The Portland daily press., 1895-01-04

the balance in the treasury January l. 1893,
We're 81, 1859 $685.. The Disbursements during
that time were 81 1885, SSH. The receipts for
the year ending December 81, 1894, including
the balance in the treasury January /, 1894,
were S., 9S5, 689.0l. The disbursements during
the year were 81 ,52S Is. There was bal
ance in the treasury on the first day OF
January, 1885, of $458, 1855.
Without special reference at this time to our
financial history. and the valor and patriotism
of our people during the war for the preserva-
tiGn of the Union and the years that closely
followed, it will be observed that the net
indebtedness tie thirty first day of
December, 1874, after deducting the amount
in the sinking fund, was $5570,876, nearly
all of which was incurred for war pur-
poses and on which amount the an
nual interest charge was 1884 252. During the
following twenty years there paid on this
debt SO, 1877 ,876, reducing the bonded indebted
ness of the state on the thirty first day of De-
cember, 1894, to 49, 403, 000 and reducing the an
nua1 interest charge from 1884 252 in 1874, to
less than $4,000 at the present time. This ex-
cellent financial history marks the intelligence
and wisdom of our people and their repre-
Sentatives.
The outstanding bonds of the State, bearing
interest at per centum command premium.
Our cities and towns, in making their tenn
porary and permanent loans, are negotiating
their securities on per centum basis, and in
many instances for less. The bonds of the State
and of her municipalities are among the
choicest Investments and are i'll quick de-
mand, not only by our own people, but
throughout the financial centers of New Eng
land and the middle states. The high financial
credit Of our State and of her various munlcl-
palities rests upon permanent basis, ana Will
be secure in the future under the operation OF
existing constitutional provisions, limiting the
obligations to be incurred by the State and
- 1t,,4 IN
mum cipalitieS to create an Indebtedness be-
yond the limit expressed in the constitution.
1t is undisputed that these judicious constltu-
tional safeguards are the underlying FORCES
that give US our great financial strength and
stability, and permanency in the high values
that attach to our securities.
Temporary Loan.
There was outstanding against the State on
the first day of January, 1898. temporary loan
of 900 that had existed for several years
This loan had reached the constitutional limit
of the power of the legislature to Great lndebt-
edness, except for suppressing Instruction
repelling invasion or for purposes OF war Not
only our financial credit but safe and con-
servatiye monetary policy for the future, re-
quired that this loan should be paid, and paid
from our receipts without increasing state
taxation. This imperative necessity was upon
us, and some deserving measures, requiring
the Legislature, Were compelled to yleld to this
demand
am pleased TO state to you and the people,
that during the past two years the entlre
temporary loan of $780, 900 has been paid from
the receipts of the treasury. In addition to
this, 800 has been paid from the treasury
during the time on our bonded Indebtedness
thus reducing the state debt during the years
1893 and 1894 S403,3O0, and our interest charges
not less than SIT 900. On the first day of Jan
uary, 1895, as before stated, the unexpended
balance in the treasury was s45S, 1888; more
than sufficient to meet all our outstanding cur
rent liabilities.
State Tax,
The State tax for the year 1893 was two and
three-fourths mills a dollar. The levy for
1894 was on basis of two and one-haif mills,
making reduction in the State tax for the
past year, of S7 1884. From a careful examina
ton | am satisfied there will be some reductlon
in our receipts the present year, from the yarl-
Gus sources OF revenue outside OF the dlrect
tax levy and you may find, as the session pro-
crosses, that the necessary expenditures OF
the State government will require levy for
1895, nearly equal to the reduced assess
ment of last year. l can. however, safely
recommend that for the year 1895 the state tax
be reduced by you to two mills on dollar.
On the revised valuation this rate would re-
duce the tax to be levied for State purposes, on
the cities and towns for 1896 S192. 2a9 1f; and