The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1876-01-19

county add other taxes there was no fixed
basis: Now, the estimate must be according
to TRUE saiue. Such Is the substantial require
ment Of out general tax law, but 1t has al
ways been disregarded.
The question of taxing mortgages is dis
cussed, and 1t Is declared to be question mu-
tually effecting the borrower aud lender
There is a strong equity in assessing all mort
cages, yet the various means Of investment
outside the State, by which taxation is es-
capped, often prevent the borrower from OBJ
should be 90 framed as to afford him opportu-
mites Of procuring money, and at the same
time compel the mortgage holder to meet as
ihuch Of his just btirtieii as possible.
None of the changes In the appointment of
certain officers need be referred to except that
in reference to Common Pleas Judges The
amendment providing TO- the nomination aud
appointment of those officers by the Governor,
With the advice and consent of the Senate,
necessarily superseded the former provision
for the appointment by joint meeting, al
though not in terms stricken out. There is
perfect antagofism between the two, and the
amendment, being later, must have effect.
obliged to renew their bonds annually. A law
compelling that is necessary.
The Governor closes his review of the
amendments by calling attention to the para
graph against the donation or appropriation
of land or money by the State, orany munich
pal corporation, to or for the use of any soci-
ETY., association or corporation whatever. 1t
requires no legislation to enforce it. The
true policy of the State is always to expend
public funds through its own official agencies
and for definite civil object only.
The war debt of the State, at the end of the
fiscal year, was two millions four hundred and
ninety-six Thousand three hundred dollars
(S2, 1896 00). The amount of assets in tho
Sinking Fund towards its liquidation was
then one million three hundred and sixty
thousand four hundred and sixty-six dollars
and seventy-two cents ($i, 800, 465.72.) On
the first day of JANUARY. instant, the debt
was reduced by the payment of one hundred
thousand dollars out of the State Fuiid, leav-
ing balance Of two millions three hundred
and ninety Thousand three hundred dollars
f$2, 306 300.) BY deducting the amount of
Sinking Fund, the debt would be one million
thirty five thousand eight hundred and thirty
three dollars and twenty-eight cents over as
sets devoted to its payment. The bonds will
not all mature until 1902. One hundred
thousand dollars are paid each year from the
taxes together with such an amount for in
terest as will make up the deficiency of inter-
est, from the Sinking Fund, and with these
Gums the matured bonds and the interest on
the debt are paid. The Boiids become due at
the rate of one hundred thousand dollars a
year, until 1891, when the amount varies each
year from less to more, not exceeding two
hundred thousand dollars any one year. In
ten years the debt and the fund will be about
equal, and, with safe management the fund
will pay the debt as it natures, and interest.
This is an admirable system, giving great con-
fitence to the bondholders and sffording an
easy means of payment.
There is no State debt except the war debt.
The State Fund Securities, consisting of
stock Of the Camdefi and Amboy and other
railroad companies amounts in value to over
$500, 900.
The State School Fund amounts to 81, O7s,-
576.04, and is rapidly increasing, chiefly from
sales and retails of lands under water.
Tho amount of the Agricultural College
Fund is SIG, 900, all invested in the war bonds
of this State, and the interest of which is paid
to the Trustees Of Rutgers College, towards
the supper. OF the Scientific School,
The receipts of the year from all sources
outside Of the Sinking Fund have been 49,
Ala, 54393, and the disbursements So, 1878, $685.
so. The balance in bank at the close of the
fiscal year to the credit Of afl the funds, ex-
cepting the Sinking Fund. was $308, 769. 05.--
OF this amount the sum Of $20S, 5S5. II belong
ed to the School Fund.
The Comptroller's estimates for the year on
the debit side amount to 81, 7S2. 900, besides
the school tax. Taking the Comptrollcrs es-
timates, which are carefully prepared, the ex-
penditures exceed the income 10y $l@2,000.
The dereliction of Josephus sooy, as Treas
urer, is stated.
The new Insane Asylum, at Morristown, is
now the heaviest burtben on The State. 1t
has already cost about 81, OO0,00 and $780,
00O more are needed to complete it. Whatev-
er views, says the Governor, may be entertain
ed as to the magnitude of this work land the
wisdom of it is open to controversy, it is too
late ana uItwise now to delay or cease its pros
ecuton.
The cost for the deaf and dumb, the blind
and feeble-minded,. for the year, has been as
follows Deaf and dumb, $25, 1929 the
blind, 13,G4S.s9 and the feeble-mfnded, ST.
925.4l-=the total being $47, In addi-
ton, $1,356.8S were disburscd for expenses
Of a commission previously appointed under
an act looking to the education Of these class
es in this State.
Should early provision have to DO made in
this State, recommend that the building of
the Soldiers Cbildren's Home which will be
abandoned for that purpose in the Spring-be
fitted up for the deaf and dumb. From an
examination recently requested and made,
am satisfied that it could easily be adapted to
that use, and afford all Convenient and sdit-
able accommodation.
BY the act of March H. 1874, it was provid-
Al tt,ax ono b,y,drad dollarc nor amman, he