The daily gazette., 1879-01-07
$4,000
100000
10000
$053,00O


1868, 900
1t will be observed that the total assets
Of the State, of all descriptions, are large
ly in excess of Its entire Indebtedness,
and ample security for its liquidation /;
and also, that the rapidity with which
the debt las been reduced during the
past four years, despite large reductions
Of taxation, conclusively demonstrates
that the present revenues of the State, If
undisturbcd and undiverted, are suffi-
cient to continue the gradual entinguish-
ment of all outstanding liabilities, if the
same rigid economy in expenditures, dill
gent collections of monies due the State,
and judicious management of its finances
shall be faithfully adhered to.
At the convening of the last Legisla-
ture it was apparent that the depression
of business and property following the
financial revulsion of 1873, still existed
and might continue for much longer
period. The prices of our agricultural
products had become, to some extent,
unremunerative. and lands, as conse-
quence, less valuable, while our manu-
featuring and mechanical industries
were languishing and both employer and
employee suffering from the general
prostration.
At this iuncture it seemed advisable
that some form Of relief should be de-
ysed. The State b ,nds were greatly
above par value, and had become sub
ject OF monetary speculation. 1t was
obvious that our revenues were larger,
and the reduction Of our indebtness
more rapid, than was necessary for the
maintenance of the public credit, and
consistent with sound policy. Under
these circumstances invited the General
Assembly to consider the propriety OF
making such reductions in the subssting
rates Of taxation az should reduce the
I annual surplus to such sum as would
in their Judgment, prove conducive anc
: not detrimental to the credit Of the State
and the interests OF It's people. Aftel
r mature deliberation the Legislature eur
: tailed the public revenues in several re
spects, but chiefly by the reduction O
. ma riage license fees, the discontinuanc'
OF the tax on process and recording, ant
by The abolition of the entire State ta'
! on assessments OF poll, real and persona
!. property, and of debts, stocks or shares
, securities and investments, amounting
= in the aggregate to 100000 annually
and, with other reductions by the legls
lation of 1875, to an annual saving an,
!, relief to the people of the State exceed
r. ing $4,000.
u And yet while relieving the real es
} tate of the agriculturist and the manu-
II facturer alike, as well as benefiting a
C classes, Notwithstanding these large rt
l. ductions, exceeding even the estimate
l. curtallment, the Treasurer has been abl
q to reduce the Indebtedness OF the Stat
- $500, 900 during the last four years, thu
saving nearly $40, 900 in annual Interest
to be added to the year y redemption SUI
plus, and vindicatlng the wisdom OF th
recent reductions of taxation in man
r ner surprising the most sanguins q
,e pectations.
- CONVERSION OF STATE BONDS.
l. In this connection it may not prov
is unprofitable to advert, briefly, to fu
{, ther mode of increasing the annual re
8 demptiou surplus. In my former recon
,r mendations regarding the finances OF tn
State, suggested the feasibility OF COZ
verting our bonded deUt into bonds bear
III ing lower rate of interest. Subsequeu
n events have confirmed the belief the
n entertained. Since that date nve pc