Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-09-10
GOVERNOR HILL
Abfv Discusses Finances OF the State IN
Recent Interview.

group the State is simply the clearing
house 1t takes in, counts No ana CIV
out again. These were the open
counts of the ledger at the CLOSE VI INK
year. nh,
LAS an offset on the other side OF tne
book. the State had cash in the treas
ury to the amount of s637.67S.3s and had
a balance due on State taxes amounting
to $3.50 900, making a total of sl,49I,-
CTS. 3S-every cent Of which was eood
as wheat.
Thus, on comparing these current
liabilities with these current aasets we
lind that the State was actually s43f,-
1929 ahead.
1T is therefore perfectly fair to dis
regard the items of s1,065. 5000 which
appear in the book Of liabilities. De-
Quoting this amount, we have left the
sum of s1,91S,0O0, which IS just the
amount of the States bonded debt.
Thus the States actual liabilities on
Jan. l, 1903. looking at them from
business point Of view were S1,9l3,ooO.
"Since January 1st. we have been using
a portion of that 1888, ~ % current as
sets in reducing the states bonded debt.
i ne graduated craze ~ piN Iit'i'o ~ ~
firing thu houded debt calls fur u"K-
mrnt of S1DUeU in iJOi. Oh this amount
$4,000 came due on the first day OF June
This amount was paid ana 1urther bonus
We're bought to the amount of $4,000. 50
that the net indebtedness OF the state
has been reduced to Sl,6531t-a reduction
for the current year OF S-oe""
This sum represents the actual iilt'bt-
edness of Stale, today, and l have tried
to make my analysis sufficiently clear TO
be followed by any business man who
wishes to know just where the State
stands financially.
of Maine is in good financial condition.
There is money enough in the trtas-
ury 50 that between nov and the first Gay
of January. 1903 we Shall he ahundanty
able to retire another quarter million of
the States bonded debt, if sufficient bonds
are offered at a Reasonable figure. This
would bring the total bonded debt down
to little over million four hundred
thousand.
The necessities of the State are now
amply provided for and as the nccessi-
ties increase they will be supplied with
the necessary funds by the natural in
crease in the resources through establish
ed channels. All this will be done and get
there will be a cash balance Of nearly half
a million each year. Now unless the State
is going on buying bonds with this surplus
and the State will not find the bond
holders anxious to sell-there is no reason
for allowing it to accumulate.
e consequently, unless bonds are to be
bought, the tax rate should be reduced 50
that this surplus may not accumulate.
There is not the slightest reason why the
State tax rate should not go to two mills
Unless We buy bonds, the present rate Of
two and three-quarters mills is going to
pile up a surplus for which there is nc
necessity. | reiterate that this reduction
to two mills can he made without cHus-
ing the slightest Inconvenience to sin
gle interest of the State
THE people have it always in Their
power to cut that two mills or two
and three-quarters mills to one mil
or to nothing by simply withdraw W.
ing State support from the schools
the hospitals. the agricultural interests
the unfortunates and the veterans
Of the Civil war. But my knowledge o
the people of Maine leads me to the un
mistakable belief that they will never
conse mt to curtail wise ard liberal appro
priaticns for all these interests.
The State is liberal but not eXtrava
giant in aiding these varied institutions
1t diShurSeS its assistance through exec.
utive officers who ar" giving faithful scr.
vice and. in many instances receiving less
pay than they would for mercantile work
requiring equal capahiity. The state OF
Maine gets honest service and conducts
its business at a cheaper rate than could
he equalled by business concern doing a
business Of equal magnitude.
'Once more | say that Maine is in gooG
financial condition"