Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1880-02-12
GOVERNORS MESSAGE.
GsatieBla' Of The Senate and House IF Rep |
reseafaiires:

Gsaties,es, Of the Senate and House Of Rep
reseatatires;
As We commence the active duties of the
session under most extraordinary circum
stances. 1t j. well to pause for moment to
recognize that beneicent Father whose
waichful providence ever controls the dcSti
MES of nations; and while We see His hand
in all the startling events of States and PEG
pies. to remember. also. thGi not a -pA.ts~
fslleth to the ground without Ills notice.
In the duties Eow before Won j. IS not in
nv power al this time 10 give you the mfor
nation | could desire, not having received
the Treasurer report for 1879. until last
evening, or, with few exceptions, any OF tine
reports from the departme at or institutions
Of the State. | therefore refer YOU 10 them
for your careful consideration when they
shall be laid before You.
TIM NATIONAL CONDITION.
For the reason that the financial affairs Of
the nation entered largely into the discus
on of the last two political campaigns. It Is
proper to briefly refer To them. and consider
some of the leading facts that characterize
the present condition of the whole country.
The variety and extent of speculatlons I'M
mediately following the close of the Mar were
without parallel IN oar history. Taking
three million men from their accustomed aN-
ocations of producing property to respond to
the demands Of war with IT. necessary tie
s,uctian Of property. left the country much
p porer than Il otherwise would have hceu-
Daring the struggle the government pun
chased the peoples products 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 formo- DAYS. and drove them TO
>pecu!a;ions where they sought to obtain and
keep mp the prices and profits Of war times
This course was largely induced by cheap
and iluc,uatinS paper currency. Al classes
ran rcckle>>iy IN debt The crash Of 1873
commanded a halt Great depression OF
business Immediately followed 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-s spread de-
preston Many who had been led by too
sanguine hopes in the DAYS 81 cheap currency
10 contract debts which they were unable to
paw. blamed the government; and a. relief
for their msfortunes demanded further is
sue Of the same kind Of currency, the wrong
Use Of " hich bad brough, their mi>fortunc>
upon them.
Men have honestly taken di;fcrcn, views.
honestly predicted different results Il ha>
no; been, however. % much Il question 90:
W ho Vas homes, a. O: ~ no Wa, right. Events
have tclope3 what was right and best to-
the pc.rlc. The great question e. the re-
sumption q specie payments has been set
led One wear ago in the minds 81 MANY
il was an Nperimcn;-to-day It J, an ac-
,omnli,hcd fact The eSec, has been jo
make the paper which promises to pay dol
lar equal 10 the dollar in coin-tbc dollar 81
the lahoring ran equal 10 tho gold Of the
capitals. az the bond Of the bondholdcr. /,
la, DESTROYED the speculAiionS in gold. and
abolished the gold gambling Offices which
existed 80 long a. there was a difference IN
value between the grenbaok ami gold. j.
has established national credit, and most Of
all. has created confidence hstween man and
man. The result Of all thu. is that the ao-
cumulated capita! Of the county hAs been
let loose at low rates Of interest. and has
found employment; the wheels Of industry
are in motion. bankruptcy j. fast disappear
Iug from our midst; the great arm, Of iTamps
j. going 10 work: stocks Of all kinds are al
.aAcin- IN value; old liabilities are being set-
tied; business j, rry.yins and large numbers
Of the trading ca,ses have LEFT their uuccr-
Tain employment, 10 join the producers.
Agriculture, the greatest source q: ma
ton, wealth. strength and happiness ha,
received stimulus hitherto unknown. The
surplus from oar golden haryosts % gram J.,
readily exchanged Tor the real gold uf Ia
rupe o. prices that make glad the hearts 81
our farmer. and Gil o4r mali> with abund-
aGec Of money.
Win AZ agriculture that eNcel> that Of any
other country: pastures that from their SUI
plus supply even Europe with meat: manu-
factories that successfully compete in the
markets Of the world. lumber enough .ar
the Demands Of great Ration; qu4rr.e> %:
slate AID stone sufficient for all time; mines
If coal and iron ineNhau>;ible IN extent; de-
posts OF gold and SILVER. such a. never
blessed 4 nation before. and With 2 vast and
growing commerce. UuE people believe tina,
Ne have passed the cr.>i. which Wa fol
lowed by the hard times and have entered
upon an era Of solid prosperity.
In 1850 government sccUrltle, sold a. a
discount o. from 8 10 l. per cent. and iu
February. 1851. six per cent; government
bonds sold at al average discount Of g -
par cent. To-day the national credit ], such
that our four per cent bonds are among the
best securitie, in the world. In 1863. the
national debt, including the una>certained
outstanding claims, was nearly three billion
dollars; TODAY i ,arrs but little from two
billions In 1861. the annual interest claim
Was 80 millions; TO-DAY il is les. than -
millions. while the annual burden Of taxa
ton has been reduced more than 800 nil
lions. No nation in the world. history ever
before paid is debts 80 rapidly, and none
ever sustained better reputation for hon
esty.
We nov have the best currency the coun-
Try has ever had, the people feel safe with it.
business has become adapted to it, and il
would seem good judgmen; 70 give the coun-
Try rest for the present from further dis
turbing financial schemes or disuacting dis
cussIous.
PUBLIC DEBT.
For detailed statement Of the condition
Of the treasury. refer YOU TO the Treasurer
report. The report shows that the receipts
Of the State treasury the past year. including
$50 ,2J6.2O on hand December 81. 1873.
were Sl,3Sj, il7.l4: and that the expendi-
lures during the same period were Sl.3l6.-
0O3.61, leaving a balance in the treasury
Dec. 81, 1873. Of S69. il3.47. On the first
day Of January. 1880, as appears by the re-
port. the bonded debt Of the State amounted
10 the sum Of Sj,sis 800 from which. de-
ductlng the present amount Of the sinking
fund, sl,l66,l59 leaves the debt al 81 .6s2,-
al.
On August Is, 1880, there viii iall due Of
the public debt bonds to the amount Of 1907.
900; on March !, 1888, $685., 900; on June
/. 1889, = 1886, 600; and on October |, 1889
ehera will b.Acopna duo go soe ona IT, L..