The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-01-13
paIance on band on oct. 81. 1seO. ....

Amount of receipts accounted for. s., 036, 604 G.
The balance on hand to credit of state
account Oct. 81, 1890, will be absorbed by
the payment of the principal and interest
of the public debt Jan. /, 1891, amounting
to S119, 357, and the payment of the ordi-
nary state expenses for the months OF No
vember and December, 1890, n January
and February, 1891, which will amount 10
about 100000.
There has not been, and will not, &C
cording to the experience of the past, be
any considerable amount of receipts to be
credited to the state account until Febru-
ary, 1891, and therefore the chief reliance
Of the finance department must be upon
the balance TO its credit Oct. 81, 1890.
The estimated receipts for state account
from all sources, except riparian grants
and leases, for the fiscal year ending Oct.
81, 1891, including the balance on hand
Oct. 81, 1890, amount TO 81, SIS, 760.S7,
which, after the payment of the ordinary
state expenses, and the principal and inter
est of the public debt, can be used for out
standing appropriations and other state
purposes.
In these estimated receipts | nave not
taken into account the money which will
be received during the present fiscal year
from riparian sources under the act of
March 10, 1890 Claws of 1890, page 92). l
nave not included it, because / q deem il wise
state policy to appropriate this money to
extinguish interest bearing temporary
loans before using it for any of the OUT
standing appropriations, no matter how
urgent may be the demand therefor.
The financial condition of the state is not
embarrassing, but it will not permit new
appropriations except in absolutely neees-
sary cases. Its condition will also prevent
the immediate payment of many appropria-
tons heretofore made by the legislature.
The state owns 1881 shares of the stock of
the United New Jersey Railroad and Canal
company, of the value of S471, $50, which, in
any exigency, it could convert into money
/ am opposed 10 using these securities for
the reasons given in my inaugural. There
is nc present emergency strong enough TO
warrant the sale of these securities.
TIL comptroller reports the following
aggregate mounts heretofore ~appropriat-
ed, but not paid, viz;
Amount required TO pay special appro-
~priations made prior to 1890. 400, 1926, $50 &c
Amount required TO pay special appro-
Pl1atons OF 204,S0 %
Making a total $3.50. O53 %
Unless the state secures additional
sources Of revenue, or increases the amount
TO be obtained from the present sources, ii
will be several years before it will be fully
able to meet the outstanding appropria-
tons.
On the 3lst day of December, 1890, one OF
the temporary loans for 100000 fell due.
After consultation with the comptroller
and treasurer it was decided to pay of
this amount, and the treasurer has ex-
tinguished so much Of the temporary loan
account. 1t was possible to make this pay.
ment because the state account had re-
ceived from riparian grants during the
present fiscal year, since Oct. 81, 1850. the
sum of $i ,057.5l, which, under the act OF
March 10, 1850, could be used for this pur-
pose.
Whatever temporary loans may be neces-
sary during the fiscal year, the amount
thereof will be reduced from time to time
as money is received from these grants I'M
til these loans are entirely extinguished.
am satisfied that, with some additional
legislation, the riparian grants will within
a reasonable time furnish money sufficient
not only to pay outstanding temporary
loans, but also TO pay all outstanding ap-
preparations.
l again recommend to the legislature the
passage OF an act requiring the payment OF
a collateral Inheritance tax and tax upon
legaeies, and the Increase Of the ~lraLcAiss