Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1880-09-14
THE STATE FINANCES.
THE Fusion GOVERNMENT WITH AN
EMPTY TREASURY, AND A DEBT OF
S55, $50. 53.-SPEEcH OF GOVERNOR
DAVIS.


DAVIS.
At great mass meeting at Phillips on
Saturday, addressed by Senator Blaine
and Gov. Davis, the Governor said in
reference to the State debt:
Fellow citizens:-The credit of your
State never stood better than it does to.
day. When the Legislature assembled
last January, felt it my duty to urge
the early payment of that part OF your
bonded debt amounting to 1907 900
drawing per cent. that matnred the
fifteenth day of this month.
A bill was introduced in the l.egisla-
ture and became a law providing for tac
refunding of this part Of the debt by the
issue of bonds at per cent. interest,
payable within six years to the amount
of $50, 900 annually, except the last year,
where provision is made for the payment
of $4,000. A few days ago those
bonds were offered for sale, and SO high
is the credit of the State that notwith-
standing the short time they run, they
sold at a premium OF s2-lO0 per cent,
thus saving to the State in interest near
ly $4,000.
But as $4,000 of this debt must be
paid out of the assessments OF this year,
an increase in the rate of taxation was re-
quired. Aud this brings me to the
charges made against the present admin
istra,ion that the State Government Is
more expensive than last year. Let me
state the case.
On December 3lst, 1877, the amount
of cash on hand in the State Treasury
was $3.50. 1920. There was no tenn
porary loan at that time to be provided
for.
Daring the year 1877, without any
special appropriation for the purpose, the
State Treasurer paid Of the bonded debt
of the State that matured that year Si6,-
500. On December 3lst, 1873. there
was temporary loan OF SljO,0OO due.
The temporary loan has been provided for
during many years. and is rsorted to
only for short time when the taxes do
not come in fast enough to meet current
expenses. There was oash in the Treasu-
~ at this date Sl57,2j6.20; deducting
the temporary loan then due, left the
actual amount of cash outside the tempo
rary loan at 1926 20; during the year
1873 there was paid of the State debt
$4,000.
On Dec. 3lst. 1879, when Treasurer
White closed his year, the account stood
as follows Temporary loan then falling
due $4,000; cash in the Treasury,
500, iI3.i7; deducting the amour, Of
cash from that OF tire Temporary loan LET,
the Treasury actually in debt So, $50
-. the frs; time in my recollection that
our State Treasury has come out al the
end OF the year in debt.
During the year 1879 the Fusion Gov
ernment paid not one dollar of the bonded
debt of the State, nor was there any Free
High School law in operation only for
payment Of what might have been due
the towns when the law was suspended,
but on the other hand there was received
into the State Treasury all the tax on the
Maine Central Railroad that had accrued
during four years while the Railroad was
contesting in the Courts The suit was
decided In favor Of the State IN time for
the Fusion Government, to get the bene-
nit of the four years tax, the whole Of
which on all the roads amounted with the
interest to SIS, 2i0.GS.
Bat notwithstanding this, the Treasury
ran behind Sjj.jS6j3 as before stated,
and Treasurer White closes his repoy; as
follows:
at is very eviden, that under the ex-
sting rate OF expenditures, the State tax
must be increased, but at what rate can
not be asccrtained until the new yalua-
ton is complete, as upon that valuation
the State tax of 1880 will be assessed"
In this recommendation to increase the
rate OF taxation Treasurer White only
considered the ordinary expenses of the
State. He did not put in his estmat
anything for the $4,000, OF the debt
which the present Legislature has voted
to pay out Of this years assessments.
He made no estimate of the State Prison
debt that should have been paid in 1879,
none for expenses of taking the decennial
valuation. The reason then for increas-
ing the rate of taxation from to mills
was to meet the deficiency of So, $50 53
with which the Treasury came to US
burdened to provide for the payment of
$4,000 State Prison debt; $4,000
bonded debt; $4,000 for expenses of
taking the valuation; $4,000 for cloth
ing the soldiers who had been too long
neglected, and in addition to all, to pro-
vide for the unparalleled expenses which
Fusion forced upon the tax payers of
Maine in its efforts to override the will of
/ IL