ix

the accumulation of that fund more rapidly than would be
required for the certain extinguishment of the principal of
the Debt as it matures. This would reduce the competition
for the Stocks of the State, and allow such portion as might
be necessary for the investment of the reduced increments
of the Sinking Fund, to be made upon terms much more
advantageous to the State, and far more promptly, than at
present, is possible. It can readily be seen that another
great advantage would accrue to the people, by the pro-
priety and entire practicability of reducing the State Tax,
or rendering the payment of any direct Tax altogether
unnecessary.

Should there be no session of the Legislature before the
Constitutional period arrives for its meeting, the surplus
then remaining in the Treasury or invested, as the case may
be, will probably show such a result as to warrant, at that
time, the entire repeal of all laws imposing direct taxes.
The revenues to be derived under a fair discharge of the
duties of the Comptrollership, from indirect Taxes' and
other sources, will in my judgment be ample to meet the
Interest of the thus reduced Debt, and defray the annual
expenses of the State government, when administered with
a prudent regard for economy.

Thus after a patient endurance of twenty years of the
Taxation necessary to the maintenance of the faith and
credit of the State, and to lift these from the extreme
depression and gloom which hung over them when the
direct Tax was imposed, the people may rejoice in the pros-
pect of early relief from this burthen, so necessary in the
past to preserve their integrity and honor.

But the burthen they have so steadily borne, and which
has weighed so heavily upon them for so many years, should
admonish them to be careful, not again for schemes of
doubtful propriety or advantage, to place upon themselves
another Debt, and; consequent increased taxation; and par-
ticularly at this time, when the necessities of the General
Government have caused it to impose Taxes, which for
many years to come will have to be paid.

The unexpended balance of the million of dollars appro-