The Providence news. (Providence [R.I.]) 1891-1906, 1893-01-31

states finances at the beginning of the curren
.ear.
Finances.
Funded debt Jan. g, 1893. .......... sl,2s3.onO
Sinking fund, Jan. =, 1898. .......... l,l4j,s9l
State debt less sinking fund.-. Sl37, 1886
State debt less sinking fund,
Jan. i, ZS,Sph3
Decrease past year. 96,l27.6
Balance IN the treasury, Jan.
/, 1897. ....,.....".."...... $4,000
Receipts from Ian. l, ls9e. 10
Dec. 81, lSS2 ......""."...... lbs, 1924
Total. OBSERVATION-DISCLOSURES. sl,2li, 1894
Payments from Jan. /, 1897. TO
Dec. 81, lss2. .................... l,lll.1Sl.S
Balance in the treasury al
the close OF 1872. ................ Sl00,007 o
This is the first year in which there ma,
been an excess of receipts over expenditure.
since 1889. when there was a balance upor
the receipt side OF the account amounting e
sllo,454.05. II was during that year that the
state tax was increased from IL cents TO Il
cents on 500. At the close of 1890 the excess
was upon the expenditure side OF the accoun,
10 the extent of S93,6a.l6 and AT the close OF
1871 the excess in the same direction was 60.
bss-5o or Sg' ,Os1.S4 il we deduct from the re-
ceipts OF that year, So, 1864, the amount OF
direct tax money received from the federal
government. In view Of the unfavorable bal
snce OF previous years IL is very gratifying 20
HhN that M lit Close Oh lrSs our income PX-
ceeded our expenditures by S24,O67.s7, n that
the revenue from our regular sources for last
year was S23,429.8l more than that OF the pre-
Nlous year. We now have a balance of $780,
VIVA In the state treasury, and the amount of
our state debt less our sinking fund is only
slS',los.6s. On July l next S5si,0O0.n of the
uebt will be paid from the sinking fund. and
the balance by Aug. l, 1894.
Revhluatton of the Cite, md Tov,.
While thu fora0nfpy ,,ot. .ls
satisfactory increase in the states revenue.
we must not lose sight Of the fact that MANY
important reforms can be made in our
methods of levying and collecting taxes. The
reports Of the board OF state valuation made IN
the general assembly during 1891 and 1897
fogently show the direction In which these
seforms may be made. 80 that the income of
The state may be augmented wi thout mate
rally adding 10 the burden of the general pub.
Tic. Your attention should first be given 10 n
SevaIuation OF the towns and cities for the
purpose or state taxation. Ii is nearly twenty
years since tho present valuation was adopted.
ana the material growth of our towns and
1lties during that period has not been uniform.
1he disposition OF the people To permit the
state to enter actively upon works of public
Improvement, involving the expenditure of
large sums OF money, makes the equalization
oil the valuation essential as a matter of .ius-
tlce. even II the revenue Of the state is not
sh't'bf iuCItdrtu. Il recommend that the re-
valuation bill reported from the COMMITTEES az
conference Of both houses and continued M
the last January session, be taken up at an
early date, or that a new measure be promptly
introduced.
Assessment and Collection of Taxes
Inc basic change in the present system OF
producing state revenue. recommended by the
board OF state valuation. is the creation of a
board OF state assessors, who shall make n Pa.
valuation of the sauaro1 tnxyny anI
three years, and prescribe, assess and tax ali
corporations doing a steam railroad, telegraph
OF telephone business within the state. From
sworn returns made by these public corpora-
lions, the board Of state assessors will find the
amount OF capital stock, which in the case of
railroad and telegraph companies is propor-
tionate 10 the length of their lines in
the state. and in the case OF telephone
companies IL proportionate 20 the num-
Der or telephones in use in the state.
THIS proportionate amount Of capital stock
VIII be subject 90 taxation after deductions
nave been made equal in amount to the value
OF Fea4 eetate- opaea- by the rUmpHntes and
taxed by the towns and cities. The tax now
paid by telegraph and telephone companies
upon their gross receipts will then be abol-
lshed. IL is also recommended that n tax be
levied upon collateral inheritances and the re-
ceipts OF building and investment companies.
Inc idea OF creating "a new department may
1879 ~ ANAfANNA AZ ulNlhAnF DfI1Dln nf |
the additional expense It will represent. but 7
believe the increased income resulting from n
ana Just valuation OF property and n
supervision Of the returns of corpora-
lions liable 10 taxation, would more than rcnay
the small outlay required for the salaries of
The new officers. Rapid growth OF towns and
cities. causing continual changes in the value
Df property, necessitates n revaluation every
few years. and this work can be ACCOMPLISHED
more effectualiy and economically by a per-
nanent bureau. while the revenue expected
rom the new sources before referred 10 can
only be satisfactorily collected under state
supervision.
20, the state assessors might also supervise the
returns made by the express companies, banks
and INSTITUTIONS OF savings.
fersonal property taxation was also eXhaus.
lively considered by tho board OF state valua.
ION. and as the result Of its Investigation
we law and practice Of ~neighbor-
ing states, an act has been prepared
which Is designed 10 remove many confusing
'deas conveyed by our present statutes
ma 10 lead 10 more uniform system OF valu-
ation by town assessors. This act will be
'ound 70 define more clearly the various kinds
tangible personal property that should he
faxed. and also 10 provide for deductions ON
recount OF Indebtedness. There appear. to
be a necessity for an amendment Of our laws
lpon this subject. and the act proposed bv the
In my judgment. comes n near n prac-
icabie 10 what il required. The proposed
avs making the tenure OF Office Of assessors
N the cities and towns n uniform period 81
en- years. and establishing n uniform time for
he assessment OF property throughout the
are also In the direction Of sound ~.
orm. These proposed departures from our
present system Of taxation. while not OF n rad.
cal character. appear 81 offer results that AT
east warrant their trial.
Insurance aud Banking.
The establishment ~ n special insurance
md banking department would. I think. he
mother change beneficial ~ tic revenue Of
be state. The banking and insurance bust.
'ess Of the state ha. Increased ~ greatly dur