West-Jersey pioneer., 1877-01-18

dies Message as sent to the Senate ant
General Assembly of New Jersey, las
week.
The financial affairs of the State hav,
been carefully managed during the las
year, and commend to your consideration
the lucid reports of the Comptroller anc
Treasurer, particularly the former, as tt
the estimates for the current year.
The receipts into the Treasury for the
year ending October 81, 1876, were three
million one hundred and ninety five thous
and four hundred and ninety-three dollars
($3, 1875, 493). The balance in bank to the
credit of all the funds except Sinking, Oct
81, 1875, was $3o8, 769O5. These sums
added make total Of So, ,504, 292.05. The
disbursements for the year for all purposes,
not including those from the Sinking Fund
were three million three hundred and
eighty-six thousand one hundred and eighty
six dollars and four cents ($3, 1856, 186.04).
leaving balance in bank October 81, 1876,
of $118, ,076.01. Of the amount disbursed,
two hundred and eighteen thousand five
hundred dollars (2IS, 500 were invested for
the benefit of the School Fund, as a per-
manent increase. That taken from the to-
tai of disbursements, leaves three million
one hundred and sixty seven thousand six
hundred and eighty-six dollars and four
cent ($3, 167, ,6s6.04) for the expenditures of
the year. These have classified under va
rious heads, in order that their nature may
be better understood. 1t is impossible safe
ly and wisely to legislate without full
of the scope and character
of all the purposes for which the public
moneys are already being expended. Ap-
plications are often made to the Legislature
on the ground of charity, benevolence or
other claim of duty, which in themselves
appear plausible and meritorious, and
which, if considered alone, might induce
yet, viewed in the light of
other obligations, at once are seen to be be-
yond the ability and any present duty of
the State. Economy is as valuable to the
State as to Individuals and although mar
row policy in legislation does promote good
government or substantial growth, yet
there is danger that the State may become
too liberal, even for the best of objects, and
exceed hoth its means and existing duties.
1t is important at a time like this, when
most branches of business are depressed.
and the people feel the need of retrench-
ment, that all public expenditures should
be kept at their lowest reasonable limits.
WAR DEBT AND SINKING FUND,
The outstanding War Debt, October 81,
1876, was $2,s96, 300. The assets then in
the Sinking Fund were $1,359, 1887. This
fund is managed by two commissioners ap-
pointed hy the Governor, with the advice
and consent of the Senate. On the fret a.-
Of January, instant, there was further re-
iuction of the debt by the payment of one
Iundred thousand dollars, from the State
Fund, so that the actual War Debt TODAY
is So, 296, 300. This is represented by bonds
which mature at the rate of one hundred
thousand dollars year up to 1891; then
The amount varies, not exceeding two hun
dred thousand dollars in any year, and in
1909 the last become payable. One hundred
thousand dollars each year are paid from
the taxes to the commissioners. together
with an amount equal to the deficiency of
interest not raised by the Sinking Fund:
and with these sums and the income of the
fund, the maturing bonds and the interest
on the debt are paid. In nine or ten years
the debt and the fund will be about equal.
and the fund will then-if no serious loss
occurs, and the interest is promptly col
ected--be able to meet the debt as it comes
lue, and the interest. The debt now ex-
,eeds the assets devoted to its payment only
1896, 92O.42.
STATE FUND SECURITIES,
The State owns Slaros VI Jne stock OF
The Camden and Amboy Railroad Company,
and of the Joint stock of the Delaware and
Raritan Canal and Camden and Amboy
Railroad Companies, amounting to two
hundred and eighty y-eight thousand seven
hundred dollars ($2ss, 700 OO) at par value;
also bonds of the Joint Companies for $24,-
300, and bond of the Jersey City and
Bergen Railroad Company of $4,000
They are worth in the market about $780,
200. These, or an equivalent amount of Sc
surities, shonld always be retained. The
Constitution not allowing the Legislature,
without a vote of the people, to create a
debt exceeding one hundred thousand dol
ars, ''except for purposes of war or to re-
pei invasion, or to suppress insurrection,
it is convenient, and at times necessary, to
Use some of these resources as pledges for
temporary advances of the Treasury.
The State also owns Centennial stock for
which one hundred thousand dollars were
paid under the act of 1874. The Exhibi-
tion has been success far beyoud the ex-
pectation of the most sanguine, and great
credit is due the Commission and Finance
Board, particularly the later, and especially
It's President, John Welsh, for most ad-
nirable financial management. The
United States approprited one million five
hundred thousand dollars by an act of Con-
gress, Feb. 16, 1876, towards the compile
IF the centennial buildings and other
and a question has arisen
lnder certain provisions Of the act, whether
5he United States is entitled to be REIN.
bursed the amount SO appropriated before
my payment is made to the stockholders
Without going into particulars, the conten-
lion of the stockholders is that they should
be first paid, and bill of interpleader has
been filed by the Finance Board in the Cir
cult Court of the United States for the
Eastern District of Pennsylvania to settle
the gu stion. The State will be represented
in the suit, and speedy argument and de-
cision are expected. In a communication
from the President of the Board, an ap-
proximate estimate gives the stockholders
twenty-five per cent, if the United States
has preference; and, if otherwise, eighty
per cent.