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it for me, that my predecessor left me a good balance
to begin with amounting to the sum of $412,306.25,
after deducting the money in the treasury for the re-
demption of the old defence loan.

There was another circumstance which aided me
considerably at this time ; the recepts of the treasury
during my first year in office were far above what had
been the average receipts for some preceding years.
This was occasioned in a great measure by the collec-
tion of arrearages due from collectors and other re-
ceivers of public moneys, so that by the end of my
first year, I was able to report a marked improvement
in the treasury receipts, and to speak with confidence
of my ability to not only fulfil the promise which I
had made in relation to the sinking funds of the State,
but also to restore and maintain the sinking fund of
every existing loan, to reduce the State debt at the rate
of three hundred thousand dollars a year, and to enable
the Legislature in the near future to reduce the rate of
State taxes.

How these promises have been kept, let the record of
the three years which have passed since then, bear
testimony.

THE RECORD.

The record has already been written, and is con-
tained within the compass of this and the three 'pre-
ceding reports, a brief summary will not I hope be
out of place, to show the leading features of the work
which has been performed. It may be thus determined,
whether I have followed the path which I marked out
or not. Let us begin with the sinking funds and see
how they have been kept.

During the four fiscal years just passed there was