Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-01-08
TIN STATE FINANCES.
Report of the state Ereasurtr.

The annual report Of the state Treasurer, Hon.
+. H. Banks, y i'll be land before the legislature to-
day.
Amount received into the treasury during the
year 1877, 81 POI 73S u; cash in the treasury
Jan. l. 1877, 1894, 422.27. Amount of payment,
during the year 1877, $ 81 ,627 Ga; cash in the
treasury Dec. 81, 1871 1926, 1890 Among the
largest sums paid, outside of salaries were these
90 public debt, Si5 ,500 interest on public debt,
1924 POI; sinking fund 1868, $50, i7995 insane
State paupeis, $50, OPP 80; dsaf dumb and blind
Sl2 ,7Oi73; soldiers pensions, $2ill602; State
Z ison, SIG l6; reform school, SIS 900; var
Gus school funds, Si22 ,S3S 81 (norHal schools
not included); free high schools, i0,0G9 6S; az
ricultural college, Slj,2lS.
On the lst of January, 1877, the sinking fund
amounted to 1871 ,293.Sl; this has been increased
from various sources to 1923 9s9 II, and has been
charged viii accrued interest, premiums. etc, so
that the present amount of the sinking fund is
SOIL 1861. So that, taking all the bonds at par
value, the fund has been Increased the past year
by the sum of Sl20, l42.23.
The expenditures for the next year are estimated
at 81 .266 a. and the Treasurer suggts SITS that
"A most ri I'D economy will be necessary in all de-
partments Of the government. The re ources f
the State are placed at 81 1907 $500. The liabi-
ifs are thus summarized:
Public debt, 1854 900 90
Trust funds held by the State, 1875 093 O5
Other funds, j,627 20
Amount due for county taxes, 9l32Gl
SS,l4i 1872 Sc
On the first day of January, 1877, the public
funded debt of this State exclusive of a 81 900
H., a AMI, Had n,al n,Dn
AGO. and during the past year SAG 800 Of the debt
having become due, was paid from the current
funds of the treasury, leaving the present amount
of the debt at 50 800 deducting from this sum
the amount of the sinking fund, sol 1886, leaves
the debt at 81 ,962 ,46i.
There remains unpaid Of the railroad tax of
1874, S5i ,6S4.Sl of the tax of 1875, SOL $40 06 ;
If the tax Of 1876, Si4, 5H.4, of the tax of 1871
S22 1924 S. Cases against certain Of the corpora
tious, are IN Liquidation.
The Land Agent has paid into the treasury dur
ing tine wear SIG 69l AS. Received from tax on
insurance companies for the year SlS339 80 of
which Sl2, 25502 was from the tax assessed on
fire and marine insurance companies, and Sc 0Si.-
81 from the tax on life and accident companies.
Insurance companies pay tax of two per cent. on
all premiums received in excess of losses actually
pa I'd out Except in certain cases.)
The returns of deposits in the several savings
banks in Nov. 1876, were S26 ,O9, and the re-
turns made in Nov. 1877, were $2i ,264 SOB, show
Jog a decrease in deposits of 80 81 ,427.
suitable place has been provided for the de-
post of all weights and measures, now in charge
of the State Treasurer, including the United
States standard now in use, together with the
metric standard. The report contains list of
metric standards furnished to the several States
by the United States, as the standard.
The last legislature passed resolve duthOriz-
ina and directing the Treasurer of State to invest
$500, 900 of the funds in the Treasury in bonds of
this State or of the United States said bonds to
be pledged and kept by the State a sinking fund
for the payment of the State debt falling due in
the year 1880. The terms of this resolve have not
been complied with by the Treasurer, as article 5,
part 4, section 4, of the Constitution of this State
provides that "no money shall be drawn from the
Treasury but by warrant from the Governor aud
Council and in consequenceoi appropriations made
by law" and the resolve itself not being APP
preparation, no warrant could be drawn by the
Governor and Council for the purchase of the
bonds required by the resolve.
The act of February 9, 1871 requiring the fol
lowing endorsement to be made on every United
States or other bond now in the State Treasury
that may hereafter come into the treasury
viz Property of the State Of Maine, not trans
ferable bv the Treasurer without the consent of
the Governor endorsed thereon" has been com
Piled with, and the endorsements made according
y.
No application has been made to the Treasury
department for the exchange of bonds authorized
by the act of the Legislature approved Feb. "a
1875, which directs the Treasurer to exchange
new SIN per cent bonus LOT hu equal amount oil
those outstanding. The act above mentioned
should be so amended as to reduce the rate of in.
tercst on the new bonds from to per cent.
The State Tax having been decreased within
five wears from 5 "a mills to three mills on the
dollar oil the valuation Of the State, and the ord.
nary and extraordinary expenses of the State not
decreasing, it will in the opinion of the Treasures
be necessary to increase the State tax for the year
1874 to "A mills. and the tax of 1878 will not
become due till January |, 1879 it may be neces-
sary that the Legislature give the Treasurer au-
hority to make temporary loan.