Morning journal and courier., 1889-01-11
$3,740, 0,60O.0o


 Provision should in my judgment be made for the redemption of this debt as maturity, by the creation of sinking fund from such surplus moneys as from time to time aecumu- late in the treasury in excess of the ordinary demands. Such fund properly invested, with its yearly accretions, would gradually provide for this bonded indebtedness.
 The revenues of the State are largely de~ rived from the following sources:
 From the Insurance Commissioner.
 Avails of Courts and Bonds forfeited,
 State Tax from Towns,
 Military Commutat'on Tax,
 Tax on Savings Banks,
 Tax on Non-Resident Stock
 Tax on Mutual Insurance Companies,
 Tax on Agents of Insurance Companies of other Corporate Franchise Tax,
 Tax Railroads
 Interests on deposits
 Sundry and miscellaneous receipts.
 The several recommendations of the Treas urer are entitled to your careful considera- tion, especially those relating to the prompt and proper distribution of funds deposited by the receivers of the Townsend Savings Bank without subjeoting claimants to oner- ous regulation and expense, and also that some adequate provision be made to regulate by law places of deposit for the funds in the hands of the Treasurer, proper and just relief to that official from an undue personal responsibility in the custody of the moneys of the State.
 GRAND LIST.
 The last grand list returned to the Comp troller, that of October, 1887, amounts to $352, 795, 926 %, an increase over that of the previous year of $3, 070, 15300 This increase largely comes from the cities and more pop- ulous towns. The taxes collected and paid into the treasury during the year ending July, 1887, were $e9S, ,355. g; July l, 1888, $437, ,157.23.
 ESTIMATES FOR APPROPRIATIONS.
 As provided by law estimates for approp- riations for the two fiscal years ending June 30, 1891, have been prepared by tho Treas urer, and will be duly submitted for your approval. The estimated receipts for this biennial period are S3, ,531, 300. 00, and fo1 appropriations $3, ,233, ,79600. On account of large receipts from various sources, owing | to the change in laws for the taxation of l railroads and other corporations, the Treas urer believes that without embarrassment to | the finances the rate of State taxation can be reduced to one mill, and has 50 estimated ! This slight reduction is step in the righi | direction, and needed relief to our sparsely l settled and strictly agricultural communities where population and values seem to have 1 downward tendency. It is my belief tha with economic and judicious appropriations l the day is near at hand when this tax can b. still further reduced and eventually elimina | ted entirely.
 SCHOOL FUND. 1 The School Fund now amounts to s2, ,019, 572 40, and is invested as follows: BONDS AND MORTGAGES. | In Massachusetts. .......... ...... 5,457O In Ohio............ ...... ........... $50, 1000 | In Indiana ......................... 5e,3Ca o REAL ESTATE. 1 Face value of Mortgages. ........ 130,5s23 I Ip thirteen Banks ks................. ... 5,SI76 l In hands of Treasurer. ....... a1,4ss1 ss,o17.57s4 1 The income distributed to the severa towns during the year 1888 was SIG, 1890 l on an enumeration of 154, ,932 children o l school age, or 75 cents per capita. Tn 1 natural increase in numbers of enumerated children will soon exhaust the entire incom of the fund and necessitate a reduction c the per capita distribution. It was certainl the intent of the founders of this fund tha it should be preserved intact, and appropri ations to make good losses in investment have at stated times been made by tn General Assembly; such losses, from tn sale of foreclosed real estate, and on tn stock of the Stafford National Bank, yo will be asked to provide for. I fully agre with the Commissioner that, in accordanc ! WILL CoAs1ltu9iOOal pEOFlsloH, never dS ye enforced, the value and amount of said fun shall be ascertained, and recorded in th Comptroller's office, as proper foundatio | on which the base future appropriations { meet losses, and maintain the fund at il maximum amount,
 EDUCATION.
 The educational interests of the State al carefully watched and supervised by th State Board of Education The great inter est felt by the people in the proper educatio of the 154, 932 children enumerated as ( school age (from four to sixteen years), best attested by the liberal financial pro vision for the support of the public school During the last fiscal year $1, ,S13, ,S23. .Ol YVES raised and expended in their mainter ance.
 : NORMAL SCHOOL. l The school building finished in 1883, ar } intended for school of 15O pupils, a ready fails to furnish accommodate, ] equal to the demands upon it. There a
 in attendance upon its instructions