Since the settlement of the debt created by the old railroad bonds that I have heretofore mentioned, the finances of the state have always been in excellent condition. When the receipts of an individual or a state exceed expenditures the situation is both satisfactory and safe. At the last report, up to July 31, 1898, the receipts of the state from all sources were $5,429,240.32, and the expenditures were $5,208,942.05, leaving a balance on the right side of the ledger of $220,298.27. To the receipts must be added the balance in the treasury at the beginning of the year of $2,054,314.26, which left in the treasury on July 31, 1898, the large sum of $2,184,612.53.

The original indebtedness arising from the adjustment of the state railroad bonds was $1,659,000; other bonds, $300,000.00. This indebtedness has been reduced by payments to the sum of $1,475,647.22, on July 31, 1898, the date of the last report. If this debt had matured, it could at once be paid by the funds on hand, leaving the state entirely free from all indebtedness.

The taxable property of the state by last assessment, in 1897, including real and personal property, was $570,598,813.

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