The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1901-01-24
Nj aine Finances.


exhibit of the financial condition Of
Maine. The report is for the fiscal year
ending December 81, 1900, and we make
extracts therefrom as follows:
BONDED DEBT
On the first day Of January, 1895, the
bonded Indebtedness of the State was
81 430, 10000, and at the present time It
Is 81, lob, 10000, which shows a reduc
ton of $500, 600 90 In the past six years
During that period, the sum of $430,
l40 90 has been paid In interest on this
debt, making the aggregate sum of
$730, 140 90 paid as interest and toward
the liquidation of the bonded indebted.
ness OF the state during my administra-
ton of the affairs of this department.
The remainder of the debt natures as
follows:
$4,000 90 in the year 1901.
$70,000.0O annually, 1902 to 1911, both
$76, 600 90 annually, 1912 to 1921, both
inclusive.
s3s, 1000 90 annually, 1922 to 1929, both
inclusive.
TEMPORARY LOANS.
January l, 1900, temporary loan of
800, 900 90, and temporary war loan of
$500, 900 90, as shown by my report for
year 1899, were outstanding. OF the
former loan, 100000 90 fell due March
2, 1900, and the balance, 500, 600 90 falls
due the present year. OF the war loan,
800, 900 90 became due January %, 1900,
and the balance, $4,000 90 falls due
October 10, 1901. The loans falling due
the past year were paid at maturity, but
the treasury not being suffi cient to meet
them and the current expenses of the
State, further temporary loans to the
amount of $1,000 90 were negotiated
800, 600 90 of which was procured
January 90, 1900, and 500, 10000 March
2, 1900, and the funds were used to meei
the payment of said loans falling due or
those dotes. Therefore, the temporary
loans now outstanding are as follows:
Two temporary loans have been plac
ed, one with the Augusta Savings bank
placed. May II 1899, maturing Feb. II
1901, rate 3 per cent, the amount being
800, 900. The other loan is placed will
the Belfast Savings bank, due Marcel
2, 1901, rate per cent, the amount be
| ing 100000. Total amount, 5000, 600.
A temporary war loan was placed
with the Augusta Savings bank, Oct. 10
1899, maturing Oct. 10, 1901, rate 81 pei
cent, the amount being $4,000.
temporary war loan was also placed Will
the treasurer of Massac husetts, Jan. %
1900, maturing Jan. %, 1901, rate 8 II
per cent, the amount being 800, 1000
Total, $4,000.
The total amount of loans outstandin,
Jan. l, 1901, are S950,000
REVENUE AND TAXATION.
The aggregate receipts of this depart
ment during the fiscal year ending De
cember 81, 1900, were $2,014, 0O7 SO
which amount increased by $199, 522. /,
cash in the treasury on the first day o
January, 1900, shows the available casl
for the past year to have been S2,213,
$50 Cd and the amount of disbursement
for all purposes was $2,014 651.03, leay
ing cash balance on hand at the clos,
of the year of $198,879 OF, which
amount is $643 Is less than the casl
balance on hand at the close of the yea
1890
The actual net Endorsements for tn,
years 1899 and 1900 were So, 749, 036 5s
and the receipts, 1852, 191 SO, which
shows that the expenditures exceeded
the receipts in the past two years b,
$155, 844 50.
The rate of taxation for the year
1899 and 1900 was two and three fourth
mills on the dollar, yielding total rev
enue from this source for the two year
of 81, S15, 901 &c.
All taxes assessed against cities
towns and organized plantations for thu
year 1899 have been paid in full.
The condition of the treasury plainl,
indicates that if the appropriations TO
the next two years shall equal in amour
the appropriations made for the PAS
two years, it will be necessary for th,
Legislature in order to save the Stat,
treasurer from embarrassment in tn,
management of the financial affairs o
the State, to provide additional revenue
from other sources, or to increase Ih,
rate of taxation" This statement il
applicable to the financial situation o
the State at the present time. If tn,
current expenses of the State are to b,
met and the outstanding loans liquid
ated the Legislature must provide add
tional revenue from some source.
Mr.. Simpson having held the position
of treasurer six years, the constitutions
limit, retires from the Office with tn,
satisfaction Of having ably administered
the affairs of the office.