The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1889-01-26

How the RefundIng Bill Proposes to
Improve Maine Finances.
Mr.. Green's Bill to Change the or.
ganlzatIon of the Militia.
The Dental Registration BiIi-Maine
Eye and Ear Infirmary.
Especial to the Press ]

Especial to the Press.1
AUGUSTA. Jan. 25.--The bill to refund the
State debt was presented in the House this
forenoon by Mr.. Manley of the Finance
Committee. The bonded debt of the State
amounts at present to $685., 400, of
which $l,74S,OO0 is due first day
of next June, and $2,1S7,4O0 on
the first of next October. From this aggre-
date Indebtedness of $685., 400, there is to
be deducted the amount remaining in the
Sinking Fund, the present value of which is
Bliss. 1o7.43 This amount is invested in
United States bonds and in the State bonds
OF Massachusetts and New Hampshire.
After this deduction is made, there will re-
debt to be refunded. The State has accept
ed the trust under the will of the late Gov
Coburn to receive $150,000 for our public in
stituti0ns and to disburse the interest there
on at the rate of four per cent per annum.
This sum of S150,0O0 may be applied to the
payment Of the present bonded debt thus
reducing the sum total of the States public
obligation TO Some So, 100000.
The Legislature of two years ago passed o
refunding act providing for the issue of
three per cent; bonds to be exchanged for
the skies in which denomination our debt is
now held, There was provision for allow
ing for the difference of interest until ma
turity; but, nevertheless, the advertisements
of the State Treasurer were not answered
These skies Will be due this year. and the
holders who have been unwilling to ex-
change under the terms Of the refunding
law of 1887. must surrender their bonds to
the State and take their pay, either In cash
or new securities. To raise the money re-
quired to pay these bondholders, the refund
ing bill was introduced to-day. In his mes
a n aOi Il q I'm GOu
Burleigh said: ut is evident that In the
present condition of the money market, the
State can command all the money which it
may desire at an interest of three per cent.
per annum. Indeed, we are justified
by recent sale of Massachusetts State
bonds In believing that three per
cent. Maine bond will command
considerable premium. Our long established
credit warrants the presumption that
Maine bond will sell at as high rate as the
bond of any State in the Union, especially
when it is remembered that after the pres
ent debt is paid, the State is forbidden by
the constitution to incur any debt in excess
OF three hundred thousand dollars except to
suppress insurrection, to repel invasion, or
for in the bill today are three per cents.
The bin in full is as follows:
An act to provide for the refundng of the public
Sec. I. For the purpose Of renewing and ex-
which natures during the year 1889, the treas
urer of State is hereby authorized to issue new
bonds In sums OF not less than $1,000 each, with
coupors attached for the payment of the interest
at a rate not to exceed three per cent per annum
payable sem-annually, and both principle and
Maine. The bonds so issued shall be Layable 70
the amount OF $500 U per annum for twelve
years beginning with the year 1s9 seventy
ing with the y, ar 1902; seveoiy-eight thousand
dollars per annum for ten years beginning with
annlm for eight Years. bseinDins with the ypsr pr
1922. In case the balance due on The public debt
In 1889, shall be less than 80 SOC, 600 then the
division OF the yearly payments shall be made by
the treas rer for the same period OF time and in
the ratio that the foregoing apportionment bears
to the true amount of the debt then to be renew
ed. Each bond so issued shall be signed by the
treasurer, countersigned by the Governor and
attested by the Secretary of State with the seal
y or bee name e u y ts sg9eq Sy e
may be engraved thereon. The treasurer with
the approval of the Governor In writing, shall
have the right to negotiate the sale of the bonds
aforesaid, or may advertise for proposals for the
same IN such papers as he may deem expedienr.
Sec; 2; The Treasurer of State, with the ap-
proval al the Governor in writing, is hereby aIl-
thorized at any time after the passage of this act
to issue and exchange any of the bonds author
the bonds of the State now outstanding. on such
terms as, in his judgment, and In the opinion Of
the Governor, shall be advantageous to the State.
