The daily gazette., 1883-01-02

finding that the stock Of the Philadelphia
Wilmington and Baltimore Railroad Com
pany had greatly increased in its marke
value, the Legislature adopted joint reso
luton authorizing the sale Of the certif
Gates Of loan TO the said company, (tht
aggregate amount Of which, at their pal
value, was the sum OF eighty-6ve Thousand
dollars,) which had been obtained as al
investment for the benefit of the Schoo
the Trustees Of said fund, in pursuance o
the authority contained In said resolution
sold said certificates for the sum of one
hundred and thirty-one thousand seven
hundred and fifty dollars (S131, 10000.
which sum was in excess of the cost value
of the same $50, 1856. IL, and In excess of the
par value thereof $40, 10000
Tho Legislature, deeming It advisable,
appropi lated the sum realized from the sale
of said certificates, together with the amount
received from the New Castle and Whining
ton Railroad, which aggregated one hun
dred and fifty-six thousand seven hundred
and fifty dollars, TO the payment and cancel
lation of the outstanding bonds Of the State
authorized to be refunded by an act sup
plementry to the act providing for the re-
funding of the bonded debt of the State,
passed March 30, 1881, and by the same act
the original act as "Series g" to one hun
dred and sixty-Ave thousand dollars, thus
making the whole amount of the original
bonded debt TO be refunded seven hundred
and fifteen thousand dollars, (S715, ,000).
The commission constituted by the act of
Assembly aforesaid, for the purpose of
opening the bids or proposals received by
the State Treasurer for said loan, met on
the first Tuesday In May, A. D., 1881, after
due notice had been given, and awarded the
bonds TO Thomas A. Biddle g. Co., for the
sum Of seven hundred and forty-two
thousand nine hundred and fve dollars aud
five cents, ($742, ,9O5.05,) at cost of 1918. 10
to the State. The balance of the cost, (be-.
ing 81, S,230.13 having been paid by the
Junction and Breakwater and Breakwater
and Frnnkford Railroad Companies, in con-
sideration of the reduction of interest on the
mortgages held by the State against them
from six to four per centum per annum.
These figures show net gain, to the State,
Of 81, ,2S5 30. by reason of the refunding
of the State debt, and, to say nothing about
the negotiation Ol the same at a much lower
rate of interest, prove the wisdom of the
last General Assembly in maturing and
passing law for the consummation of such
a measure, and the marked ability with
which the State Treasurer carried It into
execution.
While the success of the funding scheme,
and the prudent management of the finan-
cial affairs Of the State, are proper subject
for congratulation, yet, that the results
thereof may not be FILTERED away in unwise
and improper legislation, needless of the
lessons of history and experience, constitute
a source of anxiety and concern for the
future welfare Of the State. Strict economy,
in all the departments of the State govern
ment, should be rigidly observed.
The State debt Iaay now be stated as fol-
lows:
Tho bonds desg 'ated as
The 1sfiSa fiist d day u Tdy,f 3TIy, 1883, 8,
but redeemable at the
option of the State at any
time after the first day Of
July, A. d., 1SS2.......... $3.50, ,00OO 90
From which deduct amount
redeemed January ]. 1883. 100000
Balance due of Series 0O0. 90
rhe bonds designated as ''Series B,"
payable on the first day of July
1891, but redeemable at tho option
Of the state at any time after the
first day Of July, 1885. ............. sOO.OOO.OO
payable on the first day of july
1901, but redeemabo at the option
Of the State at any time after the
FIRST day of July, 1891. .............. 1876, 600 90
Total amount Of bonded debt OF the
State on the first day Of January
1883. exclusive of the School Fund
bond. .se26, 10000
Bond of the State to the school Fund
bearing interest at the rate of six
per centum per annum, payable on
the first day of July, 1908. .......... l5s,75OOO
Certificate Of indebtedness held by
Delaware College e,...............'. ss,Ooo.OO
Total AMOUNT of State debt, Janu-
AIRY |, 1889. sse4, 5000
The semi-annual interest bearing invest
ments are as follows, viz
Mortgages on Junction and Break.
water Railroad ;................. .$4OO, 10000
on Breakwater aud Frank
ford Railroad ....,.,...,........... 2OoOOO,OO
1910 shares of Farmers Bank stock ut
$4,000. .......-.......... es,75OoO
ware stock at S465. 65................... U,3OOOO
Total. Observation-Disclosures s673O5O.oO
The aggregate investments for the benefit
of the School Fund amounts to S405, 40.
Total investments belonging to Gen
eral Fund. nd.............-......... $673 050.OO
Aggregate investments for the benefit
Of School Fund .................... 4o5749.OO
Amount due the State from all
sources, January LIST. 1883. .......... 76ss4.oO
Cash in the Treasury belonging to the
General Fund, exclusive of the
amQHntreqqlred to pay interest and
redeem bonds called for January
LIST, 1883. Observation-Disclosures. 1891 6O
Total amount of assets ............Sl,2 ,264 6s49S
Total debt after January !, lSs3.,... S64 4750.OO
Excess of assets over liabilities 49,. 1899 1884 .9s
As shown by the foregoing statement, the
assets of the State exceed its liabilities three
hundred and ninety-nine thousand nine hun
dred and thirty-fou dollars and ninety eight
cents.
RECEIPTS AND EXPENDITURES.
According to the report of the State
Treasurer, the receipts and expenditures,
present and anticipated, for the year 1852,
are as follows
Total amount of actual receipts. Sl41 Dds 10
Total amount due the State from
various sources, not payable until
January LIST, 1883. ..:..........,.,. II 1872
Breakwater and Frankford Rail
road Company, January LIST, 1882
arrears Of interest On mdrtgage.., 3S.sS6,66
Total...,. NEUTRALITY-SUSPICIOUS.. S2l7 ,622W
DISBURSEMENTS.
Total amount actually dis
Dufneu. neu...........-s.s......F 9l.2dN.2l
Amount sci apart for the re-
demption Of bonds called
for January LIST, 1sS3....,.. 9O,OOOOO
Amount set apart to pay in
terest on per cent. bonds,
due January LIST, 1883. .. 100000
Amount applicable to School
Fund derived from invest
ments for the benefit said
fund ..............,....... l4.a9i.5o
Amount set apart 70 pay in
terest ON certihcate Of in
Inlat tnHu 10 nalQ