COMPTROLLER OF THE TREASURY. XIX:

The putting aside even of $300,000.00 a year in the
Sinking Funds of the State, and the reinvestment of
the increment from year to year, as it accrues, at the-
rate of G per cent, per annum, would in the short space
of ten years amount to over $4,000,000.00, a sum more than
sufficient to discharge that part of the debt of this State
for the ultimate payment of which special taxes are now
collected from the people.

This is the promise that was made shortly before I
entered upon the discharge of the duties of this De-
partment. Two years have scarcely passed since then,
and I have now the satisfaction of presenting to you
an exhibit, which I believe will prove not only satis-
factory to the people, and from which they will under-
stand that we are making an earnest endeavor to make
our promise good ; but also sufficient evidence to war-
rant me in saying that the fulfillment and realization
of that promise is not only within the range of possi-
bilities, but, with economy on the part of the Legisla-
ture, can be looked forward to with reasonable assurance.

The present easy and healthy condition of our State
finances can be not only readily maintained, but it will-
go on improving, so long as the general prosperity of the
people continues and the wealth of the State increases,
if we all do our duty.

While we are at present able to fulfill the require-
ments of the law relating to the various Sinking Funds
of the State, provide over half a million of dollars a
year for the education of the people, give proper sums
to charity and also to meet the expenses incident
to the public service so as to give an efficient adminis-
tration of public affairs, yet, after doing all this, the
margin left is too small to warrant us in making any ex-
tended public improvement, or engaging in new enter-
prises requiring the expenditure of money, without
undoing the work which we feel has been well begun,
and is now progressing, so far as we can discover, to a
satisfactory conclusion.