Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1881-01-15

money received from the sale OF Land scrip
IA the c per cent stock Of this State. and that
such stock with the interest accruing thereon
should be iuviolsbly held for the sole 6ereht
of the Agricultural College During the year
1866. the State Treasurer invested IN accord
aus.e with law proceeds of the sale OF Lana
Scrip. 10 the amount of SIDi 800 in State OF
Maine six per cent bonds: and included in
this investment was 100 bonds. which
became due August 10. le-p 10 comply
with the law in re-investing TINS S5o.
900. the Treasurer would ne ooilgeu
IN purcbase bonds 10 the open market and
nav a premium thereto. OF fifteen PER cent
or more. The Treasurer therefore suggests
that he be authorized BY the Legislature, to
issue State note in favor of the Agricultural
College for $50 coo. bearing interest at the
rate of six per cent. TO take the place OF the
bond now past due
By some inadyertance the usual approprI-
alton for the payment of awards to the sever
al agricultural societies, was omitted from
the appropriation bills made by the last
Legislature, and that no serious inconvenience
might occur to the parties interested the
Governor and Council. by their order OF
April % 1ss0. advised and requested the
Treasurer TO advance to the several societies
the sum due each, relying upon future
LpgieIature lot tnc VI tfiS
The Treasurer as thus advised and requested.
has advanced the sum of s5,l3l.s5, TO the
several societies, and requests that this sum
be inserted in the first appropriation to be
made by the Legislature.
The act relating TO the Taxation of rail
roads was approved March 10. 1880, and the
Governor and Council, by their certificate
dated April 30. 1880. returned to the Treas
urer's Office the taxes assessed upon the sew
eral railroads in the State for the year 1880,
amounting to the sum of $50, $50. The rail-
roads were duly notified of the assessment ot
the tax, but with the exception of three have
all failed TO comply with the request for pay
ment. The law provides that if corporation
fails TO pay the tax required by the act, the
State Treasurer NAV forthwith commence an
action for debt in the name of the State for
the recovery of the same, and the State
Treasurer accordingly instructed the Attorney
General to commence a suit: which was done
against the Maine Central. September II,
1880, and entered at the October term of the
S. J. Court for Cumberland County.
Suits were commenced against the Boston
and Maine, and Portland, Saco. and Ports
mouth railroads, Oct. 4th, $780, and will be
entered at the January term. 1881. The
Western Union and the International Tele-
graph companies also decline to pay the tax
assessed upon them aud propose TO contest its
validity.
The act of March 10, 1880, authorized the
Treasurer to procure loan of $50, 900 to
meet the payment of the bonds of this State.
maturing August Is, 1880 Bonds for the
above amount were duly executed, and after
setting aside $3.50, 900 of said bonds to nee,
the wants of the sinking fund, the Treasurer
advertised for proposals for Sl50,000, being
tha haIn IN no issund in boDls p,yoblp
ISSl-2-3-4-j-6, in amounts of S25, 600. 06
each year respectively. interest at the rate oil
four per cent. per annum, payable semi-an
nually: and In response TO SAID advertise
ment, proposals to the amount of 81 800, 00i
were received in offers from par to Il premi
um of S2100 per cent. for the whole loan
advertised. The loan was awarded TO the
bidders of | S2-l00 per cent. ,-realzing q
premium to the State of $4,000.
The Legislature, by resolve approved
March 49, 1880 gave the Treasurer authority
to make temporary loan of $500, 900. or SC
much thereof as might be needed. As was
anticipated, it became necessary to borrow.
and loan of $4,000 was made August 18th
on FIVE months, at an interest of 81 per cent
per annum, and a loan of $50 900 September
24th, on four months, at 3! per cent, AMI on
September 18th. a loan of 100000, on -four
months. at 81 per cent interest. These loans
become due January IL. "a, %. 1881.
The report is very complete in its details
and shows our State to be in an excellent
condition financially. Our credit is good, as
evinced by the readiness with which the
Treasurer was enabled to negotiate the two
large loans above mentioned. at so low q
rate of interest. We have before us every
indication that in comparatively short time
we can wipe out our State Indebtedness.