The Portland daily press., 1876-01-10

$5,574,378 On the first day Of January, 1876,
the bonded debt of the state will be, after de-
Quoting the sinking fund (676, ~ held in
payment of the same, $5,272, 6SS. 2S reduction
during the year of 1901, 6S972.
The public debt, as represented on the books
OF TINS office, exclusive of the $4,000 due and
uncalled for at the close of the present year,
VIII De $5,949, 400, of which 1,323,000 are in
registered and 81 ,62S 400 in coupon bonds.
Thirty thousand dollars of the public debt
matured July LIST, twenty-four thousand dollars
OF which has been presented and paid. bond
for $lO00 of this loan is still outstanding; the
balance (S5OOO) was in registered bond, and
invested in the sinking fund of 1865 AS the
act OF February q, 1875 abolished said fund at
the close of the present year, could conceive
of no pecuniary advantage to the state in pay
ing to that fund the amount of the bond, ac-
cordlngly it was cancelled with other state
bonds belonging to said fund. Twenty nine
thousand dollars of the public debt falls due
March l, 1876, and will be met from the current
funds in the treasury. This is part of the
loan for 100000, authorized by resolve approx
ed February 8, 1858, and February 25 1859, and
payable March l, 1876. Thirty zone thousand
dollars OF this loan was invested in the sinking
fund OF 1865. and has been cancelled as provid-
ed by the act repeating said fund.
The state will undoubtedly adhere to the pol
icy OF paying its indebtedness as it natures, and
L trust will raise by taxation each year a sum
sufficient to meet all its expenditures, avoiding
tCHPoAaiy iOduS VI al lncreaSo OF L0e perma-
nent debt of the state. If the people are taxed
for all the appropriations of money, there will
be but little danger OF extravagant legislation.
INVESTMENT FOR SINKING FUNDS.
The Treasurer has found it difficult to pur-
chase bonds for the sinking funds the past year.
It has been necessary to purchase 1901, 429
of securities for the SINKING funds. to obtain
which it has been necessary to pay $22. 943 %
in premiums. Mr.. Hatch does not think it ad-
visabe to purchase government bonds which
have only ten years to run and are liable to be
substituted by bond bearing lower rate of
interest. The Treasurer recommends that the
funding law be so amended as to authorize
him to invest in the bonds Of cities having q
population of $1,000 and upwards.
RENEWALS OF WAR LOANS.
Mr.. Hatch says he has not had any bonds
engraved or issued as contemplated in the act
renewing portion of the public debt approved
last February, not deeming it important or
necessary, as no part of the public debt falls
due before 1880, and only $3O7, 900 at that date
He also expresses the opinion that an exchan &c
OF state bonds for those bearing a lower rate of
interest can be more readily affected with the
holders at a date nearer their'maturisy.
SCHOOL FUNDS.
The amount apportoned to cities, towns and
plantations the past year for school purposes,
was 1892, 708.44. Amount expended by the
state for free high and normal schools $56, 223..
"a, for Agricultural College, $1O,5OO, and for
other educational institutions 81, 500, making
total expenditure for educational purposes,
$461, 1929. A table with the report shows the
amount of tax paid by towns and the amount
received by them from the school fund. In
numerous places towns and plantations get
more money from the school funds than their
entire taxation amounts to-
By order of the Executive Council the Super
intendent of Public Schools has reported to the
Treasurer the number of towns which have
neglected to properly expend their school mon
eys as required by law. The Superintendent
has reported eighty towns thus delinquent, in.
GLIDING some of the best III the state. There
are many more, since the Superinten-
dent only reported those that were delinquent
to the amount of 80 per cent.
The Treasurer renews his recommendation
that 1.-THE law in relation to free high schools
should be so amended as to authorize the State
Treasurer to deduct from the school fund, be-
fore its apportionment. the sum annually ex-
pended by the state for free high schools; and
would also suggest that the sum annually ap-
propriated for normal schools and Agricultural
College, be deducted in like manner. These
deductions from the school fund before its APP
portionment, would be quite relief to the tax
payers of the state, and would not deprive
scholar in the public schools of one days less
schooling than they now enjoy"
The sum devoted to school purposes in 1875
amounted to $a92,7OS.44.
DELINQUENT TOWNS
Pursuant to the resolve of the Legislature of
1874, the Treasurer gives list of the towns
that are delinquent in paying their state tax
Mayheld. Somerset county, has paid no state
tax since 1854; Plantations No. g. r 6, Pleasant
Ridge, Lincoln and Masardis are the next in
the line of delinquency. Barnard, Eastbrook,
Green Vale, Lang pl, Monhegan, and Whiting
have not paid any state tax since that of 1872;
and such good towns as Waldoboro, Waterford,
Gorham, Turner, Standish, Stockton, Har-
mony, Farmingdale, Buxton and Dayton have
not yet paid the tax of 1874.
SAVINGS BANKS.
The Treasurer shows that $14S, 1852 was as
sessed upon the savings banks of the state May
l, 1875, and $16l, 1853 81 October 81. He ex-
presses the hope that the Legislature will not
change the present law relative to savings
banks. The tax imposed is reasonable and
just and with exemption from municipal taxa
tion the banks should not complain. Mr.. Hatch
calls attention to the bill prepared by he Bank
Examiner, which proposes to reduce the taxa
ton and regrets that it comes from that source
He says: IF the savings banks are unable to
declare six per cent. annually, let their divi-
dends be reduced, either by an agreement
among themselves, or if necessary, limit by an
amendmentsto the present law the rate of in
terest which they shall pay to five per cent,
but no change in the rate of the state tax no
imposed should be made
LAND OFFICE.
The receipts from the Land Office the past
year haye been $57. 400 80, to wit:
On general account. ....... ,........$ 1923, 351 "a
On account OF permanent school fund. so, 674 81
&c lands reserved for pub