Sec 3. These new bonds shall be dated as is
sued, but the interest shall not begin to accrue
thereon until the first day of June, 1889.
Sec. T.. The Treasurer of State with the ap
proyal OF the Governor in writing, is hereby all-
thorized to sell any portion or all OF the bonds in
the sinking fund, and may apply the proceeds
Of the State as may be obtained but In both cases
at prices, which. In his opinion, and in the judg-
ment OF the Governor, shall be advantageous to
Sec. s. All acts or parts of acts inconsistent
with this act are hereby repealed.
Sec. q. This act shall take effect when approved
Mr.. Green's Militia Bills.
The committee on military affairs voted
unanimously this afternoon to report two
militia bills proposed by Representative
Green, of Portland. One raises the appro-
priatien for the militia from sixteen to twen-
ty thousand dollars, the other makes several
important changes. 1t reduces the number
OF enlisted men in each company of infantry
from 90 to "a and raises the number of men
In the two batteries from 35 TO 40 each. 1t
reduces the term Of enlistment from five to
three years; adds an inspectors Of rifle prac-
tice and brigade chaplain to the Brigade
staff; and raises the pay of the
regimental band from two to three
dollars day while on duty. Mr.. Green says
company is occasioned by the inability of
the State to uniform all the men enlisted.
The Increase in the appropriation is made
necessary by deficiency of $4,000 from the
last two years, occasioned by. the insufficient
appropriation made for uniforms two years
ago; and also by the need Of more funds to
keep the militia up. Mr.. Green says that
New Hampshire with the same force paws
an annual appropriation of $4,000.
Dental Registration Bill.
The committee on legal affairs report
fought to pass" on the bill to regulate the
practice of dental surgery in this State.
hot ,,n ohan
practice dsntistry or dental surgery unless
he shall have first received certificate, on
pain of fine of not less than $25 or more
than $l0Q board of examiners to consist of
fve dentists is to be created, the members
to be appointed by the governor, and to hold
office for three years. Every person engaged
in the practice of dentistry or dental surgery
IN this State at the time of the approval of
this act, shall within 81 months thereafter,
cause his or her name. residence and place of
business to be registered with the board
OF examiners and upon answering all ques-
tion submitted to the board shall receive a
certificate, for which fee of one dollar shall
be received. Any person receiving diplo-
ma afrom reputable dental college may, on
payment of fee of $5. receive certificate.
Any of the previously specified must pass an
examination before the board in anatomy,
physiology, pathology, therapeutics, chemis-
try and theory and practice of dentistry, and
then, on payment of a fee of $40, the secre-
eotJ J. Vi thC uOdi0 may Stdub per-
nit to practice dentistry to any suitable per-
son who shall fill his application and pay a
fee,
The Maine Reports.
Mr.. Dane Of Kennebunk, introduced yes
terday an order directing the judiciary COM
mittee to inquiry into the expediency of hav-
ing the State publish the Maine Reports at
less cost than they now cost, and of chprg-
ing the salary OF the Reporter. of Decisions
accordingly. Mr.. Dane says the reports as
published at present cost much more than
the reports of other States. They could, he
thinks, be published at much less expense.
As the State buys large number of each
edition for the towns, the library and the ex-
changes, 1t would also be a great saving to
the State.
Maine Eye and Ear Infirnary.
When the finance committee met this af-
tern0on the question of granting $1,000 to
the Maine Eye and Ear Infrmary came up.
For the measure appeared DIR. Holt, DR..
Weeks, DR.. Meserve. DIR. Adams, Col. ii. S.
Osgood, Hon. A. Little. Hon. M. P. Frank,
b. +. Chadbourne, Esq, and Mr.. Phillips,
an aged man of Aupusta who hod haan