Year: 1877

| OASed. AS all the records ana books
showing the amount of consolidated
bonds now outstandg, with the nature
of tho securities on which they were
Issued, have been withheld by The
late officials, / am unable to state,
with any degree of accuracy, what
portion of the public debt has been
I converted into consolidated bonds
and what portion remains TO be fun
ded. But from the best sources of
information before me, 1 estimate the
amount yet to be funded as about
three million dollars; which, at the
rate established for funding, will re-
quire the issue of 81 100000 of con-
solidated bonds. ......s .a. >a
Under the actof 1873, these bonds
bear date of January 1, 1874, and
the annual tax provided by the act
for the payment Of interest on the
entire consolidated debt has been
regularly levied every year, and the
amount unexpended for interest
should be in the treasury to meet the
past due cupons of these bonds, as
soon as issued. I have no reason,
however, to believe that there is any
such unexpended balance available
for this purpose, and if the conver-
sion of the debt into consolidated
bonds continues as provided by the
existing act, it will be necessary to
provide by legislation for these Or


rears of interest. | suggest for your
consideration the propriety of fund
ing these arrears up to the time Of
conversion, i'll new bonds, payable at
such time, and under such conditions
as in your Judgment shall be equita


ble to the State and to it's CT editors.
l cannot too earnestly urge upon
you the necessity of reducing the ex


penses of every department of the
government to the most economical
scale consistent with the dignity and
security of the State. You will find
many Offices Which are not only ex-
pensive but useless; and others, which
while necessary, can be we'll filled for
compensation much less than is now
paid. 1t is, I am sure, only neces-
sary to invite your attention TO this
subject to secure your wise and
cordial corporation in tightening the
burthens which have 80 greatly OPP
pressed the energy and industry of
our people. But after the most rigid
reduction, the expenses of govern
ment, funds for the common schools
and to meet the interest of the public
debt, must be provided, and this can
only be done by tax on the real and
personal property of the citizens. 1t
is one of our gravest difficulties that
we have come into control of the
government after the period at which
taxes can most easily be paid. Ours
is essentially an agricultural CONS
munity; our products are harvested
in the latter part of the year and sold
in the earlier; and the rule which
has always obtained of calling for the
taxes in January and February had


its origin not in the arbitrary will of
/ the Legislature, but was the natural
outgrowth of au individual sys-
tenn. The late political struggle has
been portracted until the proceeds of
tho past years crop have been ex"
hausted, and the present crop is not
sufficiently advanced to enable the
farmer to realize anything upon it


Every available dollar of cash or of
credit, in the control Of The farmer,
is already applied to the growing
crop, and tho levy of a tax payable
at an early day would seriously en-
barrars not only the agricultural but
every other interest OF the State. The
money is not in the country; it could
only be raised srom loans to the
farmers by, bankers or merchants;
| z.,I - :. cnostionahla if II conld ha