Liberia 



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brought about. The case is the same in the county of Sino, where 

 the total revenue has during the last ten years amounted to 

 $202,245.70 while the local budgets for same period have amounted 

 to $235,435.00. As the local administration could control only half, 

 at the most, of the revenue, the difference against the Treasury was 

 at least $100,000. Now the case is different in the two upper 

 counties ; the budgets are more in accord with their financial 

 position. The General Government having to meet many unforeseen 

 expenses, always, too, owes something. The Secretary of the 

 Treasury, confronted on one hand with the necessity of paying 

 the floating debt, must, on the other, find means of meeting current 

 expenses. If he does not pay the persons who hold the Government 

 paper, they will make no advances, and if he does pay and endeavours 

 at the same time to extinguish the debt by not asking for advances, 

 he is met by the angry murmurs of citizens employed in Government 

 service, who require payment of their bills. Now the real blame lies 

 on the shoulders of the Legislature. The annual budget must rest 

 on certain data, which ought to be estimated for the five years last 

 past and forwarded to Houses by the Treasury. But if the 

 Legislature will not, as it does not, draw up the budget in accordance 

 with these data, the situation will never improve. The average 

 revenue each year for the last ten years has been for the first five 

 years $225,000, and for the last five $266,000. The budget for the 

 General Government then must not exceed $160,000 ; for the 

 county of Montserrado $40,000; Basa $35,000; Sino $16,000; 

 Maryland $16,000 in hand. If we could be sure that this estimate 

 would be adhered to, then a small loan could be negotiated for paying 

 off the floating debt. 



The President of the Republic has for many years been de- 

 prived of his right of veto so far as concerns the budget, as it is 

 made the last bill and is generally presented on the last day, just 

 at the last hour or even a little after the Legislature has adjourned 

 sine die. I hope this course will be abandoned. It is contrary to 

 the Constitution. 



With the desire, doubtless, of assisting the republic and 

 facilitating the development of the country, the F'rench Governmer 

 by a decree issued during the present year directed its West Africat 

 State Bank to establish a branch at Monrovia. 



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