The Republican journal. [volume] (Belfast, Me.) 1829-current, 1876-01-13

affairs during the year Just closed, proceeded to
make the customary
FINANCIAL STATEMENT.
The cash in the Treasury at the close of 1874
was S322. lS5 81 receipts during 1875 were ST.
3dS, - 43; payments, 81 ,513, S67 43; balance on
hand, S31I093 81. The bonded debt of the
State Jan. |, 1873, was S1,0SS, 400. 1t has been
reduced by the payment Of matured bonds to
the amount of S29,00 and by the cancellation
of bonds in the now abolished sinking fund,
ana is now S3,9+9, 400. The payment of the
natured bonds and additions to the sinking
funds to the amount of 1872 $3.50 y, constitute
an actual reduction of the debt the past year of
H}0l $50 -. The present net indebtedness, af-
Ter deducting the amount of the sinking fund,
is S5,212.6SS IS.
SINKING FUNDS.
An act of the Legislature approved February
~ 1870, provided for the extinction of the sink
ing fund of 1860, by the cancellation of the bonds
of the State OF Maine contained therein, and the
transfer of the remaining portion of the fund
10 the sinking fund OF 1865.
In execution of this law the Treasurer has
cancelled bonds TO the amount of 81 112,900,
and transferred bonds and cash to the amount
of Sl9l,52f %. thereby entirely eXtingushng
the fund which was established for the pay
ment at maturity of bonds falling due August
10, 1880, March l., lSS}, and June |, 1889. There
fore there is now no actual provision for the
payment of these bonds. They rest entirely
upon the credit of the State. The act referred
to contemplatcs their renewal and extension;
IL authorizes the issue of new bonds. payable
10 the amount of two hundred thousand dol
lars in 1890, and to the amount of two hundred
thousand dollars each succeeding year, which
bonds, the act declares, "shall be executed and
issued only they can be substituted tor at
least an equal amount of the bonds they are
intended to renew and extend.
lhe only action necessary would be TIE re-
peal Ot 50 much of the act referred to-that of
ie 90 - l0,"Is l1I'len W t,le eAeculioh
then retain control Of the matter md he left to
provide for the navment of tha loans in mos
lion. or for their renewal anJ eytension az
they severally approaeb maturity or whenever
ii may Sllit IFS own Measure
The sinking fund of 1865 which remains and
which was established TO nav the ,rinrin,I Of
the loan "for the eauaIivatian of nnnicinaI ,yar
Debts amounts to SG-G III >. and ne Gov.
rrhor recommends that the list of securities
lpe>tIlpeu pS Jaw lof lis investment be some
""'' '"l"I Stu'
TAXATION.
The question as TO the validity of the act
leYylng tax OF l ID per cent on the corporate
franchises Of railroad companies has not vet
been decided by the court to which it has been
referred. The tax of one per cent on the de-
posts of savings banks yields a large and easily
collected revenue, and is not onerous, in the
Governors opinion. The law taxing foreign
insurance companies operates uneyenly owing
10 the large exemptions claimed by the life
companies, and the Governor recommends that
The amount of deductions from the premiums
received by insurance companies be limited to
losses actually paid within the State during the
year. Referring to the report OF the Special
Tax Commissioner, who recommends that the
receipts of express companies be taxed and
those of telegraph companies exempted. the
Governor questions the proDriety of such ey-
cmption.
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1bo t,o,,o,,,,,,. ,,a ,,, 49, .. =,
companies of the State armament he OCCASION
ullv brought together for discjnlne and drill
and suggests that il might be well 10 send some
portion of the volunteer militia TO narticinate
in the inaugural ceremonies Mt tbe Centennial
The State pension system works effectively
and will not reouire 50 laroe an annronriation
This wear as last
,,,, ,..,,,>-l,,- ,.,,.
-' N''''-' 'tiiN''ho'
ing suPersesSloh Oh The dlslrlct by lie town
system Is an important ana desirable object TO
ne gained. Inns Is lelt by The law TO the NoluIl-
tary action OF each town, and the process Of
NupplantlnS Is gradually going on. The State
cannot III any otner way SO eHectYelY promote
me usefulness OF the schools as by providing
ior lhe supply OF framed instructors. The two
Normal 80 schools are hShiy successful agents
ioF reinforcing tne corps Oh instruction. but the
Simplest calculation demonstrates the hopeless
lhadequacy oil their utmost capacity to meet
more than fraction OF the demand tor skill
Ell teachers. The Governor recommends that
49,, aen"iia loi! proper ollcers vi loWnS,
and expendjture of school money he made .
nrerenuisite ia the receint of fla Stat1 e,,t,Iit
lie believes,that'the welfare ofthe schools wnuid
sutfer no dctrimnnt far tho ,,rasent IL tho Set
school funds should he CHARGED with the nav
ment of the annual EXPENSES of The Normal
schools and the College of Agriculture and the
Mechanic Arts
.,,>..,,,
7N' iN"' DAMS
INC BANK Examiner reports slXty-tonr say
lh@s banks III operation III this state, five OF
Wnlch organized ana commenced business with
III ING !Hsl year. Inc deposits therein for the
year ending November 80, 1912, amounted to
40 an increase pl -lo'o D. IN
trlo ~, itt,.t s w. NJ oa'e III - T.
The banks amount to ST 100. $50 ~ a SIM oreaf.
or than the amount of such securities he7d nv
them the previous wear hv s1Gt Ie5 a. Tho ay..
cess of the denositS' in SAVINGS hanks abova tho
capital. circulation and denosits Of nationa;
banks is about 81 800 900 The Governor 70
rommends the prohibition bv law of any jiviS-
ion amonu lenositorS Of nthar ,rot;ts ~, ti,o
earned within the period for which dividend
a. . co. "It INC eAcISs apoFe ine pfescrlo-
~ iCsclNFt. ne urges lhe pfoprlety OF giving
~ Aiiliiutt po"er 10 conlpel oahhs 10 pro-
r.
ut' d" ni'l piule tiieih rom tne uarlhS
,i'i'f VI ~ nj - idi tiiel limitation VI the
'i'"" "'''e ia'e vi ul'luehds Is required.
THE LAND AGENT.
The Land Agent reports rs the result of the
sales Of land during the wear that the onl, 20.
manning State lands not finally disnosed of arc
b. ~ acres of settling lands nnsol3 ami 10 ~
acres for which certificates have been Given 70
settlers. who will be entitled TO deeds mon tho
fulhlment by them of the required conditions
sums on general account. ON account If The
permanent school funds ana reserved I.pIs 70
the amount Of So. sos - have heen naid into
the treasury, A, the Office of lind 1 gant haS
been abolished, the Governor recommends that
The title he retained and confarraJ ,,1o,, H.
Treasurer or other officer 10 wbnT thi, I,t .e
Of tho office may he ASSIGNED '''> '''''''9
y,,,po..,, o,..,,,.-..
'N0Ai hND ~ hAnCE coMPANlES-TIiE
fini'Hi'iho'
The railroads are in an improved and excel
tent condition, but the year has not been prol-
IL of new roads or extensions. There were
t, 'l'd 'oiIi?stic insurance companies
wear. and 20 were excluded, There i an Nm in
creased interest in the work Of the Comnission
rr OF Fisheries
.r,,,, .,,..,, ,>-.,,,.r, ,.,.
l. iNoi iAoN7'
aiuable improvements have been made in
Inc insane Hospital, but the crowded and i'll