Sir: In compliance with the law, I have the honor to report the transactions of this department for the fiscal year ending December 31, 1888, and to make such suggestions in reference to revenue matters as are deemed pertinent, as follows: STATE DEBT. On December 31, 1886, the debt of the State amounted to $143,244 11, and there was $226,732 65 in the State Treasury applicable to its payment, or $83,488 54 in assets above all State indebtedness, exclusive of the Territorial indebtedness represented by a $380,000 five per cent. irredeemable State bond belonging to the State School Fund. On December 31, 1887, the debt was $182,077 56, and there was $199,309 57 in the State Treasury applicable to its payment, or $17,232 01 in assets above all indebtedness, exclusion as above. The increase for 1887 is accounted for by increased expenses always attending the years in which the Legislature is in session. On December 31, 1888, the debt was as follows: Four per cent. Insane Asylum Bonds, Act 1881........ $44,000 00 68,000 00 22,000 00 Accrued interest..... 12,180 00 NOTE-For detailed statements see Exhibits "L" and "M" in this report. NOTE-The disbursements include salaries and traveling expenses of District Judges, support of schools, etc., and are not the actual expenses of the State Government, as will appear on the following page. A $380,000 State bond in the State School Fund bears interest at the rate of five per cent. per annum; all others are four per cent. bonds. |