
ware College, but does include the liter appro-
praton amounting to s30O0 M, also the
| amount required to pay interest on the out
standing public debt, about $1,000, IN well as
all other ordinary expenses of the State Govern
ment, including salaries to all / ublic officers,
executive and judicial, the allowance Tor public
printing, and one-half the exp nsss of the
biennial session of the Legislature.
EXPENSES OF STATE GOVERNMENT
1t will be seen from tbs fore going exhibit
| that exclusive of payments Oh account T inter-
est. and exceptional appropriations made by the
Legislature, the ordinary expenses of the State
Government amount to but little 533, 900.
and that the receipts i'll excess of d soursements
for ordinary purposes, and the amount required
to pay interest," will be something less than
| $4,000.
None of the bonds now outstand ng, except
such as are provided for, will bec due before
1885, and as these are generally held by persons
who purchased them for Investment, it is doubt
full whether the State Treasurer will be able to
procure them at their par value fast the
receipts OF the Treasury will enable him to
take them up 1t is not the interest of the State,
and would be very unwise policy, to appreciate
the price of the bonds by purchasing them at
any advance upon their face value. therefore
submit, for the consideration Of the General
Assembly, the propriety of enactng law cre-
ating sinking fund for the redempt,oa oi the
bonds at maturity and authorizing the State
Treasurer to invest, from time to time, the
plus funds in the Treasury in United States
bonds, or other undosbted securities, bearing
six per cent interest," for the benefit of the
sinking fnnd created for that purpose.
This would not prevent the State Treasurer