The Republican journal. [volume] (Belfast, Me.) 1829-current, 1914-05-14
NAMES FINANCIAL INDEPENDENCE.
boston HERALD

The particularly sound condition OF
Maine State finances are emphasized by
a bulletin recently issued by the United
States census bureau. This bulletin Is
devoted to the subject Of State debts ana
makes it plain that few, if any, States
are better off than Name. 1t is not
simply that it is practically free from
bonded debt at this time, but that it has
paid off large debt rapidly and easily
without denying itself the expenditures
that progressive State owes its people
and institutions. In 1880 the total debt
of Maine was $6,67s, 900. IN 1890 it was
So. GAP, 900 and in 1912 it was 81, 255, 600.
In 1880 the per capita debt was SO. AZ, IN
1890 it was $5.51 and in 1912 it was $l.o1.
For the 48 States as a whole the per
capita State debt is 1882, or 81. IS more
than in Maine. For the forty-eight
States as a whole the State debts have
declined sc per cent since 1850, While In
Maine the decrease has been rs per cent.
Favorable as is the showing of these
figures for Maine, they do not tell the
whole story. Technically, and as mat
ter of bookkeeping in the office OF the
State treasurer, the State debt OF Name
is, or was in 1912, 81, 255, 900, equal 10
SIG per capita. as the government oul-
letin puts it. But as a matter OF Iact'
no less than ST. 1000 of this sum Is
made up of public trust funds. 1t is
money that the State holds in trust ior
special purposes and so is an obllgatlon'
but it is not debt as the term IS COM
monty understood. The outstanding
bonded indebtedness of Maine at the
present time is less than $1,000. That is,
it is one of the States that is practically
free of debt.
Moreover, every one of the sixteen
counties is free from debt and nearly all
of the 500 towns. In the matter OF
State finances, Maine has system that
is working out in gratifying fashion. 1t
has an GENE of about SIS. ,Ooo THIS
year for State purposes, yet only about
half this sum comes from the modest tax
of four and a half mills that is assessed
on the property of the State. The rest
comes from the indirect taxes on corpora
tions. By system of equalization the
State nays back to more than 400 of its
500 towns more than they pay into the
treasury in State taxes, and the remain
ing hundred towns get nearly as much
as thew pay in. The State tax is praetl-
cally abolished for the average person IN
the State, and that on the small basis OF
four and half mills. Out of its annual
income of SIS, 900, 900 the State uses less
than 10 per cent. for purposes of govern
ment. 1t pays $4,5OO,OO0 back to the
towns for local uses and to the various
charitable institutions of the State.
There is provision of law that allows
the State government to obtain OO,OOo
as a temporary loan any year wheE 1t is
needed, and generally in the past 1t has
been necessary to obtain at least part OF
this sum. On so businesslike basis,
however, have things been under the
administration of Gov. Haines that not
cent was borrowed as temporary loan
in 1913, nor will there be occasion to bor-
row a cent this year. On the contrary
| there has been constantly on hand for
months past $500, 900 in cash in the treas
ury to meet the bills as they came IN.
For ne first time the State has establish
ed the custom of discounting every bill,
as business man of good resources
W ould do. This means large ng IN
all the State departments and at all the
State institutions. This record is one of
the assets of the Haines administration
as the Governor goes before the people
for second term.