tive warrant. It restricts the total amount of all indebtedness, to supply all deficits and failures in revenue or expenses not otherwise provided for, to the sum of $750,000. As a security against unauthorized debts, it expressly declares that no money shall be paid on any claim, the subject matter of which shall not have been provided for by existing law, unless allowed by two thirds of the members elected to each branch of the General Assembly. Experience has demonstrated that even these provisions are not adequate guarantees against the unauthorized contracting of debts within a single biennial period to an amount exceeding three fourths of the total indebtedness which can be incurred for such purposes by the Legislature itself.

It is proper, to say here, however, that there was transferred to Sinking Fund of Public Works Income, on the 15th Nov. 1855, the sum of $200,000. If this transfer had not been made, the Public Works Expenses for 1854-5, would have been paid out of the Public Works Revenue for the same time; and the apparent balance of the Sinking Fund would have been $200,000 less.

It is due, also, to the late State Auditor, to say, that the balance of 1855 was correctly stated from the books in his office, and that the unauthorized debts and liabilities which absorbed it, were contracted against his earnest and repeated remonstrances I respectfully invite your attention to a suggestion made by him, of provision by law, that parties, by whose unauthorized acts debts of this character may be hereafter created, shall be held personally responsible for them.

The following table will present a comparative view of the Receipts and Disbursements for the two last fiscal years:

RECEIPTS

For the Fiscal years ending November 15, 1855, and November 15, 1856.

From the State Treasary for all purposes during the years ending November 15, 1855, and November 15, 1856; the payments during the last year, on account of current expenditures and on account of debts of preceding year, being placed in sepa rate columns.

That the apparent expenditures of 1855-6, were $3,706,972 81

From which should be deducted the amount paid

debts of 1854–5,..

Making the true amount of current expenditure for 1855-6..

And showing the expenditures of 1855-6, less than those of 1854-5, by................

466,681 01

$3,570,255 87

817

517,372 65

3,189,600 16

380,665 71

It will not escape attention, that the current expenditure of 1855-6, was largely increased by the biennial session of the Legislature in 1856, whereas, no session was held in 1855. This difference being taken into the account, the balance in favor of 1855-6 will be better appreciated.

I beg leave to submit another statement, intended to exhibit the property basis of the taxation which supplies the means of these expenditures, and the taxes levied thereon, not only for State, but also for County, wnship, and other local purposes.

"Other Special Purposes,.

1855.

1856.

$302,841 50 0 8 278,009 62 6

1,246,346 00 8 1,285,938 94 8

1,194,093 57 5 1,090,076 84 00

200,336 91 7 184,917 26 3

Total Township, City and Special Taxes. 2,943,618 00 0 2,838,942 67 7

Delinquencies and Forfeitures,.

493,781 35 3

312,144 41 8

Total Local Taxes,...

6,199,704 38 1 5,383,381 9 5