Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-10-09

Fi'fofS V'
Excess OF liabilities s5Os5 %
Deductne from the liabilities the amount due
Agricultural College Fund, and due towns
would be s52,sOs Is
Leaving balance of assets of ........... slts8i "a
estimated 10 be paid within ninety days,.. $4,000 Oo
Leaving balance sas8i "A
including expenses OF u legislative session.
The Treasurers biennial report gives detailed
account ofthe transactions OF his department for
the past two years
STATE EXPENSES.
should regret to have you draw any argument
from these facts in favor of an increase of state
expenses However desirable it may appear to
make more liberal expenditures for some Of our
public institutions and for many other purposes
the present is not favorable time for such in
crease. Our towns are, most Of them, in debt,
many of them very heavily and it is a plain duty,
so far is consistent with the necessary require
ments Of the state, to relieve the people Of state
taxation and enable them to pay off their town
debts. The amount Of this Indebtedness on the
third day OF March, 1868, exclusive Of the United
States surplus fund borrowed, was in round num-
bers, one and half millions or nearly the same
as the total amount of state debt at the close of the
war. On account OF heavy debts since contracted
by towns in aid Of railroads, the amount is probably
large now. Individual indebtedness also is quite
large. The returns of labor capital and business
There are strong signs that we are entering upon
an era OF low prices the world over The great
Improvements in machinery OF all kinds; the
opening of hitherto semi-barbarOus countries to
the influence of civilization, and the consequent
stimulus 10 production, the advance In means
and methods of transportation and exchange of
commodities between different countries; the
rapid increase In the general facilities for doing
business, and many other signs all point in this
direction. Snch period Is one of hardship
where taxation is high; where public and private
extravaganza are the rule, where the laws are not
ample for the protection of persons and property,
or prompt and inexpensive in execution But
under favorable conditions, period of compare
lively low prices may be one Of great prosperity
stimulating industry and commerce by opening
new markets to the successful competition of
cheap production.
Heavy taxation drives away capital. clogs the
wheels of business, and falls with severest weight
on those least able to bear it. 1t not only takes
from them directly their proportion under the
law, but it increases the cost of articles of con-
sumption so to levy an indirect tax upon each
individual.
Recent statistics show that the prices of our
farm products, of labor, and most articles that go
to make up the cost of living. do not vary mate
rally from what they were in 1860. Our popula-
ton has increased less than ten per cent, and our
grand list less than five since that time. Is there
any good reason, then, why our state expenses
should be more than doubled2
Let me call your attention to some facts from
the report of the Joint Special Committee, relat-
ing to the increase of state expenses made at the
last session, and which you will find in the ap-
pendix to the Journals OF both the House and
Senate | would ask you to make careful exam
nation of that report, and would suggest the ap-
pointment of committee at this session on the
same subject. The figures give the state ex-
penses for the years 1860 and 1876, but COM
parison with 1878 would, | fear, be even more un-
favorable