Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1888-11-02

between $1,000 and $4,000 in unpaid orders
not yet presented. BY No, $780, acts 1884,
the treasurer was authorized to use the
Huntington fund of $21O, 72S IS. Gin his
discretion, Tor the general purposes of
the State" and TO ANNUALLY apporton
the interest at six per cent? among the
towns for school purposes. This fund has
since been mostly expended, and as such
has dropped out and gone into the general
accounting. The annual interest to be 80
"apportioned" is Sl2,643 49, Thus the
principal has been exhausted in reduction
of State expenses, and the interest charge
remains for their perpetual increase 10
appreciate the situation then as to the re.
lation of the expenses to the revenue, the
treatment of this fund should be consid-
cred, if indeed the principal should not be
given its place among the liabilities %
1t differs from the items in the list only
in the fact that the principal is never to be
paid. AS the items treated as liabilities
are not likely to be paid within the year,
the whole sum, 1881 ,062.30 less the $4,000
estimated as outstanding August / was
the amount available for the demands Of
the year. The treasurer has kindly fur
nished similar statement of the 10th
instant appended hereto and made part
of this report, which shows available to-
ward the payment of liabilities now ex-
listing and to accrue to August !, 1850, the
sum of $l9e, Sll.10,
The assets and resources fully appear in
the treasurer's accounting, and these re-
ports, modified by the consideration of
claims accrued but unadjusted at their
date and by the matter of the Hunting
ton fund, will give the financial condi-
! ton" both absolute, and as to the relation
| of expenses to revenue.
To state the case in another way Should
the expenses be the same for this as for
the last legislative year it will take $751;
| 121 20 in addition to The sum now provided
| for to meet the demands to August next,
and this without making provision for any
portion of the permanent Indebtedness.
One of the demands of the. year. as Ct
every year to come, until reduced by the
payment of some portion of the principal,
is the interest at six per cent upon 1862
| 40 10, to wit S2l 54S. 20.
This balance is reached by the following
statement
Demands outstanding August L.. D.. 100000
Expenses last Legislative year,. 4Dlei,O0
s5soIss9o
Resources for re year, ............ S}l O32.3J
Balance, Observation-Disclosures. slse.l2l.7O
While the 500, 600 item first minuted will
be embraced in the sum represented by
the second item as expenses for the year,
there is substantially the same amount
unadjusted at the end of the year:
The only other consideration | have IN
mind affecting the question is the claim
preferred against the State by the United
States, now in process of adjustment un-
der the provisions of No. 2lI, acts 1856.
But matters have not sufficiently develop
ed yet to warrant any estimate as 10 the
result of that claim.
Since the passage of the corporation
tax law" each Legislature has assessed
|, single tax upon one of the lists of the b-
ennial term, he last for II cents on the
dollar of the grand list, and all prior
thereto for 10 cents said tax being usual
, ly payable during the last year of the
term. Should this Legislature make no
/ other earlier provision, the situation Au
; gust l, 1889 will be,
Probable deficit as to current ex-
Interest. bearing liabilities, ... 359il5i$
Total, :5ls ,as8, 50
1t will be seen upon examination that
the increase in State expenses has been
: wrought principally through Legislation
, creating new boards and new institutions,
{ increasing compensation, and making
; such changes in the laws as Will add per
manently to current expenses. should
they be increased by one half the ratio OF
of The last over the preceding term. at
least twice the usual tax will be required
to meet the liabilities of this biennial
term.
; Respectfully submitted,
+ Henry POWELL
q Auditor.
State OF Vermont in account With
. William H. Dubois, Treasurer.
CREDIT.
: October -, cash on hand AID in
banks August l, -. .....-...--. - '',lp-.'J
> Received from corporations. tax for
SIX months, -. -. 100, sol
, from sale of Huntington
I fund securities ........,.. i, 1920
balances, '.......,-,...,, 4>P2O
from G. H. layers, super
. rection. 49,. -. 49,. ,j.O3
t intendent state prison, 1850
l., from +. T. Healey, super
intendent Reform school, i22S
i from County clerks, ...... ,53.u
from sundry SOURCES. Is63O
e from FUrepauEh, circus H. 49,. -
\ cense, 49,, .............. 10000
= ---
J. s20l ,a1'2
DEBIT.
t Auditors orders paid. Sl3l ~ %
Extra State pay to soldiers, Los
Interest on temporary go,
October 10, Cash on hand and IN ....
banks. .,.,..., .,'' b4'te-'uA
= :a04. $3.50
LIABILITIES.
= Due towns, United states surplus ..,-
Soldiers. unpaid balances, .... S,$5s.3t
Agricultural college fund, rep
resented by State bonds, fall
ing due Jun. ], 1899, interest
payable TO the college semi -. 81, nj,
, annually .-................. ... loo''Vuu w
: sli5,74.71
a RESOURCES.
/ Cash on hand and in banks, 49,. 6i,sll.l0
irom eorporstions for ' $50 coo 90
:, | Estimated proceeds from oalance OF -..
= Huntington fund securities, ..-.'''' 4uv.UO
sl9,, snle
WILLIAM H. d. Bols,
state Treasurer