Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-01-10
Sl.S9O.96l q

| Tor the same time, Sl ,3o3, i3U.oO. resources oil
the State, S2,0lS, 1861; liabilities $500 lS2 o..
The Public debt aggregates Sj,9jl $50.
CONDITION OF THE TREASURY
The close of the present year finds the financial
affairs Of the State in sound and healthy condi-
ton. The Treasurer is grati6ed, at the beginning
of this centennial year, to present so favorable
exhibit. There is large cash balance in the treas
ury not one dollar has been borrowed by the State
the past year: every legal and proper demand upon
the Treasury has been promptly met and the
pubic debt has been reduced. Oar State bonds
command high premium and are regarded by in
ve;tors Of trust funds among the choicest and best
securities in the market. \ record 80 favorable as
the one here presented cannot but be gratifying to
every citizen who feels an interest in the credit
| and good name of the State.
| The receipts into the State Treasury from shore
rents, for 1875, Of several Islands in the Penobscot
river, now occupied by the penobscot Tribe Of
| Indians, was Sj,0Si.43
There has been received Of the Suffolk Bauk
for interest deposits the past year, 81 ,GG1.l3
For interest taxes, 81 ,2S907 making total Of
| 81 80 10 the credit of interest account.
TAXATION OF RAILROADS.
I lie aggregate amoun. of tax on railroads the
past year Is less thar hat Of Tie prev ous year.
| account of a reduction in the valuation of the
shares Of the roads taxed. The tax assessed upon
the roads amounts to SOS, 3i1 So. Several Of the
roads deny the legal right Of the State to enforce
the law taxing them. Since the last report, &c.
100, II have been paid into the treasury of the tax
| assessed for 1874; this added to the amount col
lected previously, gives total of $50, 3S4.j2
the receipts into the State treasury IRON the tax
of that year. A suit is pending against the Maine
Central for the collection of the tax assessed
aganst that corporation.
Insurance TAX.
The ret amount of premiums received by all
ton. in this state during 1874 S5i6, $3.50;
the net amount so received by life and accident
companies was 15,z9S2l; upon these sums the
Treasurer assessed tax Of two per cent upon the
respective companies according to the provision of
the act Of the legislature, the tax on fire and ma
rine companies being Sl0,92S 49, and that on life
and accident companies 81 800 81, all OF which
taxes were promptly paid, amounting in the ag-
miums received by fire and marine companies
during 1875, was S9SS $685. and by life aud
cident companies, s795,649.17. The two seem
thus approximating each other in amount, though
the tax paid by the former was seven or eight
times the amount paid by the latter. The differ
ence arises from the different bases established
by law for making the assessment, and
the Treasurer recommends that some measures be
taken to equalze the matter.
PUDLIC DEBT.
On the fist day of January, 1870 the bonded
debt OF the State was s. ,0SS, 400; deducting the
the first day of January, 1876, the bonded debt OF
the State will be, after deducting the sinking
fund, (S616.1ll.72) held in payment of the
| same, S5272 ,6sS.2S, reduction during the year
of S30l. 6o9.72.
The public debt, as represented on the books of
the office, exclusive of the 81 900 due and un-
called for, at the close of the present year, will be
So $40 400, of which 81 1923 900 in registered
and 81 CPS 400 in coupon bonds.
The Treasurer is of the opinion that the state
will adhere to the policy of paying its indebted
ness as ii matares, raising hy taXa;ion, each year,
sum of money sufficient to meet all lts expendi-
lures avoiding temporary loans, or an increase of
the permanent debt Of the State. Twenty nine
thousand dollars of the public debt falls due
March lst, 1876, and will be met from the current
funds in the Treasury.
INVESTMENT FOR SINKING FUNDS.
1t has been somewhat difficult the past year to
purchase such New England securities, as an in
ves,ment for the sinking funds as the law author
ized, without paying therefor very high premi-
UNI. The law restricts the State Treasurer to the
purchase Of Government bonds and the bonds of
either of the New England States, as an invest
ment for these funds. The amount necessary to
invest the past year, on account of the sill king
funds of 1866 and 1858, was s30l 1890.
There has been paid for premium on bonds pur-
| cha ed the past year, So, $3.50.
| Unless the law is amended, investments for the
sinking fund must be in future largely in [ nited
States securities at high premium In the Judg-
| Mt al he should
nH The ~. Sat, Trca.nrer should have authority
in ailion f. .ecnlities now authorized TO invest
| IN 10 ;c;naI bond. cr cities in New ENGLAND
nar;r,, rnnnilot;on of t,teen thonsand and nm
wari, SIX sccn,i,ies can he Obtained at nearly
,he;r nar y,lne, snd sre az reliable and .afe 10
hold a. G;oyernment hond,.
RENEWAL OF Loans.
| No uow boud- nave been issued the past year
for the renewal Of war lcan@, rs no part of the
public debt which said bonds are intended 10 re-
new falls due until 1851. The Treasurer suggests
that the indebtedness of the state maturing in
1880 be met by approprlatirg the one hundred
thou, and dollars deposited with the fund OF 1908,
and by raising in 1879 by taxation, for the pay,
| ment Of the puoic otol' ne sum Oh Eloo'ooo anu
ana IN IooV iiN' s't I"i 'i' ,'.lo ;,o,
recourse, u new bonds and with b" a slIsht in IN
crease q i'Ni n ler nose y. IN" o"u''e