The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1907-11-05
TIE TREASURY BALANCE.

At the close of business last Thurs
day the balance in the State treasury
as reported by Comptroller Morgan tc
the Governor, was 81, 1870, 03S.44, in it
self comfortable sum with which tc
start upon the new fiscal year Friday.
But it is less by 1854, 1925 than the
balance on hand year ago, and ST.
78O, 1922 less than the balance on Octo-
Der 81, 1905. A considerable part OF
the falling off this year is more appar-
ent than real, for about 100000 of the
railroad taxes are still unpaid, and
they belong rightfully to the receipts
of the fiscal year just closed.
Then it is to be remembered that
during the last few years the State
has been releasing to the municipali-
ties, for local use, the taxes upon some
! classes of railroad property, and has
been increasing the appropriations
| from the State fund to the support of
the public schools. The increase Of
more than two and half millions Of
dollars in railroad taxes, made under
the Duf1ield and Perkins laws, are also
to be taken into account in arriving
at statement Of the real financial
condition Of New Jersey.
This princely sum, if it had been
collected prior to the making up Of
the balance-sheet, would not have
added to the surplus, it is true, but it
would have been paid back to the var
ious taxing districts, and to that ex-
tent would have reduced the amounts
raised by taxes for the use of the dis
tricts So that the State treasury is
still in splendid condition. Thought
full men regard a large surplus as more
harmful than beneficial, because it
leads to reckless and extravagant ex-
penditures by the Legislature, and we
have had some experiences to prove
that they are right.
For one reason the diminution in
the surplus is cause for congratula-
tion-it will admonish the Legislature
to carefully consider the demands that
are constantly being made for the crea-
tion of new State institutions and de-
par6mentS, and the extension of others.
Within few years there have been
added the Epileptic Village, the Tu-
berculoSiS Senatorium, the Railway
Reformatory, the new Normal School,
the Vineland Home, while numerous
extensions have been made. Each one
adds to the annual fixed charges on
the treasury, and for all but the Sol
dier's Home at Kearney the cost in
creases every year, and will continue
to increase as our population grows.
The States principal sources of in
come are from the railroad and mis-
corporations taxes, the fees
collected by the Secretary of STATE
Clerk in Chancery, Clerk of the s, :
preme Court and Banking and InsuI-
ance Commissioner, and the collateral
inheritance tax. These do not and
will not increase in proportion to the
expenditures and the growth in popu-
lation. For several years the incor-
poration fees have been decreasing.
Hence the necessity for the Legisla-
ture to keep in mind the caution given
by Governor Stokes in his last annual
message: /" New Jerseys reputed I'M
limited financial resources have natur-
ally attracted demands upon them and
from worthy persons with worthy OBJ
jects. For years have urged caution
and convervatism in this respect.
4 The wisdom Of keeping appro-
priations within the receipts, except
in extraordinary emergencies, needs
no defense. Under these conditions,
no appropriations for new institutions
nor any additions to old institutions,
except where absolutely necessary,
should be considered"
For providing for the distribution of
the increased railroad taxes. larger
direct appropriations for the support
of the public schools, and releasing
second-class railroad taxes TO the mu-
the States has placed it,
self in the position where the eXpendi-
lures must be carefully watched. New
Jersey is still in splendid condition
and while it has less idle
money in the banks, there is a suf1i-
Gent working capital. 1t is in the
position of the capitalist who reduces
his bank balance by investing in gilt
edge securities. Trenton Times.