The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1889-01-04
THE GOVERNOR TO THE LEGISLATORS.
Inaugural Address OF tho New chief
Magistrate.
He Reports the Affairs OF the State
In Gratifying Condition
A Change In the Dates OF Elections
recommended.

this place. He had been elected governor Of
Maine not only by the large majority Of votes
which his own party commanded, but with the
good will Of his political opponents in an al
most unprecedented degree. He was in the
best sense Of the word a self f-made man. and
against adverse circumstances in early life had
acquired remarkably strong position in his
city, in his county, in his State. He was saga
cious and successful in business. He was an
honest man. He wasan upright chief magis-
trate. He was a sincere philanthropisr
who loved his fellow-men and was
loved by them. His death which occurred on
the fifteenth day Of December, 1887 was uni
versally lamented. He viii be held in honored
and lasting remembrance by the people Of
Maine.
But the State lives though men may die.
Hon. Sebastian S. Marble, president Of the
Senate, Immediately succeeded TO the execu-
tive chair and faithfully and honorably ad-
ministered the State government for the re-
mainder of the gubernatorial term.
FINANCES.
The financial condition Of the State is one
which will soon justifya further reduction Of
taxation. Its details will be presented to you
in the report Of the commissioner Of the
treasury which will soon be laid before you.
Under the act of 1887 which practically
abolished the sinking fund, Sl.19s. 900 Of our
State bonds included in that fund were can
celled and destroyed. This has reduced The
bonded debt TO S1,74s,0 900, due June first and
81. 1877 400 due October first Of the current
year. From this aggregate indebtedness Of
S3. 1885 800 there is 10 be deducted the amount
remaining in the sinking fund whose present
value is Sl,l9S,l07A3. This amount Is IN
vested in United States bonds and in the stats
r
In stating the total value l include the pre-
MUM at which these securities are now selling
in the financial market.
After this deduction Is made there win re-
main not exceeding 81. 1850, 900 ofthe State debt
to be refunded. The State has accepted the
trust under the will Of the late Governor CO.
burn to receive $3.50, 900 for our public insti-
tutions and TO disburse the interest thereon az
the rate Of four per cent per annum. This
sum Of Sl5O,000 may be applied 70 the pay
ment Of the present bonded debt thus re-
ducing the sum total Of the States public
obligation to some S2.600,00O. This amount
is possibly subject 10 still further reduction by
Congress refunding the direct tax Amounting
to $357,7O2 levied by the national government
in August, 1861. But as the bib has not yet
become law the State cannot reckon with
certainty upon any amount from that source.
An effort to exchange the proposed three
per cent bonds for our outstanding skies. al
lowing for difference Of interest until maturity.
was made in 1887 without success. But il IS
evident that in the present condition Of the
money market, the State can command all the
money which il may desire at an interest Of
three per cent per annum. Indeed, we are
justified by a recent sale Of Massachusetts,
State bonds in believing that three per cent
Maine bond viii command considerable pre-
MUM. Our long established credit warrants
the presumption that a Maine bond VIII sell Al
as high rate as the bond Of any State in the
Union, especially when Il Is remembered that
after the present debt is paid, the State IS for
hidden by the constitution TO incur any debt
in excess Of three hundred thousand dollars
"except to suppress iusurreetion, to repel in
vasion or for purposes Of war"
The loan act passed by the last legislature
needs think, 10 be 50 far amended as 20 per-
nit the treasurer, with the approval Of the
governor and council, 70 fix the date Of the
new bonds instead Of being rigidly confined 70
the date on which one portion Of the present
debt shall fall due. This permission cannot
possibly be disadvantageous TO the State and Il
may prove highly beneficial in enabling the
treasurer to sell the bonds at the highest pos
sible price.
With the refunding Of the debt eompleted as
we may now anticipate il viii be. the amount
of our annual interest cannot exceed $4,000
per annum and if the direct tax should 70 re-
paid by the enationalgovernment, we may fairly
hope to see il reduced as low as $4,000 per
annum. The extent Of this relief TO the treas
ury and to the taxpayer, as eontEested with
our financial condition few years
since, is very great. We should re-
member that in 1871 the annual interest
upon the public debt (all raised by direct tax
alton Of the people,) was S4s0,000 per annum.
Nor does this statement convey full impress
sion Of the difference between taxation now
and what il has been at several periods since
1861. The year after the close Of the war. the
rate of taxation was fifteen mills, and the az
gregate amount raised was nearly two and a
half millions Of dnllars,-more than the entire
State debt win amount to after the refunding
to be completed during the current year.
The total taxation may safely be reduced for
the year 1890 to two and one quarter mills
which would be a reduction Of SllT,799.9t
per annum. The hghtness Of 4 State tax Of
two and one-quarter mills can be appreciated
only by remembering that one mill Of il Is for
the school fund, levied according TO property
and divided according to population. -Ex-
cluding the school tax Ia wise and generous
provision for the youth Of the State in force
now for seventeen years.) it viii be seen that
the rate Of taxation for general purposes Of
government will in 1890 be the lowest tax laid
for thirty years, and as low as any that has
been levied for fifty years. The entire State
tax for next year will be S530,099.75 less than
was levied on Cumberland county alone in the
State tax Of 1866. These facts show al one
and the same time the uniform prudence which
has been in force in the administration Of the
public money, and the lightness Of the burden
now resting upon the people for the support Of
their State government.
II must be further remembered. that since
1871 (the period at which our debt reached its
maximum), the State has progressed more rap
idly in wealth, and has enjoyed more widely
diffased prosperity than al any other period Of
It's history. 1t is not therefore, a vain glori-
Gus boast to regard an interest charge Of
| 100000 per annum as light burden 70 the
| people Of Maine,-a burden which will grow
less, annually, as the principal Of the debt, II
| funded as now designed. shall disappear under
small annual payments for series Of years.
1t will be your duty to provide for the valu-
alton Of the property OF the State which Is re-
| auired by our constitution, sat least once In
ten years" 1t doubtless gives greater salts
/ faction TO have a board composed Of one rep
resentative from each county, and therefore
recommend that the board Of valuation be thus
constituted. In some respects. however, eyil
results have followed from the jealous and
/ yet proper care taken, that no section shall be
taxed more than its fair share Of the public
burdens. Each county sedulously guarding
its own interests and securing as low a valua-
/ ton as possible, the result has been that the
aggregate official valuation OF the State has
] been far below its real value. In this respect
the State Of Maine has not been presented 70
the country in as strong financial position a.
she is entitled to hold. We negotiated cur
war loans on valuation Of one hundred and
sixty-two millions Of dollars and II Il had
been really believed that that sum represented
the actual wealth OF the State, we could not
have so readily placed an aggregate loan tnai
amounted to hye per cent Of our total
property. The valuation taken By
the United States census comes nearer
doing US perfect justice than the valuation
taken by the State, for in 1870 when the STAT
board Of valuation said Maine was worth
S225.00O,000 the United States census fixed
the valuation at S3kS. 100000. In 1850 when
the State government said Maine was worth
S236. 900, 900, the United States census liked
the valuation at S5ll. 100000.
II the incredulous may think the last hgures
Of the United States census were too high
those best acquainted with the extent Of our
resources and Of our recent Development IN
many directions will agree that u Is very much
nearer the actual amount Of the property IN
Maine in 1850 than is given IN our own valua-