St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-08
MILLER'S LAST.
The Retiring Governor Makes an
Address.

Inc RetIrlnS Governor makes an
Address.
Special to the Globe.
BISMARCK, Jan. 7.-Following are ex-
tracts from Gov. Miller's address:
In my first message to the legislative as
gembly, devoted considerable space to a
careful consideration and presentation of
The financial condition OF our new state, and
| deemed it my duty to earnestly urge the
gtrictest economy 1t is therefore, with con-
siderable satisfaction that1 refer You to the
fiscal condition of the state as evineed by the
report of the state treasurer. The total re-
ceipts from Nov. l. 1889 to the close of the
fiscal year. Oct. 81, 1890. including the
amount received from North Dakota's
share of the cash on hand in the
territorial treasury at the lime OF our
admission into the Union, were $685.,
5ll.S9. The total disbursements during the
same period were S5u4, 72032, showing
balance on hand in the treasury Oct. 81,
1890, S104, 791.5I; $4,000 of 4l2 per cent
revenue bonds were issued and sold under
authority of chapter Is of Session Laws of
1890, aud the proceeds of same are included
in the above total receipts. By an analysis
Of the report find that the total current eX-
penses of the state for the year ending oct.
81. IS9 ,, were $3O1 ,U99.02, being about
$4,000 less than the estimate made by me
in my message a year ago. based on North
Dokota share of territorial expenses Some
of the more prominent items that show Il
much less cost than was estimated
are: Adjutant generals. salary and
expenses, $l93.54; estimated cost $4,000;
Militia, $2.25O; estimated cost. So, 600. Com
missioner of agriculture, 1884. 90; esti
mated cost, $4,000. Board of agriculture,
S3O5; estimated cost. $4,000. Veterinary
surgeon, salary and expenses, SS91.SS; esti-
mailed cost 81, 900. About $4,000 was also
saved to the state by the decision of the at
torney general holding that the per diem of
the members of the legislature ceased during
their absence for the holidays BY the terms
of the constitution, the aggregate state in
debtedness is limited to 100000 exclusive
of what might have been the debt of North
Dakota at the time of the adoption of the con-
stitutiOn. The issue of the aforementioned
bonds leaves 5000 and in addition thereto
the total amount of North Dakota S share of
outstanding current liabilities of the terri
tory to Nov. 4, 1889, as the amount of the
possible increase Of The state debt before
reaching the limit fixed by the constitution.
1t would therefore seem, with the increasing
assessed valuation. and the larger levy al
loved by the constitution, that the Init of
Indebtedness may not necessarily reached.
The bonded Indebtedness as shown by
the report of the state treasurer. is $780,,
St7.46, this being an increase of $l5u,000
over the amount of bonded debt of the terri
tory assumed by the state at the date
of admission. The issue of the Sl50,u00 of
bonds was authorized by the last legislature,
and they are known as revenue bonds,
ISSUE uateu April 70, lSJt, que April 70,
1895 bearing 4l9 per cent interest and were
issued TO pay the current expenses of the
state. They sold at a premium of Sl7,425
In accordance with the suggestion made in
my last message, the last legislative assembly
authorized the state treasurer to prepare for
issue negotiable bonds of the state for such
amounts as shall be necessary to refund all
the outstanding bonds subject to the Call OF
the state. such refunding bonds 10 run not
longer than thirty years and TO bear interest
at a rate not to exceed per cent payable
Semi-annually. Under this authority a call
was duly made Tor $500 of per cent
bonds, issued for the second Dakota peniten-
Larv at Bismark, AID sos, 900 of u per cent
bonds issued for the erection of additional
buildings for the North Dakota hospital for
the insane, for the payment of which $l13-
600 of thirty-year i per cent bonds, dated
May %, 1890, were issued, and sold at a
premium of Sl0,5o5. of the bonded in
debtedness Sl17,60O bears interest at 6 per
cent, ~3,207.4n at 5 per cent $751; 600 at
AZ per cent and Sl15, 701 at 4 per cent.
A very assuring evidence of the excellent
credit of the state, and of the confidence of
investors in our financial condition and re-
sources. is presented in the ability of the
state to negotiate its securities on such fa-
Yorable terms. The Sl13 10 of per cent
thirty-year bonds sold at par and 9.34 pre-
MUM, and the 100000 OF 412 per cent rev.
enue bonds OF par and IL 81 per cent pre-
MUM thus virtually making the rate of in
terest paid by the state on these bonds q little
less than 3l2 per cent, which indicates the
nigh standing of the credit of our new state,
being rate that would be considered favor
able by old and populous states.