The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-01-25
REVENUE AND TAXATION.

The total amount of receipts of this
Office from all sources, during the past
year was 81 S5i, J04. 66, which amount in
creased by Sl52, ~ cash in the treas
ury on the first day of January, 1898,
shows the available cash Tor the past year
TO have been 81. 0l6, 654. IS, against which
warrants drawn by the governor TO the
amount of 81. SOL 1881. 10 were paid, leaving
cash balance on hand at the close OF the
year Of Sl54, 1878
Tho cash balance in the treasury at the
close of the fiscal year ending Deem her
81, 1891, was SZ0S, 500 So, and at the close
OF the year 1897, Sl52, 350.22.
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 1897, of 81, 373. 81 and a decrease
com pared with the cash balance at the
close of the year 1896, of s4s, 100 So. Add
ing to the latter sum, $50, 10000, the
balance of the temporary loan procured in
thoss years and included In the receipts
of the Office, and now outstanding, 1t
shows that the expenditures have ex
oeeded the receipts in the past two years,
to the amount of si9s, SIS.
During the past nine years, the follow
ing balances have been in the treasury at
the close of each year: 1890, sl75, 466,l7;
1891, Si99, 603 90; 1892, s304, 500 6S; 1888.
S355 7i6. ca: 1894, S45S. 1876. So: 1898, $3.50. :
S40.70; 1895. s20S, 500. IS; 1897. $3.50, $50. %;
1873, Sl5i.7sS73,
On the first day of January of each
year, the school fund and mill TAX, rail-
road and telegraph tax and soldiers PEN
sions. due cities and towns. become pay
able, and to meet this immediate de-
mand, there should be. in order to avoid
the liability Of resnrting 10 a Temporary
loan, cash balance of 500, 900 at the
close of each year, to meet the demands
on the treasury for the first months OF
the year.
For the past eight years the legislature
has appropriated the following amounts:
1912 50, l25. 090.l7; s9s-4, sS,2i7. IA. 81;
1866, IS. So. 5l4.l2; 1918, s., 59s, 2sS 50.
During this period the rate OF taxation
was as follows: 1891, s-4 mills on the
dollar; 1872, o. mills on the dollar;
1898, Q 3.4 mills on the dollar; 1894, 2 l-2
mills on the dollar; 1895. 2l-2 mills on
the dollar; 1895. . IA mills on the dollar;
1897, S-4 mills on the dollar; 1853, 2 81
mills on the dollar.
AS will be seen by the above table, the
legislature of 1898 placed the rate Of taxa
ton Tor the year 1895 at two and one-half
mills on the dollar of the state valuation,
and for the year 1876 at two and one
fourth mills. These rates were found to
be insufficient to produce the necessary
revenue to meet the obligations of the
state, and the legislature OF 1897 increased
for the year S97 and like rate for the
year 1888, with the conviction that this
ra te would produce ample receipts with
which to meet the current expenditures
and TO cancel the temporary loan which
was then known must be negotiated
early in the year 1877.
1t is now apparent that this rate will
not accomplish that purpose, and the con-
ditton of the treasury plainly indicates
that If the appropriations for the next
two years shall equal in amount the APP
preparations made for the past two years,
1t will be necessary for the legislature.
In order to save the stata treasurer from
EN- barrassment in the management of the
financial affairs of the state, to provide
additional revenue from other sources, or
TO increase the rate of taxation.
III taxes assessed against cities, towns
and organized plantations for the year
1895, have been paid in full.
Very respectfully youis,
j. NJ. SIMPSON,
State Treasurer.