X REPORT OF THE COMPTROLLER OF THE TREASURY.

its face value of $1,500,000.00, far below its intrinsic worth.
Hence, a conservative estimate of the value of the securities
included in said credit would nearly, if not entirely, extinguish
the gross debt of the State.

PUBLIC SCHOOLS.

In Statement "L" you will find the receipts and disburse-
ments on account of the public schools, showing the largest
payments ever made to the public schools of this State for a
like period—11,411,690.86. This was, made possible only by
augmenting the public school tax of 12 1/2 cents on each $100.00,
which had been reduced from the year previous by a direct
appropriation of $206,250 from the Treasury proper, as author-
ized by Chapter 254 of the Acts of 1908. This large appropria-
tion was made in order that the schools should suffer no dimi-
nution of their revenue. Nevertheless, such a heavy drain upon
the Treasury proper was sorely felt during the year, especially
a legislative one. Therefore, in my judgment, the Legislature
of 1910 acted with wisdom in making the tax rate for future
years sufficient to carry the expenses of the public schools.

MISCELLANEOUS.

Your careful perusal is requested of all the other statements
and tables contained in this report, and especially those giving
in detail the legislative expenses of the session of 1910. The
expenses of the State during the fiscal year from its ordinary
receipts have been exceedingly heavy, among which may be
mentioned the following:

Cash transfer to public schools........................... $206,250.00

Legislative expenses..................................... 199,881.65

Public Highways (Shoemaker roads)...................... 177,702.20

State Road No. 1......................................... 74,000.00

Manual Training and Industrial Schools.................. 46,500.00

Approved High Schools................................... 40,000.00

Total.............................................. §744,333.85

The above demands were met from the ordinary revenues of
the State, not one cent of which was paid from the direct levy