Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1880-10-08
Gov FARNHAM'S INAUGURAL,
Delivered before the vermont LegisIa-
ture, Thursday, Oct. =, 1850.

Senator'S and Gentlemen ~ the House N Rcprcsentd-
tires.
In compliance with the constitution and the laws Of
the State, assembled to consider such PROPOSE
tons and devise and enact such laws az may seem to
to be most for the we-being Of our common
wealth. More than ordinary responsibility rests upon
now for the that at this session are to
consider aud act upon the report " the commission
In relation to the revision Of the entire body Of
the laws Of the State aud you may be further called
upon TO propose, on the part Of the Senate aud to
consider on the part OF the House Of heprescuta-
tiycs, amendments to the constitution Of the State
There is 10 provision in our laws, nor is it within
the spirit Of institutions, that Sny class of men,
by virtue Of social or hereditary position, should be
our lawmakers, or that any class or family should
hold the Offices Of the State. Our lawmakers and
rulers elected from the mass Of the people, With
out distinction Of occupation, rank or station in life,
by the voice the majority Of the voters Of the State
Certainly with the people Of Vermont the republican
Is no longer experimental form Of government
But II has this drawback; our method necessarily
brings into legislative halls and into the various
Offices Of the State, men unaccustomed TO legislation
and TO great extent inexperienced in pablo affairs
l believe that our lawmakers aud State officers as
scmble and act with sincere and honest endcay
for the welfare Of the State and labor earnestly
for its good that these qualities more than supply all
that Is wanting from lack Of experience. Aud trust
has stirred the hearts Of Yermonters whether in their
homes or in public assemblies or upon the battlefield,
in times past, to give their best aoors or their lives,
even, for the welfare Of their beloved State until the
sef-sacrihcing devotion Of the Of Vermont has
become proverbal throughout our entire land.
FINANCES.
call your attention with great EhtfihCtiOn to the
condition Of the finances Of the State, shown by the
report of the State treasurer The fun report will
be before you. The following brief abatement shows
our financial condition at the close Of the fiscal year
ending July 81, 1850:
ASKS
Cash hand and in banks. s2l3siO 81
Due State tax Of ls79................. Js57 "A
Due from savings banks-tax,s........... 1875 ~
}295,o7i IS
LiAmLIrtEs.
In, FINN 4 ge
" soldiers accounts. g,43S a
Suspense account Outstanding checks)... l,743 80
Bonds due in 1870 Owner unknoWn). 1000 60
Interest due on same prior TO maturity. 800 20
Due towns account Of savings bank tax. 3,tU9 60
Agricultural college fund.- due ia 1890. 1875 900 %
slS5,0n CO
From this statement it appears that the treasurer
has on hand and in banks cash to the amount Of
s23 5t0S2 while the entire Indebtedness Of the State
including what is not due well what IL due,
amounts To but Sls5 97lo9 SO that had the treasurer
been called upon July a. 1880 to pay every dollar
the States Indebtedness, he could have done 40 with
the cash hand and in banks and still have a bal
ance Of 27,S6g.l3. II to this sum add the sum
due from the State tax Of 1870 aud the taxes due from
the savings banks, which the treasurer properly
counts as assets, We have surplus above all udcit-
edness Of $40 lO9o6 But the agricultural fund Is not
due until 1890 amounting to 81 zoo, and the L. s.
surplus fund in the hands OF the state treasurer,
amounting 10 fll5l996, will not be called for at pres
ent, If Adding the two lAst-named sums 10 the
balance Of assets above mentioned, We mud in the
hands Of the treasurer for the present fiscal year
ginning Aug !, $50, Sl96, i22.62.
At the close OF the biennial term Of 1873 based uJ-
a calculation similar to the above the state treas
urer had on hand available for the year 1879 SlGI,-
g34S5. At the present time, shown by the fOregu-
ing statement he has on hand available for the cur
rent expenses Of the coming year $ly6 1872 o. show
ing balance Of $50, 1917 more hand July 81 1885,
than at the corresponding period Of the year 1878.
outstanding State bonds $4,000 which makes the
comparative financial condition Of the State at the
present time $4,000 better than two years ago
During each year there is time when the treasury
is liable to be drained before the taI is collected
To meet this contingency the legislature Of 1878 as
they had done before authorized the treasurer to
row u sum not exceeding three hundred and nfty
thousand dollars. During the year ending August l.
1879 the treasurer borrow ed s45 zoo under ths Act
1868, and $50 900 under similar act Of 1871 This
temporary loan was paid during the year. Dur
ing the year ending Aug T. 1850 the treasurer Dor
rowed under the act OF 1876 the sum Of tg3 OOO and
paid 1t within the year. that none Of these tempo
rary loans are outstanding against the State
The treasury is in most excellent condition as al
ready appears, aud as you VIII more fully realize
when you Examine the treasurer report IN detail At
tue beginning OF the nsCa Year there omtd TO De
very large balance available for Immediate use. That
is trae; but 1t must be borne in mind has already
been stated that before the neIt tax in there
will be heavy drafts upon the treasury, and unless
some provision is made, more than the surplus will
be called for At the present rate u interest in
ceDters. 1t to advisable for tue treasury
to carry so large surplus any portion Of the year.
Let the taxes be enough to pas all expenses and AZ
preparations aud authorize the treasurer To borr,s
ON short time such sums as he may need To bridge
the void IN the treasury before the come IN
and then the people will not be called upon TO advance
enough to pay the agricultural college debt long be-
| fore 1t Is due.
one Why the financial condition Of the state
treasury is much better than It two years ago
IT, that IN determining the amount oi taxes TO be
raised during the past two years, the action Of the
legislature was based upon uver-tsiiInate Of til
probable expenses Of the two year, ard larger tai
was levied than necessary; but by far the most
satisfactory reason TO Taxpayers will appear from the
following statement made by the state auditor, which
shows that our expenses are gradually diminishing:
| Auditor orders for the biennialt term end
ing July 81, 1878. ..................,s5 s2 500 81
| Auditors orders for the biennial term end
ing July 81, 1880. .................. 500, IeI o.