charge, by the most prudent use of present resources and a careful provision for future accumulation. Influenced by this principle, the legislature have for a few years past practiced a rigid scrutiny as to objects of extraordinary expenditures, and have brought down indispensable appropriations to the lowest practicable amount. Our past success in paying off so large an amount of our debt, is most conclusive as to past good management and the wisdom of making partial accumulations in aid of other means with which future wants are to be provided for, cannot be questioned. Indeed, it is the only way our public debt can be paid at maturity without the imposition of oppressive taxes. Under this policy, it will be necessary for the coming year, to impose a state tax of $200,000. The system of supplying the wants of the government by direct taxes was resumed in 1839, and from that time to the present, has been pursued. The following is the amount of annual tax for the intervening years : 1849, 200,000 00 200,000 00 due January, 1850. It will be perceived that there have been two assessments for $100,000 00-two for $150,000 00 and six for $200,000 00. Whenever there has been a tax less than $200,000 00 since the valuation of the state, adopted by the legislature in 1841, it is believed that there were some special reasons for the reduction— either the difficulty of investing our surplus or the impossibility of purchasing our own scrip without paying extravagant premiums. So large an amount of public debt falling due within so short a period, we should not expect embarrassment from the last named difficulty, and shall be able, without doubt, to anticipate our public debt to the extent of our means. I would suggest that authority be given to redeem, when the condition of the treasury will allow, any scrip falling due in 1851, and previous to that time. By this process of redemption we shall save the accumulating interest, and bring the amount to be paid in 1851, nearly, if not completely, within the receipts of the year. In obedience to a law passed by the last legislature, relative to forfeited lands, in March last I transmitted to the land agent a list of all tracts of land forfeited to the state (in whole or in part) for the non-payment of taxes, the said lands having been advertised, and the owners or persons interested therein having failed to redeem. MOSES MCDONALD, Treasurer. |