Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1889-01-04
INAUGURAL ADDRESS
-
Edwin BuIl9igll

|[uWlll i. DulBlYll
Legislature Of the State Of Maine.
Gentlemen of tie Senate and House Of Rep
reseafaftres:
Two years ago Joseph r Bod~sh stood
in thi. pl,ce. He had been elec.ei Governor
Of Maine not only BY the large minority of
votes which his o~n party commanded, but
with the good will Of his political opponents
in an aim ..t unprs cedsnted degree; H.
vas IN the best sense of the word a s. IT,
made man, sn1 against adverse cireum-
stances in earl iif- mai acquired a r-mar,-
ably strong position In hs city. IN bis
cunt d.. in his State H. was SPACIOUS
mi successful in business. tie was an
10oest m.n Hs vas an upr'gt Chief
Magistrate He vas sincere phiianthropist
sho low. d his t, How m N ami Was Lived by
them. HIS d-arn which occurre 1 On the
fifteenth day Of December, 1887. was Uni
v-rsaiiy lamented. He ill De held 10 boa
,red and lasting remembrance by the peo-
pie of Maine.
But the State lives though men may die.
Hoo Sebastian s.. Marble. President of the
senate. Immediately succeeded to the exec
ntive, chair and faithfully AMI honorably
administered the State government for the
remainder of the gubernatofial term.
FiSAsCEs
The financial coniitipn Of the State is
one which will soon justify further re-
,iu ton of tsxation. Its details will be
presented to you in the report of the Com
missioner of the Treasury which will soon
| De lad before you.
Under The act Of 1887 which practically
abolished the Sinking Fund, 81 l9s,00o of
our State bonds included In that fund were
cancelled and destroyed. This has reduced
he bonded debt to 81 AS 900 due June
| hrst and 81 1877 400 due October first of the
current year From tais aggregate in iebt-
edness of 90 1856, 400 there is TO be deduct
III the amount remaining in the Sinking
| Fund whose present value is 81 1893 10Y .43.
| FMS amount is invested in United STATE 8
bonds and in the State bonds of Massschu-
sets and New Hampshire. In stating the
total value include the premium st which
these securities are now selling in the hnan-
clsl market.
After this deduction is made there will
remain not exceeding 1880, 600 of the
| State debt to be refunded. t e State has
coepted the t-ust I'm Ter the will of the late
Governor Coburn 10 receiv- $50 900 for
our public institutions and to dust urse the
Interest thereon at the rate of four per cent
per annum. This sum of $50. 900 may be
pplied TO the payment of the present bond
ed debt, thus reducing the sum total OF the
SAFES public OBJ ig4tion to some So $780,
900. This amount is possibly subject to
| .uli further reduction by Congress refund
ing the direct tax amounting to 1857. 702. 90
luvied by the National Government in Au-
gust, 1861. But as the bill has not yet be-
| come u Law the State cannot reckon with
certainty upon any amount from that
source.
Au effort to exchange the proposed three
per cent Ionds tor our outstanding skies
blowing for difference of interest until ma.
Iurity, WAS male in 1887 without success
ut 1t IL evident that in the present cOndi
ton of the money market, the State car
comma ali the money which il may desire
At an inter 81 of three per cent Per aDnum
Indeed, we arr justified by recs mt sale OF
Massachusetts State bonds in believing thai
three per cent Maine bond will command
a considerable premium. Our long estab
hshed credit warrants the presumption thai
Maine bond will sell at rs high 4 rate a:
the bond of any State in the Union, espec
tally when it is remembered that after the
present debt is paid the State is for bidder
by the Constitution to incur any debt IN tx
cess of three hundred thousand dollars sex
crpt TO suppress insurr. ction, TO r. pei lii
vason or for purposes of war"
The loan act pas. ed by the last legisls
ture needs, II INK to be so far amended Al
To PEI m t the treasurer, with the approvs
Of the governor and council, to Ill the date
Of the new bonds instead of being rigdl,
conf ell to the date on which one portion
of the present delt shall fall due. Thi
PERMISSION cannot possibly be dlsadvan'a
geUus To the State, and it may prove bene
fetal IN enabling the treasurer to sell tn,
bonds at the highest POSSIBLE Price.
VITA The refundlng of the Il ot completed
we may noS anticipate It vi DC, tn,
amouut OF our annul interest canEot *
coed $500 per annum and II the direc
Tax sIVu be repaid by the national gov
erument, we NAV fairly hope to see il re
duc.d rs low n S60,00O per snnum. Tn,
xtent OF I'll, r.ivt 10 the treasury and Il
Il taxpayer, as contrasted With our tinan
CIai condition fe~ Years since, is very
kr. AT. We shout remember that in 1871
The annual interest upon the public DE- bt Al
rai,ei by direct taxation OF the p-opi+,
was $3.50, 900 per anlium. Nor does tn o,
statemen mt convey full impression of tn,
I'm -rence between taxation now and wht
II has been at several periods since 1861
The year after the close of the war, tn.
rate of taxation was fifteen mills. and the
aggrt ate amount raised was nearly two
and a half millions of dollars, more thar
the entire State debt will amount to after
The retunding TO be completed duri the
current y ear.
The total taxation may safely be reduced
fo- the year 1880 to two and one quarter
N lis which would be reduction of Sll7
100 "a per Rnnum. The lightness of 8
State tax of two and one-quarter mills car
be appreciated only by r.memb-riug thai
one mill of it is Tor the school fun |, levit
according to property and divided accord
ing to population. Excluding the scboo
tax "a wise and generous provision for the
youth of the Stste in force now TOR seven
teen years. il will be seen that the rate OF
taxation for general purposes of govern
ment will in 1890 be the lowest tax laid for
thirty years, aud as low as any that has
been LIVED for fifty years. The entire
State tax for Ut 1t year will be $3.50 099. 10
less than was levied on Cumber land county
alone in the State tax of 1865. These
facts shos at 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, tina,
since 1871 (the period at which our debt
crossed more rapiiiy in wealth, and has
enjoyed a more widely difused pros
perity than at any other period of its
history. 1t is not, thereto vain glori-
Gus boast to regard an interest charge OF
500, 900 per annum as n ligat burden to the
?, ople of Msine,-s burden which will
grow less. annually, as the principal of the
delt, if funded AS now designed, shall dis
appear under small annual payments for q
series of years.
1t will be your duty to provide for the
valuation of the property of the State which
is required by our Constitution, AT least
once in ten years" 1t doubtless gives
greater satisfaction to have board COM
posed Of one representative from each
county, and therefore recommend that the
board of valuation be thus constituted. Ir
some respects, however. evil results hay.
followed from the Jealous and yet proper