The Newark journal., 1916-08-17

your state three-quarters of a
million dollars in debt. When |
90 out of the Governo's office
u will leave your state out of
debt and on a cash basis. In
this | feel like | have redeem
ed my promise to the people.
We pay too much taxes. Our
burdens are too heavy. The on
ly people who complain about
Governors vetoing appropria-
tons are those who are the
beneficiaries of the public rev.
enue Of the state. The taX-pay-
ers do not complain because
their interest is being protect
ed, but only those who try to
eXtort every penny from the
pockets of the people. 1t has
been said that by October 1st
the state would be six hundred
thousand dollars in debt. | say
to you that the state is out of
debt with a few thousand dol
lars outstanding warrants in
the hands of the collectors
who have not made their set
Elements. When all of the col
lectors have made their settle
ments in full and the corpora
ton tax is collected, we will
have something like one half
million dollars in cash in the
state treasury to the credit of
the GeneralRevenue fund. With
proper economy, this condition
can be continued and that, too,
without raising the rate of tax
alton or without increasing the
assessment, because if you raise
the rate or increase the assess
ment, you have raised yourtaX-
es regardless of what you call
1t. The approximate income of
the state is million and a half
dollars annually, or three mil
ION dollars for the biennial per-
lod. This is haf million more
than the amount of the appro-
pflations left intact in 1915
and, If the next legislature will
90 on an economical basis in
making appropriations, you
will have plenty of revenue to
adequately provide for all of
the states institutions and the
state government. 1t will not
be necessary to issue bonds OF
Understanding evidences of
Indebtedness or to borrow mon
ely unless you permit your
hands to be held up. This |
trust the people of this com
mon-wealth will never stand
for. The revenue of the state is
not entirely dependent upon
the taxes collected. One third
OF our revenue is derived from
other sources and is paid in all
during the year. | do not think
it would DE good business to
force the people of the state,
many of whom have to borrow
money to pay their taxes at
high rate of interest, to pay an
in to the state treasury
on the first of July to run on
until the next July and then
loan the money back to the
banks of the state at three or
four per cent interest, to be
loaned to the men who have
already paid it to the State
Treasury at an additional high
rate OF interest, when the rev.
enue is coming into the state
all during the year. If per-
chance, we shall have lapse
of one or two months for ade-
quate revenue to meet the run
ming expenses of the state, if
this should be met within a
short while, it would be much
better for the people than to
increase their taxes to such an
extent as would almost double
them to get by a proposition of
this kind. One other thing |
wish 30 warn you against and
that Is this: When you once is
sue bonds or borrow money.
you had just as we'll as say
Farewell to the credit of your
state, for the longer you run
the l1mre you will have to have
III this way. | do not object to
every generation bearing its
part Of the burdens of the gov
ernnent but | say to you that.
If the tendency continues with
reference to the financial af-
fairs of the country the unborn
will have thrust upon them
burd ems which they had no
say nor vote in fixing. You talk
about taxation without repre-