The Bridgeport evening farmer., 1909-01-06
New Governor.
MT. President and Members O
 Acc0r1hIVs

MT. Pr6SlQenC anu nASAa'S1S oA eAAS
 General Assembly:
 Tn conformity with custom ad- dress you to-day as fellow servant with you of the public, feeling, as l am sure you do, the great responsibil- ay of the peoples trust. l should be Far from candid if T. did not at this Ame publicly express my appreciation sTefc only of the honor but the gravity sf. their confidence, and my purpose so toe aef as to merit their approval. Flor your part I am sure that you too realize that you are responsible to the sovereign will for all of your acts. You are. the elected representatives of Highly intelligent and watchful public, Which will not be slow to praise or Blame; as you shall deserve. Bearing faf ftmind these things, we should re- solve to subordinate all our private aanrs or: pretpdices to the common good and givA the best that IS in us ] to the maintenance of the proud trad1- tons of our beloved State. sdition, of our finances do not measure the well being of the commonwealth, Hifte the state of eour treasury at the sSUening -of this new fiscal year must sfrnpress.-upon us first the necessity or HsittirIg forth our greatest eHorts to eorduct the public affairs, with the ?snrictest economy. This does not mean RhM we should go to the extreme of denying our support to needful agen- e}cs of goyernnient, but that we should n1nke every dollar of our resources Count.
 vsNeyer before was there more urgent need of watchfulness that we do not as.a commonwealth form habits or ex- sAravaganee. ?, The condition of our kreasury.s warns ,us.: We. must give to the financial branch of our admins tration the same devotion that we do fO our private business. We are trus- fees. and however easy we may find 1t tG forget the fact, the constituents who Have given us their trust will not. s:Ata the same time,- questions of large moral and economic importance affect ing the success, comfort and character of our people, will come before us, and in their wise treatment lies for us a great opportunity for service as well as great responsibility. invite your attention to 8 reference to some of these matters. :'
 sTATE FINANCES.
 From the .Treasurer's last report, I noticed that the financial year ending September 30, 1908, showed quite a change for the worse in it's condition. Tfies year previous the State was not orify able to meet all it's obligations, but had a surplus of cash on hand of more than $265,000. but the last year the State ran behind over $S00,000, showing a net Indebtedness of $54S,- 5s6.52 However, this is not all; the appropriations granted for extraordin- ary expenditures were not fully drawn Iaht year and will be drawn this year. It should be stated, however, that the greater part of this deficit was pro- vided for by an Act of the last. Gen. -esal Assembly authorizing the issu- af1ce of: bonds which have not yet been sold. ewing to. the low interest rate fixed by the, Act. It will be your duty to provide for the disposal of these bonds, -
 Looking over the financial history of our commonwealth for the last fifteen years, it is very evident that we have departed from our former policy of paying our bills, and have entered on a career which, unless changed. will within the next few years contract large bonded indebtedness. In view of these facts, I appeal to you, Gentle men, to practice the strictest kind of economy. In the management of the States business. J.
 is our duty to decrease our expenses or increase our receipts. I am con- vinced that we should increase the revenue. The State Treasurer recom- 71ends a; State tax and an increase in our inheritance tax. Whether one Of these two ways or some other way would be most desirable will not stop to- discuss, :but I advise in the strong est terms possible, legislation that will provide for an increase in the States receipts, as well as rigid economy in it's expenditures.
 PUBLIC MONEYS. The present methods of caring for the funds of the commonwealth, it would seem, are capable of much. bet eterment The State School Fund is a .conspicuous example. This fund ann ount to two millions of dollars and the amount invested is in control of the Commissioner of the School Fund, while, that not invested is in the Treas urer's charge.
 The State Treasurer is by virtue of his office treasurer of the School Fund, and asshe has control of the uninvest- ed portion, he is the official logically to be placed in charge of the manage inent of the entire fund. This seems so self-evident that the wonder Gs that the dual management has not long since been done away with in the in- terest, of economy and efficiency.
 Much of this fund is invested out son why, as fast as may be practi- cable, such Investments should not be gradually wftfidfawfi and placed in Investments within our own State, where it could have a part in contrib uting to our general prosperity.
 Many of, our State Institutions pur- chase their own goods and pay bills through their own tfeasurers. In some cases the institution draws the entire amount of tfie appropriation from the State Treasurer, puts it on deposit in 2 local bank and pays it out through that institution. Tn some cases I am 5nformed, no interest is received on the deposits * ''
 It would seem to me more business like to have a common disbursing off, cer, preferably the State Treasurer, and see that the State receives inter est on all moneys in hand. Such a plan need not prevent the State insti- tutions. from Keeping on hand a small fund for emergencies, and they could always have the prfYi1ege of making drafts upon, the State Treasurer for funds as needed. -
 A considerable part of our State funds. is=4noY Oh deposit at 1-2 per cent. interest. 4aI. am of the opinion that under existing conditions our cur rent funds would be eagerly sought by sound financial institutions at per cent. sk .t.ss "
 Under our present system of electing State officers, the Governor, Secretary, and Comptro11ef afe elected at the same time, and generally hold for one toEkll only. .14-.t