The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-10-08


the subjects whereof they speak, and whose
judgments are necessarily well advised, de-
serve the candid consideration of the legs-
lature to whom they are addressed and will
doubtless receive the same. The report Of
the treasurer, which will be before you, pre-
sents an itemized exhibit of the financial
affairs Of the government for each of the
last two fiscal years, to the varied details Of
which your attention is invited, since the
public will demand at our hands closer
degree of scrutiny and attention to the sub
Ject OF their finances than they exact upon
almost any other Of the varied trusts reposed
in their public servants, nasmuch as u
most directly and universally affects all
bodies corporate, classes and individuals
within, and not a few without, our borders.
From this report we find that at the close OF
the last fiscal year august 1, 1884, the state
liabilities and assets were as follows:
LIABILITIES.
Due TOMS: surplus fund; ;:......... 1898!
Z" suspense account, the outstanding
agricultural college fund ............ 1850 o.
" temporary loan Of lS2................. 50,3l0 "
Total. s209,95 81
ASSETS.
Cash on hand and in bank............... 8 1919 ~
Balance corporation tax unpaid payable
IN august. ACKNOWLEDGEMENTS. T5,OOo %
Total. 3 93ifs "
The following items in this statement OF
state liabilities which are not regarded as
subject to present Though to possible fu-
ture) call, and for the meeting of which no
present provisions are required are:
United States surplus fund. ........,.. a 1887 g.
Unpaid balance due soldiers ............. sso9 50
Suspense account old outstanding checks, 1910 =
Agricultural college fund.............. 1880 W
Amounting sl5s,sl "
which sum being deducted from the general
amount of liabilities leaves the amount OF
the same subject to be paid presently, $780,
31O.37, showing an excess of available assets
over current liabilities of S42, 5000. Any
comparison Of this result with those Of pre-
vious annual or biennial periods would af-
ford no reliable relative data of information
| as heretofore, since the basis of raising the
public revenues and the dates of paying in
the same have become wholly changed by
the passage of the corporation tax act of 1882
EXPENSES OF GOVERNMENT
Sources of revenue for meeting the ex-
penses of administering the affairs of the
state government have rested for the last
biennial period mainly upon new basis
the same having been paid only in the past
| from direct taxation based upon the grand
lists valuations AZ heretofore, but being
chiefly derived under the operation of the
| corporation tax law, so called, enacted by
the last session of the general assembly.
| The framing of statutes so as to compel an
| equitable and just contribution towards the
| burdens OF government from every citizen
and every interest has been the long sought
|
paying body polite of all countries and OF
all times. For many years prior to 1880
we had been relying upon system of tax
alton for the payment OF state expenses,
which, though fair and just in theory, was
regarded by political economists, long be-
fore its repeal, as, in its practical operations,
most unjust and inequitable method Of
meeting the eXigencies of the public de-
mands, through its irregular methods OF
reaching the property of the citizen or the
| cDrnOratiOn The law-gurrOundp1 though
it was by all the safeguards of the require
meDts of official oaths to its due execution
| and compliance by the listers-soon fell
into disregard by them generally, to such
degree that the average lister, as If by COM
mon consent, found customary facility in
substantially making solemn oath that one
third one-half Of the known worth Of
specific property was its jus and full value
| in money. The law became of no avail to
compel an equitable and just contribution
for the maintenance OF government and
men feel at a loss to understand at this day,
why the method remained so long in vogue
and upon our statutes, while the inequality
| and injustice of its enforcement were 50
manifest to all who observed the varied
usages and methods resorted to under II
1t gave way to the act to equaliZe tax
alton" so called, of 1880. That this law,
which imposed upon the taxpayer the per-
sonal obligation, under penalties and perils,
OF contributing his fair share to the support
of the government which protected him in
accommodating and secured him in the pos
session OF his property, was step far in the
right direction, and the closest approxima-
ton to just and practical system of tax
alton, soon became apparent to all honest
men. The uncounted thousands of per-
sOnalty, which had never before been
reached, was brought out and laid at the
service of the state with the hundreds or
less that had not been kept back before
from the assessors. l believe there has
been no Improvement in legislation in the
quarter of a century in which have had to
do, professionally or officially, with the
laws of the state, which has more uni
versally and emphatically commended it.
self to the appreciation and confidence OF
the people than this act of 1880. This law
for the municipal purposes Of town, high
way and school district revenues remains
unchanged, but at the last session of the
general assembly new departure was
made in revenue legislation by the passage
of the corporation tax law " above referred
to. By this law the method of raising
the revenues for the support of the state
government was completely revolutionized.
Great concern was felt by many, and
various questions were raised regarding the
validity, construction and application OF
the law at the time of its enactment and
through the earlier stages Of its enforce
ment, but through the wise selection of the
present commissioner by my predecessor
the formulation and preparation Of the
proper blanks and methods for the fulfilling
| tne statute was attalntu anu tHls HOTk
was supplemented by the general willing
ness on the part Of the officers OF the various
corporations to comply with the requir-
ments Of the same, so that all the corpora
tons and persons reached by this law, with
| a single exception, have made the returns
required by the same, and taxes were
assessed during the calender year 1855 as
follows:
On express companies. 1878 u
telegraph com NEUTRALITY-SUSPICIOUS.. 5gl 80
Z" telephone companies. ................... 504 IS
Z" steamboat, car and trans portation com
| panlts .fSlJ 20
railroads ACKNOWLEDGEMENTS. S56 70
savings banks 59,T7l 10
trust companies ACKNOWLEDGEMENTS. 30,5OT 81
| home insurance companies ....,....... 6,76S "
foreign insurance companies. 1888 g
Making total for the wear of.......... sss.5sT OF
All which have been paid into the treas
ury except S2,65S.56, the second semi-annual
assessment of the st. Adams Trust Company
making amount received by the treasurer as
| annears by his report. $3.50. 67S.5l. OF this