The New York herald., 1879-01-03

The 100000 matured in 1878 was the last install
ment of the Union fund loan of 1862. and was paid
from its own sinking fund. The balance of that
fund was then transferred to the Troy and Greenfield
Railroad sinking fund.- required by law. No further
portion of the public debt will mature before 1880.
when steady and material reduction Will commence
and continue Amid the general depression Of in
dustrial interests the credit OF the Commonwealth
continues unm paired The State has now no tenn
The several sinking funds. now amounting
to nearly sl2.ooO.ooo. If they accumulate
be ample to retire vesixths of the aggregate debt
at maturity. The balance will be provided for long
of the State. including the proceeds of the public
lands already reserved by law for this purpose.
EXPENSES AND REVENUES FOR 1879.
The estimates for the current year necessarily
based mainly upon the results of the last and upon
existing statutes regulating expenditure and revenue.
From the best data accessible the following esti
mates are believed to be practically accurate:-
Payments from revenue. ordinary and ex-
ceptional including taxes retnrnabe. 240, $50
Ordinary revenue, cash on hand 39lT ,643
Leaving an apparent deficit to be provided
for by taxation Of. 1922, GOT
The Governor urges retrenchment. He says:-
The decrease of the State debt the past year has been
small but the arrangement for ITS prospective al,
will impose no perceptible burden on the people.
The State tax has fallen from $2,OOO.OOO in 1875
to $1,000000 in 1873, with such prospect
of decrease that its continuance is virtually in your
hands. The net reduction of expenses ordinary and
exceptional the past year, will be nearly $2O0o
or five per cent on the whole amount.
EXPENDITURES OF 1878.
The gross expenditure for 1878 was. in round num-
bers. $4,0O0O00 which may be divided as follows:-
Legislative expenses. S25l,O00
Judicial expenses. $4,000
Executive expenses ....................... 297.OOO
Exceptional expenses. ses................... 2,260,0O
This will be reduced by repayments to the Treas
urer, or reimbursements to the towns, by about
100000, leaving the net State expenditure about
$3.S00.O0O.
After careful review Of our finances am led to
base on the present estimates my conclusion that a
State of S5OOO0O will suffice for the wants Of 1879
But with just reduction in salaries and current
penses firm refusal OF all subsidies the Limitation
especially shortened session, the tax may be re-
duced to its amount in 1861 the smallest for eight
years $500 600. While the burden OF taxation Is
felt so heavily throughout the State it is relief to
know that the tide has turned and that the amount
of the municipal tax levy is steadily and materially
decreasing.
The managers report of the Troy and Greenfield
Railroad shows considerable increase in its busi-
and receipts for the year ending September 30.
1873 1t appears that the total earnings. under the
which thirty three and one-third per cent.
or SIO0.554 "a, deducted by the connect
ing roads for operating expenses leaving s29 ios 4s
further sum of $s0.42s "a paid for repairs.
wages salaries and other expenses leaving $120 $50 H.
40 per cent Of earnings to be paid into the
treasury as net income for the year.
The amount of freight transported was about dou-
rates Obtained and the somewhat onerous conditions
OF the contract with connecting roads have prevented
a proportionate increase Of income.
The prospective increase Of business, both from
the through connections already established and
those nearly completed, is very gratifying, and
rants the confidence that this line will soon occupy
its deserved place among the great avenues connect
ing the seaboard with the staple producing interior
of the continent
It is not probable, however. that even q large in
crease of business will bring any considerable in
come into the Treasury OF the Commonwealth at
present; for though the tunnel was declared COM
pleted by order Of the Executive Council. June 80,
1876. much and expensive work is needed,
according to the report of its manager. to
make it in all respects fit and safe for the
transaction of the business which may reasonably
expect will soon be offered. The Governor however,
does not approve of represent system of managing
this property. The controversy with the Boston and
Albany Railroad still remains unsettled. but zee no
reason why this and all other disputed questions
should not be adjusted ut an early day.
He recommends that tine question Of biennial
State elections, with Legislative in alternate
years. be referred to the judgment of the people;
that the be limited to 100 days EACH and that
it be made incompetent by the constitution for any
Legislature to fix its own pay while, by the same
authority it should be made its duty to establish
the compensation Of the next succeeding