Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-01-25
Treasurer F. N. Simpson
Makes His Annual Report.
Additional Revenues Needed or Higher
Taxation Rate.
In Case the Same Appropriations Are Made
as Last Session.

| IN the hands of the printer, but Will II
a very short time be ready for the public
in the form of the printed pamphlets.
| In his introduction to His EXcellency
Governor Powers and the Honorable
Executive Council, he first mentions thai
of the trust deposits in his hands at tho
beginning of the year, $S7.19S.o5 of that
belonging to the Granite State Providen'
Association. had been paid over to tint
receiver Hon. Henry B. Cleaves by the
order of the Supreme Judicial Court
| leaving to the credit of the association
1868
OF the bonded debt he says.
During the past year, $4,000 We're PAID
! toward the liquidation of the bonded IN
debtedness of the State and a like amount
was paid in the year 1897
'"rhere was also paid during the pas.
year, as interest on the bonded debt, the
sum of $13009.00 and for the year 1897
$740G5 CO.
"'rhe aggregate sum, therefore, paid
during the years 1878. as interest and
| toward the liquidation of the bonded
debt was $247, 0,4oO. The bonded indebt-
| is 81 2c3 600 co.
TEMPORARY LOAN.
| ION January ], 1898, a temporary loan
of 100000 was outstanding against the
| State. of which amount 500, 900 became
payable April J., 1898, and he balance
| falls due the present year.
''rhe receipts not being sufficient to
meet the current expenses and the loan
falling due April !, 1893, at maturity. 1t
became necessary to procure further
temporary loan. and therefore one of
100000, on three months, at Il rate of in
terest of four and three fourths per cent
per annum, was negotiated April |. 1885,
and the funds We're used to meet the pay
ment of the 100000 falling due on that
date.
ITO meet the demands on the treasury.
further sum of $4,000, on May ~. 1898,
was negotiated, payable in one year and
bearing interest at four and one-fourtn
per cent per annum, payable semi-annu-
ally
The loan of 100000 negotiated April
|, 1898, on three months and which became
due July l, 1898, was paid at maturity.
Therefore, the temporary loan out
standing against the State has been re-
duced in the aggregate $4,000 in the past
year. leaving the sum of sl50000 new out
standing, 100000, of which is the loan ne
gotiated March g 1897, and falling due
March 2. 1889. and the $4,000 placed with
r. S. Moseley & Company of Boston,
Mass, May r. 1885, and falling due May
u, 1899"
REVENUE AND TAXATION.
''The total amount of receipts of this
office from all sources. during the past
year. was $l,s54, &C. which amount in
creased by $1523J0. % cash in the treasury
on the first day of January. 1898. shows
the available cash for the past year TO
have been s2,o0e, 55i.sS, against which war
rants drawn by the governor to the
amount of sl,S5l 10 were paid, leaving
a cash balance on hand at the close of the
year of $154, 1881 %.
1.-THE cash balance in the treasury at
the close OF the fiscal year ending De-
cember 81. 1896, was s2O3. IS. and at the
close of the year 1897, sl52,SS55o.2 %.
This shows an increase in the amount
of cash balance on hand, at this time,
compared with the balance at the close
of the year 1891, of $2.373.5l and a de-
crease compared with the cash balance
at the close of the year 1856, of $iS, 1865.
Adding to the latter sum, Si5ooO0.o0, the
balance of the temporary loan procured
in those years and included in the re-
ceipts of the Office, and now outstanding.
it shows that the expenditures have eX-
ceeded the receipts, in the past TWO
wears. to the amount of $l9S. .iG.Sj.
con the first day of January of each
wear, the school fund and mill tax. railroad
, and telegraph tax and soldiers pensions
and TO meet this immediate demand,
| there should be. in order to avoid the
| liability OF resorting to temporary loan,
cash balance OF $500 100000. at the close
Of each year. to meet the demands on
| the treasury for the first months OF the
| year.
! During the past eight years. the Legs
| lature has appropriated amounts for each
two years. from So, 125 600 for 1879 sradu-
| ally increasing, until for the past TWO
years it was about $4,000 more. In 1871
| 2-3 the rate of taxation was two ana
three-fourths mills ON dollar. In the
next two years it was reduced to two ana
one-half mills, and in 1896 it was made
| two and one-quarter mills.
| ''rhese rates were found to be INSULT
cient to produce the necessary revenue TO
meet the obligations of the State. and
the Legislature of 1891 increased the rate
to two and three-tourths mills for the
wear 1897 and like rate for the year
1898. with the conviction that this rate
would produce ample receipts with winch
| TO meet the current expenditures ana 10
cancel the temporary loan which was
then known must be negotiated early IN
the year 1891
1T is now apparent that this rate VIII
not accomplish that purpose, ana the
condition of the treasury plainly indicates
that il the appropriations for the next
two wears shall equal In amount the APP
rropriations made for the past two years
il will be necessary for the Legislature
| !, order to save the State treasurer from
embarrassment in the management OF tae
financial affairs of the State, to provide
additional revenue from other sources, or
IA increase the rate OF taxation,
IAN taxes assessed against cities, towns
and organized plantations for the year
1897. have been paid in full
Monthly footings of receipts ana e%'
nenditures during the year;
1anuarv $45s,996 eS s3igg (,
JhnudI! i3i e5S AZ 13a, 746 u
r rtn,, 1l2.4s3 q l4l,lS1 I.
Mdicu 90 $50 05 2u3, S65 Il