The Montgomery advertiser., 1903-01-15
the Auditors report for the past seven

years:
 For 1886 ......................S,96l ,96l ,9l2
 For LSyt .............."......2 2,1S2,642
 TOT toSo ...................... Z,zlS,ooo
 Cor loSS ...................... S,VlS,zyS
 ror v iSov '.'...'...'.....'....' z,lsc'AzV
 Gor t aSOt '.'.''..'.'........... S'scO'Il
 For 1902 ....................... 2,69l, ,3l2 While we had on hand sssa, ,s2s .5S on the first day of this year, the balnce did run down in November to little above two hundred thousand. and in November, 19G, there was day when the balance was much below one hundred thousand dol lars; The figures warn us that the burden put upon the treasury has been about all that 1t could reasonably bear. The excess of receipts over disbursements lsee last Auditors report) was $1S. .zS1. z for two years. Instead. then, of pre- pairing additional burdens for the treasu- ry, you must arrange in some way to de- crease them.
 This will be necessary, because the new Constitution requires you to reduce the tax rate to 65 cents on the hundred dol- lars. The same instrument requires that sum which may be raised by three mills of this shall go to the public schools. You have been giving under the statute one mill for old soldiers. If you repeat this last provision, there will be left only 2S cents on the hundred dollars for alt other purposes.
 With three mills for schools and one mill for the old soldiers, you can consider only the claims which will be charged aginst the 25 cents on the hundred dol- lars. The total assessed property for the year 1900 was $266, ,S93. .2SS; for the year 1901. ,937: and foE the year 1yUl, $-s6, ,136,540. 1t Is fortunate for the State that the assessments has so grown in the two years, otherwise the provision of a legislative enactment of two years ago, providing for pro rata payment only on appropriations, In case of necessity, would possibly have been invoked to meet the extraordinary disbursements of the two years A study of the Auditors report for past years will show that there was paid out of the treasury an aver age Of something over thirty per cent more money in each of the past two years than has been diSbursed in a generation. The laws that provided for these disbursements were unwise in that they were likely to embarrasS the State Fortunately the country prospered, the assessments were insisted upon and grew by the extraordinary amount of $I9, A., z52 It will not be wise, however, for you to calculate on so great an assessment through the next four years. We must recall that from lS9z to lS95. the State s S-4LOVo,U0. and like falling off is prob able during the next four years.
 1t is fair to assume that the assessment sheets for four years will show an av- craze or S-sO'VOO,JOO and you can afford to calculate on about that amount from which to get your direct taxes. In addi- tion to this source of revenue, there came in, tho last fiscal year $-47,0OO from license tax. A new revenue code, which the Con- stitution requires the Governor, Auditor and Attorney General to prepare and sub init to you. if passed as prepared will raisesan amount as large. Iou will have, too. to dispose of about $lU0.0O0 a year from the hire of convicts, and about one half as much from the office of the In- surance Commissioner. The net income from the Commissioner of Agriculture office will be wiped out with any reduc- tion in the tag tax and how much of a charge that department viii become to the State will depend upon the treatment you accord that tax.
 The license tax will depend upon the adoption of a revenue code.
 The direct tax income, then, ex.
 elusive of the school and old
 soldier specials, 1t will be safe
 to calculate at 2 1-2 mills on
 $zSOOV0OO0. will be...............$ 100000 The proposed code will raise, say. 226,OOO Conyicts. put safely at........... 100000 From the Insurance Department. 5O,OOJ From the Agricultural fund we
 can calculate on nothing..,.. 900
 The total receipts for general
 purposes may be something
 more than .....................$,075 .$, ,075, coo
 The reports of the Auditor and Treas urer will show you the various interests which prey upon this fund The most notable is the interest on the bonded debt. now $449.0O0 and the hospital at Tusca- loosa and the schools at Talladega, to- gether. taking consider ably over x-UU,O00.
 We were fortunate in getting through the past two years without disaster. The demands upon the treasury were the most notable in the States history. So appre- heDsiVe were the law makers that they, in the last days of the last session, passed an act D. ovidinG that if a lack of money appeared quite probable the several ap- pI Opriatlons were to be diminished in D. O. portion to their interests to meet any exigency of the treasury. This law was not invoked. The assessments grew handsomely under an inslstent admins tration and the revenues were so careful ly husbanded that We find the treasury. after the two years. Tn somewhat stronger position. The receipts (ses latest Auditors report, page ZO) were for the two years, 5,75l. l50.Ol, and the disburse- ments (see same page) wee $J.6i4,sjo,-9 leaving a net balnncn of receIpts over disDuI sements of S1S,zSl.72.
 Bonded Debt.
 The present bonded debt of the State amounts to s9.3Ol l,60O. divided as follows:
 Class A. due lSO6. $6,eOS,6JO. bear per cent.
 Class B, due 1906. $57S,OOO, bear $. per cent
 Class C. due 19J6 $9y6, 900, bear per cent
 Seay bonds. due lS-O SSD4,OvO, bear per cent.
 he General Assembly has several timec in late years provided for refunding this bonded mdeDteuneSS, and the Constitution makers in latest orgahIc law, appre- hensIve that the bonds COuId not be most enecually sold under the legislative act provided as follows:
 '2S3. The act of the General Assembly of Alabama, entitled An Act to cOnsoli. date and adjust the bonded debt of the State of Alabama approved February lS 1895, and an act amendatory thereof, en- titled An Act to amend Section of an act to consolidate and adjust the bonded debt of the State of Alabama, approved February IS, 1885, which sad last named act was approved February IS, 1ss9 are hereby made valid, and both of said acts shall have the full force and effect of law except in so far as they authorize the redemption before maturity of the bonds authorized by said acts to be issued. The Governor Is authorized and empowered to act under the same and to carry out all the provisions thereof: provided, that the bonds authorized to be issued by said acts and issued hereunder may be made a& af4~g fyan rS@-