Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1894-01-30

Funded debt, January, 1885. 81 $1,000 90
Paid from Sinking Fund, July, 1888 5S4,OD ~
Funded debt, January, 1894, due ,,ooo ~
August, 1874 :..................... oMUU W
sinking Fund, January, lS94...... 699,Oss 6s
Excess Of sinking fund above
amount required TO pay all out
standing bonds. " *
CURREHr EXPENDITURES AND RECEIPTS.
Receipts during the year 1893 ....,s ,S3s Al9 Y
Expenditures l,243,5,S 81
Excess Of receipts over expendi-
lures ..........'s.... ..'........... b,oil ID
Balance in Treasury, January LIST,
iovS'''' ''' .......'..''''....... lUD,UI w
Balance In Treasury January LIST,
lcti'''''.'. ..........'.''.s....i.. lB,siS 81
These figures indicate a sound financial con-
dition, for while there has been an increase of
S2OO O22l.8s In the annual receipts, the yearly
expenditures have only increased TO the extent
Of sliS, S,+46.S%, of which about $4,000 represents
extraordinary appropriations. The State is
virtually out Of debt, for there Is SSs.6s In the
Sinking Fund above the amount necessary to
cancel the bonds maturing on August lst.
This will, however, afford no permanent re-
lief to the States exchequer, for the people
have voted 10 borrow sl5O0,0O0 for the new
State House, the bonds for which are not yet
issued, but may be before the year closes.
In estimating the annual appropriations let
US avoid the delusion that we shall benefit the
community by making . general reduction of
expenditures without regard To the purposes
TO which the money will be devoted. Public
improvements such as the new state House.
the Normal School, Court House, armories
and highways, should not he abandoned or
delayed through lack of funds During sea-
sons OF depression these operations furnish
work for the thousands who need
IL, stimulate trade by returning money
10 the people through varied channels,
huence which tends to establish confidence
and remove the shackles of uncertainty from
business. We cannot, however, exercise too
much prudence in voting the public money,
and especially ought we at this time tn refrain
from making appropriations To increase sal
aries, sustain new commissions or for the
purchase of unnecessary supplies.
The zeal displayed for retrenchment would
often be Of greater service to the state IL ex-
pended In the direction Of securing improve
ments in our methods of obtaiping revenue
Out system Of taxation Ii maTffestly unbusi-
ness-like and unfair. Ii 10 a process which
seeks to meet tho growing needs of the State
byincreasing At uncertain periods the rate Of
taxation upon an unsystematic valuation
which Is changed a. often as compromise and
pressure OF necessity will permit.
/ therefore emphasize my previous recon-
mendation that Board of State Assessors be
created under whose direction the revaluation
every three years, and who shall assess and
collect taxes from all corporations doing rail-
road, telegraph, telephone or express business
In the State.
There is also urgent need Of a clearer defini-
ton OF the several kinds Of tangible personal
property liable to be taxed. Ii is "a notorious
fact that under our peculiar law n large
amount Of personal property evades the as
SCISSOR, thereby depriving the State Of a por-
tion Of its rigbtful revenue and unjustly dis
tributing the burden of taxation.
A revision, however, OF our revenue laws
which did not include the adoption of direct
OF collateral inheritance tax would in my
opinion be neither complete nor satisfactory.
Such tax might be progressive, ranging from
one to five per cent according TO the value of
the Inheritance. IL has been in practica al
operation In many Of our States for several
years, and not only has II been productive of
considerable revenue, but experience has
shown that no tax Is less oppressive or col
lected with greater ease and equity.
In view of the financial statement just pre-
sented, IL is not unreasonable that the inquiry
should arise as ~ why IL is necessary to create
new sources Of revenue. Anticipating the
question, l desire TO call your attention TO the
accommodating Indebtedness Of our cities and
towns. Returns made to the Secretary of
State for 1893 show that the net Indebtedness OF
our cities and towns is over $500, 900, and.
comparing these figures with those for the
previous year We find an increase of about
81 aO,OOO. There Is indication that this debt
will continue TO grow, and hat rs "A result the
local authorities will find 1t necessary to add
TO the rate of taxation in order that interest
charges may be paid and the sinking fund
supplied. III such course il not taken, then
the cry for retrenchment will crush out the
disposition for public improvement now pre-
valent throughout the State.
Let US seek TO escape this latter alternative
by gathering more Of the States revenue from
public corporations and 9th or indirect sources
such as the Inheritance tax. A larger share
of the property tax can then be taken by the
local authorities, thereby enabling them TO
meet the growing Indebtedness without per-
ceptibly increasing the burden on the general
public.
Annual expenditures and receipts furnish
no criterion of our prosperity as State. We
are accustomed to seek information on that
point from the returns of our institutions for
savings. Reports from savings banks and
trust companies for the past year show de-
ded decrease in deposits and depositors. The
deposits In the institutions for savings on No
vember Ia, 1888, amounted to s69, ,0j3 72i H. dis
tributed among lS,ol0 depositors. The depos-
Its In the trust companies participation ac-
count, on that date amounted TO 81, ,959, ,1O3.45,
and the number of dspositors was 5lS6.
These figures show q decrease of 1854, ,26s. 40
In saving bank deposits for the year, and
decrease OF ll,ooz deposltOrs. Inc decrease OF
deposits is, however, due to the receivers Of
the Franklin Institution for Savings and the
Cranston and Union Savings Bank declaring
their final dividends. When this withdrawal
Is credited TO the years account the state
ment OF savings in banks stands as follows:
Increase In deposits for year end
ing November 10, 1888. .............. s98,245 IA
Decrease In depositors. ors................ @l
Compare this with the statement for 1899,
and we obtain = correct estimate OF the falling
on in the annual increase of deposits and de-
positors.
Increase in deposits for year end
Ing November IL, iss2 ............ $3.50 s35 10
Increase In deHpsitors. ............ 6.s4
The statement for the trust companies
shows:
Increase In deposits for the year
ending.November lo, isa3.......... s2e6,si6 %
Increase In depositors .............. G83
1acrosss In deposits for the year
ending November IL. 1897. ....... sai2, ,6D n
Increase In depositors. 1l
The state Auditor has repeatedly called the
attention Of the General Assembly to the de-
sirability OF relieving his department Of the
supervision OF the insurance and banking
business. cordially indorse this suggestion,
and again recommend that a special banking