Morning journal and courier., 1884-01-10
$3,375,Ss5.45

The falling of in the income-one hundred and two thousand six hundred and thirty eiaht dollars year is largely accounted for by the failure railroad companies to meet their taxes and by the insurance companies of our atste as authorized by act of 1884
 The funded debt was January 1, 1883 .s4, ,59O 500 There has been paid in reduction thereof
 during the year. -.-.......'.-...... Sls'euo So that ths amount of funded debt now
 1s-. .S4,2T2, lUo
 Three and one half per cent. bonds of the issue of December l, 1883, have been sold amounting to one million, sixty eight thou sand and five hundred dollars, ($1 ,06S 500) at a premium of 85 per cent the largest ever received from the sale of the State bonds.
 STATE AUDIToRs-The auditors of public accounts are now confined to examinations ot figures and their comparison with vouchers presented This entirely clerical service hardly seems sufficiently valuable to com pensate for the tins it takes, or the money it costs. If the auditors were authorized to enquire into the details of vouchers, and upon the discovery of doubtful charge or credit, to report the same to the Executive for his opinion and action another safeguard would be added against fraudulent or careless expenditure of money. While such exten tion of their power, could not at this time, be construed reflection or special alarm, it might save the State, in the future, from losses and scandal.
 TAXATION I cannot allow the failure of the last General Assembly to act upon the re- commentators made regarding taxation to deter me from again allpding to defect in the system that does gross injustice to the honest taxpaye of the State. Under the lsw, as it is if taxable property is not re- turned to assessors, and they fail to discover it, it absolutely escapes all taxation; for no provision exists for the enforcement of 8 claim fgYQfinn m which has been concealed from the assessors, or inad- vertently omitted from the grand list of town A large amount of property in this way, Is continually eFading it's part of the burden of public expense.
 If a statute were enacted authorizing towns upon the discovery of unassessed property, to demand and collect Of the party who failed to return it the anount-or double the amount-i it would have beea liable for, if it had been properly listed, it would be greatly for the advantage Of citizens who comply with the law, as there can be no doubt it would considerably lessen the rate of taxation which they have to pay While have no hesitation in urging you by prompt legislation to supply this obvious and harm full omission, think 1t would be wise to adopt the growing practice of legislatures in dealing with subjects of intricecy and de- tail, and refer our whola scheme Of taxation to 8 carefully composed commission, and await their report, before attempting to re medy its many ipequities or make any ma terial alterations in it's methods or rates The financial statement must convince you that if any reduction is made in favor of ons class of taxpayers corresponding increase on some others will be required to maintain an income sufficient to meet current ex- penditures
 SAVINGS BANKS.
 There is in the control and management of our savings banks the sum of ninety two millions, six hundred and seventy, nine thou sand, sixty-thres dollars and one cent (92,- 679, ,063 0l) 8 larger amount than ever be fore, and mostly belonging to the thrifty, in dustrial element of our population. There has been an increase of eight thousand, six hundred and ffty-nine (8,659), during the year, in the number Of depositors, and of three millions, one hundred and fifty-five thousand, nine hundred and seventy-three dollars and twenty two cents ($3, 155, ,973 22) in the amount of their deposits The com missioners, who carefully examine each of these institutions twice annually, and are fa- miliar with their condition and wants, sug- gest that, in their opinion, this interest needs no new legislation, except, it may be in relation to class of investments against which they have heretofore strongly protest ed
 It appears from their report that some of these institutions have invested in simple promissory notes, without collateral securi- b1cs, Ga0 sum OI I0QE Q01ulOEB, I0lrCY thou sand, seven hundred and sixty-six dollars and seventy-nine cents ($4. .O3O, 766 79 Some of these notes have been, I understand, pur- chased out of the State at large rates of dis count and transferred to our banks, without additional endorsements, at much lower rates Dealing in such personal securities, whether foreign or domestic, involves risk, in my judgment, never intended that savings banks should take. Already the losses occasioned by this sort of investment have compelled some of the banks in neighboring State to compromise with their creditors, and one of our own banks to scale it's deposits consid- erable percentage
 The two hundred and forty six thousand, six hundred and ffty-two GAG, 652) persons who have placed their money in charge of these savings institutions have done so to avoid sthe chances of speculation and the permits the placing of their funds in other than the safest and soundest class of invest mentS.
 RAILROADS.
 The permanent investment in our railroads has reached the enormous sum of eighty seven millions, four hundred and fifty nine l six hundred and ferty-six dollars and nineteen cents ($87, 459, ,646l9) There are now completed and in use, within our | limits, one thousand three hundred and i sixty ,360) miles of road over which were | carried. during the year, sixteen millions, 1 three hundred and fifty two thousand, six hundred and seventeen (16. .352, 617) passen- gers, nearly g million more than in any other previous year. Their gross earnings amou nt ,d to sixteen millions, two hundred and shirty-four thousand nine hundred and for 'y-tWo dollars and forty-four cents ($16, ,234, s42 44) yielding an average profit of four md one-half per cent. on fifty six millions, nine hundred and ffty.three thousand, six hundred and seventy eight dollars and tWen- y five cents ($56, ,953, 678. .25) their aggre- ,ste capital stock. The management of hese great corporations has generally been and satisfactory. The differences hat have occasionally arisen between them md their patrons and the communities on the inc of their routes have been usually ad- r usted by the parties in interest with recip- ocal fairness The spirit of monopoly on he part of railroads, or prejudice against uch corporations on the part of the public, las never asserted itself in our State, as it ,ften has elsewhere. As the officers of such companies are presumably better able than egislators to manage the details of such bus- ness for the advantage of all, they ought not 0 bs interfered with by special legislation, 'xcept in cases of oppressive discrimination, ,r where there is persistent neglect to meet he wants of the public.
 The report of tho treasurer shows that hese corporations have paid-protesting, however, as taxpayers oftantimes do, against it's excessiveness-the sum of four hundred and fifty six thousand, one hundred and twenty eight dollars and ffty-fve cents .$466, 12a 55) in taxes to the State
 nssURANoE.
 Connecticut the tHsnty-eighth in popula-