REPORT OF THE COMPTROLLER OF THE TREASURY. vii
DISBURSEMENTS.

The character of disbursements and the Acts of Assembly au-
thorizing the same are fully shown in statement "B," aggregat-
ing $4,078,010.15, exceeding that of the year previous by $401,-
675.82. This excess is accounted for by heavy payments on ac-
count of the three bond issues—State Building and Improve-
ment Loan, State Loan of 1902 and the Public Buildings Loan—
aggregating $578,853.68, and which must necessarily continue un-
til all the moneys arising from the sale of such bonds shall have
been expended, together with the further fact of the expenses of
a legislative year.

At the close of the fiscal year there remained in the Treasury
proper the large balance of $1,486,228.86, exceeding that of the
last fiscal year by $338,818.44. This large balance, I am sure, will
not mislead you, for your sound judgment and large business
training has always taught you to look behind the figures them-
selves. Against this large balance of $1,486,228.86 must be
charged certain moneys that have come into the Treasury for
specific purposes, which should not, and shall not be used for any
other purpose, viz: bond issues and taxes for both sinking funds
and school purposes. After the Sinking Funds had been pro-
vided for during the year, there yet remained of, this balance,
inviolate in themselves, the following sums:

Public Buildings Loan....................... $481,047.69

State Loan of 1902............................ 19,406.73

State Building and Improvement Loan.......... 260.35

Public School Tax............................. 528,085.34

Total.................................... $1,028,800.11

or a working balance in the Treasury proper of only $457,428.75
with which to meet the heavy demands at the beginning of a
new fiscal year, a sum less by $36,345.22 than the year previous,
notwithstanding the fact the Legislature of 1904 largely increased
appropriations. How, therefore, can the Treasury, with receipts
only slightly increased and barely sufficient to meet the necessary
needs of the government, stand the enormous annual appropria-
tion of $200,000 for public highways under Chapter 225 of the
Acts of 1904, without levying a tax to meet the same, which tax
the Legislature failed to impose ?