The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-30

gether with suggestions OF legislation needed
Finances.
The General Treasurer has presented tn,
following summary of the state finances:
Funded debt. January. ls93... g.. .2S3.000 N
Paid from Sinking Fund, July, 1893 $4,000 "
Funded debt, January, 1894 due
August. 1874. :. ......-............... fM.OO On
Sinking Fund, January, 1894. .... G99,Oss 6s
Excess of sinking fund above
amount required to pay all out
standing bonds acknowledgements. IS 6s
CURRENT EXPENDITURES AND RECEIPTS
Receipts during the year 1888 80. 81 ,Sis, tle 2
Expenditures .-.,. l,zi3,5sS 81
Excess Of receipts over expendi-
lures. .....s..., ......,...... W,sil ~
Balance in Treasury, January lat,
soV3..'. -. '..-..,..-..-,.......- lOp,uOI @
Balance In Treasury January lst,
lssi. .................-...... lgf,S4s 81
These figures indicate a sound financial con
dition. for while there has been an increase oi
S2UO,220.3s in the annual receipts, the yearly
expenditures have only increased to the extent
of Sl29, 1864, 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 &c
cancel the bonds maturing on August lst
This will. however, afford no permanent re-
lief to the States exchequer, for the people
have voted To borrow Sl,5OO0OO 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
10 which the money will be devoted. Public
improvements such the new State House.
the Normal School, Court House, armories
and highways, should not be abandoned on
6al yQH IanE nf 1tt.pfs
sons OF depression these operations furnish
work for the thousands who need
it. stimulate trade by returning money
to the people through varied channels
and enable the State to exert an In.
huence which tends to establish confidence
and remove the shacklcs Of uncertainty from
business. We cannot, however. exercise toc
much prudence in voting the public money
and especially ought we at this time TO refrain
from making appropriations 10 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 stateif ex.
pended in the direction of securing improve
ments in our methods of obtaining revenue
Out system of taxation is manifestly unbusi.
ness-like and unfair. IL is "a process which
seeks 10 meet the growing needs of the State
by increasing at uncertain perio,is the rate OF
taxation upon an unsysteuatic valuation
which is changed as often as compromise and
pressure Of necessity will permit,
therefore emphasize my previous recon-
mendation that a Board of State Assessors be
created under whose direction the revaluntion
of the several cities and towns shall be made
every three years, and who. shall assess and
collect taxes from all corporations doing a rail
road. telegraph, telephone or express business
in the State. "a
There Is also urgent need of clearer defini
uf n -
property liable to be taxed. 1t is notorious
fact that under our peculiar law large
amount of personal property evades the as
SCISSOR, thereby depriying the State of a por-
tion Of its rig = full revenue and unjustly dis
tributing the Curden of taxation.
A revision, however. OF our revenue laws
which did not include the adoption of direct
or 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 practical
operation in many Of our States for severa,
years, and not only has IL been productive OF
considerable revenue, but experiences 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 TO why IL is necessary 10 create
new sources or revenue Anticipating the
question, desire 10 call your attention 10 the
accommodating indebtedness of our cities and
towns. Returns made to the Secretary OF
State for 1898 show that the net indebtedness of
our cities and towns Is over $i6,0OO,O00, and
comparing these figures with those for th.
previous year we find an increase Of about
81 aO,0D. There IL indication that this deb,
will continue 10 grow, ana that as a result the
local authorities will find IL necessary to add
to the rate of taxation in order that interest
charges may be paid and The sinking fund
supplied. III such course is not taken, then
the cry for retren~hment will crush out the
disposition for public Improvement now pre-
valent throughout the State.
Let US seek 10 escape this latter ALTERNATIVE,
by gathering more of the States revenue from
public corporations and other indirect source.
such as the inheritance tax. A larger shar
of the property tax can then be taken by tn,
local authorities, thereby enabling them te
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. w,
are accustomed 10 seek information on that
point from the returns of our institutions foi
savings. Reports from savings banks anc
trustcompanies for the past year show de
cded decrease In deposits and depositors. Tn,
deposits in the institutions for savings on No.
vember III, 1893, amounted to S69, ,0jS IA IL, dis
tributed among l8,0l0 depositors. The depos
its In the trust companies, participation ac,
count. on that date amounted 10 q, ,95e, ,5O3.45
and the number Of depositors was 5l36.
These figures show decrease of ss53, ,e6s.A
an saving bank deposits for the year. and
decrease OF ll,ss2 depositors. The decrease OF
deposits 10, however, due TO the receivers of
the FRANKLIN Institution for Savings and tn,
Cranston ana Union Savings Bank declaring
their hnal dividends. When this withdraw
IL credited TO the years account the state
ment Of savings In banks stands rs follows:
Increase In deposits for year end
ing November 10. 1873. ............. sQ6,2t5 1,
Decrease In depositors.. 3gl
Compare this with the statement for lsgs
and we obtain correct estimatcof the fallint
on in the annual incressc OF deposits and lie
positOrs.
Increase in deposits for year end
ihg November ~, isg,.... ...... S3,e9O.S35 !,
Increase In depositOrs. ............ b.sh
The statement FOR the trust companic,
shows.
lrprease In deposits for the year
enbmg' November 10. islri. .. j. T. s2edse q
Increase in depositors .......s o.
Increase in deposits for the year o. -
ending November IL. lsQ2 ....... sa5e go "a
Increase IN depositois. .............. 5ii
The STATE Auditor has reueafedtx called tbe