The daily gazette., 1875-01-06

ANENDMENTs OF STATUTES. ..
after, 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 de-
mands upon the Treasury. The ordinary
expenses of the government have been
met, the interest on the public debt
promptly paid, and the principal OF that
portion Of the debt created by the eIi-
gencies Of the war reduced $685., 600 with
in the last four years. This has been
Of the Treasury without postponing the
payment Of any claim against the Treas
ur}y: = . n,o..or =, ;,,o+ n,;da 70 o,,r c;ti.
zeus that the faith Of the State, pledged
to the payment of its obligations, has
been maintained, and the public credit
preserved nnimpaired, and the financial
condition Of the State rendered SO pros
| porous, and that, zoo, BY q revenue sys-
| tenn less oppress than obtains in most
Of the States Of the Union.
RECEIPTS AND ExPINDITuREs.
The receipts and expenditures noces-
sarily vary to some extent in different
years. The fees for licenses and COM
missions granted by the State. as well as
the revenue derived from the passenger
tar, and other sources, are greater some
years than in others. 80 too the expen-
ditures are necessarily greater in the
years when the Legislature is in session
than Ia the years IN which the General
Assembly does not meet. a. .. t
| The following statement. however,
based upon receipts and expenditures
for 1873. will approximate very nearly
the average annual receipts and disburso-
ments Of the Treasury. A.. -. -4...t
Receipts from all sources about .S207,
S72.39. go ..,.'..i
Expenditures, including SIS, 900 inter-
est on the public debt, and an appr epri.
alton Of 5000 to Delaware College, and
one-half Of the biennial expenses Of the
Legislature, about $l1l ,025.T.
Excess OF receipts over expenditures
about $96, ,S46. 62.
The amount Of expenditures above
stated does not include appropriations
made by the Legislature to purchase
the interest ~ Kent county in the State
House nn.t for repairs ON the same, ol
or other 49, iation OF an extraordi
nary cha ..>.u., or than that to Del
laWare College, hlt does include the
latter appropriation, amounting tt
o.. 900, and also the amount required
to pay interest ON the outstanding pub
lie debt, about $75, 900, rs well as al
lother ordinary expenses of the State
Government, including salaries to nj
tpublic officers, executive and judicial
1.-The allowance for public printing, and
one,half Of the expenses of the bien
nial session of the Legislature.
ExPKNsBs on sTArH GOVERNMENT.
| It, win be seen from the foregoing
exhibit that excrusive of payments OF
account of interest, and exceptions
i appropriations made by the Legisla
ture, the ordinary expenses Of the Stat
Government amout to but little owe
@33, 900, and that the receipts In exces
Of disbursements fer ordinary purpo
ses, and the amount required to pay in
fterest, will be something less thar
\ $97, 900. VI.
II SINKING FUND.
II None Of the bonds now outstanding
become due before 1886, and as thes
are generally held by persons VIII,
purchase them for Investment, it
doubtful whether the State Treasure
J will be able to procure them at thei
par value as fast as the receipts Of th
Treasury will enable him to take then
UP. It Ii not the interest of the State
and would be very unwise policy, t
appreciate the price of the bonds b,
, purchasing them at any advance upol
their face value. therefore submit
for the consideration of the Genera
Assembly, the propriety of enacting
law creating q sinking. fund for tn
. redemption of the bonds at maturit
and authorizing the State Treasurer t
: invest, from time to time, the surplu
: funds in the Treasury in United State
. bonds, or other und0ubted securities
bearing six per cent. interest, for til
J benefit of the sinking fund created fo
I that purpose. r..
This would not prevent the Stat
I Treasurer from using the funds in hi
! hands, at any time, in the purchase c
! bonds issued by the State wheneye
the same could be obtained at thei
par value, but would guard against a
accumulation of unproductive revenu
: In the Treasury by converting th
same into interest bearing securitie
/. which could be sold and the proceed
$ applied to the payment Of the Sta,
p debt at maturity. Should this sugge
I ltion meet with the favorable conside
d alton of the General Assembly, r
. spectively submit that the sinkin
e fund to be established should be car
: fnlly guarded against any appropri
= ton to other purposes than the pa,
I. ment Of the existing obligations Of ii
Il State. IT.
;ef If no further issue of State bono
y lahaH be authorised, . careful husban,
d ling Of the 4evepues paid into the IRE
r sury under existing laws, will enab
stthe 4fateso meet oil outstanding Ii
p Utilities 'as fast as they become du
;. This object should be carefully kel
N In view asrof highest obligation, an
e no reduction or diversion Of the rev
:. nue. he permitted that would rend
r. the payment Of the present debt, whe
D. ever the same can be rightfully d
r. manded, In the least degree uncertai