Daily Republican., 1881-01-04
mEsSAGE OF THE G0vERNoK.


M ,ttern or State Import Tressed
gpon - WsIgDiy neeSnanasndh'
tions rs the General AssenAbly-
Federal Relations, Sc.
s,aG Corrsspondease OF the Eepuelican.
Dover. Jan. 4.-The Governors mes
sag, which was read In the Legislature
this morning, ia in substance, as toi'
lows:
I'll. first matter treated upon is
GENERAL LEGISLATION.
The message upon this sutjec: sayf
the great danger lies rather in toe
muea than in too little legislation
The eystem OF biennial sessions in this
State has possibly enabled US to desire
this.
FINANCES.
The general measures of the State are
then taken up and financial matters
are frat treated of. All the inIorma
tion with reference to this is given in
the Tressurer's aud Auditors reports
which he also submits. Tho statemen;
of the state debt 10 as follows:
LIABILITIES.
The State debt, ss shown by such re
port, amounted in January, 1879, tc
line hundred and seventy-dvs thou5'
and dollars, (s975. O0o 00), classified as
follows:
Residue of bonds issued to pay boun'
ties and for volunteers, which will ma
turs in 1855, $547, ,00O.00
Residue OF bonds loaned to the juno
ton 4 Brsakwator Railroad Company
VIII ich are secured by FIRST mortgage on
said road, and which will mature in
1890, $230, 10000. ,
Bonds loaned to the Breakwater q
Fraukford Railroad Company, which
are secured by first mortgage on said
road, and which will mature in 1895,
$l76, ,000 90.
Balance in hand, received from the
New Castle and Wilmington Railroad
Company, and held by the State, be-
long Ing to School Fund, $22, 10000.
Total amonnt Of State debt January
|, 1879, 1915 100000.
From which "deduet" bonds redeem
cd and cancelled since January, 1873,
including call for bonds made for JAM
l, 1881, Sl06, 10000.
Total Of present indebtedness, $500
10000.
AssETa.
The semi. annual interest bearing in
exclusive OF those for the
benefit Of Free Schools, are as follows,
viz:
Mortgage on Junction & BreakwateE
Railroad Company, $40O, 10000.
Mortgage on Break water K Frankford
Railroad Company, $2Qo,so
1875 shares OF Farmers Bank Stock,
(a) $50 90; s63 750 90.
70 shares OF National Bank of Della
ware Stock, (a) $465. .Oo-a9. 5000
$G73, $50 90.
The aggregate investments for School
Fund, which includes the uninvested
sum recsived FROM the New Castle x
Wilmington Railroad Company, S44S,
999. 100.
ADD to this the amount due the
State from all sourcea and cash, in ex-
cess Of the amount required to pay in
terest and bonds included In the cal!
i.suel for January, 1861, $74. 99l.G0-
$523, 990.69.
Total amount Of assets, 81, 1877 o4O-
60.
From the foregoing statement II ap-
pears that the total assets Of the State
are In excess OF the liabilities three
and twenty-siEht thousand
and forty dollars and sixty-nine cents.
STATE BONDS.
With reference to the subject Of the
bonded debt, the governor recommends
the conversion Of that portion OF the
debt maturing in 1885, 1850 and 1898,
into semi AMI al interest bearing bonds
at the rate OF per. cent. payable in 20
years, and redeemable only at the
pleasure of the State after the expira-
ton Of 10 years and also that portion OF
the debt consiSting of $44l, 900, out
standing bonds, issued to pay bountiea
and volunteers, $230,00O junction 4
Bruakwatsr r. r. Co. bonds, and SIG,
900 Breakwater & Frankford R. K. Co.
bonds. There is 10 doubt these bonds
can bo negotiated entirely within our
own State, and applications have been
made from outside capitalists to pego
tiate our bonds at a lower rate of lu-
terest.
NATIONAL BaNK:.
The National Bank OF WILMINGTON.
the National Bank of Delaware, the
Union National Bank of Wilmington,
and the National Bank of Wilmington
& Brandy wine, have refused to pay
tn. State tax assessed upon the shares
of their capital stock on the theory
that the act of General Assembly, i'm.
posing such tax is in conflict with the
United States statutes, which impose
certain Limitations upon the taxing
power of tbs State. 1t will be your
duty to instruct the State Treasurer to
proceed to collect the taxes due from
them, in accordance with the opinion
OF the Attorney General.
RAILROAD ARREARS.
The report Of the b. & F. R. R. for
1878, shows that the gross receipts O.
the company amounted to $l9.44l.91
and the gross expenses to $l9, $685.
which shows an excess of expenditures
over receipts o. $241 63, but as it ap
pears that the company has beer
prompt in paying the semi-annual in
terest Of $4,000 upon the States mort