Middletown transcript., 1881-01-07
coyyERN0R, HAILis MESSAGE.

| lSldtlOn. Some OF the greatest trlumpn'
of modern legislation are to be found il
the repeal Of former laws, the inexpe
| diency of which had been demonstrated
| by their disastrous effects upon the
community for which they were made.
Happily we have avoided either extreme
in this State by our system of biennia
session and the simplicity of our peo.
pie. do not mean by these remarks
to convey the idea that the voice of the
people should be disregarded wher
clearly expressed, for that should bt
the potential force in governments and
politics, and when their will is made
known, it will be your duty, as theiI
representatives, to mold and and shape
it into such laws and measures as will
best advance the public veal. The un-
reasonable expectations and demands,
however, of a few restless and dissatis-
fed persons, which are to found in some
localities, should not be allowed to draw
you aside from the plain and well-de-
fined path of public duty"
State finances is the next subject re-
ferred to. The total amount Of State
debt amounted in January, 1879, to
1915, 200, from which deduct bonds
since redeemed eetaH And earrcefiHri7 includ-
ing call for bonds made for January
1881, S106,000, leaving the total of
present Indebtedness, S869,000. The
semi-annual interest bearing invest
ments exclusive of these for the benefit
OF free schools, amount to S673, ,050.
Add to this the aggregate investments
for School Fund, (S448, ,999) and the
amount due the State from all other
sources, and cash in excess of the
amount required to pay interest and
bonds included in the call issued for
January, 1881, (S74,991 69) the total
assets are 81, ,197, ,O4O 60; from which
statement it appears that the assets of
the State are in excess of the liabilities
1928, ,O40 SO. The total amount Of the
receipts for the year 1880, present and
anticipated, belonging to the general
fund, is S187, ,747 21, and the total
amount of disbursements from the Gen
eral Fund for the same period is $780,,
400 81, including the amount set apart
by the State Treasurer for redemption
of bonds and payment of interest due
January, 1881.
"The outstanding bonds issued to pay
bounties and for volunteers, being SAL
900 as before stated, mature on the 1st
day Of January, 1885. 1t is manifest
that the annual surplus will not be suf-
ficient to extinguiSh that part of the
debt represented by said bonds at ma
turity. It will therefore be the duty Of
the. General Assembly, either at this or
at its next session, to make provision
for such an emergency. AS means of
doing so l recommend the conversion of
such a portion Of the bonded debt just
into semi-annual interest
bearing bonds at a rate Of four per
centum per annum, payable in 20 years,
but reedeemable only at the pleasure of
the State after the expiration Of ten
years from date, as will enable the
State Treasurer to pay off the residue
of such bonds at maturity without the
imposition of further burdens upon the
Of the people. AS an eco
nomical measure purely, | also most
earnestly recommend the conversion in
like manner, Of the remainder Of the
Internal Revenue bonds, which mature
in 1890 and 1898, none of which to be
negotiated at less than par value. +"
The refusal of four National Banks
of Wilmington to pay the tax assessed
on the shares of their capital stock is
referred to, under which head the Gov
ernor says "These banks having re-
fused to pay the taxes thus assessed
and the whole matter having been re-
ferred to you by the State Treasurer, it
will be your duty, in asserting the au-
thority vested in you over this mat
ter, to instruct him to proceed to col
lect the taxes due from them in accor-
dance with the opinion of the Attorney
General, which accompanies the report
of the State Treasurer. .
Under the head of Railroad arrears
it is stated that the Breakwater and
Frankford Railroad company has been
prompt in paying the sum Of $1,000,
as required by an act Of the General
Assembly, and that while such is the
case, the Governor suggests that it
would not be advisable to force the
payment of the mortgage held by the
State, because of the continued default
in the payment Of interest which ac-
srued prior to January 1869.
he subject of free schools is carefully
idered and the following recon-
Sations submitted sowing to the
increased number of school dis
81 subdivision, the amount of
annually distributed to each
by the State has been cores
IIgly lessened, and the resources
u for raising money for school
IS have been sensibly diminished,
have no doubt, may be at
ia extent, the fact
h elose