The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-01-13

Full Text Of Governor Abbetts Mas
terly Review Of the States Affaire.

telephone and other companies which car
certainly pay, without embarrassment,
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
chises are immensely valuable III enabling
them TO earn large profits, give them great
advantages over the owners OF land anc
those engaged in other business enter
prises, and make them proper subjects fol
increased taxation.
Assets OF the state Fund.
The securities Of the state fund are re
ported as follows:
1,Ss5 shares OF the stock Of the United
New Jersey Railroad and Canal COM
pany Of the par value of........... SIS. 700 O
Centennial stock 74.fi6 81
Bonds OF the several counties OF the
state for surplus revenues Of United
states loan so4,O'V ~
Making a total of.......-..........$f.oH 49, II
This entire account is misleading. The
first item, whose par value is sisS, 200, IL
worth $471, $50.
The second item represents a balance OF
$74,116.67 claimed to be due on centennial
stock. 1t is worthless. Its history Is AZ
follows: The legislature passed an act en-.
titled IAN act relating to the centennial
celebration of American independence
approved March 8, 1874 claws 1874, page
"a. This act authorized and directed the
purchase of 10000 shares of the centennial
stock issued by the centennial board OF
fiEance. The state paid therefor 100000.
After the settlement Of the affairs OF the
exposition there was returned to the state
81, S33.3 3. The state will never receive
any further sum on this stock. The above
balance of s74, 1857 represents the amount
of loss to the state on this stock, and was
practically a contribution of that amount
TO the centennial exposition of 1876. II
this stock is to be reported as an asset 1t
should be accompanied with the statement
that il is of no value.
The bonds of the several counties which
are set forth above in the state fund as an
asset and amoun to $764,670.4 are not
available to the state and never Will be.
Their history is as follows: On June %,
1896, congress passed IN act providing that
the surplus then in the United States
treasury should be apportioned among the
several states then existing, in proportion
to their population. Four payments were
provided for, but only three were actually
made. New Jersey received the above
amount, which was to be repaid TO the
United States whenever called for by the
secretary OF the treasury. The legislature
of our state, Nov. 4, 1885. passed an act au-
thorizing the governor, treasurer and the
speaker to receive this money.
BY the act of March 10. 1887, the amount
was apportioned among the counties Of the
state, then existing, according to the ratio
of the state tax paid by the counties to the
state during the previous year. The counties
were authorized to invest nj reinvest the
money, and they gave their certificates OF
deposit or bonds to the state; these bonds
are the above assets. By the act of March
8, 1S4S, authority was given TO the town
ships TO use the interest for the support OF
public schools. March 81, 1867, the legis
lature made it obligatory upon the town
ships to appropriate the interest for school
pos April 6, 1871, il was made the
duty of the county superintendent to ap
portion the interest money among the
schools of their respective counties. In
view of the above legislation, the state
will never collect the principal or interest
on any of these bonds. This asset should
if reported, be stated TO be of no value.
School Fund.
The total amour of the school fund
Oct. 81, 1890, was 1865, 017.59.
School fund investments are given by
the governor as 50, sos, OH. SOL
In addition to the above there is now
due from interest on securities and rem
ais on riparian leases the sum of 1882.
1921. 10, which when collected will increase
the fund to over 81, 0,000.
Under paragraph 6, section {, article 4
of the constitution, the principal Of the
fund must be invested and remain a per
petual fund. It's income only can be used
for the support Of the schools.
The total receipts of the school fund
during the past fiscal year were as follows
From income. S@SO,5Io a
From securities paid of .............. 9o3,419 81
Total. 81, 27s. oo7 O.
Balance on hand Oct. 81, 1ss9.....-... $4,000 s
81, eOs.s Oi 8
This amount is accounted for as follows
Disbursements and investments. 80. S941, s56 q
Balance in bank Oct. 81, 1soO......... e62,os5 o.
si,OO8.OOl s
Sinking Fund.
The report of the commissioners Of thu
sinking fund shows the following assets
Oct. 81, 1889:
Loans on bonds and mortgages. ...... SsSs. 416 q
Unpaid interest, due Oct. 81, 1882. -. S,995 o.
Real estate, cost as per statement. -. $4,000 q
Due from Thomas Crozier on decree. 6,066 a
Balance In banks ................ q, 114 o.;
Making a total of. s5T7, s5s 9,
The assets of the fund at the end Of the
fiscal year Oct. 81, 1890, were as follows:
Loans on bonds and mortgages. ...... $780, ie 81
Unpaid interest, due Oct. 81. $780,. a6oo o.
Real estate. cost as per statement. -. 2l6,4i7 s,
Decree OF Thomas Crozier. .......... 6,O66 a
Balance in banks ............".... 1896 q
s55s, 1T Of
Decrease in assets during fiscal year Ss4,546 81
This decrease is accounted for by the
commissioners as follows:
Bonds and mortgages Oct. 81, 1884,. S3S3, 4i6 q
Bonds and mortgages Oct. 81, $780,. S0s,2l6 &
decrease. s24.2OO u
Interest account unpaid Oct. 81, 1889. 1896 OF
Interest account unpaid Oct. 81, 1899. 3,6oo o.
SSSo "
Bank balances Oct. 81, lss9........... So, ia q
Bank balances Oct. 81, 1890. .......... 1896 q
Decrease. s ,sos Ct
$685. Os 81
Deduct real estate Increased ........ 4.357 x
s24,6l6 81
The following amounts were collected by
the commissioner during the fiscal yeal
ending Oct. 81, 1890:
For interest S16,5s4 q
For rents 2,644 q
For sales Of real Estate. ............. 600 Ok
For mortgages paid in full and on ac-
ls'SOo "
$4,000 Of
The state appropriation. 5000 Of
State loan to sinking fund............ 81, $50 o.
Sly, $50 OK
- 5000 Of
sio6.41s Q;
Oct 81, 1889, bank balance vas. ........ 2.I14 81
Total. SIS 5sa a