The Somerset reporter., 1897-01-07

press upon this Legislature the advsa-
bility of going slow and using great care
In cNemptng property from taxation. The
tendency III this direction should be
checked. II was one Of the greatest evils
of The middle ages.
To exempt or to fail to tax Is simply to
add so much more To the amount placed
upon property which is included in the
lists and often this additional burden is
placed upon property that can i'll afford
TO bear II.
The biennial State valuation of the State
board of assessors viii contain very i'm
portant Information for your considera-
ton. 1t will show a steady though not
very large increase in wealth, and. judg-
Ing by the increase in the number of
polls. there must have been an additional
increase In population of 1900 In the last
two years.
The wisdom Of the Legislature In Great
Ing this board has been fully justified by
experience and the faithful work ii has
done.
Under the old system once in ten years
only were values equalized and changed.
Under the new this takes place every two
years and keeps the amount of tax as
sessed more equitable and proportionate
to the value of property in the various
cities and towns
Now our valuations upon which State
and county taxes are assessed. readily re-
spond to and are based upon any changes
In value very soon after they occur
l am glad to know that the board of
assessors have not SO much endeavored
to be able to show large increase in
wealth as to more thoroughly equalze
the values placed upon property. and it
is gratifying to learn that acting under
this rule, Notwithstanding a large deduc-
ton of s3,s1i.5 $500 from vessel property,
which they We're compelled to make under
40 oh ant Of h,.r t;l1
able TO report an increase in these times
of depression of 81, 022. 62S. 90.
In the send there can be no doubt that
1t is the part of wisdom not to create
imaginary values upon paper. but to act
under the rule which has guided the as
SCISSORS in making their valuation, that
no property should be valued beyond what
1t is reasonably worth.
We should not for the sake of showing
prosperity or increased wealth, raise val
ues beyond what the facts will warrant.
This board of State assessors. ever since
Its creation, has, as all we'll know who have
had personal Intercourse with and bust
ness before them, endeaVored to do their
duty with great fidelity and fairness to all
the various property interests of the State.
They found grave inequalities. which
they have as far as they reasonably
could, corrected. so as TO promote equal
| and just taxation.
The task before them. to obtain an
equitable and Just valuation, which
should do injustice to no interests and no
class of property, has been one difficult
to perform. but they have been equal to
1t, and the people are very generally well
satisfied with their conclusions.
| think the State owes to them very
much for the impartial. patient and in
tellgent investigation which they have
given to the many important questions
that have come before them. and the en-
inently fair and just conclusions at which
they have arrived.
This board is of so much importanco-
1t being very desirable that all should
have confidence in it--that I know you
will see to It that none but men of abil-
ity,, sound Judgment, strict integrity and
business experience shall be selected to
act memhrrs Of IT,
The people should have as implicit re-
lance In this board of State assessors.
and should feel as much confidence in the
correctness and BUSINESS of their eonclu-
sions as they do in the Judiciary of our
State, and its standard of integrity should
be as high.
FINANCES.
The financial condition of our State. its
available resources under existing laws.
and it's probable annual expenditures is
a subject in which one and all of our peo-
Pile have deep interest and one to which
L
tention and consideration.
The credit of our State Is now and AL
ways has been. upon a very high plane.
Its three per cent bonds always command
a premium The large Indebtedness. which
was a legacy to us from the war of 1861
has been gradually reduced and paid off
until at the present time our bonded debt
is, in round numbers. 81, 1903 10000. For
several years past It has been extin-
guished at the rate of $50 eco 90 per annurn
Good policy, and a proper regard for fu-
ture contingencies, demand that we con-
tinue during this and next year to nav
a least as large an amount
l shall not at this time attcmpt 10 pro-
sent to YOU any extended detailed or
itemized exhibit Of past or probable fu-
turc receipts or expenditures
The reports Of the State Treasures " hic n
viii bc furnished YOU. and which trust
| each of You viii carefully cxufnina. Will
ncquaiut Vol with all the necessary data
of the pas two wears and enable van
to form correct conclusions as To the IN
ture. They are my soil authority.
But there are certain deductions and
conclusions with which ! ann impressed
by an examination of those REPORTS. 10
which / would invite your best thought
and Judgment.
The balance in the State treasury at IN.
bcgiuuuc OF the year ISL was Sl5S. lg5. ~
The balance there "A tire present time IS
in round numbers. about 5000 600 II is
very desirable that there should be at all
times at least 500 oGnn0 TO properly carry
on its business. The expenditures hnve
exceeded the receipts during the past two
years bV the large sum Of more than
$50 0d6.00. This has resulted solely from
the largely increased appropriat fons
which the last Legislature deemed ad-
vsablc TO make, and from reduced rates
of taXation
The same ratio Of receipts and expen-
diturcs for the years 1897 and 1898 would
create a deficit of more than 500 900 On
But there is one other imuortant fact to
be considered. The receipts for the wear
1897 from direct taxation will proba bly, be
some $50. eO6.o0 less than they were in 1896
or 1896 as the tax levied and assessed for
1896 is two and onc-fourth mills instead of
two and one-half mills. which was the
rate in 1884 and 1885. The tax assessed for
any year Is not, to any considera BILE
amount. collected or paid into the treas
ury until the following year. Hence the
decrease I'm the amount to be received in
the year 1871
IL is my deliberate judgment that I'm
a time OF profound peace, we cannot af-
ford 10 be continually, year after year.
running in debt or having our expendi-
lures exceed our receipts and thus Great
ing constantly increasing deficit. TO be
tided over by temporary loans or funded
into more permanent ones.
We have arrived al point where il js
HnpcratiYc that our expenditures must
be brought within our income.
II * possible that this Legislature NAV
be able to ind some sources from which
TO derive reYcnuc other than those which