Middletown transcript., 1877-01-06
GOVERNORS MESSAGE.

Of its contents:
1t treats Of nearly every matter of
local interest. and also makes extensive
reference to the Federal government,
and to the matters that interest the
country at large. 1t opens with sug-
gestion Of the completion Of the first
century of American independence, and
briefly refers to the active part taken by
Delaware, as a State, Ia the revolution
ary war her prompt adoption of the
Federal Constitution and her unwaver-
ing fidelity to its provisions and require
ments. 1t refers to the steady progress
Of the State and the universal integrity
of its officials, His excellency declaring
that he q is not aware Of single ez-
ample of loss to the State by reason of
breach of faith by one Of its officers,
aud compliments the people on this pc
culiarly gratifying and remarkable erecord
at time when notorious and shame
less dishonor Of the public service in the
country at large. and in some of the
States, excites the alarm Of all who
thoughtfully regard the history of the
time and feel concern for the good name
and prosperity of the country Brief
reference is made to the great progress
of the country; its rap pid increase in
prosperity and population its position
of equality with the other nations of the
earth as proved by comparison Of exhib-
its at the Centennial Exposition the
dangers through which it has passed
the many and violent strains upon her
system Of government from civil war
and Federal encroachment upon the
rights Of the States, and her escape from
foreign war by peaceful arbitration.
+" And yet with all this" continues the
message, "at the close of its first cen
tury the Federal Union is confronted
with dangers and graphing with prob
lens Of government which warn US that
this effort at self-government is yet but
an experiment. To secure its ultimate
success will demand of the present and
succeeding generations the same wise
craftsmanship, self-sacrifcing patriot
ism, careful study Of the lessons Of his
tory, through appreciation of the under
lying principles Of our system Of gov
ernment, manly depreciation of party
strife, resolute subordination Of selfish
interests whether partisan or sectional,
and = firm reliance on the protection Of
Divine Providence" which character
lied the men Of the Revolution and the
founders of the Republic.
FINANCIAL.
Attention is next called to the report
Of the State Treasurer, disclosing very
satisfactory condition of the State credit,
showing that large portion ofthe bond
ed debt of the State has been paid, and
so good is her credit that her bonds have
steadily arisen above par, and are now
SO firmly held that the Treasurer is un-
able to secure them for payment, thus
leaving large and increasing surplus
Of funds in his hands which be is una
BILE to invest A statement is exhibited
showing the original amount Of the State
debt (war and railroad), with the sew
eral amounts that have been paid on it,
leaving the present total debt Of 81 POL
900. The assets of the State consist of
net balance in the hands of the Treas
urer, applicable to the payment Of the
bonded debt about 100000; invest
ments, other than those for the benefit
of the Free Schools, $670,80 Amount
due from interest, taxes and other
sources, 500, ,462-total, 1852, ,262,
besides the investments held for the
benefit of the Free Schools of the State
which amount to $449, 900 Add these
to the other assets and it makes the
whole amount Of the States assets S110,-
262 above its total Indebtedness. The
whole Of the war debt that matured
January 1st, 1875 has been paid, and
also 1922, 900 Of the bonds loaned to the
Junction and Breakwater Railroad
The Executive recommends that provi-
sion shall be made by the present leg
islature for the residu- Of the war debt
bonds, $795, 900, which mature Janu-
ary 1875 There is now, or will be by
the end of the month, S95, 900 as re-
demption fund for these bonds, in the
hands OF the treasurer, leaving bal
anco Of 100000 to be raised BY taxa
ton or otherwise. Provision for the
redemption Of the bonds loaned to the
Junction 4 Breakwater Railroad, which
mature in 1890, and to the Breakwater
& Frankford railroad, which mature in
1895, il also advised, provided those
companies fail to pay them. For these
purposes an annual surplus Of $50, 900
will be required.
Including the usual expenditures of
the Legislature the average annual ex-
penditures Of the State are about S105,-
900, while the revenue, under the pres
ent taxation, is $195, 900. leaving $780,
900 to 90 annually to the redemption