The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1891-01-15
Governors Address.

Gentlemen Of the Senate and House of
Representatives
At the beginning of the important and
exacting duties which, as the chosen re-
pres entatiyes of the people of Maine, will
devolve upon you during the next few
mouths, 1t is my pleasant privilege to well
come you to more commodious and con-
venient quarters than have been enjoy ed
by your predecessors.
The increased health and comfort thus
secured to you will, it is hoped, go far
towards facilitating the labors of the ses-
sion.
FINANCIAL.
On the first day of October, 1869, when
bonds were issued under the Act of 1868,
in payment of the Municipal War Deots
assumed by the State. the total bonded
Indebtedness of Maine reached its highest
point, amounting at that time to $780,
800. Deducting from this the accunnla-
lions then in the Sinking Fund, amount
ing, at their par value, to 1912 $50, it will
be teen that the tntsl net indebtdpe .s OF
the State was 81 1888 This debt wa
bearing interest at the rate of six per
cent. per annum, payable semi-annuall,
and the amount due for interest in 1870
1856 054 90.
The total bonded debt of the State al
the present time Is So, COP 300 OF this
amount $ll8 300 Ia drawing interest a,
five per cent. $l50,OO0 at four per cent
and 81, 1874, 900 at three per cent. per ar.
mum, payable semi annually, being jrs
one-h half the rate which the State huC
been paying for the previous tweDt,
years. During the past year the sum OF
$50, 900 has been paid on the principal o!
the public debt.
Briefly stated, the financial operations
of the State from 1869 to the pres en-
time are as follows:
Total net bonded debt, October l.,
1859, $7t7S 40 OF
Total net bonded debt, JanuaryI,
1891, $a,oo3 900 o
Total reduction since 1901. S4.s2o o7o o
In 1870 the total amount of interest
dive from the State upon the
bonded debts was s4s6,os4 o
The amount of interest to be paid
on the bonded debt during the
present year is sr.oJs o
Showing total reduction in the
annual interest account, since
1869, of $4otIIo O
This interest account will be growing
less from year to year, as the snnusl pay
ments upon the principal of the debt ar
made under the Refunding Act of 1889.
A comparison of these figures will
clearly show TO the people of Maine wins
has been accomplished during the las,
twenty years, and how carefully and pru
IDENTIFY her financial interests have beer
managed during that time.
In 1865 the rate of taxation In Mair,
was fifteen mills on the dollar OF tn.
State valuation, and the State tax assess
ed upon the County of Cumb erland alon.
WAS larger, by nearly fourteen thousap,
dollars than the entire State tax for 1890
Indeed, the State tax for 1865 was opl,
$I26 .OO0, 90 less than the entire amour,
Of the bonded debt of the State at tn.
present time. Within the last decade tn.
rate of taxation In Marie has teen re-
duced from five mills in 1880 10 two and
one quarter mills In 1890. II we take from
this the ore mil that Is levied directly b,
the State, under the Act of 1879, for the
support Of Common Schools, and is dit
tributed by the Treasurer Of State TO the
several cities, towns ard plantstions,
there remain but one mill and a quarter to
be used for genersl Stste expcnses-:hc
lowest State tax that has been levied dur
lng the past thirty years.
one, were 1t fairly assessed upon III th,
property of the State, a, it, full value.
The benefits derived from a State Gov
,rnment, the protection OF person ant
property which renders pos.i' |, increl.-
d production, through the division OF
thor, cannot be ovprstimated. Nowber.
lse do we secure so large returns from,
90 small an expenditure Of money.
Of all tho pubI,c hurdana roatfnu pno,,
the people Of Maine, the State tax Is to-
day the least onerous. The total amount
levied during the past year was 1881, 637.-
n, OF which more than 100000 were re-
turned directly to the people for sci DOL
purposes, leaving but about el3O. 900 of
he amount thus assessed to be ust d
towards defraying the expenses Of tie
State Government. During the pl esent
year 2s7 towns and plantations will re-
eeive from the state more money ON &C.
count Of the School Fuud and Mil Tax
alone than they pay into its Treasury.
In large number of the remaining towns
the difference between the smount TO be
paid the State, and the amount to be r..
ceived from 1t on this account, will be
exceedingly small.
By virtue Of the Act Of 1879, known o.
the Mil Tax law, oil the property of the
tSate 10 assessed one mill upon every dol.
Isr for the support Of Common Schools
Under this system Of taxation, which has
given eminently satisfactory results. the
cities and wealthy towns arc obliged to
aidSin tightening the burdens
Of the loss prosperous communities. II
will therefore Do readily seen that the bur.
deus resting upon the people to-day will
be found largely In what may be formed
or town tsxation and thst, In
Sc king ways TO tighten these burdens.
this important fact should not Do Lost
sight OF. While the State tax for the
, ear 1890, including the one mill levied
for tho benedt Of schools, u only two
mills and . quarter on . dollar, or TWEEN
ty-two End oae-half csnts on one hundred
dollsrs Of The STATE valuation, ~ nuni-
clpsl or town taxes, levied TOR I'll par.
p0ses, average one and aeventy.one hun.
dredths ceata apou he dollsr o. asssassd
valaaaloa. aad ass alWays, Outside Of Ger.
taiA aheolute rQeireuests. just what
toWns - uuulsei ellllse ~ thsAselvss
AnHnn1neDn IN nn4k<uau~