The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1880-02-06
The Governors Message.

all the startling events of States and peoples
to remember also that not sparrow falleth tr
the ground without his notice. In the dute:
now before you, it is not in my power at this
time to give you the information could de-
sire. not having received the Treasurers re-
port for 1879 until last evening, or, with few
exceptions, any of the reports from the depart
ments or institutions of the State. therefore
refer you to them for your careful considera-
ton when they shall be laid before you.
OUR NATIONAL CONDITION.
The National condition, for the reason that
the financial affairs of the Nation entered
largely into the discussion of the last two polit-
ical campaigns, it is proper to briefly refer to
and consider some Of the leading facts that
characterize the present condition OF the whole
country. The variety and extent of specula-
tions Immediately following the close OF the
war were without parallel in our own history.
Taking three million men from their accus-
toned avocations Of producing property, to re-
spond to the demands of war with its necessary
destruction of property, left the country much
poorer than it otherwise would have been.
During the struggle the Government purchased
the fpeopes produce at the highest prices.
The close of the war stopped those purchases
and left the people dissatisfied with the old
modes of business and the low prices of former
days and drove them to speculations where
they sought to obtain and keep up the prices
and profits of war times. This course was
largely induced by cheap and fuctuating
paper currency-all classes ran recklessly into
debt. The crash of 1873 commanded halt.
Great depression of business Immediately fol-
lowed in nearly all the States Bankruptcy
prevailed to an alarming extent; there was
great lack of confidence among business men.
All sought to ascertain the cause OF the wide
spread depression. Many who had been led by
TOO sanguine hopes in the days of cheap cur
rency to contract debts which they were una
ble to pay, blamed the Government, and as a
relief for their misfortunes demanded fur
ther issue of the same kind of currency, the
wrong use of which had brought their misfor-
tunes upon them. Men have honestly taken
different views, have honestly predicted differ
ent results. 1t has not been, however, so much
a question of who was honest. as of who was
right. Events have developed what was right
and best for the people.
The great question of the resumption Of spe-
Gle payments has been settled. One year ago
in the minds of many it was an experiment,
To-day it is an accomplished fact. The effect
has been to make the paper which promises to
pay dollar equal to the dollar in coin; the
dollar of the laboring man equal to the gold oil
the capitalist or the bond of the bondholder.
1t has destroyed the Speculations in gold and
abolished the gold gambling offices which ex-
listed so long as there was difference in value
between the greenDack and gold. 1t has es-
tablished national credit, and most of all has
created confidence between man and man.
The result of all this is that the accumulated
D.
rates of interest and has found employment.
The wheels of industry are in motion; bank.
ruptcy is fast disappearing from our midst; the
great army of tramps is going to work; stocks
of all kinds are advancing in value; old liabil-
ties are being settled; business is reviving and
large numbers of the trading classes have left
their uncertain employment to join the pro-
ducers; agriculture, the greatest source of a
nations wealth, strength and happiness has
received stimulus hitherto unknown; the
surplus from our golden harvests of grain is
readily exchanged for the real gold of Europe
at prices that make glad the hearts of our
farmers and fill our marts with abundance of
money. With an agriculture that excels that
of any other county, pastures that from their
surplus supply even Europe with meat, manu-
factories that successfully compete in the mar
kets of the world, lumber enough for the de-
mands of y great nation, quarries of slate and
stone sufficient for all time, mines of coal and
iron inexhaustible in extent, deposits of gold
and silver such as never blessed a nation be-
fore, and with vast and growing commerce
our people believe that we have passed the
crisis which was followed by the herd times,
and have entered upon an era OF solid pros
perity.
