Year: 1877

and comprehensive principles which,
in my judgment, can give peace, ssa


bility and good government to our
State. To the wisdom and patriot-
ism of the General Assembly is com


mitted the grave duty of bringing


back to our people these inestimable


blessings The merit of success will


belong t. you gentlemen, if you suc-
ceed; and to you will the responsi-
bility attach if the hopes of your
constituents are disappointed.


The first, as it is the most impor-
tant, subject to which your attention


is invited, is that Of the financial
condition of the State. 1t is needless
for me to say that this condition is
deplorable, for it is shown by an
empty treasury and a ruined credit;
by stagnstion in commercial circles
and depression in agricultural enter.
prises; by public and personal power.
ty as widespread as lamentable.


All efforts to bring about better
state OF affairs will prove unavailing
until the finances If the State are put
in healthy condition and the credit
OF the State established on the sound
and honorable footing they once oc-
cnpied. But in the meantime there
is An imperative necessity that the
immediate needs OF the State should
be provided for; and in doing this
the burden of taxation should be
made as light as possible, for the re"
sources of our people are we'll nigh
exhausted, and the season of the year
at which the taxes will be called for
is moet unfortunate. While it is the
province of the House of Represen-
tatives to Tx the amount OF taxes re-
quisite to meet the demands of the
State, and the time and mode #
their collection, l venture to offer
some suggestions on these points for
the consideration OF the Legislature.
1t is due alike TO the honor and the
credit as we'll rs TO its future prosper.
ity, that there should be no question
nor doubt as to our determination to
meet every honest obligation of the
State fairly and faithfully; but it is
our duty to ascertain what
are its honest liabilities. The sus-
picions which attach to a portion of
the outstanding obligations of the
state, and which to greater or less
extent, affect the value of all, render
it imperative that these obligations,
whether funded or not, should be
strictly scrutinized with view of as
certaining which are valid and which
are not. There should be a condition
precedent to the payment Of interest
on any of the outstanding obligations
Of the State, whether in the shape of
bonds or otherwise, and also to the
further funding Of any of the State
indebtedness into the consolidated
bonds authorized to be issued under
the act of 1873, to reduce tue Volume
of the public debt.


In order to affect this object in a
mode satisfactory and equitable, alike
to the State and to the public credit.
| respectfully suggest the appoint
ment Of commission, to consist of
one member from each House Of the
Legislature, the Comptroller General,
and the Treasurer of the State, and
three citizens Of financial ability, to
whom the whole question Of the f.
nancial condition of the State shall
be referred, and under whose direc-
tions q thorough and complete inves.
tigatirn of the funded and floating
Indebtedness of the State shall be
made; and who shall be empowered
to require a registration before them
or before such officers as may be
designated, of the consolidation bonds
Of the State. Obligations, the validis