GOVERNOR'S MESSAGE. EXECUTIVE CHAMBER, Fellow Citizens of the Senate and House of Representatives: } It gives me pleasure again to welcome you to the seat of Government, and to be able, most sincerely, to congratu late you upon the favorable circumstances under which you re-assemble. Our people have been blessed with a good degree of health-the earth has yielded an abundant harvest, and our commonwealth has probably never been in a more comfortable and prosperous condition. I am charged by the Constitution with the duty of giving to the General Assembly information, from time to time, of the state of the Government, and to recommend to their consideration such measures as I may deem expedient. The present being an adjourned session, and having at its commencement submitted my views very fully upon most of the measures deemed important, I shall add but little, and in discharge of the duty assigned me, beg leave to call your attention to the communication then submitted, for such additional information as you may desire. OFFICIAL REPORTS. The absence of the Comptroller of Public Accounts at the beginning of the session, and his unfortunate detention prevented me then from presenting his reports for the fiscal years 1853 and 1854. These are now supplied, and to : gether with his report for the fiscal year1855, are herewith submitted. A reference to the report for the last fiscal year will show that the receipts of the Treasury, exclusive of the sum of three hundred dollars loaned by the School Fund to the Contingent Fund, amount to sixty-eight thousand three hundred and sixty-four 50-100 (68,364 50-100) dollars, and that the warrants issued during the same period, amount to eighty-five thousand three hundred and sixty-five 19-000 (85,365 19-100) dollars. Thus showing a deficiency in the revenue of seventeen thousand and 68-100 (17,000 69-100) dollars. You are respectfully referred to the report of the Treasurer for a full statement of the transactions of his office embracing the School Fund, Seminary Fund, and the Internal Improvement Fund, so far as they have passed into his hands as State Treasurer. This account, so far as these funds are concerned, should be taken in connection with that of the State Register. Such is the law under which sales of our public lands are effected, collections made and the money invested, that no single account exhibits a full and perfect statement of the condition of the fund, and I respectfully renew the recommendation made in my last message, that the law be modified. I invite your attention to the report of the Register of Public Lands herewith submitted, for all necessary information on the subject of the Seminary and Common School interests of the State, and ask for his suggestions your careful consideration. The report of the Secretary of State on the Census returns, will show a gratifying increase in our population and wealth, since the last enumeration of inhabitants was made. It is herewith submitted. The accompanying report from the State Engineer and Geologist, will place you in possession of the transactions J : : of that officer for the past year, and your attention is ca ed to its suggestions. STATE DEBT. The people will never complain of taxation as long a their public servants can show that the amounts collected are necessary to defray the legitimate expenses of thei State Government; but these expenses they desire to pay annually. They want to know by the demand made upor them, whether their Government has been economically, or extravagantly administered, and will complain whenassessed to pay a heavy annual interest upon a State debt, for money raised by loans, which should have been raised by taxation. The tendency under our State Government has been, I think, to touch too cautiously the taxing power, and to rely too much upon loans to supply our deficiencies. This may be seen by reference to the following table: For the fiscal year, ending 31st Oct., 1846,....$27,597 28......$56,009 57 Revenue collected. Warrants issued. This shows a deficiency of Revenue for the ten years, of ninety-two thousand one hundred and seventy-nine 04-100 (92,179 04-100) dollars, or equal to an average deficiency of over nine thousand dollars per annum. To supply this, loans have been resorted to by special Acts and under the law authorizing the Comptroller to invest the School, Sem Es call inary, and Internal Improvement funds in the stocks of this and other States. These loans have been as follows: January 24, 1851, Borrowed of School Fund $25,000 00 Interest due $9,534 83 July In. Im. 1,066 20 17, 1853, $69,500 00 The loans amount to sixty-nine thousand five hundred ($69,500) dollars, and the interest due upon them, on the first day of the present month, amounted to sixteen thousand five hundred and seventy-eight 77-100 (16,578 77-100) dollars. Add to these amounts, twenty-two thousand, six hundred and seventy-nine 04-100 (22,679 04-100) dollars, being the difference between the aggregate deficiency and the amount of loans made, and which is necessarily outstanding in the shape of Treasury certificates and Comptroller's warrants, and it makes the aggregate indebtedness one hundred and eight thousand seven hundred and fifty seven 81-100 (108,757 81-100) dollars. Nor is this the only debt due by the State. There was an Act approved January 7, 1853, entitled "An Act to provide for the payment of Captain Sparkman's, Parker's and other Volunteer Companies for services in the year 1849." Under the requirements of this Act, there was State Scrip signed by the Comptroller and Governor, payable in two, three and five years, with interest at the rate of six per cent. per annum, and issued, amounting to sixtyfour thousand three hundred and sixty-one 90-100 (64,361 90-100) dollars,.. ..$64,361,90 Interest upon this sum to November $8,753 21 ! $73,115 11 2 This amount added to the deficiences as shown by th Comptroller's reports, makes up a State debt of one hu dred and eighty-one thousand eight hundred and seventy two 92-100 (181,872 62-100) dollars. About one hundre and sixty thousand dollars of this amount is bearing inter est and adds annually to the debt nearly ten thousan dollars. It is true that a majority of this debt was contrac ted for the protection of our frontier inhabitants agains Indian depredations; a protection which the General Gov ernment was bound to give them, and which consideration should have induced the return of the money. Of such return, however, there is no immediate prospect, and the State, having assumed the obligations, paid one class of them and required her Governor and Comptroller, by law, to sign and issue State Scrip, bearing interest in payment of the other class, cannot, consistently with honor and good faith, refuse to provide for the payment of principal and interest of the scrip now due, and for the redemption of the balance as it becomes due. The interest upon the amount of scrip now due, was, on the first of the present month, a little less than three thousand dollars, and for this and the interest to fall due in July next, amounting to nearly four thousand dollars more, I respectfully recommend an appropriation. For the principal now due and to become due in July next, amounting to forty-two thousand nine hundred and seven 92-100 dollars, I respectfully recommend that the Governor and Comptroller be required to issue State Bonds, with interest at the rate of six per cent. payable semi-annually at the Treasury, and having two, four and six years to run. And with a view to the extinguishment of the whole debt, I respectfully recommend the establishment of a sinking fund, sufficient to meet the semiannual interest, and at least ten thousand dollars per annum of the principal. |
