The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-01-07
GOVERNORS ADDRESS.

HCeS:
The year upon which we are entering is of tie
deepest significance to every American. 1t marks
the completion of the first grand cycle of the Re-
public. century has passed away and The Gov
ernment of the People stands free, great and bene-
fcent, to vndicate the wisdom that called it into
being to answer the prayers and hopes that attended
its birth, and still to guard tor and for the future
the blessings it was formed to secure. hundred
years ago it existed but in the declaration
ana the 1rm resolve Of the n who fashioned it,
an instrument of justice. To day it lives in mature
development, fresh in all the aims and impulses
with which it set out, strong in selfconfdence in
spred by long years of varied trial and the success
full withstanding OF all forms of assaults
The far stretching retrospect exctes emotions of
pride and exultaton, and yields impressive lessons
for our guidance people in the new century at
hand. We perceive by what devotion to principle
and by how great civic virtues the Fathers of the
Republic enabled to establish the sure founda-
tions of our country; by what steadfastness and
heroism its independence was accomplished; and
by what majestic progress it grew to greatness
der the stimulus of freedom. Regarding the years
| not yet far removed from us, the great struggle
through which the crisis of the countrys fate had
| happy issue, presents itself as stern school of
citizenship minstering to the stability and prosperi-
dence of government and people home to every man
with strength of conviction no reasoning could
| convey.
The price paid for nationality when its value
put to the test measures our need of it; and every
battle-torn flag and smoke-begrimed musket-rec or
trophy OF the contest-every national note betoken
| ing the zeal and confidence of patriotism, ad-
monishes that the welfare of their country is in the
| peoples own keeping.
little more than half centuary ago the people
of Maine, in ordanng the constitution upon which
| they founded the new State, acknowledged with
grateful hearts the goodness of the Sovereign Ruler
of the Universe in affording them an opportunity
| so favorable to the design they had in view.
We of this day, recalling anew the moulding of
our common country under the auspices of the new
and grand belief in the high average of human WORTH
the dedication of it to that principle, and the subse
quent prosperity and happiness which has justified
the idea of liberty and the theory of equal rights
but feel in hearts to obligations for the
favor acknowledged by the fathers of the state; and
with the pers of the recent past wildly before to
remember with renewed gratitude the Goodness that
has been constant to US.
Within short space of time the state has grown
| from infancy to maturity, and has become mother
| of states
While we deplore the plain fact that the increase
of our population suffered check prior to the war.
and failed altogether in the war decade, we not
prepared to admit any injurious inference from it.
| The causes of the misfortune are well understood
and involve no dscredit. The great farming region
of the West not only became overpowering rival
as field of immigration, but also attracted our own
| people. The golden shore of the Pacific lured from
us hosts of young men whose accumulated earnings
the smallest part of the loss sustained by their
departure. Every fresh land of promise of the many
that followed in quick succession, pioneered by
the hardy and adventurous of Maine 1t is gen.
orally conceded that they abandoned the substance
for the shadow that if their energy experience and
capital had been employed at home, and if their
ample had fostered a spirit of contentment, they
would, as a whole, have enlarged their own
in life well advanced the importance and pros
| perity of their state.
Maine had thus been sorely drained when the
sweptaway many of her sons and the influences con-
| sequent upon it induced restless impulse, driving
| many more to wander seek homes elsewhere. The
comparatively isolated position of the state, and the
non-existence OF large cities within it's borders have
stood in the way of the compensating influx it might
| otherwise have received. But though weakened in
| numbers, we are not dispirited. hopeful con-
sciousness prevails that the clements of great state
are here and will eventually combine to form one
commensurate in all respects with the extent of
| territory.
Our state now involved in the depression of bus
iness, and cessation of enterprise everywhere preva
| lent The shadow of the is still upon us. Some
| of its incidents still remaining Prominent
among them is the continual employment of the sub
| stitute for sound money which is imposed. While
the states have returned to their oldtme relations
to the country and the army and navy of the Union
have been re-established upon peace footing, the
currency of the country continues to retain its
character The people of the state substantially
Of one mind in demanding relief from the tickle me-
dum of exchange which has been tolerated solely for
the sake Of the great good it created to subserve
and in desiring the recall of the banished currency
the only adopted to the peace. They look
to the National Government to effect this speedily
as is consistent with any sacrifice not absolutely
endurabe. 1t would be far better to pay directly in
taxes the certain interest of the bonded debt in which
the government notes may be funded, than to bear
the uncertainties, and suffer from the discourage
ments to enterprise caused by the fictitious impor-
| tance they are now invested with.
| The year upon which we now look back has been a
fairly prosperous one. At least it has not been
| of unusual hardship. Th it has not been such is
due to the uDfang bounty of our soil, and largely TO
the admirable spirit and patience with which the ad
verses of this period of transition, it is by
mon consent regarded, have been met. Manufactur-
ing has been carried with but little prospect of
munerative returns in many cases, and thus willing
| hands have been enabled to earn daily bread. A
general decrease of profits has not been attended by
| general want and suffering.
The affairs of the state, with which you are imme
diately concerned, have been well conducted in all
departments, and all It's institutions have faithfully
| fulfilled their appropriate purposes.
| THE TREASURY.
The ordinary routine of the treasury has been more
| difficult than usual, and special and important du-
ties have devolved upon it, The cash hand at the
close OF 1874 was 1922 1854 The receipts during
1875 were Sl56S, ,775.43. The payments from the
treasury during The year were 81 1,5l3S 6743, thus
leaving balance of cash on hand december 81 1875,
| of $377 ,09384.
THE STATE DEBT.
The bonded debt CT the state on the first of Janu-
ary 1875, was 81, ,0SS AGO. 1t has been reduced the
past year by the payment of matured bonds to the
amount of $4,000, and by the cancellation of bonds
in the abolished sinking fund.- and is now S., $40 400
The payment of the matured bonds and additions to
the sinking funds to the amount of $272 6S972 con-
sttute actual reduction of the debt the past
of S3O1 6S972 The present net Indebtedness, after
deductng the amount of the sinking fund.- is S5,272,
6SS.2S.
| SINKING FUNDS.
An act Of the legislature approved February "a
1876 provided for the extinction of the sinking fund
of 1866 by the cancellation of the binds of the state
of Mane contained therein and the transfer of the
remaini1 portion of the fund to the sinking fund o
| 1865
In execution of this law the treasurer has cancelled
bonds to the amount of $1112, ,9OO and transferred
bonds and cash to the amount of $1O1 O5 thereby
entirely extinguishing the fund which was estab-
blshed for the payment at maturity of bonds falling
due August 15, 1880, March l. 1883, and June 1889
Therefore there is now actual provision for the
! payment of these bonds. They rest entirely upon
the credit of the state. The act referred to contem
plates their renewal and extenson it authorizes the
issue of new bonds, payable to the amount of two
hundred thousand dollars in 1890, and to the amount
! OF two hundred thousand dollars each succeeding
year, which bonds, the act declares, "shal be exc
euted and issued only they be substituted fol
at least equal amount of the bonds they are in
| tended to renew and extend.
| No effort has been made under this authority tt
issue bonds in substitution for those proposed tC
ha +hn1 -