XXXIV.

WHEN Mr. Tilden entered upon the duties of his office as Governor, the Republicans had a majority in the Senate and the Democrats a majority in the Assembly. This embarrassing division of the powers of the government continued through the two years of his administration. His first Message was looked

for with unusual interest, for several reasons.

Elected distinctly upon reform issues, in what way, by what recommendations would he respond to the expectations of those who had given him an unprecedented majority? In what way would his earnest and radical views on questions of municipal government find expression? How would he treat the then burning problems of currency and finance, as to which there was no higher authority in the country, and in which no State in our Union had such a vital interest as New York? Upon all these questions public curiosity was destined to be fully satisfied. His first Message was communicated to the Legislatureon the 5th of January, and enjoyed the unexampled distinction of being widely republished throughout the Union. The portion devoted to the currency and finance would add to the value of any work on political economy that has yet been published; while its great truths are likely to penetrate and inform all works of any authority on economical science likely to be published for generations to come. The portion devoted to what he terms "the Erie Canal trust" is only less remarkable for the value of its information, the wisdom of its suggestions, and the compact vigor with which both are presented, because they relate to a subject of less, though not of inconsiderable, national concern.

FIRST ANNUAL MESSAGE.

To the Legislature.

EXECUTIVE CHAMBER, ALBANY, Jan. 5, 1875.

AT the advent of a new year, when the public bodies assemble to consult in respect to the affairs and to transact the business of the State, our first thought should be to offer up devout thanksgiving to the Supreme Disposer of events, for the blessings which we have enjoyed during the year now closed. Our great commonwealth comprises a population of more than four and a half millions, largely exceeding that of the whole United States at the formation of the Federal Government, and embracing vastly more extensive and diversified interests and activities. Our sense of duty ought to be commensurate with the magnitude of the trust conferred upon us by the people. Forming, as our State does, so important a part of the American Union, the benefits of an improved polity, of wise legislation, and of good administration are not confined to our own citizens, but are felt directly and by their example in our sister States and in our national reputation throughout the world. Mindful, with you, of these considerations, I proceed to perform the duty enjoined by the Constitution upon the Governor, to "communicate, by message to the Legislature," "the condition of the State," and to "recommend such matters to them as he shall deem expedient."

The receipts into and payments from the treasury on account of all the funds, except the Canal and Common School Funds, for the fiscal year end

Receipts and expenditures.

ing Sept. 30, 1874, were as follows:

The difference is made up by the defalcation in the State Treasury, in 1873, of $304,957.91, and the sum of $29,222.72 is an old balance due from the Bank of Sing Sing. On the 20th September, 1873, the total funded debt was $36,530,406.40, classified as follows:

General fund

Contingent (stock issued to the Long Island Railroad Company)

State debt.

$3,988,526.40

68,000.00

11,352,880.00

21,121,000.00

$36,530,406.40

During the months of August and September, 1873, stocks of the Bounty Loan were purchased to the amount of $306,000, but not cancelled until after Sept. 30, 1873. Deducting this sum, the Bounty Debt amounted to $20,815,000, and the total debt to $36,224,406.40.

On the 30th of September, 1874, the total funded debt was $30,199,456.40, classified as follows:

The actual reduction of the State debt during the fiscal year ending Sept. 30, 1874, by cancellation of matured stocks and by the purchase of $4,902,500 of Bounty Loan 7's of 1877 for the Bounty Debt Sinking Fund, is $6,024,950.

In addition to the $4,902,500 of Bounty Stock purchased for the Bounty Debt Sinking Fund during the last fiscal year and

cancelled, there have been investments for that sinking fund, since the date of the last report to the present time, in State securities and Government registered bonds to the amount of $4,381,500, at a cost of $4,972,091.35; add $327,283.88 premium and $3,210 commissions on Bounty Loan Stock purchased and cancelled, and $1,421,584 interest on Bounty Debt, making a total of $11,626,667.23 paid on account of this sinking fund since the date of last report to the present time. The securities now held in trust for this sinking fund amount, at their par value, to $6,802,944.09, which could be disposed of, at the present market rates, at an average premium of over 12 per cent.

The following statement shows the amount of the State debt on the 30th of September, 1874, after deducting the unapplied balances of the sinking funds at that date:

The State debt on the 30th of September, 1873, after deducting the unapplied balances of the sinking funds, amounted to

On the 30th of September, 1874, to

$21,191,379.34

17,491,809.32

$3,699,570.02

Taxes.

The State tax levy for the current year amounted to seven and a quarter mills. The total amount of the tax will be $15,727,482.08; about $900,000 in excess of the amount levied during the preceding fiscal year.

* Deducting interest accrued to Oct. 1, 1874, payable Jan. 1, 1875.

Summary statements in respect to the banks, savings-banks, trust, loan, and indemnity companies, insurance Other departcompanies, quarantine, the Emigration Commis- ments of the State. sion, common schools, colleges, and academies, the State Library and Museum, the National Guard, the soldiers of the war of 1812, the war claims against the United States, the salt springs, and the State prisons are appended. The full reports of the public officers and boards charged with the special care of these subjects will be transmitted as soon as their preparation is completed. Your attention is invited to them, and especially to the report of the comptroller, which will be submitted at the opening of the session.

State census.

The Constitution provides that an enumeration of the inhabitants of the State shall be taken, under the direction of the Legislature, in the year 1855 and at the end of every ten years thereafter.

Chapters 64 and 181 of the Laws of 1855, and Chapter 34 of the Laws of 1865, which remain in full force, prescribe the manner of taking the enumeration.

These Acts require the Secretary of State to prepare uniform blank returns and abstracts for the purpose of taking the enumeration and obtaining statistical information as to population and social statistics, the resources and interests of the State, individual and associated industry, agriculture, the mechanic arts, commerce and manufactures, education, and other information of great value to the statistician and to all classes of citizens, and will probably require little or no modification.

It will be necessary for the Legislature to make an appropriation to enable the Secretary of State to carry into effect the provisions of the Constitution and of the statutes above referred to. A sum equal to the amount appropriated in 1865 for that purpose, by Chapter 598 of the Laws of that year, will probably be sufficient.

The Secretary of State has taken preliminary steps toward the enumeration, and looks to the Legislature for an early appropriation to enable him to go forward with the work.