Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1891-01-15
sl7s,l9s O.
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43a.T6O 81
Balance on hand on Oct. s1, 1890.


Amount of receipts accounted for Sc 036, ,G94 62
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 l. 1891 amounting
to SIG, ,357, and the payment of the ordi-
nary state expenses for the months of No
vember and December, 1890, and January
and February, 1891, which will amount to
about $500, COO
There has not been, and will not, ac-
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 S1,SSS, ,760.S7,
which, after the payment of the ordinary
state expenses, and the principal and inter-
est of the public debt can be used foSout-
standing appropriations and otherSstate
purposes
In these estimated receipts | have not
taken into account the money which viii
be received during the present fiscal year
from riparian sources under the act of
March 10, 1890 Claws of 1890, page 92). l
have not included it, because deem it wise
extlnguish 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 neces-
sary cases. Its condition will also prevent
the Immediate payment of many appropria-
tions heretofore made by the legislature.
The state owns 1,SS7 shares of the stock of
the United New Jersey Railroad and Canal
company, of the value Of S471, ,750, which, in
any exigency, it could convert into money.
| am opposed to using these securities for
the reasons given in my inaugural There
is no present emergency strong enough to
warrant the sale of these securities.
The comptroller reports the following
aggregate amounts heretofore appropriat-
ed, but not paid, viz:
Amount required to pay special appro-
priations made prior to 1890. S295, ,553 &c
Amount required to pay special appro-
priations OF 1890 O............"......2 264,50O 90
Making total of.......-.....--..... .S560,053 36
Unless the state secures additional
sources of revenue, or increases the amount
to be obtained from the present sources, it
will be several years before it will be fully
tionS.
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-
tlnguished so much of the temporary loan
account. 1t was possible to make this paw
ment because the state account had re-
celved from riparian grants during the
present fiscal year, since Oct. 81, 1890, the
sum of s4l ,057.51, which, under the act of
March 10, 1890, 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 un-
til these loans are entirely extinguished.
am satisfied that, with some additional
legislation, the riparian grants will within
reasonable time furnish money sufficient
not only to pay outstanding temporary
loans, but also to pay all outstanding ap-
preparations.
again recommend to the legislature the
passage Of an act requiring the payment of
a collateral inheritance tax and tax upon
legacies, and the increase of the franchise
or license tax upon corporations. There
ara certain classes of corporations, such as
life insurance, street railway, electric light,
telephone and other companies which can
certainly pay, without embarrassment, a
larger tax than is at present imposed on
them. The enormous amounts of capital
invested in the business of many Of these
corporations, and the fact that their fran
ehlses are immensely valuable in enabling
them to earn large profits, give them great
advantages over the owners Of land and
those engaged in other business enter
prises, and make them proper subjects for
Increased taxation.
Assets of the State Fund.
The securities Of the state fund are re
ported as follows:
1881 shares Of the stock Of the United
New Jersey Railroad and Canal com
pany Of the par value Of. ........... slsS,7OO 90
Centennial stock. ock.,.................... 74,1i6 G.
Bonds of the several counties of the
state for surplus revenues Of United
States loan. ...................... -. 764,67O "A
Making total Of ................S1 or, ,4s7 Ii
This entire account is misleading The
first item, whose par value is S18S, 200, is
worth S47l, ,750
The second item represents balance of
| $74,1 67 claimed to be due on centennial