Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1896-01-09
HIS FIRST MESSAGE.
GOYsrnOr Wells'S Recommendations II
the Legislature.
QUESTIONS OF STATE FINANCE.
Issuance OF Four Per Cent. Bonds Sug.
gested-SiAte Institutions and
Other Important Matters.

ing the duties OF inc doNefnof, pre-
yides that he shall communicate by
mtssaRe the condition of the State 20
~. I.s.t.la,n,o st.x.,, ,.snia, ...,o,
'ue ''-'o 80. 800"
anu teoounshu euou nnoAsuIes M no
may deem eIptdient
Congress has conferred upon Utnh
,on.,,,,,ton.t gov.,,n.n, .nd /, a.
tue ptoua privilege OF het olh<ehs, Tor
tho first time, to assume entire control
of their own Affair.", To you has been
DELEGATED an, l.v.m.hinS ,ov., and
'.o - ~, pS"s'' "us
h expected thht you VIII proceed
promptly and wisely To enact such leg
I.lation M will tuccessfully oomplete
h.axni,.,,o, -, ,h. no,. SIT. 80
1900 30 -, 80 -
ethmoh'' anu FtoNlue 'he heoesHafy
machinery TO put the same In motion.
Having the fullest confidence la your
ability 10 rice " The occasion, and As.
surei Of your patriotic desire to serve
your country well aud faithfully, L
promise you my active and cordial 90.
operation.
v,S.xors mr. ,ur MAN,
W
beg leave to call ysur attention 10
our hSaneial condition. Owing ~ the
fact that the reports OF the OutgOin x
Territorial officers have not yet been
submitted, and owing further 70 the
limited time Intervening between tie
Installation OF the present State llcefs
and the meeting Of the Legislature, II
Is impossible TO prepare such state.
ment of the nnanolal condition Of the
State ~ L desire, but tho reports OF the
Territorial oflicefs will be available
early in the session, and shall then
communicate with you further upon
this subject.
Tho bonded indebtedness OF the
State Il 100000. Tho bonds were 10.
sued In three series, TO wiii
Series !. BY authority u the act OF
tbs Legislative Assembly OF 1855, 100,
twenty-year, per cent, nOn.inTable
bonds OF sl,OOO each, Issued July .,
ISIS, payable July = lOOs, but win
right OF fedemntlou after ten years Viz;
after July =, le0S-sl0OOOD.
5efies2. By authority OF the ncl Of
the Legislative Assembly OF 1880, 800
twenly-yehr Per ceut non.taxable
bonds,of 81 900 each, lwued July /,
1890, payable July 1910, but with
right OF redemption alter ten Year,,
via: after July j, lOOO-ySo0,nl.
Series .. By authority % .no act Of
the Legislative Assembly OF 1892, $50
tweniy.yehr per cent non taxable
bonds OF sl,UOO onchi itsusd July 2,
1889, payable July 1, 1917, without
provision iot previous redemption
t25O,OOO.
The interest upon said bonds 10, by
tue terms OF tho law authorizing their
Issue, made payable semi'annually, on
the nrst days OF January and July TO-
speoIvely, and amounts 10 $4,000 poT
annum.
L nn unable, nj this time, 10 COM
pute the floating Indebtedness Of the
State, although IL may be- relied upon,
that including unrsdesmed warrants
and deficiencies Of SIato institutions,
tbs State will owe, after all taxes due
from the several COUNTIES arc paid iu,
at least 100000. The extra burden ~
be- borne by the State will DO for the
salaries OF state officers, support Of ths
State prison, the o0uTts, the LsRislA.
ture, etc, previously supported, wholly
or In part, by the Uniiod biatsf; aud
until the taxes OF 1898 become available,
there will DO no means TO conduct the
State government IL 10 apparent,
ahead OF tho careful Investigation
which 10 IL incumbent upon me b
make, the result OF which l shall com.
municAto 10 you later, ha stated, that
| provision must DO msue 10 pay of this
floating debt and meet the running
expenses for the next nine months.
II may DO set down rs an indispe nsAble
necessity, therefore, and as tho most
prudent ana economical method OF
placing the State treasury upon q cash
basis, which IL q coveted oonsummA.
ton TO any government or any bust.
mesa concern, that an Issue Of bonds bo
made; although the amount OF this
issue should, OF couee, be kept down to
the lowest possible limit, aud tho rate
not more than 4 per cent. IL 10 my
opinion that new BIsts bonds will sell
readily at par, both In eur own market
aud IN tho Eastern finan oial csnters at
4 per cent, and the AdvisAbilily oi
funding tho outstanding o per cent
bonds by n new 4 per cent issue,
which would produce y saving OF
| 81, 900 Per Annum, will also be pre-
| tenied for your consideration. AZ sOon
As tho lands granted under the en-
abllnR act, or portion Of them, may
be disposed OF, 10 10 provided that tho
interest on same may DO devoted 10
| the support Of tho various State insli.
lulious. Ultimately there 10 little doubt
that thsss prooseds will very material
iy relieve tho State tax fund, but II may