War of the Rebellion: Serial 127 Page 0730 CORRESPONDENCE, ETC.

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My immediate predecessor has already invited your attention to the condition of the different railroad companies if the State, and I can but again point you to the report of the comptroller relative thereto.

It is a matter of paramount importance that the school fund should be secure, and devoted exclusively to the sacred purpose for which it was originally designed by the wise foresight of the framers of the constitution. Yet, owing to the many disadvantages that would result from the purchase by the State of the property mortgaged by the companies, it would be well for the Legislature to consider the propriety of extending some relief to these companies. Should it be deemed advisable that the time should be extended, it will be for the wisdom of your honorable bodies to devise a mode by which the prior lien of the State on these roads will not be in any way jeopardized, the school fund protected, and our system of internal improvements perfected. Should such a measure be devised, it would result in great public good and prevent the consequences which must follow under the law from the sale contemplated by it.

The finance of the State is at all times a most important question, and becomes more than ordinarily so in the present crisis. In the condition of the country at this time, and the consequent derangement of monetary m be impossible, even were it good policy, for the State to negotiate a loan. Our people well understand this, and are prepared to meet any reasonable demand made upon them by way of taxation. The very able report of the comptroller demands at your hands the most careful consideration. By it you will see that the probable receipts for the two fiscal years ending 31st day of August, 1863, exclusive of the 10 per cent. due to the school fund, amounts to $976,651. 24. The expenditures for the same period of time to support the civil government amount to $608,810. In addition to this necessary expenditure, he reports that there will be required to liquidate the estimated indebtedness of the State:

First. For outstanding 10 per cent. treasury warrants issued up to 1st of September, 1861, $290,903. 63.

Second. Unaudited claims:

Amount due Colonel Ford's command, on Rio Grande. . . . . . $130,000

Amount due Colonel H. E. McCulloch, on northwestern

frontier. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000

Amount due Colonel Ford's regiment, raised by

convention, while in State service. . . . . . . . . . . . . . . . . . . . 30,000

Amount due Colonel Dalrymple's command, on northwestern

frontier. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000

Amount due minute companies for 1860 and 1861. . . . . . . . . 40,000

Amount due other service. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,000

Amount due obtaining and turning over property

belonging to the United States. . . . . . . . . . . . . . . . . . . . . . . . 100,000

Amount due purchase Colt pistols. . . . . . . . . . . . . . . . . . . . . . 25,000

Amount due Gregg's, Partons', Locke's, and Sims'

regiments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000

The audited and unaudited debt, aggregating the sum of $939,903. 63, which, added to the sum necessary to the support of the civil government, makes the sum of $1,548,713. 63, which amount is required for the support of the civil government to the end of the fiscal year ending 31st of August, 1863, and to liquidate the audited and unaudited debt of the State, as estimated up to the 1st of September, 1861. It will thus be seen that the sum required for the support of the civil government for the two fiscal years ending 31st of August, 1863, and for the payment of the present outstanding debt of the State, amounts to $572,062. 39 over and above the estimated receipts for the same period of time. These are demands and expenditures that we know must be