The daily gazette., 1877-01-02

not exceed the sum necessary to main.
tain the public credit unimpaired,
Whether such sum shall he an amount
sufficient TO redeem the entire issue of
the outstanding bonds at maturity, or
only por6sbn of them, will be ex-,
clusively within the legislative discre-
tion guided by the necessities of true
public policy. oai s'lg a. Li,-.i..if.o q. (
I Ihave already shown that the annual
redemption surplus has been sufficient
to liquidate half million of dollars
OF State indebtedness within the last
six years. and also that the annual res
demption surplus win continue to be
about 800, 600 at the present rate of
taxation, while the accumulation OF
merely $50, 600 yearly surplus properly
invested and compOunding interest
will be amply sufficient to pay every
dollar Of the 1885 bonds at maturity,
and that q far less annual surplus
thereafter will suffice to pay at matnr-
ity the bonds loaned to the Junction
and Breakwater and the Breakwater
and Frankford Railroad Companies
respectively. 6 ftf n';wit-tl'
After having already demonstrated
the ability to pay half million of
dollars of indebtedness within so short
a period, the credit of the State doubt
less would remain unimpaired even if
no more than one-half of the 1885
bonds were paid at maturity out of
surplus redemption funds. and the
residue raised by sale of new bonds
issued to replace the sapel 1t
is most probable that, In such event,
the credit of the State would be so
firmly established and its bonds in
| such demand that such new issue of
bonds could readily be negotiated at
par at a rate of interest lower than six
per cent. or that six per cent. inter-
est bearing bonds could then be sold
at such premium as would produce
a large profit to the Stale, and that
such policy will be much more adj
yisable than the proposed plan of buy
ing present outstanding bonds at an
excessive premium and consequent
loss to the Treasury. 1 II
II these observations be well found
| ed, then it may become desirable for
the General Assembly to consider the
lpropriety of making such reductions
in the present rates of taxation as will
reduce the annual surplus to such q
gum as shall in their judgment, prove
conducive and not detrimental to the
credit of the State and the interests oi
its people. In any reduction of taxa
tion the burdens should always be
lightened in such manner as to avoi6
all injnstice and inequality, so far al
.. possible for the general recognition
of the justness and necessity of any
law is the surest guarantee that it will
: meet with ready and willing obedi
ence and accomplish the purpose o
its enactment. .l..a, '
In Offering these suggestions hav,
no disposition to advocate any curtail
ment of the revenues that would leav
the State without proper provision fo
lcurrent expenses, interet on the publ
debt, the gradual and certain redemp
tion of the bonds of the State and tn
strict preservation of the public faitl
and credit.
Believing that the reduction of al
revenues not necessary for the legiti
mate purposes'of government will en-
courage retrenchment and econom,
and discourage unwise and wastefu
. expenditure, commit this subject t.
I the wisdom of the Legislature with full
) confidence that it will receive sucl
D consideration as is demanded by it
q vital importance to their constituent
= CENTENNIAL STOCK.
: A Joint Resolution of the Genera
2 Assembly adopted March 25, 1876, di
1 rected the Governor to subscribe TO
, stock of the United States Centennia
:, International Exhibition to the amour
l of ten thousand dollars. In obedienc
: thereto, and in behalf of the State,
Q subscribed for one thousand shares o
4 said stock of the par value of ten dol
lars each, and the said sum of tel
= thousand dollars was duly paid by tn
a State Treasurer upon my warran
drawn in favor Of the Treasurer O
the Centennial Board of Finance, an,
G the proper certificates of stock are nov
= in the hands of the State Treasurer fo
the use of the State. 1t is with salts
r faction that | am able to announce
e upon information derived from a
: authentic source, that at least twenty
;, five per cent. of the State subscriptio
!. will certainly be refunded as dividends
Q even though the United States Cor
r gressional appropriation of 81 ,5000,0 90
3 shall be first deducted from the ne
9 cash assets of the ExhibitIon, and tina
e possibly ninety per cent thereof wi
be refunded il said appropriation sha
t not be so deGucted-a result whic
!, is as gratifying as it was unanticipa
ted when the General Assembly. fror
T sentiments of patriotism and withou
= expectation of return. made our libera
+. appropriation in aid and encourage
r ment Of the great historic celebratio
Y In its hour of need.
el Under the provisions of the sam
o Joint Resolution Commission of min
citizens, prominent representatives G
a the various professions and pursuit
n within our State, was appointed to q:
0 tend the Centennial Exposition to tax
Z lall measures necessary to secure tn
proper exhibition of the industries an
j products of the State. and the sum q
e two thousand dollars was appropriate
: for the payment of all needful exper
: ditures necessarily incurred by thet