In 1860 government securities sold at a dis
count of from to II per cent, and in Febru-
ary 1861 six per cent. government bonds sold
at an average discount of 81 per cent. To-day
the national credit is such that our four per
cent bonds are among the best securities in
the world. In 1865 the national debt, includ-
ing the unascertained outstanding claims, was
nearly $4,000, 1000, ,000 to-day it varies but little
from 81 900 900 600 In 1865 the annual inter-
est claim was $l50,000,0O0; to-day it is less
than $50 100000, while the annual burden of
taxation has been reduced more than $500, ,000,-
000 No nation in the worlds history ever be-
fore paid its debts so rapidly, and none ever
sustained a better reputation for honesty
We now have the best currency the country
hos had ha faal ca "a w hJlS
ness has become adapted to it, and it would
seem good Judgment to give the country rest
for the present from further disturbing finan-
cial schemes or distracting discussions.
PUBLIC DEBT.
Fer detailed statement of the condition of
the treasury, L refer you to the Treasurer's re-
port. The report shows that the receipts of
sis, ,725, ,620 on hand December 81, 1878, were
$13S 54l ia, and that the expenditures during
the same period were $131 600, 1867, leaving
balance in the treasury, December 81, 1879, OF
S6.941 ,347 On the first day of January, 1880,
as appears by the report, the bonded debt of
from which 'deducting the present amount of
the sinking fund, 81. .l66, l59, it leaves the debt
at $4 So, I'll. On August 10, 1880, there will
fall due of the public debt bonds to the amount
OF $50 900; ON March l, 1883 S3o5, 600, on
June l, 1889, 81 33O, 900 and on October l, 1885,
there will become due S2,S26,9 800. The last
named sum is provided for by the sinking fund
of 1868. The other sums named are not pro-
vided for and must be paid or renewed as they
mature. The act of February "a, 1875, as
amended by Chapter Sc, laws of 1878, author
ICES the State Treasurer to issue new bonds for
the purpose of renewing and extending the
bonds falling DUE as before stated, except
those provided for by the sinking fund, the
bonds SO issued to be payable to the amount of
100000 i'll 1890 and to the amount OF $780, 600
Nh ho haa r.
en- by the Treasurer to renew and extend any
of the State bonds. The bonds falling due
August 18th to the amount of S3O7 900 must be
paid or renewed. 1t would be gratifying to
pay this whole amount as it natures, but ow-
ing to the present condition OF the treasury,
and the expenses forced upon the State by the
recent political complication, it may be diff
cult to meet the whole amount this year. L
would, therefore, recommend the renewal of
the bonds maturing this year, SO that 100000
be made payable in one year, $l00,OOO in two
years, and S107 600 in three years at a rate OF
interest not exceeding a per cent, and advise
their payment at maturity by taxation. This
will necesSitate the raising of one hundred
thousand dollars for that purpose this year,
and may seem to many burdensome. But the
policy of our State has long been to pay its
debts at maturity. By that course the credit
of the State has been maintained. All meas
ures tending to an early payment of our debt
not only reduce the interest charge but in the
end are best for the real good of the people.
The burdens of taxation press heavily upon
the people. Every species of property, wheth-
er owned by individuals or corporations, should
bear it's part of the public burden. L submit
whether there should not be some more detin-
ite system of taxation in regard to railroad
companies, and the express and telegraph
companies should pay revenue to the state
where not now provided for by law. If there
is any property in the state not yet reached by
the taxgatherer, or which doeslnot bear its pro-
portionate part, it is your province to ascertain
that fact and make such changes in the laws
as may be necessary. The strictest economy
should be practiced in all the departments of
the state and if there are any unnecessary
state expenses it is your duty to cut them off.
STATE VALUATION.
The decennial valuation of the state comes
before you as one of the most important ques-
tions upon which you are called to act. Many,
if not all, the members of the legislature have
been selected by their constituencies with spec
ial reference to this matter. If a commission
can be selected at once to act in conjuction
with the legislature have no doubt this work
so vital to every part of the state can be we'll
advanced during the present session. 1t is for
the interest of the state that the work of valua-
ton should be commenced at once.
BIENNIAL SESSIONS.
Tho Constitution has been so amended that
our annual elections and the sessions of the
legislature are changed to biennial elections
and sessions. The duty will devolve upon You
to examine the laws in regard to the tenure OF
49,, Of ct off finar