The Republican journal., 1875-01-14
GOVERNORS ADDRESS.
Gentlemen of the Senate and House of Repr
ScntatiYeS:

| confronted with grave public RESPONSIBILITIES
II Is lifting that we should seek Divine guidance
III the discharge OF the duties respectively i'm
| posed upon US. For the abundance of the
necessaries and comforts of life, the general
health, the uninterrupted peace and good order
and the intellectual and moral influences with
| winch we, as people, have been favored dur
| Ing the past year, there is occasion for deyout
gratitude and thankfulness
! In laying before you the information requir-
ed by the Constitution, 1t affords me gratiica-
ton to be able to present SO favorable report
| OF the financial, educational and other import
ant interests of the State. So far as am aware,
every department has been conducted with
ndellty, integrity and prudence, and with the
single purpose OF promoting the public welfare.
| need not remind you, upon whom deyolves
the responsibility of authorizing and directing
public expenditures, that, in the present de-
preston OF business, there is special and urgent
necessity that every appropriation should re-
celve the most rigid scrutiny. SO far as my
limited authority may reach, l shall most
earnestly endeavor to apply the same econo-
my, hdellty and scrutiny TO public expepdi-
lures that prudent business man would ap-
ply to his own affairs.
THE STATE FINANCES.
Considering the gigantic burdens imposed
upon the people OF Maine, as we'll as every
other loyal State, by the war for the preserya-
lion OF the national existence, the financial con-
dltlon OF this State is more favorable than
pears by the report of the State Treasurer that
the aggregate receipts Of the treasury during
the past year, including cash on hand at the
beginning OF the year, were ST. S53, ,90l.3S, and
the disbursements during the same period
81 ,537 1851 leaving a balance OF 1922 ls5. "a
in the treasury Jan. 1st, 1870.
OF the receipts, ST. 1869 ,S62 was from the State
tax OF five mills on the dollar, $S67 ,996 from
public lands. $l42 ,25S from the tax on savings
banks, (about $4,000 Of this tax being still I'M
from tba t,x- ;I,1 4, Cap
$50 from interest on deposits, $2.4t0 from du-
ties on commissions, 81 T49 from licenses TO
peddlers, and 81 ,422 from insurance depart
ment.
OF the disbursements. SOL We're on account
OF rents OF shores belonging to the PenobScot
Indians and SS, ,065 on account of taxes assessed
on wild lands for the benct of counties, sums
which simply passed through the treasury
leaving the actual disbursements 81 l.524 i97
or this amount, Ss1 900 were paid on account
OF special and exceptional appropriations for
rebuilding the carriage shop in the state prison.
re-arranging and repairing the reform school
building, finishing the chapel building connect
Ell With the insane hospital, ycntilating the
state house, building roads and bridges mainly
III AroostOOk county land i'll aid of the COLLEGE Of
Agriculture and Mechanic Arts, Maine General
Hospital and Industrial School for Girls
thus, after deducting these special appro-
prlatlons, the expenditures Of the past wear ap-
pear to have been 81 ,59T. OF this amount
TO soldiers and aid to soldiers orphans ana
S40l .4.1 on account of public and free high and
normal schools, with considerable sum still
due on account Of educational purposes. The
ordinary expenditures, therefore, during the
past year, have been 1920 .G9l or littI@ less
than one and Il half mills on the dollar of thc
State valuation. While this statement indicates
that the expenditures of the State are control
led bv considerations of economy to an extent
rarely observed in public affairs VET i'm my
Judgment there are some directions in which
the expenditures authorized by law may be
some what reduced without Injury to the pub
lie interests. On this subject | shall colnInuni-
cite with the legislature at IN early day
THE STATE DEBT.
On the first of January 1S1J the Stulp debt
after detuctng the sinking funds was S5,aUi-
076--a reduction of S}2 575 during, tile past
wear. The nominal public debt however MS
represented bv uncancelied State bonds was
81 ,0SS. .4O0-a reduction Of 100 900 during the
same period bv the naymcut and cancellation
of the loan To this amount which mattrrd
March lst, 1874. The balance of the amount
set apart for the reduction of the public debt
(S211 ,J1J), has been paid to the sinkiur-lunQ,
which now amount to 81 527324 Thr apgrr-
gate payments from the treasury, on account
of the State debt. during the past year were
$6.9 Dos, of which S}52,9 was for interest
S}2 30 for maturing debt and siukjur-flIu,ls
and S5O24 for premium ON bonds n,ir,hasrd
system a larger proportion than this is assign
ell To the ncresI atcouu.. h, ,s.iatim-y i.trv.
require a similar payment every year, on ac-
count Of the public debt, an annual assessment
of three mills on every dollar OF the State Yau-
alton is rendered necessary for this purpose.
| Al the close of the present YEAR, when the tax
! assessed tor 1874 shall have been applied to
| the objects for which it was contemplated, the
State debt viii be reduced to about 1920, ,OO0.
Thus i'll ten years nearly seven million dol
/ been ID IA, npnnIp q Il. ON
account of the State deht-ncarly three mil
| lions being for the reduction of principal and
| four millions on account of interest Should
the present rate of taxation be continued, the
| balance of this immense Wal debt would be
extnguished i'll fourteen years from this date.
| Thus the same generation that met the person
| al responsibilities OF the terrible contest to pre-
serve the national existence. would also be
called upon to bear all the financial burdens
| which it imposed upon the State, amounting
! in the aggregate to more than twenty millions
| of dollars, exclusive of burdens borne i'll con-
| tributlons to the national treasury. Surely
| others, who are to share the fruits Of 4 strug-
| gle which has scarcely a parallel i'll history,
| though they cannot participate in the terrible
sacrifice of blood, Will esteem it q privilege, his
well as duty, to aid in discharging the peCuni-
ary liabilities which it entuiIed on the country
So long as business was conducted on the
| speculative basis which il assumed during and
smInnsed to be ,1nnsl.lIv lsrmn if waa wise to
take advantage OF the opportunity to rapidly
| reduce the pubic DEBT. But III the present
financial condition OF The country, and indeed
IN the near future when business snail nave re-
Sumed ITS normal state, so large an annual as
seSsnent as Is required Dy existing laws, can
| but be severely 1elt. should the legislature
| consider 1t advisable to reduce the assessment
on account of the pubic debt to two mills, the
! proceeds would meet the interest on the out
| standing deDt ana eNtlngulsh the mlmclpai
war loan OF 1868, Wnlch natures Oct; J. 1862
and when cannot be renewed without AN
amendment OF the constitutional provision by
| which 1t was authorized.
The remainder OF the outstanding loans, con-
stituting about one-haf Of the public debt,
mature mainly In 1880, 1858, and June. 1889,
and rs they are subject to no constitutional
limits as to time Of payment, they may be re-
newed by the legislature. Should 1t be deemed
| eXpedlent to authorize such renewal | su9-
gest that the new bonds be made payable in
sums of S20O,OO0 annually, commencing with
1890, in order that the necessity of sinking
| fund may be avoided; and that they be issued
only as, by exchange or sale and purchase
they can be substituted for bonds of at least an