The Portland daily press., 1889-01-11


State Treasurer Geo. L. Beal, for the year
ending Dec. 81. 1888, has been made public:
Receipts
Cash in the treasury Jan. 1, 1885 2,2Ss.O3
Total receipts for the year......... 1,087 ,3S8.90
Total. 81 $780, ,676.93
Expenditures.
Total expenditures for the year
1883. 81 127 1898. 90
Cash in the treasury Dec. 81, 1888. 272, ,2s3.4l
Total. 81 1893 ,676.93
The estimated expenditures for the year
1889 are Sill, S57.20; interest due and not
called for, S15,2S7; warrants drawn and not
called for~S37.9O7 total, S1.165,1O1.
The resources of the State Jan. /, 1889, were
S2,2S9,O73; liabilities, S5,3S1.5O2.
The balance due in State taxes, including
1888 is S610,2SS The sinking fund at the
market value is S1,19S, 107, a gain of
$7,99090 in trust funds, on which interest is
paid.
The State College has on deposit in the
treasury $11S,300, which now stands in
bonds and will become due in 1889. The
treasurer recommends that registered bonds
for the full amount bearing per cent inter-
est be used in favor of the college.
The sinking fund exhibit is:
Credit.
BY balance jan ], 1888. SUPERINTENDENT S949 $50
Received for interest on fund. ............ 4O,63O
Debit.
State Of Maine bonds purchased and can
celed. 80. .........-.. ............. S23,60O
Paid premium on same me................... 6S4
Accrued interest. ......................... 200
Balance sinking fund.- par value. .s965. .296
The State funds held by the State upon
which interest is paid have been increased
by the trustees of the Maine Insane Hospi-
tai paying into the treasury the sum Of S50,-
900 which they received from the estate of
Hon. Abner Coburn. This has been accept
ed in trust, for which the annual interest at
4 per cent is to be paid.
Nothing has been accomplished up to this
date towards the exchange OF the bonds be-
coming due in June and October, 1889, for
the new issue, as provided by the act Of 1887
entitled IAN Act to renew a portion of the
public debt and to limit the operations Of
the sinking fund"
The refunding of our public debi between
this date aud the first of October is an Inn
perative duty and Of the amount now out
standing, 200 fall due on the first day
OF June, and 81, 1S7, 400 on the first of 0cto-
Der; against this aggregate amount of $3,-
935, 400, and available for its payment, we
have securities in the sinking fund whose
market value Is about $1,200,0OO; there is to
be paid from the estate of Hon. Abner Co
burn $150,000, of which the State has accept
ed the trust, and we may possibly have an
additional sum of S357.702 from the national
government as refund of the direct tax of
August, 1861. The debt to be refunded can
not, think, exceed s., 100000 in amount, and
may possibly be as low as $2,200,000.
1t will, think, be found more advantage
GUS to pay the June bonds in whole or in
part by public sale of bonds bearing inter-
est at three per cent per annnm which, in
the condition Of the money market for the
next few months, will probably command a
premium. We shall without further public
advertisement be, prepared to exchange
three per cent bonds for the October bonds
at the price obtained at public sale to meet
the payment of June bonds
A ready adjustment can no doubt be made
as 70 the interest due on the bonds to be re-
tired. 1t will be TO the manifest interest of
the State to maintain the sinking fund for
payment of the October bonds
The sinking fund is wholly composed of
United States four, and four and one-half
per cent bonds, and Massachusetts and New
Hampshire five and six per cent bonds.
More than 20 per cent Of the fund Is invested
In United States bonds; these securities will
not shrink in value and they bear an aver
age interest in excess of four per cent land
can proftably be maintained for the last
payment.
Until 1t is known just how advantageously
the new loan can be placed upon the market,
and the present outstanding bonds cancelled,
1t will be impossible TO state what reduction
can safely be made in the rate of taxation af-
ter the present year, and | would therefore
advise that the present legislature fix the
rate of taxation for the years 1899 and 1890
the same as in the last two years and the leg
islature of 1891 will be able to understand
ingly make such reduced rate upon new
State valuation as will be sufficient to cover
the expenses Of the State with its decreased
debt at a decreased rate of interest
The people are to be congratulated on the
abundant evidences of the prosperity and
progress now manifest on all sides. Lighter
taxation which will surely follow the re-
funding of our debt will still further stimu-
late the development Of business enterprises
throughout the State.